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Jonathan Ernst / Pool photo via AP

Trump's Defense Secretary Jim Mattis has privately expressed concern to lawmakers the defense budget Trump has proposed is not enough to rebuild the country's military, according to CNN. Mattis has publicly aligned himself with the White House's request.

Why it matters: Republican defense hawks are not happy with Mattis' decision to stand down; the $603 billion defense budget isn't a 10% increase as the White House says, but instead is just 3% more than what Obama was already planning for 2018. Senate Armed Services Chairman John McCain and Chairman of the House Armed Services Committee Mac Thornberry are pushing for a number more like $640 billion.

Sticking point: The Pentagon was one of the few agencies in Trump's plan that got an increase in the first place, so it would be politically difficult to lobby for more at this point.

Go deeper

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.