
Senate sends bill axing foreign aid, public broadcast funds to House
July 17 (UPI) -- The U.S. Senate early Thursday voted to rescind some $9 billion in federal funding for foreign aid and public broadcasting, two areas of the government that the Trump administration has long targeted for cuts.
The senators voted 51-48 mostly along party lines to approve House Bill 4 with Republican Sens. Susan Collins of Maine and Lisa Murkowski of Alaska joining the Democrats in voting against it.
The bill, which now goes to the House of Representatives, will cut about $8 billion from international aid programs and about $1.1 billion from the Corporation for Public Broadcasting.
The bill passed at about 2:20 a.m. EDT Thursday.
"President Trump promised to cut wasteful spending and root out misuse of taxpayer dollars," Sen. Jim Risch, R-Idaho, said on X prior to the vote. "Now, @SenateGOP and I are voting to make these cuts permanent. Promises made, promises kept."
The vote comes as the Trump administration faces criticism from Democrats, and some Republicans, for having promised to reduce government spending but then last month passed a massive tax and spending cuts bill that is expected to add $3.3 trillion to the U.S. deficit, according to the Congressional Budget Office. Meanwhile, the Cato Institute states it could add nearly double that, as much as $6 trillion.
The Corporation of Public Broadcasting, which funds local news and radio infrastructure, has been a target of the Trump administration for funding a small portion of the budgets of PBS and NPR, which he accuses of being biased.
Murkowski chastised her fellow Republicans for attacking a service that informed Alaskans that same day that there was a magnitude 7.3 earthquake and a tsunami warning.
"Some colleagues claim they are targeting 'radical leftist organizations' with these cuts, but in Alaska, these are simply organizations dedicated to their communities," she said on social media. "Their response to today's earthquake is a perfect example of the incredible public service these stations provide. They deliver local news, weather updates and, yes, emergency alerts that save human lives."
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New York Post
6 minutes ago
- New York Post
NYC Mayor Eric Adams: ‘I have not asked' for Trump's help getting re-elected and president hasn't offered
President Trump has yet to make overtures to assist Mayor Adams' re-election bid — and Hizzoner isn't counting on it. Trump recently hailed Adams' re-election bid and many of the commander-in-chief's supporters continue to pressure Republican Curtis Sliwa to drop out of the race and prevent a victory by 'communist lunatic' Zohran Mamdani. But Adams told The Post 'I have not asked him for [an endorsement or help], and he has not interfered with this race at all.' 5 Mayor Eric Adams says President Donald Trump has yet to make overtures to assist his re-election bid – and he's not counting on it. J.C. Rice Adams faces an serious uphill battle to get re-elected — with a series of recent polls having him in a distant third or fourth place, more than 20 points behind Democratic nominee and frontrunner Mamdani. Adams, however, expressed confidence he'll pull off an upset win in November, even if Sliwa and former Gov. Andrew Cuomo — a registered Democrat like Adams also running as an independent — remain in the race. 'I got to win the race based on what I do best, and that's campaign,' said Adams during an interview Thursday on the backyard porch of Gracie Mansion. The trio are jockeying for the votes of moderate Dems and Republicans, as well as the largest swath of the independent voters. Cuomo and Adams have repeatedly called for each other to drop out of the race, claiming only they can stave off the young far-left socialist from being handed the keys to New York City. Adams, who has repeatedly cozied up to the president, skirted questions about whether he'd even want a Trump endorsement considering Dems outnumber Republicans 6-1 in the city. 5 Trump has declined to comment who he will support NYC mayor, instead telling reporters earlier this week, 'I don't want to say.' AFP via Getty Images However, he wondered out loud why Cuomo didn't get the same criticism he received from lefty critics after Trump on Tuesday said the ex-governor should stay in the race because he 'has a shot' to beat Mamdani and prevent a 'communist' from running NYC. Trump declined to say who he would support, instead telling reporters on the White House lawn, 'I don't want to say.' Adams also skirted questions on whether he'd accept the Republican line if it became available. For that scenario to play out, Sliwa, 71, under state election law, would either first