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☆ Ex-Georgia Senate candidate Herschel Walker still has $4 million left in the bank from his unsuccessful 2022 run. Republicans aren't happy about it.
▼ + stars: | 2024-05-28 | by ( John L. Dorman | ) www.businessinsider.com time to read: +3 min

Read previewTwo years ago, the University of Georgia football icon and then-Senate candidate Herschel Walker was seen by many Republicans as a future star in the party. Walker, running against Democratic Sen. Raphael Warnock in the Georgia Senate race, won over many establishment politicians. Walker previously contributed $100,000 to the National Republican Senate Committee for a recount fund, and he also gave roughly $400,000 to charities, according to Politico. Brian Kemp — a conservative who clashed with Trump-aligned figures over the 2020 election — has largely bypassed the state party by utilizing his own political committee to fundraise. But Biden is eager to hold Georgia, as his 2020 win in the state was one of the biggest electoral triumphs for Democrats that year.

Persons: —, Herschel Walker, Walker, Democratic Sen, Raphael Warnock, Walker —, Warnock, Washington —, John Watson, Brian Kemp —, Trump, Biden Organizations: Service, University of Georgia football, Senate, Republicans, Democratic, Georgia Senate, GOP, Business, Politico, Georgia Republican, National Republican, University of Georgia, Georgia GOP, Biden's, Trump, Biden, Georgia, Black Locations: Georgia, Washington, Atlanta

☆ A food delivery driver who bit off a customer's thumb has been seen delivering food again
▼ + stars: | 2024-05-02 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Read previewA food delivery driver who pleaded guilty to grievous bodily harm after biting off a customer's thumb has been spotted delivering food again, the BBC reported. Though Deliveroo riders have to be over 18 with no unspent criminal convictions, it's historically been up to individual riders, not Deliveroo itself, to check that their substitutes meet this criteria. But after Rocha appeared in court, the BBC spotted her twice collecting food for delivery on her moped, it reported. "We take our responsibilities extremely seriously and are committed to preventing misuse of our platform," the spokesperson told BI. "We have strengthened our processes and recently introduced a new registration process and identity verification technology for substitute riders."

Persons: —, Jeniffer Rocha, Stephen Jenkinson, Jenkinson, Rocha, didn't, he'd, She's, Jenkinson — Organizations: Service, BBC, Business, Winchester Crown, Deliveroo

☆ Biden wants to make it easier for people to buy their first home. But there aren't enough houses.
▼ + stars: | 2024-03-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. But I'm not waiting," President Joe Biden said during Thursday's State of the Union address. The White House is stepping up as homeownership costs keep mounting, with over 90% of the market overvalued. AdvertisementIn order to unlock supply, Biden called for a one-year tax credit of $10,000 to families selling a starter home. Ahead of the speech, Zillow Chief Economist Skylar Olsen noted that the supply crunch is worse than the White House has laid out.

Persons: —, Biden, I'm, Joe Biden, homebuyers, David Dworkin, Skylar Olsen, unspent Organizations: Service, Biden Administration, Business, National Housing, CNBC, Treasury Department Locations: homebuyers, Thursday's State

☆ The US wants to boost affordable housing by using billions in unspent COVID aid
▼ + stars: | 2024-03-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The US Treasury Department is making unused COVID funds available to support housing projects. The State and Local Fiscal Recovery Funds has around $40 billion in unspent money, Reuters said. The Treasury will also step up efforts to understand the impact of climate risks on housing supply. AdvertisementBillions of unspent pandemic dollars have been made available for housing projects as the federal government steps up efforts to tackle the shortage of affordable homes. The department also indefinitely extended backstop financing for a risk-sharing program between the Department of Housing and Urban Development and local financing agencies.

Persons: —, Wally Adeyemo Organizations: US Treasury Department, Reuters, Treasury, Service, US Treasury, of Housing, Urban Development Locations: State

☆ Treasury’s Hidden Stash of Covid Cash
▼ + stars: | 2023-12-04 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: EV dealers ask Biden where they're supposed to put the glut. Images: AP/Shutterstock Composite: Mark KellyIf you thought Washington’s pandemic-cash bonanza was behind us, keep an eye on the Treasury Department. The Biden Administration made a quiet move late last month to let states spend up to $90 billion of leftover “emergency” money. The rule change pushes back the deadline for states to claim cash from the State and Local Fiscal Recovery Funds, a pandemic aid giveaway that President Biden set up through the 2021 American Rescue Plan Act. Now Treasury plans to give out unspent cash beyond next year, as long as states say what they’ll spend it on by April.

