‘Tension' among GOP over impact of Medicaid cuts on midterm elections
Republicans are pushing for $700 billion in health-related spending cuts as Congress debates cuts to Medicaid. Washington Post Congressional Economics Correspondent Jacob Bogage and Staff Writer at the Atlantic Ashley Parker join Katy Tur to share their political analysis as lawmakers push ahead to the midterms.
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Elon Musk Just Backed Warren Buffett's 3-Word Fix for the Deficit. Would It Work?
The U.S. deficit topped $1.8 trillion in 2024, but a bold idea from Warren Buffett is making the rounds again, and this time, Elon Musk is getting behind it. In a 2011 CNBC interview, Buffett said he could end the deficit "in five minutes" by passing a law that disqualifies all sitting members of Congress from re-election if the deficit exceeds 3% of GDP. That clip recently resurfaced on social media, reigniting debate over government accountability—and catching the attention of Musk. He responded to Lee: "100%. This is the way." Moneywise reported that the proposal got a push from Utah Senator Mike Lee, who's now drafting a constitutional amendment inspired by Buffett's logic. Lee's version adds another twist: members of Congress would be ousted whenever inflation climbs above 3%. Buffett's plan might sound extreme, but based on recent numbers, it would be career-ending for nearly every lawmaker on Capitol Hill. The 2024 deficit hit 6.3% of GDP, which is double the threshold. Of course, critics were quick to point out the obvious flaw in the setup. Congress would need to vote to fire itself, making the law politically toxic. Even so, the idea is tapping into deep frustration with government spending. Nobel Prize-winning economist Milton Friedman once said, "Only Washington can create money," and warned that unchecked spending leads to inflation. Musk's endorsement, paired with Lee's amendment effort, has amplified the conversation online. Some supporters argue that even if the proposal never passes, it forces lawmakers to confront the consequences of fiscal irresponsibility. Others see it as more political theater than policy. While the odds of Congress passing a law that threatens its own job security are slim to none, the Buffett-Musk-Lee alignment has given the concept a second wind. For now, the public can only vote the traditional way. But the viral resurgence of this three-word fix—'fire the incumbents'—shows Americans are still searching for accountability where it matters Musk Just Backed Warren Buffett's 3-Word Fix for the Deficit. Would It Work? first appeared on Men's Journal on Jun 12, 2025
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Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. David Hogg took multiple swipes at Democrats as he announced that he will not fight to hold onto his leadership role in the Democratic National Committee. Hogg decried "a serious lack of vision from Democratic leaders, too many of them asleep at the wheel" in a lengthy thread on X on Wednesday night, adding that three Democratic House members have died this year after being reelected in November, giving Republicans an expanded majority. The Democratic National Committee (DNC) had voted to nullify the February 2025 elections that appointed Hogg as vice chair, citing procedural violations. In his Wednesday posts he also criticized the "crisis of competence and culture" that protects complacency and rewards seniority. It "has already cost us an election and millions of Americans their rights. Let's not let it cost us the country," he said. "We must change the culture of our party that has brought us here and if there is anything activism or history teaches us it's that comfortable people, especially comfortable people with power, do not change. In this moment of crisis, comfort is not an option." David Hogg attends the Fast Company Innovation Festival 2024 at BMCC Tribeca PAC on September 17, 2024 in New York City. David Hogg attends the Fast Company Innovation Festival 2024 at BMCC Tribeca PAC on September 17, 2024 in New York City. Eugene Gologursky//Getty Images for Fast Company This is a breaking news story. Updates to follow.
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Lockheed Martin shares sank as much as 7% after a report that the Pentagon is halving F-35 requests for the Air Force
Lockheed Martin shares initially fell 7% after a report that the US is reducing its F-35 requests. The Defense Department has reportedly dropped its ask from 48 fighters for the Air Force to 24, The request isn't final, but it could signify changing priorities within the Pentagon under Trump. Lockheed Martin shares dropped as much as 7% on Wednesday after news that the Pentagon is asking for half of the F-35s it initially forecast for the Air Force. The defense contractor's shares recovered to $456 at market close, or about 4.2% lower from $476, the price at the end of Tuesday's trading day. Bloomberg reported on Wednesday that a procurement document sent to Congress indicated the Defense Department is requesting only 24 F-35 Lightning II Joint Strike Fighters for the Air Force, down from 48 that officials projected in the last fiscal year. Per the outlet, the document also proposed 12 F-35s for the Navy and 11 for the Marine Corps, down from 17 and 13 fighters, respectively. Business Insider could not independently verify Bloomberg's report. The Pentagon did not respond to a request for comment sent outside regular business hours. The US is by far Lockheed Martin's biggest customer for the F-35, with plans to buy 2,456 of the aircraft over several decades. The Air Force is supposed to eventually receive 1,763 of that total. When asked to comment on a possible reduction of local F-35 purchases this year, a Lockheed Martin spokesperson told BI in a statement that the fighter is "combat proven, offers the most advanced capability and technology, and is the most affordable option to ensure the US and allies remain ahead of emerging threats." "We will continue to work closely with the Administration, Congress, and our customers to deliver this game-changing capability as the budget process continues in the months ahead," the spokesperson added. A reduced ask for F-35s can potentially be changed by Congress, which is still deliberating on official defense funding for the 2025 fiscal year ending on September 30. Lawmakers have shown they're willing to fund the advanced stealth fighter beyond the Pentagon's requests. When the Air Force requested 48 F-35s from Congress last year, it was instead offered money for 51 of the planes. Doubling the requested budget, however, would be a huge jump from that smaller boost. The reported change could also signify an internal reshaping of the Pentagon's spending priorities under the Trump administration. In February, Defense Secretary Pete Hegseth asked officials to slash 8% of expenses from existing programs over the next five years so the money could be directed to Trump-favored initiatives. His announcement highlighted 17 categories protected from cuts, and the F-35 was not one of them. All of this comes as those in Trump's circles have publicly criticized the F-35 for its cost and relevance amid the rise of drone warfare. Right-wing commentator Laura Loomer, for example, slammed the F-35 program in April as a "scandal that's been quietly draining our nation's resources." And last month, Florida GOP Rep. Matt Gaetz posted on X that the fighter program was a "$1.7 trillion disaster." While some, like Elon Musk, have suggested that drones make crewed fighters obsolete, the US military says it wants to marry the two concepts instead of abandoning the latter. The Air Force has said combining crewed fighters with drone wingmen is a key priority for the F-47, its next-generation air dominance fighter. Lockheed was in the running to produce that fighter, but lost out to Boeing. However, Lockheed CEO Jim Taiclet has said that his firm wants to enhance the F-35 using the tech it created for the failed bid. Taiclet said that plans include automating the sixth-generation fighter and juicing it up to provide most of the capabilities of the F-47 for a fraction of the cost. Read the original article on Business Insider
