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Forbes
30 minutes ago
- Forbes
The Cities That Believe In Women's Soccer, And The NWSL, The Most
Earlier this week, Forbes released its 2025 list of the National Women's Soccer League's (NWSL) most valuable teams. The release of the list comes in the wake of a year of record-setting attendance for NWSL clubs across the league with a six percent increase in attendance compared to the previous season. The league also welcomed Bay FC and the Utah Royals for their inaugural season. Together, these milestones underscore the league's accelerating momentum, not just on the pitch, but in the boardroom, where team valuations are beginning to reflect a growing belief in the commercial power of women's soccer. This belief is not evenly distributed across the league. By comparing NWSL and Major League Soccer (MLS) team valuations in cities where both leagues operate, we can see clear patterns in investment and market confidence. Using the MLS team as a baseline also helps control for the overall level of soccer interest, infrastructure, and market potential in each city, making it easier to isolate where women's soccer is outperforming or underperforming relative to local conditions. Some cities are rapidly embracing the business potential of women's soccer, with NWSL teams that exceed expectations relative to their MLS counterparts. There are 11 U.S. cities that host franchises in both the NWSL and Major League Soccer: Los Angeles, Kansas City, San Jose, Washington, D.C., Portland, New York City, Seattle, Salt Lake City, Orlando, Houston, and Chicago. Using the most recent team valuations from Forbes, published in June 2025 for the NWSL and February 2025 for the MLS, I compiled a city-level dataset comparing each NWSL club with its MLS counterpart. To better understand the relationship between team values across leagues, I ran a linear regression using MLS team value as the independent variable and NWSL team value as the dependent variable. This produced a trend line that reflects the average market relationship between the two leagues. Cities where NWSL team values exceed the trend line are considered to be outperforming expectations relative to their MLS peers, while those below the line are underperforming. Los Angeles and New York City each have two MLS franchises, but for the purposes of this analysis, I selected the higher-valued club in each market to align with the NWSL team. In Los Angeles, LAFC serves as the logical counterpart to Angel City FC, given their affiliation. Given LAFC's significantly valuation compared to the LA Galaxy, I used New York City FC as the MLS stand-in for New York City's Gotham FC, as it holds a higher valuation than the New York Red Bulls. Using a simple regression model, I estimated how much an NWSL team should be worth based on the value of its local MLS counterpart. On average, the model suggests that NWSL teams are valued at roughly 20% of their MLS equivalents. While that trend holds at the league level, the city-level picture reveals a more dynamic landscape. Los Angeles and Kansas City emerge as clear overperformers in this analysis. Angel City FC, now the most valuable team in the NWSL, holds a valuation equal to 22.4% of LAFC's, the more valuable of the city's two MLS franchises. The Kansas City Current have surpassed expectations even more dramatically. With a valuation at 42.3% of Sporting Kansas City's, the Current have redefined the ceiling for investment in women's soccer, driven by aggressive private funding and the league's first purpose-built stadium. Bay FC also outpaces the national average, reaching 31.5% of the San Jose Earthquakes' valuation despite being in its inaugural season. The club's early momentum will be on full display later this summer when it hosts the Washington Spirit in the first NWSL game ever played in an MLB stadium. Meanwhile, the Utah Royals, another expansion franchise returning to the league, are tracking close to the leaguewide average relative to Real Salt Lake. For a newly reconstituted club, this signals strong early alignment with broader league investment trends. As the NWSL continues to expand and attract new investors, this kind of market-by-market analysis will become even more important. It not only highlights where women's soccer is flourishing but also surfaces where there is still untapped potential. If the league's current trajectory holds, today's valuation gaps may become tomorrow's growth stories, and the cities investing early will be the ones setting the standard.