Persons: Biden, they're, Mark Kelly Organizations: Treasury Department, The Biden Administration, State, Treasury

Consumers continued to sour on the economic outlook in November while also growing more pessimistic about future inflation, according to the first estimate from the University of Michigan consumer sentiment survey. The index of consumer sentiment fell 5% to a reading of 60.4, down from 63.8 in October. “Ongoing wars in Gaza and Ukraine weighed on many consumers as well.”“Overall, lower-income consumers and younger consumers exhibited the strongest declines in sentiment,” Hsu added. Various surveys measuring the minds of consumers have found them to be worried about inflation and the economy in general. “Consumer sentiment continues to trend downward at a moderate pace as consumers attempt to juggle inflation and higher interest rates,” said Damian McIntyre, Portfolio manager and head of multi asset solutions at Federated Hermes.

Persons: ”, Joanne Hsu, ” Hsu, Joe Biden, Damian McIntyre, Gregory Daco, ” Daco, Goldman Sachs Organizations: University of Michigan, “, Federated Hermes, Federal Reserve, Index, Louis Federal Reserve Bank Locations: Gaza, Ukraine, Kentucky, Ohio

☆ Revisiting a key video used to assess the Gaza hospital blast
▼ + stars: | 2023-11-02 | by ( Yong Xiong | ) edition.cnn.com time to read: +8 min

CNN revisited the footage broadcast live by Al Jazeera on the night of the explosion to better understand what has been considered a key piece of evidence. Still, no visual evidence has surfaced showing a rocket hitting the hospital, and CNN cannot exclude other possibilities. CNN could not independently assess whether what is visible in the video is in fact an Iron Dome interceptor missile. The video appears to show the volley emanating from a location southwest of Al-Ahli Hospital, outside of Gaza City. CNN cannot independently confirm whether a rocket fired from southwestern Gaza was responsible for the blast.

Persons: Al Jazeera, Al, Peter Lerner, ”, Israel, Bat Yam, Nahal Oz, Markus Schiller, Tamir, “ Tamir, Schiller, Jonathan Conricus, Yam –, Israel “, Joe Biden, “, – Organizations: CNN, Ahli Baptist Hospital, Al, Twitter, The New York Times, Washington Post, Israel Defense Forces, National Intelligence, U.S . Intelligence Community, Hospital, Palestinian, NATO, European Union, Israel’s, Gaza, Israel, National Security Council Locations: Israel, United States, Ahli, Gaza, Al Jazeera, Al, Gaza City, Tel Aviv, Netivot, Nahal, Germany, Gaza . Palestinian

The fallout was quick: Nevada, which saw a 44 percentage-point jump in congenital syphilis from 2021 to 2022, was supposed to get more than $10 million to bolster its STD program budget. In 2021, there were 77.9 cases of congenital syphilis per 100,000 live births. Doing so in a timely manner can prevent congenital syphilis. Mississippi is also seeing an uptick in congenital syphilis cases, which a recently published study showed rose tenfold between 2016 and 2022. Agency head Dr. Dan Edney said one of his top priorities now is finding money from other parts of the state's health budget.

Persons: they’d, Dawn Cribb, ”, Sam Burgess, Deneshun Graves, Lupita Thornton, Graves, Thornton, “, Dan Edney, Rebecca Scranton, ” Scranton, Robert Wood Johnson Organizations: Nevada Division of Public, Behavioral, Associated Press, Louisiana Department of Health, U.S . Centers for Disease Control, Houston Health Department, Health, Mississippi State Department of Health, Agency, of Health Services, Associated Press Health, Science Department, Robert Wood Johnson Foundation, AP Locations: U.S, Nevada, . Mississippi, Arizona

☆ Israel military steps up denial it hit Gaza hospital, says building undamaged
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +3 min

Hamas, the Palestinian militant group that controls Gaza, has blamed the blast on Israel. Israel says it was a result of a failed rocket launch by Palestinian Islamic Jihad, another militant group in the enclave. He said there was no structural damage to buildings around the Al-Ahli al-Arabi hospital and no craters consistent with an air strike. Hagari said some 450 rockets fired from Gaza had fallen short and landed inside the Strip within the last 11 days. The Israeli military then published what it said was an audio recording of such a conversation, with English captions.

