House advances $832 billion military budget plan for next fiscal year
The bill's passage — by a 221-209 margin, with only five Democrats backing the measure — sends the national security budget debate over to the Senate, where appropriators still have not unveiled the parameters of their spending plans for next year.
The Defense Department is currently operating this fiscal year under a modified continuing resolution, with some additional funding for military programs and purchases. Lawmakers are hopeful that won't happen again next year, but the slow pace of budget work thus far leaves only about six weeks of session work left before a possible partial government shutdown if the appropriations bills aren't finalized.
The House spending plan was largely drafted before Pentagon leaders unveiled their detailed budgetary requests for fiscal 2026 just last month. President Donald Trump has touted that outline as a '$1 trillion defense budget,' but that total includes additional one-time funds approved by Congress as part of a separate reconciliation measure.
House appropriators OK rebukes to recent DOD scandals in budget bill
As such, the House plan for the base defense budget represents a small decrease over current fiscal year military spending, a point that Democrats and some Republican lawmakers have lamented.
But Rep. Ken Calvert, R-Calif., the chairman of the House Appropriations Committee's defense panel, praised the funding plan as 'providing our men and women in uniform with the resources they need to keep America safe.'
The bill supports a 3.8% pay raise for servicemembers next year, matching the federal formula for the annual prescribed pay boost. It includes $2.6 billion for hypersonics programs and $13 billion for missile defense programs in support of Trump's Golden Dome effort.
The measure sets aside $8.5 billion for 69 F-35 fighters, $3.8 billion for B-21 procurement, $2.7 billion for 15 KC-46s and $1.2 billion for four E-2D Advanced Hawkeye aircraft. Another $37 billion would go to Navy shipbuilding efforts, including procurement of one Columbia-class ballistic missile submarine and two Virginia-class fast attack submarines.
Under the plan, the Defense Department civilian workforce would be cut by about 45,000 individuals at a savings of $3.6 billion, a provision that drew strong objections from Democratic lawmakers.
Critics also attacked the bill's social issue provisions, including language prohibiting military health care facilities from providing abortion services, bans on transgender medical care and surgeries, and elimination of diversity and equity programs.
'These poison pill riders will not go unnoticed by our troops,' said Rep. Betty McCollum, D-Minn., ranking member on the appropriations committee's defense panel. 'They will impact recruitment and retention.'
Passage of the defense budget bill was delayed for much of the week by unrelated legislative floor fights in the House, and could be complicated in the Senate by similar, broader fights over federal spending and program cuts.
House lawmakers are expected to shift focus in coming days to the annual defense authorization bill — legislation which sets Defense Department policy and spending priorities for the upcoming year, but does not actually appropriate the funds for those goals — but a full floor debate on that measure is unlikely to happen before the chamber's August recess.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
5 minutes ago
- Yahoo
8 Reasons Why Boomers Take Out Personal Loans
As per Q1 2025 TransUnion data, the total unsecured personal loan debt was $253 billion spread across 29.8 million loans. The average unsecured loan amount per borrower was $11,631. Nearly anyone can apply for a personal loan, assuming they meet the credit and income requirements. This includes baby boomers — those born between 1946 and 1964. Find Out: Consider This: But why do boomers take out personal loans? And what should they be on the lookout for when doing so? Here's what the experts say. Key Reasons Boomers Use Personal Loans Boomers can apply for a personal loan for nearly any reason. According to Chris Motola, special projects editor and financial analyst at National Business Capital, the biggest reasons include: Purchasing a big-ticket item like a vehicle (auto loan) or home (mortgage loan). Time-sensitive or expensive purchases related to medical conditions (e.g. mobility-related home improvements). Elective medical procedures. 'In many of these cases, a personal loan is seen as an alternative to selling off income-generating assets,' Motola said. But these aren't the only reasons for taking out a personal loan. And for some boomers, buying a new car or house isn't top of their list. Explore More: However, paying off high-interest debt — like credit cards — often is. According to the Federal Reserve Bank of St. Louis, the average U.S. household owes approximately $6,065 in credit card debt. With typical APRs of 22.8% and retirement income often limited or fixed, per the Consumer Finance Protection Bureau, it's prudent to get rid of said debt with something a little less expensive. 