Fox News
32 minutes ago
- Fox News
White House sending $9.4B DOGE cuts package to Congress next week
The White House is expected to send a federal spending cut proposal to Congress next week, two Republican sources told Fox News Digital on Wednesday. It is the latest move by Republican officials to make good on promises to slash government spending, a project spearheaded by President Donald Trump and Elon Musk's Department of Government Efficiency (DOGE). The proposal is called a "rescissions package," a vehicle for the president to block funds that were already allocated by Congress in its yearly appropriations process. Once transmitted to Capitol Hill, lawmakers have 45 days to take it up before it's voided. An Office of Management and Budget (OMB) official told Fox News Digital the package is expected to total roughly $9.4 billion. It will primarily target federal funding to NPR, PBS and the U.S. Agency for International Development, the official said, confirming details first reported by Axios. A third GOP source told Fox News Digital that House GOP leaders had asked the White House to wait until their chamber finished their consideration of Trump's "big, beautiful bill" to send its spending-cut package. The House passed the massive piece of tax-and-spending legislation last week after an all-night session of debate and procedural votes, sending it to the Senate for further consideration. That bill, which is being advanced under the budget reconciliation process, primarily deals with mandatory government funding that Congress must change by amending the law itself. A rescissions package targets discretionary government funding, which Congress sets the levels of every year in its annual appropriations process. The White House referred Fox News Digital to OMB when reached for comment. The package is expected to get to Congress just as Musk is beginning to step away from his role leading DOGE – but is apparently still keeping a close eye on governmental affairs. The billionaire tech founder criticized Republicans' "big, beautiful bill" on "CBS News Sunday Morning," saying in a preview clip that he was "disappointed" by it. "I think a bill can be big, or it could be beautiful. But I don't know if it could be both," Musk said. House Speaker Mike Johnson, R-La., vowed the House would do more to codify DOGE cuts in a statement after Musk's message. "The House is eager and ready to act on DOGE's findings so we can deliver even more cuts to big government that President Trump wants and the American people demand. We will do that in two ways," Johnson wrote on X. "1. When the White House sends its rescissions package to the House, we will act quickly by passing legislation to codify the cuts. 2. The House will use the appropriations process to swiftly implement President Trump's 2026 budget. In the meantime, we have been working around the clock as we prepared for those processes. The House made sure to build on DOGE's success within the One Big Beautiful Bill." Musk's commentary, meanwhile, divided House Republicans on Wednesday. "This is why Mr. Musk has no place in Congress. He wants to codify discretionary cuts. He didn't find enough waste, fraud, and abuse to fund [the Small Business Administration], let alone reduce our debt," one House GOP lawmaker granted anonymity to speak freely told Fox News Digital. "This was a gimmick, he got used, he's now upset." Meanwhile, House Freedom Caucus Chairman Andy Harris, R-Md., who voted "present" on the legislation last week, told Fox News Digital that he believed Musk was right. "I share Mr. Musk's concerns about the short-term adverse effect on the federal deficit of the limited spending reductions in the BBB. Debt markets remain concerned about US total debt and annual deficits," Harris said. The House is expected to begin working on fiscal year (FY) 2026 appropriations next week, though the rescission package deals with FY 2025 funding. Additionally, the 45-day deadline for that is not the only marker on the horizon – identical FY 2026 spending bills must pass the House and Senate by the end of the current fiscal year on September 30 to avert a partial government shutdown.
Fox News
32 minutes ago
- Fox News
House Republicans push for spending cancellations as Elon Musk and conservatives demand deeper budget cuts
And you thought you had just figured out what "reconciliation" means in Congressional budget terms. Here's a new vocabulary term: rescissions. You might not be able to spell it. But I can tell you what it does. A "rescissions" bill "rescinds" money which Congress has already allocated, ex post facto. For simplicity, I often describe rescissions legislation as "spending cancellations." Congress appropriated money. Then, under a recissions bill, Congress claws back dollars it previously appropriated. It's kind of like a reverse appropriation. And you thought that in elementary school, there were no takebacks. Presidential administrations send "budget requests" to Congress. This is the opposite. An administration can send a "recissions request" to Congress, too. And that's what Budget Director Russ Vought is doing this week. House Speaker Mike Johnson, R-La., is intent on moving fast. "I'd like to turn it around as quickly as possible," said Johnson. "There may be multiple rescissions packages coming and we'll process them as quickly as we can. It's a big priority for me." Congressional conservatives and Elon Musk were not pleased with the relative paucity of spending cuts in the Big, Beautiful Bill. Musk told CBS he was "disappointed" in the legislation. "Which increases the budget deficit, not decreases it. And it undermines