Persons: Joe Biden, Daniel Hagari, Hagari, Dan Williams, John Davison, Alex Richardson, Gareth Jones Organizations: Palestinian, IDF, Israel Defence Forces, West Bank, United, Thomson Locations: Palestinian, Gaza, Israel, Al, Ahli, Gaza City, Jordan, Turkey, Israel's, United States, Iran, Lebanese, Lebanon

☆ Aftermath images from the Gaza hospital explosion are 'inconsistent' with an Israeli airstrike, former UN war crimes investigator says
▼ + stars: | 2023-10-18 | by ( Jake Epstein | ) www.businessinsider.com time to read: +9 min

Hamas blamed an Israeli airstrike for the deadly explosion at a hospital in Gaza on Tuesday. A former UN war crimes investigator says the visuals of the incident appear "inconsistent" with an Israeli strike. A former United Nations war crimes investigator said the visual evidence from the incident is "completely inconsistent" with what the aftermath of an Israeli airstrike would look like. "I can definitely rule out an airstrike, but looking at the various possibilities, I think that a failed rocket is the most likely." A view of the surroundings of Al-Ahli Baptist Hospital after it was hit in Gaza City, Gaza on October 18, 2023.

Persons: Israel, —, group's, Marc Garlasco, Joe Biden, Benjamin Netanyahu, REUTERS Biden, ABC —, Adrienne Watson, Garlasco, Ali Jadallah, It's Organizations: UN, Service, Israel Defense Forces, United, Operation, Al, Islamic, Wednesday, Israeli, Maxar Technologies, REUTERS, Pentagon, NBC, CBS, ABC, National Security, Ahli Baptist Hospital, Getty, CNN Locations: Gaza, United Nations, Ahli, Gaza City, Israel, Palestinian, Afghanistan, Libya, Syria, Al, Anadolu

☆ Israel Military Steps up Denial It Hit Gaza Hospital, Says Building Undamaged
▼ + stars: | 2023-10-18 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +3 min

JERUSALEM (Reuters) -Israel's military published on Wednesday what it described as evidence that a misfired Palestinian rocket, rather than one of its own munitions, caused an overnight explosion at a Gaza hospital in which hundreds of people died. Hamas, the Palestinian militant group that controls Gaza, has blamed the blast on Israel. Israel says it was a result of a failed rocket launch by Palestinian Islamic Jihad, another militant group in the enclave. Hagari said some 450 rockets fired from Gaza had fallen short and landed inside the Strip within the last 11 days. The Israeli military then published what it said was an audio recording of such a conversation, with English captions.

Persons: Joe Biden, Daniel Hagari, Hagari, Dan Williams, John Davison, Alex Richardson, Gareth Jones Organizations: Palestinian, IDF, Israel Defence Forces, West Bank, United Locations: JERUSALEM, Palestinian, Gaza, Israel, Al, Ahli, Jordan, Turkey, Israel's, United States, Iran, Lebanese, Lebanon

Andy Beshear has seized a commanding fundraising lead over Republican challenger Daniel Cameron in their marquee matchup in Kentucky, their latest campaign finance reports showed. Heading into the fall campaign, Beshear had the advantage of a noncompetitive spring primary campaign, while Cameron exhausted most of his funds during a crowded GOP primary. Cameron’s campaign reported raising about $2.3 million in contributions since May. Cameron's campaign contends their grassroots support is deeper, given the state's GOP strength, especially across the vast rural stretches of the Bluegrass State. We are confident that with our conservative message, robust fundraising and extensive travel schedule, Daniel Cameron will defeat Andy Beshear,” Sean Southard, a Cameron campaign spokesman, said in a statement.