have to accept a federal appointment or die. There's also some precedent for him to be removed from the ballot if he moves out of Gotham and alerts election officials he can't serve as mayor. Adams would then need the backing of at least three of the five Republican county chairs to replace Sliwa on the Republican line. 5 Socialist Queens Assemblyman Zohran Mamdani is frontrunner to become NYC's next mayor. Paul Martinka Sliwa, however, insists he remains all in on his mayoral bid — even though he's not expecting a Trump endorsement based on past bad blood between the two. Although Trump has yet to reach out to Adams, he has repeatedly blasted Mamdani after the socialist's stunning upset in New York's Democratic mayoral primary last month. 'Democrats have crossed the line by elevating a 100% Communist Lunatic,' Trump railed in a Truth Social post on June 25. Adams has repeatedly come under fire from his party's far-left faction for having a good working relationship with the Republican president. 5 Ex-Mayor Bill de Blasio said Adams should avoid a Trump endorsement if he wants to be re-elected. William Farrington Some pols and political pundits say Adams could see a significant bump in support from Trump-loving Republicans and moderate Democrats if the president offered the mayor his support. 'Moderates Democrats might have a problem with Trump, but they're more likely to have a bigger problem with Mamdani,' said Hank Sheinkopf, a longtime Democratic consultant. 'They might look at Adams and say he's a [retired NYPD] cop and understands all our problems.' Yet Adams should expect little support from New Yorkers who voted for Mamdani in the Democratic primary — especially if Trump endorses him, Sheinkopf added. Far-left ex-NYC Mayor Bill de Blasio agreed, adding a potential endorsement from Trump would all but doom Adams' re-election campaign. De Blasio told The Post his advice for any candidate in the left-leaning Metropolis — including Adams — is 'you're going to lose more than you gain' with a Trump endorsement, considering only 30% of NYC voters supported Trump in last year's presidential election. 5 Former New York Gov. Andrew Cuomo — a registered Democrat like Adams — also is running for mayor as an independent. John Angelillo/UPI/Shutterstock 'It's simply bad math: Two-thirds of New Yorkers would react badly to someone they saw affiliated with Trump . . . so you lose a bunch of Democrats,' said de Blasio, an avid supporter of the 33-year-old Mamdani. 'It's not 2001 where a Democratic Michael Bloomberg took on the Republican [mayoral] line sort of in a fusion way like we used to have where a moderate Republican could be acceptable to a certain number of Democrats,' he said. 'This is a whole different reality because of Trumpism. People have just hardened on their positions, so I don't see how it adds up.'


Time Magazine
7 minutes ago
- Time Magazine
Roadblocks Cuomo Faces in NYC Mayoral Race, Per the Experts
Former New York Gov. Andrew Cuomo's decision to re-enter the race for New York City Mayor after his decisive defeat in the Democratic primary in June has prompted plenty of discussion. Cuomo, who conceded the race to progressive newcomer Zohran Mamdani of the Democratic Party, announced his return via a video statement on July 14, during which he shared he will now run as an Independent. 'I am in it to win it,' Cuomo said. 'Only 13% of New Yorkers voted in the June primary. The general election is in November, and I am in it to win it. My opponent, Mr. Mamdani, offers slick slogans, but no real solutions.' Mamdani responded to Cuomo's video by commenting directly underneath it with a link to donate money to his own campaign. As of Saturday morning, Mamdani's X response has over 180,000 likes, while Cuomo's original post has just 5.5k. Experts have queried if Cuomo has learned from the mistakes of his Democratic primary campaign and whether he can overcome the roadblocks facing him in order to stand a solid chance in the November election. If Cuomo is to have a fighting chance, Boris Heersink, a political science professor at Fordham University, says he'll have to find a new narrative for his campaign, decide the key issues upon which he wants to build his platform, and somehow fight back against the campaigns of Mamdani, Republican Curtis Sliwa, and current Mayor Eric Adams, who is also running as an Independent. It's a delicate balancing act. 