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.

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U.S. Chamber of Commerce warns of racial inequality for small businesses

Illustration: Aïda Amer/Axios

Attitudes and beliefs about racial inequality are changing quickly as protests and media attention have helped highlight the gaps in opportunity between white- and minority-owned businesses in the United States.

Driving the news: A new survey from the U.S. Chamber of Commerce and MetLife provided early to Axios shows a 17-point increase in the number of small business owners who say minority-owned small businesses face more challenges than non-minority-owned ones.

BP's in the red, slashing its dividend and vowing a greener future

Photo: Ben Stansall/AFP via Getty Images

BP posted a $6.7 billion second-quarter loss and cut its dividend in half Tuesday while unveiling accelerated steps to transition its portfolio toward low-carbon sources.

Why it matters: The announcement adds new targets and details to its February vow to become a "net-zero" emissions company by mid-century.

Women-focused non-profit newsrooms surge forward in 2020

Illustration: Eniola Odetunde/Axios

Women are pushing back against the gender imbalance in media by launching their own news nonprofits and focusing on topics many traditional news companies have long ignored.

Why it matters: "The news business is already gendered," says Emily Ramshaw, co-founder and CEO of The 19th*, a new nonprofit, nonpartisan newsroom reporting at the intersection of women, politics and policy.