Persons: Andy Beshear, Daniel Cameron, Beshear —, Cameron, Beshear, Al Cross, ” Cross, ”, Democratic Party —, Eric Hyers, Cameron's, Andy, ” Sean Southard Organizations: — Democratic, Republican, GOP, —, “, Kentucky, NFL, Democratic Party, Republican Party, Bluegrass State Locations: FRANKFORT, Ky, Kentucky, Churchill

☆ China's Huawei launch coinciding with Apple ban was a strategic decision, says UBS's Art Cashin
▼ + stars: | 2023-09-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's Huawei launch coinciding with Apple ban was a strategic decision, says UBS's Art CashinArt Cashin, UBS director of floor operations, joins 'Squawk on the Street' to discuss China launching a carefully structured launch of the new Huawei phone, negative pressure on equities from bond yields, and unspent stimulus money impacting the Fed's monetary policy plan.

Persons: Cashin Organizations: Huawei, Apple, UBS Locations: China

☆ Private equity bites off mostly what it can chew
▼ + stars: | 2023-08-17 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

Private equity firms notched nearly $300 billion of acquisitions worldwide through Aug. 15, according to Dealogic data. Deals in the $1 billion to $5 billion range are running closest to the same pace as 2022. STG, for example, secured a loan to value of more than 40% from private lenders. With capital tighter, it’s easy to understand why buyout firms are pursuing humbler deals more likely to exceed the minimum returns investors expect. GTCR’s plan to buy 55% of Worldpay at a $17.5 billion valuation requires an equity check equivalent to 15% of the buyout firm’s assets.

Persons: Simon & Schuster, STG, Clayton, Rice, Banks, Ares Capital’s, hasn’t, Jeffrey Goldfarb, Sharon Lam Organizations: KKR, New York Stock Exchange, Reuters, Avid Technology, GTCR, TPG, Francisco Partners, Bain Consulting, Thomson, & $ Locations: New York, U.S, can’t, Dubilier

☆ How $7.75 billion Hopin went from pandemic darling to selling off its flagship business for $50 million and handing back some investor cash
▼ + stars: | 2023-08-10 | by ( Callum Burroughs | Tasmin Lockwood | Michael Cogley | ) www.businessinsider.com time to read: +10 min

Virtual-events startup Hopin was a pandemic winner when it hit a $7.8 billion valuation in 2021. Now its CEO is stepping down, it's selling off parts of its business, and is set to hand back investor cash. But as vaccinations arrived and the travel restrictions eased, demand for Hopin's platform waned. "The pandemic was an extraordinary time to be investing," one London-based tech investor who had not backed Hopin said. Armed with more than $1 billion in investor cash, Boufarhat opted to make acquisitions.

Persons: Johnny Boufarhat, Boufarhat, Andreessen Horowitz, Catalyst, Slack, Hopin, Johnny ", Hopin Boufarhat, outsized, Streamyard, Badri Rajasekar, Klarna Organizations: Tiger, UPS, RingCentral, University of Manchester, Financial Times, Venture, Founders, Microsoft, Private Locations: London, Australia, Lebanese, US, Dubai, Papua New Guinea, Switzerland, Hopin

☆ Carlyle reports lower than expected 26% slump in Q2 earnings
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Issei Kato/File photoNEW YORK, Aug 2 (Reuters) - Private equity firm Carlyle Group Inc (CG.O) reported on Wednesday that its second quarter distributable earnings fell 26% year-on-year due to a slump in asset sales, although the result still exceeded analyst expectations. Distributable earnings, which represents the cash used to pay dividends to shareholders, fell to $388.8 million from $528.8 million a year earlier. That translated to after-tax distributable earnings per share of 88 cents, which surpassed the average estimate of 67 cents, according to Refinitiv data. Carlyle's corporate private equity and real estate funds gained 1% during the quarter, while its credit funds appreciated by 2%. By contrast, Blackstone's corporate private equity funds appreciated by 3.5% and its private credit funds rose 3.3%, while opportunistic real estate funds were flat.

Persons: Carlyle, Issei Kato, Chibuike Oguh, Jamie Freed Organizations: REUTERS, Carlyle Group Inc, Blackstone Inc, Thomson Locations: Tokyo, Japan, New York

☆ Opinion | Sorry, but I Still Think a Recession Is Coming
▼ + stars: | 2023-07-24 | by ( Peter Coy | ) www.nytimes.com time to read: +1 min

More and more economists are dropping their recession calls for the U.S. economy. They are forecasting instead a “soft landing” in which the economy continues to grow, but more slowly. Inflation has come down, lessening the need for the Federal Reserve to cool the economy off with higher interest rates. And the stock market is up, which makes people feel wealthier and in the mood to spend. All that said, I’m sticking with my prediction of a recession.

