logo
White House sends Congress request for $9.4 billion in DOGE cuts

White House sends Congress request for $9.4 billion in DOGE cuts

The Hill3 days ago

The White House on Tuesday sent Congress a request to claw back $9.4 billion in funding for foreign aid and to public broadcasting — the first package that would codify the slashes spearheaded by the Department of Government Efficiency (DOGE).
It is a long-awaited move that many conservative activists have been clamoring for, even as House and Senate Republicans separately push forward on the 'One Big Beautiful Bill' of President Trump's tax cut and spending priorities.
The package needs only a simple majority to pass in each chamber, allowing Republicans to bypass the threat of a Democratic filibuster in the Senate. Congress has 45 days to approve the recissions request after it is submitted — but must balance that timeline with other top priorities like the 'big, beautiful bill.'
The House is aiming to vote on the package next week.
'Today, we have officially received the rescissions request from the White House to eliminate $9.4 billion in wasteful foreign aid spending at State and USAID and the Corporation for Public Broadcasting, which funds NPR and PBS,' Speaker Mike Johnson (R-La.) said. 'The House will act quickly on this request.'
Communication from President Trump officially making the request to rescind the funds was read on the House floor Tuesday afternoon.
'I here report 22 recissions of budget authority totaling $9.4 billion The proposed recissions affect programs of the Department of State, as well as the Corporation for Public Broadcasting, United States Agency for International Development, the United States Institute of Peace, and other international assistance programs,' the message from Trump said.
The measure's text has not yet been publicly released, but it is expected to rescind $8.3 billion in foreign aid, largely from funding that was approved for the U.S. Agency for International Development (USAID), which was largely dismantled as part of the DOGE efforts earlier this year.
An OMB spokesperson pointed to millions of dollars in those accounts that funded global LGBTQ programs and other gender equity programs, as well as global climate change and green energy initiatives.
It is also expected to cut almost $9 million from the President's Emergency Plan for AIDS Relief (PEPFAR) — with and OMB spokesperson pointing to how it funded '$3 million for circumcision, vasectomies, and condoms in Zambia' and '$5.1 million to strengthen the 'resilience of lesbian, gay, bisexual, trans gender, intersex, and queer global movements.'' It also rescinds $22 million from the African Development Foundation.
Republicans are heavily messaging on the package's $1.1 billion in recissions to the Corporation for Public Broadcasting, which provides funding for NPR and PBS — two outlets that Republicans have decried as biased.
Both outlets have sued over Trump orders targeting their funding.
The cuts would amount to only a fraction of the estimated $175 billion in 'savings' DOGE's website says it has racked up through a combination of efforts, including workforce reductions, grants and contract cancellations, as well as regulatory savings and asset sales.
However, top Democrats on the House and Senate appropriations committees have accused the Trump administration of illegally freezing $425 billion in federal funding as of Tuesday as it has undertaken a sweeping operation to shrink the size of the federal government.
Conservatives in both chambers have been confident that the GOP-led Congress will be able to push through the proposed cuts. Some are hopeful the package will be the first of multiple from the White House in the months ahead, particularly as the Trump administration's downsizing efforts face roadblocks in court.
However, some senators have already signaled changes are likely to the request. Other Republicans have also expressed concerns about how funding cuts would impact television stations back home and about the impact of cutting PEPFAR funding.
The Impoundment Control Act provides the president with a legal pathway to cancel congressionally-approved funds. The 1974 law allows the president to temporarily withhold funding after the administration sends its request to Congress. But if Congress fails to greenlight Trump's proposed rescissions, the administration must release the funding.
Trump has been the only president to send the special message to Congress in the past two decades. He also attempted to pull back funds during his first term using the same process but was unsuccessful, despite Republicans controlling the House, Senate and White House at the time.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Weekly Recap: Circle Scores Big on IPO Fever
Weekly Recap: Circle Scores Big on IPO Fever

Yahoo

time25 minutes ago

  • Yahoo

Weekly Recap: Circle Scores Big on IPO Fever

It was a week of fortunes made, and fortunes lost, at CoinDesk. On the one hand, we had Circle, long a leading crypto company, hurtling to IPO and making bank. Its shares were priced at $110 at press time (up from $31 Wednesday), leading many to expect a summer and fall of crypto-themed IPOs. On the other, we saw HyperLiquid trader James Wynn go from having a $100 million BTC position one day to a massive loss the next. (Kids, beware the big, bad leverage monster). Most of the market portents looked good, though. Crypto money-raising season was in full swing. Groups doubled-down on the Bitcoin Treasury Strategy, not least Metaplanet, Japan's answer to Michael Saylor's Strategy. Solana's memecoin juggernaut, said it was lining up $1 billion at a $4 billion valuation. One of its children, Fartcoin, surged on rumors of a Coinbase listing. Crypto technology continued to get integrated into mainstream products. Prediction markets from Polymarket are coming to X and xAI. Uber, Apple, Airbnb and others said they were hoping to combine stablecoins into their payment offerings. Revolut said it would soon offer derivatives. And so on. Still, Trump and Musk dominated coverage as normal (probably to an unhealthy degree). On Thursday, Trump's media company Truth Social said it would launch its own Bitcoin ETF. (By Friday, it was set to issue more shares as well.) The Trump-Musk feud, which also broke this week, highlighted the U.S.'s precarious debt situation (a key driver for bitcoin's existence). But so far bitcoin, and dogecoin, prices are down on the news. Really anything is possible in the weeks ahead. 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

Markets sink amid Trump and Musk tension
Markets sink amid Trump and Musk tension