'Most of the time, people can qualify for a personal loan rate much lower than credit card rates,' said Kyle Enright, president of lending at Achieve. 'So they can use the personal loan proceeds to pay off the higher-rate credit card debt, then be left with just the personal loan payment at the lower rate. This makes it faster and less expensive to pay off the debt.' Other common reasons boomers take out personal loans include: Home maintenance or repairs Remodeling Medical bills A relative's educational expenses Considerations When Taking Out a Personal Loan Ultimately, it's up to the individual's financial situation, credit score and needs as to whether or not they use a personal loan — and for what purpose. Whether you're a boomer or have an older relative who's considering a loan, knowing the options is important. But what's equally crucial is understanding the consequences of taking on that debt. 'If you're living on a fixed income, pay very close attention to the interest rates you're offered,' said Motola. 'You don't want to take on debt that your income can't keep up with, and you don't want to be forced to liquidate the assets you've spent your whole life accumulating at a loss.' It's generally best to avoid financing everyday expenses with debt. Consider the cost of repayment, including the term, interest and any fees. Make sure you have a clear plan so you don't risk defaulting on the loan. Make sure you're taking out the loan for the right reasons. 'If you're already struggling to make minimum required payments on current debts, chances are high that taking on more debt (personal loan) won't be helpful,' said Enright. 'Instead, you may need to look into other help, such as debt settlement, which involves negotiating with creditors to lower principal balances due.' More From GOBankingRates Mark Cuban Says Trump's Executive Order To Lower Medication Costs Has a 'Real Shot' -- Here's Why This article originally appeared on 8 Reasons Why Boomers Take Out Personal Loans Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 minutes ago
- Yahoo
Commentary: What Trump should be doing instead of attacking the Fed
Republicans have a problem. Their signature economic package for 2025, the tax bill President Trump signed into law in early July, is deeply unpopular. Voters think it will harm the poor and reward the wealthy, and sober analysis suggests they're right. The last time Republicans passed a law like this, in 2017, voters pummeled them in the subsequent election. As the leader of his party, President Trump bears responsibility for selling the tax bill to voters. He's not doing that. Instead, his main economic messaging effort this summer has been a sustained attack on the Federal Reserve and its chair, Jerome Powell. Trump has routinely suggested he'll try to fire Powell, perhaps hoping the Fed chair will crack under pressure and quit before his term expires next May. He has hurled a dictionary of insults at Powell, calling him 'dumb,' 'stupid,' 'major loser,' 'knucklehead,' 'numbskull,' 'Mr. Too Late,' and 'the worst Federal Reserve chairman in history.' Since Powell has shown no signs of quitting, Trump has suggested he'll announce a "shadow" Fed chair who will offer different monetary policy guidance until Powell's term finally ends. Trump's war on Powell serves at least three purposes. His stated reason for browbeating the Fed is to compel sharp interest rate cuts to stimulate the economy. But Trump also has a penchant for creating villains he can blame when something goes wrong, and as head of a cautious central bank, Powell fits the profile. Trump also manages his many controversies by creating new kerfuffles to distract people from existing ones. Threatening mayhem at the Fed has been a way for Trump to deflect attention from tariff-related inflation, slowing economic growth, and now, the mushrooming Jeffrey Epstein scandal. The Fed is not really causing Trump any problems. It has kept interest rates steady since last December, one source of calm in financial markets otherwise roiled by Trump's tariffs and their many unintended consequences. The Fed most likely will end up cutting rates by later this year or early next, just not as dramatically as Trump wants. Read more: How much control does the president have over the Fed and interest rates? Tax bill blowback should be a more pressing concern for Trump. As analysts figure out what's actually in the megabill, the political peril for Republicans becomes increasingly apparent. Most voters don't know all the details, but they already dislike the tax law and could oppose