Treasury Secretary Steven Mnuchin said his department is "very close to releasing a detailed plan" on tax reform at a senate budget hearing Wednesday. Mnuchin fielded questions on cybersecurity and the debt ceiling.

  • On national security: Will the president sign the Russia sanctions bill? "I don't know the answer to that." The treasury department has "prioritized technology spending within the IRS" as a cybersecurity measure. Mnuchin also offered to discuss actions against Hezbollah's fiannces in a closed session.
  • On raising the debt ceiling: "We have funding through September, but I have urged Congress to take this up before they leave for recess."
  • On CDFIs: He said, "This was merely a function of us making difficult decisions across" on the administration's decision to eliminate funding for Community Development Financial Institutions, which invest government funds in distressed communities.

Go deeper

5 hours ago - Technology

TikTok to pull out of Hong Kong

Illustration: Aïda Amer/Axios

TikTok said Monday night that it would pull its social video platform out of the Google and Apple app stores in Hong Kong amid a restrictive new law that went into effect last week.

Why it matters: TikTok's move comes as many large tech companies say they are still evaluating how to respond to the Hong Kong law.

7 hours ago - World

Ethiopia's Nobel Peace laureate cracks down on ethnic violence

The image of a Nobel Peace laureate in military fatigues encapsulates the moment in which Ethiopia finds itself — on the verge of a transition to democracy, a descent into violence or, perhaps, a precarious combination of the two.

Driving the news: At least 166 people were killed after an iconic musician, Haacaaluu Hundeessaa, was murdered last Monday in Addis Ababa, the capital. Prime Minister Abiy Ahmed responded to the violence by sending in troops and shutting off the internet. High-profile opposition leaders were arrested, along with some 2,300 others.

Updated 9 hours ago - Health

Atlanta Mayor Keisha Lance Bottoms tests positive for coronavirus

Atlanta Mayor Keisha Lance Bottoms said on Monday that she has tested positive for the coronavirus after displaying no symptoms.

Why it matters: Bottoms, one of several Black women on the shortlist to be Joe Biden's running mate, has risen to national prominence in recent months as part of mass protests over racism and police brutality — driven in part by the killing of Rayshard Brooks by Atlanta police.