May 1, 2017

Budget deal defies Trump, includes $2B increase for medical research

Pablo Martinez Monsivais / AP

The budget agreement Congress reached tonight would give the National Institutes of Health a $2 billion increase for the second year in a row, a Senate GOP aide confirms. That means congressional negotiators basically told the Trump administration to take a hike. The administration wanted to slash the agency's funding by $1.2 billion in the bill to fund the federal government for the rest of the year.

Between the lines: This part of the agreement had been worked out weeks ago between the top appropriators, including Sen. Roy Blunt and Rep. Tom Cole. They had wanted to build on the earlier $2 billion increase NIH had received last year, the first substantial funding boost in 12 years. The only question was whether Office of Management and Budget director Mick Mulvaney would convince them to change their minds. He didn't.

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A busy week for IPOs despite upheaval from protests and pandemic

Illustration: Eniola Odetunde/Axios

This week is expected to be the busiest for U.S. IPOs since February, with Warner Music leading a group of four companies that could raise over $3 billion.

Why it matters: This shouldn't be happening, under any traditional rubric for how markets work.

How Big Tech has responded to the protests

A protester holds a sign in downtown Minneapolis to protest the death of George Floyd on May 31. Photo: Stephen Maturen/Getty Images

An explosive weekend in America sent Silicon Valley grasping for moral clarity. While many companies and executives spoke out against racial inequities, critics and even some of the rank-and-file found some of the companies' responses lacking.

Why it matters: Tech companies have giant platforms, and their leaders have become public figures, many of them household names. History will record their words and actions — which, in the case of platforms like Facebook, Twitter and YouTube, directly shape the bounds of public discourse.

Pandemic and protests can't stop the stock market

Traders work on the floor of the NYSE. Photo: Spencer Platt/Getty Images.

United States equities were on pace to open higher Monday following big gains in Asia and Europe and a risk-on bid in currency markets.

Why it matters: Stock markets could continue to rise despite an unprecedented global pandemic, violent protests over police violence in the U.S. not seen since the 1960s, and spiking tensions between the world's two largest economies.