Persons: “, Paul Krugman, Mark Zandi, Biden Organizations: Times, Federal Reserve, CNN, Republican Locations: U.S

NEW YORK, July 20 (Reuters) - Blackstone Inc (BX.N) said on Thursday its second-quarter distributable earnings slumped nearly 40%, owing to a sharp drop in asset sales mostly from its real estate and credit businesses. Distributable earnings, which represent cash used to pay dividends to shareholders, fell to $1.2 billion from nearly $2 billion a year earlier. A major share of the reduced asset disposals came from Blackstone's real estate unit, where its net profit sank 94%, while that of its credit division dropped 46%. Its private credit funds gained 3.3% while hedge fund assets grew 1.9%. Opportunistic real estate funds were flat.

Persons: Blackstone, Chibuike Oguh, Sherry Jacob, Phillips Organizations: YORK, Blackstone Inc, London Stock Exchange, Gates Industrial Corporation, Thomson Locations: New York

Silicon Valley is bracing for what it fears will be an "extinction event" threatening the survival of hundreds of startups. Tom Loverro, a investor at 40-year-old Bay Area venture capital firm IVP, has been loudly warning for months on Twitter and in media interviews about a coming "mass extinction event" for startups. The total volume of venture capital investment into US startups has slumped for six consecutive quarters, according to data firm Pitchbook. Even a last-ditch slashing of the startup's prospective valuation — a "down-round," in Silicon Valley parlance — didn't whet investors' appetites. Over the past year, many startups that rely on Silicon Valley funding have been steeling themselves for the slowdown to avoid similar fates.

Persons: —, they're, Jennifer Neundorfer, That's, Tom Loverro, Loverro, Consuelo Vanderbilt, Vanderbilt, Cameron Lester, I've, Lester, Linda Ahrens, Ahrens, Unown, " Ahrens, Anna Dittrich, Plastiq, Vincent Harrison, Elad Gil, Steve Brotman, Brotman, Will Hawthorne, VC's, Mike Ryan, Pitchbook's Harrison, Sell, Hawthorne Organizations: Ventures, Sequoia Capital, —, Venture, Twitter, United States Federal Reserve, Jefferies, January Ventures, Alpha Partners, Avid Capital, Sugar, Menlo, BulletPoint Network Locations: Silicon, Sequoia, IVP, Valley, Instacart, Navan, Boston, Snowflake, America

☆ From Wildfire Smoke to Covid, Air Quality Is the Issue of Our Time - The New York Times
▼ + stars: | 2023-06-07 | by ( Linsey Marr | ) www.nytimes.com time to read: +3 min

Those who are paying attention and have the resources can take steps to improve their air quality and protect their health. Indoors, the portable air filtration unit that some people used to scrub viruses from the air will also remove smoke particles. Air pollution, including wildfire smoke, causes symptoms like coughing, burning eyes, headaches and difficulty breathing in the short term. Furthermore, poor air quality is linked to increased absences from school and work and worse academic performance and cognitive function. The White House held the Summit on Improving Indoor Air Quality, and the Environmental Protection Agency issued the Clean Air in Buildings Challenge.

Organizations: Environmental Protection Agency

The companies in discussion are largely small- to mid-sized, making them achievable targets, as opposed to firms listed on the FTSE 100. 'DRY POWDER'One of the contributing factors for PE firms' abundance of cash, or "dry powder", is the continued buildup of uninvested capital during the pandemic, according to fund managers. During the first five months of 2023, nine listed firms on the London Stock Exchange were approached by PE firms, exceeding the number of targets in the same time period last year, according to Refinitiv data. Among those out shopping for firms, many seem attracted to these lower valuations of small- and mid-cap firms. Though firms listed on the smaller UK indexes are more domestically focused than their larger counterparts, analysts point out that nearly half of their revenue is from their international presence, making them an even more attractive purchase for PE firms.