'It's actually going to be a pretty tough thing for him to figure out how to present an aggressive Cuomo, that's also a gentler Cuomo, and a more policy-focused Cuomo, all in one package,' says Heersink. Furthermore, some of the high-profile billionaires who previously showed support to Cuomo have since decided to back current Mayor Adams in the general election, including hedge-fund manager Bill Ackman. Now, Cuomo will need to garner new support. Here is what experts say Cuomo's major roadblocks will be as he attempts to run a successful mayoral campaign. Campaigning amid the backdrop of previous sexual harassment allegations Cuomo re-entering this race comes four years after he resigned as Governor of New York after a report from the state Attorney General accused Cuomo of sexually harassing at least 11 women, most of whom had worked for him. The allegations ranged from groping and kissing to remarks about the women's appearances and sex lives. Cuomo denied the allegations. He then went on to acknowledge that he "acted in a way that made people feel uncomfortable." He said it was "unintentional" and that he "truly and deeply apologised" over it. "I feel awful about it and, frankly, I am embarrassed by it," he said in a video statement, before doubling down on his statement that he "never touched anyone inappropriately." On Friday, July 19, the state of New York agreed to pay $450,000 to settle a lawsuit from Brittany Commisso, an ex-aide of Cuomo's who alleged he had sexually harassed and groped her while he was in office. In a statement, Commisso's lawyers referred to the settlement as 'a complete vindication of her claims' and said that Commisso is "glad to be able to move forward with her life." In response, lawyers for Cuomo said: 'The settlement is not a vindication, it is capitulation to avoid the truth," and once again referred to the allegations as "false." Heersink says that Cuomo has not addressed the allegations in his newly-relaunched mayoral campaign. "It's clearly not going to go away. If he's actually going to be actively out there campaigning, it's actually going to come up quite a lot in setups that he can't control,' Heersink says. 'It's a reason for a lot of people to never vote for Cuomo, [and] there's a decent number of people that I think are at least uncomfortable with it.' Cuomo has also come under fire over his handling of the COVID-19 pandemic during his time as New York Governor and the testimony he gave in regards to the high number of deaths reported in nursing homes during that time. Cuomo can't have tunnel vision. He must not only defeat Mamdani, but Adams and Sliwa too If Cuomo, Adams, and Sliwa split the non-Mamdani vote, Mamdani will 'certainly' win, Heersink says, arguing that Cuomo needs to convince all those who say they are supporting Adams or Sliwa 'to transfer their support to him, so that he can prevent Mamdani from winning the election.' In order to do that, Heersink says Cuomo will need to posit Mamdani as a 'real threat,' but this could admittedly descend into a 'negative' campaign, something he may be keen to avoid. In an interview with the New York Magazine, published earlier this week, Cuomo appeared to be on board, at least partly, with a renewed approach, admitting that this time around he needs to be 'aggressive across the board.' For Laura Tamman, a professor of political science at Pace University, the issue is that Mamdani has often done better with someone to villainize against. So Cuomo's efforts on that front could end up backfiring. 'Cuomo is a good person for Mamdani to excite people against,' she says. 'It's helpful for fundraising. It's helpful for galvanizing volunteers.' (Cuomo's Super Pac battled hard against Mamdani in the primary, yet he didn't defeat him.) Tamman echoes Heersink's argument that Cuomo will need to consolidate all of the non-Democrat voters, as well as a 'healthy number' of people who are registered as Democrats, in order to claim victory in November. It's because of this that Brian Arbour, associate professor of political science at the John Jay College of Criminal Justice, argues that partisanship will be Cuomo's enemy. 'It's a partisan election, and you somehow have to get Democrats not to vote for the Democrat,' he says. Cuomo can't undervalue the importance of likeability Cuomo does not have the 'winner vibe' around him right now, experts tell TIME, so he will need to find a 'positive reason' for people to rally behind him, rather than just a 'negative reason' to not vote for the other candidates. Cuomo, in his latest campaign video and interviews, is seemingly trying to come across as more approachable, experts argue, with Heersink saying it perhaps shows that he has 'learned something' from the Democratic primary upset. 'The approach that he [Cuomo] took in the Democratic primary was, essentially, 'I'm gonna win this thing so I don't actually have to talk to you,'' says Heersink. 