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Soldiers of the Iranian elite forces (IRGC) participate in the largest-ever war games near the town of Torbat-e-Jaam in 1998. Photo: AP

The Islamic Revolutionary Guard (IRGC) announced it will be enhancing its ballistic missile program "with more speed in reaction to Trump's hostile approach towards this revolutionary organization," per Reuters. This suggests Trump's sanctions move is likely going to illicit some tougher behavior from the IRGC, since experts say Tehran is likely to view the sanctions as a direct threat to its military.

What to watch for: "If they feel the sanctions are a lot then they would very much step up the ante — and step up their attacks," Waheguru Pal Singh Sidhu, Clinical Associate Professor of Global Affairs at NYU School of Professional Studies Center for Global Affairs, told Axios. The IRGC confirmed they will continue to confront the U.S. That could affect the ongoing fight against ISIS in Iraq and Syria.

Tehran views its missile program as potential protection against the U.S., although this program, they claim, is not about developing a missile capable of carrying a nuclear weapon. National Security Advisor H.R. McMaster said today that Iran is "not acting within the spirit of the [nuclear] deal" and maintained that the missiles program is "continuing unabated."

Go deeper

Republicans gear up for day-of and post-Election Day litigation

Voters wait in line to cast their early ballots Photo: Joe Raedle/Getty Images

Republican Party officials say they're already looking to Pennsylvania, Minnesota and Nevada as likely battlegrounds for post-election lawsuits if the results are close.

The big picture: As pre-election lawsuits draw to a close, and with President Trump running behind Joe Biden in national and many battleground state polls, Republicans are turning their attention to preparations for Election Day and beyond, and potential recounts.

Federal Reserve expands lending program for small businesses

Federal Reserve Chairman Jerome Powell at a news conference in 2019. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve said on Friday it would again lower the minimum loan size for its pandemic-era small business program.

Details: Businesses and nonprofits will be able to borrow a minimum of $100,000 from the facility, down from $250,000 — a move that might attract smaller businesses that don't need as hefty of a loan. Since the program launched earlier this year, the minimum loan size has been reduced twice.

2 hours ago - Economy & Business

How Trump and Biden would steer the future of transportation

Illustration: Eniola Odetunde/Axios

President Donald Trump and Democratic challenger Joe Biden would likely steer automotive policy in different directions over the next four years, potentially changing the industry's road map to the future.

Why it matters: The auto industry is on the cusp of historic technological changes and the next president — as well as the next Congress — could have an extraordinary influence on how the future of transportation plays out.