it even more strongly once it begins to affect real people. A recent CNN poll found that 61% of people oppose the bill while only 39% approve. Fifty-eight percent say Trump has gone too far in cutting federal programs, which most likely reflects the blunt-force DOGE cuts overseen by Elon Musk earlier this year. And in the CNN poll, approval for Trump's handling of the federal budget was a lowly 37%.In an Associated Press poll, 62% of respondents said the tax bill would help the wealthy, while just 20% felt it would help low-income people. The portion saying it would harm 'people like me' was twice the portion saying it would help. Trump's approval rating on handling the economy in that poll was a scant 38%, with 60% disapproving. Trump is now deeply underwater on what used to be one of his most winning issues. Voters are correctly assessing the complicated bill. The Yale Budget Lab found that the bottom 40% of earners would actually suffer a net loss of income from the bill, mainly because of cutbacks in food aid, Medicaid, and other health subsidies. The top 20% of earners would gain about $6,500 in annual after-tax income, while the savings for the top 1% would be $30,000. That's highly regressive, in that it benefits the rich at the expense of the poor. Healthcare cuts are likely to be a particularly controversial aspect of the legislation, which could increase the number of uninsured Americans by 11 million, according to the Congressional Budget Office. Other GOP policies could boost that number to 16 million within 10 years, and real people will start to feel the cutbacks in 2026. Republicans have essentially given voters every plausible reason to blame them for increasing healthcare costs, lost coverage, and medical disasters. Democrats will be eager to help heap it on. They're already erecting billboards near closing rural hospitals blaming Trump for the shutdowns. Whether such claims are accurate or not, Republicans put the target on their own backs. When Republicans passed a big tax-cut law in 2017, during Trump's first term, they thought voters would reward them for a bill that financially benefited a majority of Americans. It didn't work out that way. The law was unpopular from the start, with many Americans feeling it heavily favored businesses and the wealthy. While that law harmed few people, many felt it did nothing to help them. In the 2018 midterm elections, Democrats outperformed, gaining 40 seats in the House of Representatives and retaking control of the chamber. The 2025 tax cut law is more punishing than the 2017 vintage, because of the cuts to food aid and healthcare. And Republicans have a far narrower edge in the House this time around. If the pattern holds, Republicans will take a beating in next year's midterms, losing the House and maybe the Senate. If Trump has a plan to prevent that, he might want to reveal what it is. The Fed will probably be cutting interest rates by the time of next year's election, blunting Trump's vilification of the central bank. He'll need somebody else to blame for everything voters dislike, unless he finds a way to persuade them that things are better than they think. Rick Newman is a senior columnist for Yahoo Finance. Follow him on Bluesky and X: @rickjnewman. Click here for political news related to business and money policies that will shape tomorrow's stock prices. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 minutes ago
- Yahoo
QuantumScape (QS) Gains Ground After Losses, up 10% Ahead of Q2 Earnings
We recently published . QuantumScape Corporation (NYSE:QS) is one of Tuesday's top performers. QuantumScape bounced back from losses on Tuesday, jumping 10.22 percent to close at $13.80 apiece as investors reloaded positions ahead of its earnings performance tomorrow, July 23. QuantumScape Corporation (NYSE:QS) has experienced a notable rally over the past few weeks, stretching its win to a nine-day rally between July 8 and 18, before profit-taking persisted to end Monday's session lower. Investor confidence was primarily driven by QuantumScape Corporation's (NYSE:QS) announcement of a new milestone last month that would become key to ramped-up production capabilities. Called the Cobra separator, the new process is designed to enable faster, more energy-efficient production with a smaller equipment footprint compared to earlier processes. A line of electric vehicles parked in front of a research & development building in San Jose, California. As compared with the prior generation Raptor process, QuantumScape Corporation (NYSE:QS) said Cobra offers a ~25x improvement in heat treatment speed and occupies a fraction of the physical space per film start—both of which are key advantages in the design of a scalable gigafactory production line. While we acknowledge the potential of QS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data