'In the primary, he barely campaigned—he was a candidate, but most of the actual campaigning on his behalf was being done by his Super PAC.' Cuomo could be seen shaking the hands of New Yorkers on the street, visiting subway stations, and engaging in more community-driven activities as he announced his re-entry to the race. But Camille Rivera, a political campaign strategist at New Deals Strategies, remains unconvinced this approach will resonate with voters after the primary. She argues that 'not being available for people or press doesn't work in New York City' and that it could feel 'disingenuous' and 'offensive to voters' to start now. Finding an issue to galvanize voters around Mamdani's success, in part, stems from his centering of the issue of affordability, and the popularity of his calls to 'freeze the rent,' make buses free, and provide free childcare in the city. Heersink says that Cuomo will need to find an equally compelling issue of his own to galvanize voters around. 'I think if you were to ask people what are the policies that Cuomo ran on in the Democratic primary, they would have a tough time summarizing that,' he says. 'To be fair, I think that's a criticism you can make of lots of candidates in the Democratic primary.' Yet, Mamdani differentiated himself in this sense, making sure that his policies stood out. When discussing his re-entry to the race, Cuomo told New York Magazine that combatting crime will be a core focus of his platform. 'We either stop the crime, stop the exodus, or we pivot now and start to bring the city back,' he said. 'But I believe it's A or B. You continue the decline and we have real trouble. Or we take a different path to start to make some changes. And I think Mamdani takes us in exactly the wrong direction.' Yet, with Adams in the race, Arbour says that it will be harder for Cuomo to "differentiate himself on this issue,' as it's a core principle of Adams' platform, too. "It's certainly the issue that Adams wants to talk about [also], and it fits with his background,' Arbour says, highlighting Adams' focus on combatting crime since his election in 2021.

Business Insider
7 minutes ago
- Business Insider
Navigating headwinds: Nigeria's economic outlook for H2 2025
As the second half of 2025 begins, Nigeria finds itself at a critical economic crossroads. With mixed signals emerging from both global and local environments, policymakers, business leaders, and financial institutions must prepare for a delicate balancing act. From shifting geopolitical dynamics to domestic fiscal pressures, the outlook for H2 2025 is characterized by uncertainty but also opportunity. FSDH's latest macroeconomic update, titled 'Balancing on the Edge in a Fragile World,' provides timely insights into what lies ahead and how stakeholders can navigate this complex terrain. Globally, two major developments have reshaped the economic outlook: the return of Donald Trump to the U.S. presidency and the escalation of the Israel-Iran conflict. Trump's reintroduction of import tariffs—10% across the board, with additional levies on selected countries—has renewed global trade tensions, undermined multilateralism, and triggered capital flow reversals to emerging markets. Meanwhile, the Middle East conflict has disrupted oil supply routes, increased freight costs, and spurred volatility in global commodity prices. These external shocks have led the International Monetary Fund (IMF) to revise its global GDP growth forecast downward to 2.8% in 2025, from an earlier 3.3%. Although Sub-Saharan Africa is expected to grow by 3.8%, driven by structural reforms and improved export performance; however the region remains vulnerable to external shocks, especially in energy markets and financial flows. Domestic Realities: Falling Short of Oil Expectations Nigeria, still heavily reliant on oil, has felt the weight of these developments. Despite commendable efforts to diversify her export base, oil remains the lifeblood of government revenue. The Federal Government's ₦54.99 trillion 2025 budget was benchmarked at US$75 per barrel and 2.06 million barrels per day in production. However, actual performance in H1 2025 has fallen short, with oil prices averaging US$72 per barrel and production consistently below target. This has created a growing fiscal gap and raised questions about Nigeria's ability to meet her ₦35 trillion revenue projection. Positive Signs: PMI Growth and Inflation Tapering Despite these challenges, there are positive signals in the local economy. The Purchasing Managers' Index (PMI), a reliable indicator of economic activity, remained above 50 points between January and May 2025, indicating expansion in key sectors such as agriculture, industry, and services. Inflation, while still high, has begun to decline—from 24.5% in January 2025 to 23% by May 