Axios PM

March 19, 2026
Good Thursday afternoon. Today's newsletter, edited by Alex Fitzpatrick, is 669 words, a 2Β½-min. read. Thanks to Sheryl Miller for copy editing.
1 big thing: Hegseth wants billions more for Iran war

Defense Secretary Pete Hegseth confirmed today that the Pentagon will ask Congress for more money to wage war in Iran, Axios' Dave Lawler reports.
- The Washington Post reported last night that the Pentagon asked the White House to request more than $200 billion. (Gift link.)
- Hegseth said that figure "could move," and that the Pentagon wants to boost weapons production to ensure adequate stockpiles.
ποΈ Hegseth, at a press conference this morning: "Obviously it takes money to kill bad guys, so we're going back to Congress and our folks there to ensure that we're properly funded for what's been done, for what we may have to do in the future, ensure that our ammunition is refilled, and not just refilled, but above and beyond."
π€¨ A request on that scale would likely face stiff opposition from many Democrats and some Republicans.
- The war in Iran is unpopular, and the Pentagon already has a $1 trillion budget.
- The cost of the war has reportedly run into the billions β but nowhere near $200 billion.
πͺ Hegseth's request could turn into a referendum on the war.
- Appearing on Fox Business, Sen. Roger Marshall (R-Kan.) called the $200 billion figure "a little tall."
- "They do need to come to ... Capitol Hill and tell us what that money is going to be spent on." Go deeper.
π’ Meanwhile: Six U.S. allies announced their support for a potential coalition to reopen the Strait of Hormuz β but didn't commit to sending naval vessels or other resources.
- For now, it's largely a gesture to placate President Trump, who has railed against allies for declining to help secure the vital shipping corridor. More from Barak Ravid.
2. π Uber makes $1.25B Rivian bet

Uber plans to invest up to $1.25 billion in EV maker Rivian as part of an ambitious plan to deploy thousands of electric robotaxis, Axios' Joann Muller reports.
- The companies expect to add 10,000 Rivian R2 robotaxis to Uber's rideshare network, starting in San Francisco and Miami in 2028.
- They plan to expand to 25 U.S., Canadian and European cities by 2031.
π Autonomous vehicles are a threat to Uber, which abandoned plans to develop its own self-driving tech.
- Now it's defending its ride-hailing turf by deploying partners' self-driving cars on its platform.
3. β‘οΈ Catch me up

- π Howard, Texas, Prairie View A&M and Miami (Ohio) won the men's March Madness "First Four" games this week. The full first round tipped off this afternoon, with matchups involving Ohio St., Nebraska, Duke and other top teams. How to watch.
- π’οΈ The White House may lift sanctions on Iranian oil that's already at sea, Treasury Secretary Scott Bessent said on Fox Business today: "In essence, we'd be using the Iranian barrels against the Iranians to keep the price down for the next 10 or 14 days, as we continue this campaign." Go deeper.
- π° The U.S. national debt passed a record $39 trillion yesterday. The debt hit $38 trillion five months ago β and $37 trillion two months before that. Go deeper.
- ποΈ Sen. Elizabeth Warren (D-Mass.) endorsed Maine's Graham Platner in his bid to unseat incumbent Republican Sen. Susan Collins. Warren said in a video: "People are ready to vote for someone who will actually fight for them." Watch.
4. βΉοΈββοΈ 1 for the road: Everyone watches women's sports

Women's sports viewership in the U.S. has nearly tripled in the last six years, Alex Fitzpatrick writes from a new Bank of America report.
- The bank's research wing expects 250% revenue growth for women's sports by 2030, hitting $2.5 billion.
π° Bank of America Institute said in its analysis: "The women's sports industry is going mainstream, with pay, sponsorships and media attention following."
- The report cites two factors: "Rising live-event attendance and increased willingness to pay for tickets and in-person experiences."
π Case in point: The upstart Professional Women's Hockey League is selling out New York's Madison Square Garden, Boston's TD Garden and other massive arenas.
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