Persons: Richard Bullas, Martin, Franklin Templeton, John Wood, Bullas, Moodley, Johann M Cherian, Shounak Dasgupta Organizations: Bank of, Network International Holdings, Hyve, Medica Group, Pharmaceuticals, PE, Martin Currie UK Equity, London Stock Exchange, Apollo, John, John Wood Group, BNP, FTSE, U.S, Thomson Locations: Bank of England, Britain, United States, 10.2x, Europe, U.S, Bengaluru

☆ Biden’s Debt-Deal Strategy: Win in the Fine Print
▼ + stars: | 2023-06-03 | by ( Jim Tankersley | ) www.nytimes.com time to read: +2 min

In pursuit of an agreement, the Biden team was willing to give Republicans victory after victory on political talking points, which they realized Mr. McCarthy needed to sell the bill to his conference. But in the details of the text and the many side deals that accompanied it, the Biden team wanted to win on substance. With one large exception — a $20 billion cut in enforcement funding for the Internal Revenue Service — they believe they did. The way administration officials see it, the full final agreement’s spending cuts are nothing worse than they would have expected in regular appropriations bills passed by a divided Congress. But because much of the money was repurposed for other spending, the net savings added up to only about $11 billion over two years.

Persons: Biden, McCarthy, McCarthy’s, — Organizations: Internal Revenue, — White, Biden

WASHINGTON, June 1 (Reuters) - The bipartisan debt-ceiling deal that could clear Congress as soon as Thursday would stave off an imminent U.S. default, but might deliver less budget savings than Republicans have hoped for, according to nonpartisan budget analysts. The agreement ensures that President Joe Biden will not have to grapple with another debt-ceiling showdown until after the November 2024 election. That is less than the $4.8 trillion Republicans had initially sought, but still the largest deficit-reduction package since a 2011 deal that emerged from a similar debt-ceiling showdown. That would put more $1 trillion of the deal's anticipated savings at risk, according to the Penn Wharton Budget Model, a research group. The deal increases spending on defense and veterans' care, even as it aims to clamp down on other discretionary programs.

Persons: Joe Biden, Kevin McCarthy, MacGuineas, Biden, Veronique de Rugy, George Mason University's, Penn Wharton, McCarthy, Emily Gee, Andy Sullivan, Scott Malone, Alistair Bell Organizations: Penn Wharton Budget, White, Internal, Service, Office, Republican, SNAP, Social Security, Center for American, Thomson Locations: U.S, Washington

☆ The Big Part of the Debt Ceiling Deal Congress Isn’t Talking About
▼ + stars: | 2023-05-31 | by ( Margot Sanger-Katz | Alicia Parlapiano | ) www.nytimes.com time to read: +10 min

Annual deficit projections $3 trillion Current trajectory Full debt limit deal Debt limit bill House G.O.P. bill passed in April $2 trillion $1 trillion 2023 2028 2033 Annual deficit projections $3 trillion $2 trillion $1 trillion Current trajectory Full debt limit deal Debt limit bill House G.O.P. But negotiators are confident enough in the agreement that they are moving forward with the debt limit bill this week. The debt limit deal scenarios assume that after budget caps lift in 2026, Congress will increase spending in line with inflation. It's also possible that the entire deal holds, and the next Congress will still make vastly different spending choices.

Persons: Kevin McCarthy, Biden, “, It's Organizations: House Republicans, White, New York Times, Congressional, Republicans, Office, SNAP, Internal Revenue Service, Social Security, Medicare, Savings, Energy, Biden, Medicaid, of Commerce, Federal Locations: That’s, G.O.P, Washington

☆ What's in the debt limit bill? Key provisions in the Biden-McCarthy deal to avert default
▼ + stars: | 2023-05-30 | by ( Sahil Kapur | ) www.cnbc.com time to read: +2 min

In fiscal year 2024, it would limit military spending to $886 billion and nonmilitary discretionary spending to $704 billion. McCarthy said the deal was "historic," as it would amount to "cutting spending year-over-year for the first time in over a decade." Factoring in adjustments, the White House projects that when veterans funding is set aside, nondefense spending would barely change — with a slight reduction overall from 2023 to 2024. It would eliminate $1.4 billion in IRS funding and shift about $20 billion to nondefense funds. The bill would overhaul the National Environmental Policy Act to streamline permitting for projects; House Republicans tout it as "the first significant reforms to NEPA since 1982."

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