2025—thanks to the combination of improved food supply, relative exchange rate stability, and methodological adjustments by the National Bureau of Statistics. Exchange Rate Stability: Progress or Pause? Exchange rate dynamics have also shown signs of stabilisation. The Naira stood at ₦1,539/US$ as of June 2025, reflecting only a marginal 0.2% depreciation year-to-date. The 'willing buyer, willing seller' FX policy has improved transparency and market confidence, although Nigeria's external reserves declined by 8.5% in H1—from US$40.9 billion to US$37.3 billion—due to rising import bills and debt repayments. FSDH projects that exchange rate stability will depend on continued FX inflows, investor confidence, and fiscal discipline. With oil prices expected to hover around US$75-US$78 per barrel, maintaining production and boosting non-oil exports will be critical. Analysts caution that a renewed slump in oil output or a further deterioration in global trade conditions could reignite currency volatility. Fiscal Reform in Focus: Tax Administration Shake-Up A major turning point in H1 2025 came in June, when President Tinubu signed four transformational tax reform bills into law. These include the Nigeria Tax Act, Nigeria Tax Administration Act, Joint Revenue Board Act, and Nigeria Revenue Service Act. Collectively, these reforms aim to harmonise tax administration, improve compliance, and empower a new, independent national revenue service. Highlights of the reforms include raising the Capital Gains Tax for corporates from 10% to 30%, introducing a Development Levy on large firms, zero-rating VAT for essential goods, and exempting small businesses with under ₦100 million turnover from filing taxes. The reforms are expected to grow Nigeria's tax-to-GDP ratio from 10% to 18% within three years. While implementation remains a hurdle—especially at state and local levels—this marks a significant shift in Nigeria's revenue strategy. In the capital markets, optimism is quietly building. The Nigerian Exchange (NGX) posted a 16.6% year-to-date return as of June 2025, outperforming many global indices. Banking and consumer goods stocks led gains, buoyed by strong corporate earnings and macro reforms. Treasury Bill yields and long-term bond rates have declined, signaling renewed investor appetite for Nigerian assets. Foreign Portfolio Investments (FPIs) flows have increased significantly, hitting US$5.46 billion in Q1—a 67% jump from the previous quarter. This resurgence has been fueled by FX reform, positive real interest rates, and improved clarity on policy direction. However, the risk of 'hot money' outflows remains, underscoring the need for deeper, longer-term capital investments. Strategic Priorities for H2 2025 Looking ahead, FSDH outlined several strategic imperatives for economic stakeholders in H2 2025. First, there is an urgent need to boost oil production, not just to meet budget benchmarks, but to enhance export earnings. Second, the country must deepen its non-oil export capabilities, especially in agriculture and manufacturing, to diversify FX sources. Third, unlocking private-sector credit by reducing the high Cash Reserve Ratio (CRR) remains key to real sector growth. Fourth, leveraging ongoing tax reforms to enhance state-level revenue and improve the business climate is vital. Importantly, Nigeria's digital economy and financial technology space also hold promise. The integration of AI, open banking frameworks, and digital payment systems are transforming how financial services are delivered. FSDH notes that institutions that embed digital transformation into their service models will lead in agility, customer retention, and market expansion. Cautious Optimism: Nigeria's Path Forward While global risks remain—from U.S. monetary policy to geopolitical tensions and potential oil shocks—Nigeria has the tools to stay on a path of gradual stabilisation. The success of H2 2025 will depend on disciplined execution of reforms, coordinated fiscal and monetary policy, and institutional accountability. Nigeria's economic outlook for the rest of 2025 is cautiously optimistic. Inflation is expected to decline further which may allow for monetary easing later in the year. The Naira is likely to remain within the current range, while GDP growth will be modest, driven by agriculture, services, and rising investor interest. Structural reforms are beginning to take root, but the second half of the year will require political will, macroprudential discipline, and bold leadership. And as FSDH aptly notes in its report, 'Resilience is not just about surviving the storm; it's about building structures that thrive within it.' Nigeria has the opportunity to prove that in H2 2025.