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Business & Economy
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Business & Economy
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Conservatives ramp up DOGE push
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There’s been a growing chorus of complaints made by fiscal hawks in Congress and prominent conservatives outside Capitol Hill in the days since the House’s passage of President Trump’s “one big, beautiful bill.”
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Tech billionaire Elon Musk — who headed up the Department of Government Efficiency (DOGE) — made waves this week when he took aim at the sprawling package passed by the House last week to advance Trump’s tax priorities, while raising concerns over the potential deficit impact of the measure.
“I was, like, disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decrease it, and undermines the work that the DOGE team is doing,” Musk said in a snippet of an interview with “CBS Sunday Morning” that airs later this week.
Amid the uproar, Speaker Mike Johnson (R-La.) on Wednesday said the House-passed bill to enact Trump’s agenda is intended to build on DOGE’s “success.” And he added the GOP-led House is “eager and ready to act on DOGE’s findings” by quickly passing a package to codify the cuts and using the “appropriations process to swiftly implement President Trump’s 2026 budget.”
The White House is expected to send a formal request to Congress next week asking lawmakers to rescind more than $9 billion in funding for programs such as the United States Agency for International Development (USAID) and the Corporation for Public Broadcasting, which provides funds to PBS and NPR.
GOP leaders are also still looking to full-year appropriations as a path to lock in the changes pursued by DOGE, noting the restrictive process Republicans are using to advance Trump’s agenda would not allow for cuts to discretionary spending.
The Hill has more here.
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Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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The Wednesday court decision blocking President Trump’s emergency tariff powers could give companies the option of getting a refund on duties they’ve paid, but it adds another layer of complexity for companies dealing with the administration’s rapidly changing trade policies.
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The Federal Aviation Administration (FAA) said Thursday it would renew a program that allows Boeing to perform tasks on behalf of the agency for three years.
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A federal appeals court lifted the first of two rulings blocking President Trump’s tariffs on Thursday, handing him a temporary win after a lower court rejected the administration’s legal defense hours earlier.
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President Trump met Thursday with Federal Reserve Chair Jerome Powell at the White House, amid ongoing criticism from the president over the central bank’s decision to hold interest rates steady.
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Upcoming news themes and events we’re watching:
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The Commerce Department releases the latest personal consumption expenditures (PCE) price index data at 8:30 a.m EDT.
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Branch out with more stories from the day:
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WASHINGTON (AP) — The Supreme Court backed a multibillion-dollar oil railroad expansion in Utah Thursday …
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Business and economic news we’ve flagged from other outlets:
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S&P 500 climbs on strong Nvidia earnings, but trade policy confusion caps gains (CNBC)
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Elon Musk criticism of Trump tax bill frustrates some Republicans: ‘No place in Congress’ (Fox News)
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Home sellers now outnumber buyers by largest margin in 12 years, report finds (CNN)
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Top stories on The Hill right now:
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A second federal court blocked the bulk of President Trump’s tariffs on Thursday, ruling he cannot claim unilateral authority to impose them by declaring emergencies over trade deficits and fentanyl. Read more
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The Senate Armed Services Committee’s top Democrat is blasting Defense Secretary Pete Hegseth over his decision this week to appoint a new director of the Pentagon’s operational test enterprise and rapidly cut its staff by more than half. Read more
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Opinions related to business and economic issues submitted to The Hill:
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You’re all caught up. See you tomorrow!
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