Yahoo

time25 minutes ago

  • Yahoo

Markets sink amid Trump and Musk tension

Markets sink amid Trump and Musk tension originally appeared on TheStreet. On June 6, the overall cryptocurrency market cap decreased by 3.42% to $3.36 trillion, with losses concentrated in large-cap cryptocurrencies, including Ethereum (-5.4%), Solana (-8.7%), and Dogecoin (-13.3%), as per Kraken. Bitcoin remained stable, down only 1.8% to $104,002, with 24-hour trading volume at more than $41.8 billion. Altcoins across the board saw weekly losses exceeding 2%, with Cardano, XRP, and BNB all suffering notable declines. However, Bitcoin had a small gain of 0.3% over the last hour. BNB saw a 0.4% gain, while Solana had a similar hourly gain of 0.7%. Cardano saw the most significant hourly gain of 1.3% on the hourly bounce. Other cryptocurrencies, such as Dogecoin and XRP, experienced hourly bounces of 0.6% and 0.1%, respectively. The overall decline is occurring alongside broader macro and political tensions, while we observe an escalating war of words between U.S. President Donald Trump and Elon Musk. After Musk condemned Trump's $1.5 trillion "Liberation Day" spending bill for a "disgusting abomination", the former allies had a bitter exchange across social media. Musk, who has recently resigned from the Department of Government Efficiency, accused Trump of being ungrateful and claimed credit for helping the GOP win the 2024 elections. Trump dismissed the drama, telling Politico, "It's going very well, never done better", although aides set up a call to reconcile. Speaking alongside German Chancellor Friedrich Merz, he suggested that Musk's anger stemmed from losing electric vehicle (EV) subsidies, which he believes will negatively impact Tesla. The feud has already sown uncertainty in the already jittery markets over debt risks and policy uncertainty. With crypto sentiment already teetering, analysts warn that U.S. political instability could encourage further outflows from tokens such as DOGE and ADA, which are more retail-heavy. Markets sink amid Trump and Musk tension first appeared on TheStreet on Jun 6, 2025 This story was originally reported by TheStreet on Jun 6, 2025, where it first appeared.

Tesla Stock Falls Amid Musk Vs Trump Feud
Tesla Stock Falls Amid Musk Vs Trump Feud

Yahoo

time26 minutes ago

  • Yahoo

Tesla Stock Falls Amid Musk Vs Trump Feud

Tesla TSLA shares had their worst day since March, falling 14% on Thursday as the feud between Elon Musk and President Trump continues to heat up, and is making international headlines. In the aftermath of his 130-day term ending as a special government employee, Musk has publicly criticized the Trump administration's budget reconciliation bill after previously heading the Department of Government Efficiency (DOGE). Despite losing favoritism in the White House, Tesla shareholders have previously called on Musk to focus his attention back on the leading EV maker amid declining sales. Underlying this is that having a CEO push a political agenda had disrupted public sentiment, with Tesla facing significant losses of more than $100 million this year regarding vandalism at its dealerships and EV charging stations, which spilled over from nationwide protests targeting Elon Musk. This also created a somewhat unnecessary way for General Motors GM and Ford F to potentially take more share of the domestic EV market, with the public outcry of the 'Tesla Takedown' movement coming as the DOGE cut thousands of federal jobs at the discretion of the world's wealthiest person. Adding fury to Musk's frustration with President Trump's budget reconciliation bill is that it will eliminate tax credits for electric vehicles that have benefited Tesla and other EV manufacturers, while undermining his cost-cutting efforts as head of the DOGE. However, harsh criticism and a personal vendetta against the Trump administration could, of course, make Tesla the target of harsher EV regulations in the U.S., with the President threatening to take away the company's government contracts. Furthermore, this comes on the heels of recent reports that Tesla's sales have continued to decline in Europe, as sales in May fell 45% year over year in the U.K. and 36% in Germany amid rising competition from Chinese EV brands such as BYD and XPeng XPEV. Notably, BYD has surpassed Tesla as the top-selling EV brand in Europe. Most concerning to technical traders is that TSLA has fallen below its 50-day simple moving average (Green Line) of $292 a share, which is lower than its 200-day SMA (Red Line) of $310 due to the recent volatility in the stock. Generally, the 200-day SMA is lower than the 50-day SMA when a stock is in an uptrend and higher than the 50-day SMA when a stock is in a downtrend, as in Tesla's case. Image Source: Zacks Investment Research Also suggesting more risk ahead for Tesla stock, and correlating with news of declining sales in Europe, is that fiscal 2025 and FY26 EPS estimates are noticeably lower in the last month and have now dropped 25% and 18% over the last 60 days, respectively. Image Source: Zacks Investment Research Considering the short-selling strategy has paid off with TSLA of late, with it noteworthy that Tesla has led the Zacks Short Sale List with +20% gains after borrowing shares at $358.91 on Tuesday, May 27. Image Source: Zacks Investment Research The back-and-forth spat between Elon Musk and President Trump won't do any favors for Tesla's outlook. Unfortunately, TSLA lands a Zacks Rank #5 (Strong Sell) at the moment in correlation with the trend of declining earnings estimate revisions. Eventually, this could end up being a lucrative buying opportunity for TSLA down the road, but a dispute between the world's most powerful and wealthiest person could drag down the broader market as well, with Tesla dragging the Nasdaq down roughly 1% on Thursday. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Tesla, Inc. (TSLA) : Free Stock Analysis Report Ford Motor Company (F) : Free Stock Analysis Report General Motors Company (GM) : Free Stock Analysis Report XPeng Inc. Sponsored ADR (XPEV) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store