the work that the DOGE team is doing," said Musk about the hallmark of President Trump's agenda. By Tuesday morning, the world's richest man incinerated the bill on X and chastised most Republicans in Congress. Musk characterized the legislation as "a disgusting abomination." He lectured the 215 House Republicans who voted yes, declaring "you know you did wrong." DOGE initially set a goal of unearthing $2 trillion in spending cuts. It then slashed the threshold to $1 trillion. DOGE finally homed in on about $150 billion in cuts by the end of next year. And many of those cuts aren't even in effect because Congress has the power of the purse. That's where Congress comes in with a potential rescissions package. Most Republicans are appreciative of the efforts by DOGE and Musk. "I think this is the beginning and the whole conversation in Congress is changed because of it," said Rep. Mike Flood, R-Neb., on Fox. But DOGE evaluated "discretionary" spending. Congress has the "discretion" to spend or not spend certain money each year. That comes through the annual appropriations process. That's why GOPers are now using their "discretion." They intend to unwind some of that spending with a rescission plan. But the largest percentage of federal spending – by about two to one – is tied to entitlements like Medicare, Medicaid and Social Security, plus interest on the debt. That spending is called "mandatory." House Republicans tried to address that slightly in the Big, Beautiful Bill since it dealt with Medicaid spending. But cuts to federal departments lie in the appropriations realm and falls on the discretionary side of the ledger. However, discretionary cuts via the Big, Beautiful Bill weren't going to happen. "Much of what DOGE has looked at is the discretionary spending," said Flood. "This is far more complicated than just doing it in reconciliation." And so here we are, with Republicans in Congress looking at the first major rescissions plan since 1993. "The House Freedom Caucus strongly supports these critical rescissions, and we will support as many more rescissions packages the White House can send us in the coming weeks and months," said the Freedom Caucus in a statement. "There is no excuse for a Republican House not to advance the first DOGE rescissions package the same week it is presented to Congress then quickly send it for passage in the Republican Senate so President Trump can sign it into law." The law requires the president to spend money which Congress approves. However, there are some loopholes where a President can "impound" money and not spend it. On CNN, Vought suggested that the Impoundment Control Act of 1974 "allows for a procedure called pocket rescissions later in the year to be able to bank some of these savings without the bill actually being passed." Vought signaled that President Trump would likely lean on that tool. But he wants to start with an initial rescissions request. A recissions plan requires a simple majority to pass the House. And, believe it or not, a simple majority in the Senate. There's no 60-vote requirement to break a filibuster. Moreover, the "motion to proceed" to start debate on a recessions package is "privileged." That means the Senate only needs 51 votes to begin the process. Many "motions to proceed" in the Senate need 60 yeas and can be subject to a filibuster. President Trump formally routed his recissions request to Capitol Hill on Tuesday. It aims to trim $9.4 billion dollars from public broadcasting and foreign aid programs. All of this is money which Musk targeted in his DOGE reviews. But these cuts only count if Congress approves them. "I want make sure you take the first tranche and see if it passes," said Vought on the targeted set of proposed spending reductions. "The wider you do in terms of a package, the harder it is to pass. And if it doesn't pass, this is the real world. And we will lose flexibility that we have to use executive tools to find other ways to make the DOGE cuts permanent." Lawmakers are starting to process the rescissions proposal. Especially since Republicans often talk a good game about slashing spending. "We'll see if Congress can step up to the plate," said Rep. Chip Roy, R-Tex., noting the political consequences of not green lighting the rescissions package. "(Members will have) to go campaign on why they want to continue to fund PBS, NPR, and a whole bunch of foreign policy and foreign funding that most Americans don't like. So you go explain it." Rep. Don Bacon, R-Neb., represents one of the most-Democratic leaning districts in the country. He worries about the PBS and NPR cuts. "I have a great rapport with Nebraska Public Radio and TV. I think they've been great to work with. And so that would be one I hope they don't put in," said Bacon. Senate Appropriations Committee Chairwoman Susan Collins, R-Maine, flagged reductions to PEPFAR, short for the President's Emergency Plan for AIDS Relief. "I consider that to be possibly the most successful public health program that has ever been used in Africa and other parts of the world. So I do not support the reduction in PEPFAR," said Collins. It's unclear whether this opening bid to cut spending – minimal as it is – can make it through Congress. Lots of Republicans will sweat this. And these are just negligible cuts. Republicans extolled the work of DOGE. But if they want to eliminate spending, they have to put their vote where their favorite program is. We'll know more in a few weeks whether Republicans can approve the recissions package and rescind what some characterize as wasteful spending. Otherwise, they may need to rescind those campaign promises.
