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International Olympic Committee President Thomas Bach. Photo: Denis Balibouse/pool/AFP via Getty Images

The coronavirus-induced delay of the 2020 Summer Olympics could cost billions of dollars, with Japan and the International Olympic Committee footing the bill, reports the AP.

Why it matters: IOC president Thomas Bach said this weekend that his organization will likely face "several hundred million dollars" of added costs as Japan covers the rest — with estimates pegging the total postponement costs at $2 billion to $6 billion.

  • An agreement signed in 2013 when Tokyo was awarded the Olympics forces Japan to be on the hook for the majority of the postponement costs.

Toshiro Muto, the CEO of the Tokyo organizing committee, said last week that the pandemic could even threaten the games going ahead next year.

  • "I don’t think anyone would be able to say if it is going to be possible to get it under control by next July or not," he said. "We certainly are not in a position to give you a clear answer."

The big picture: Before the pandemic, Japan estimated that the Games would cost at least $12.6 billion, though a 2019 government audit said they would likely cost twice that.

Go deeper: Olympics postponement throws more than $1 billion in advertising into limbo

Go deeper

Stalemate over filibuster freezes Congress

Illustration: Sarah Grillo/Axios

Senate Majority Leader Chuck Schumer and Mitch McConnell's inability to quickly strike a deal on a power-sharing agreement in the new 50-50 Congress is slowing down everything from the confirmation of President Biden's nominees to Donald Trump's impeachment trial.

Why it matters: Whatever final stance Schumer takes on the stalemate, which largely comes down to Democrats wanting to use the legislative filibuster as leverage over Republicans, will be a signal of the level of hardball we should expect Democrats to play with Republicans in the new Senate.

Dave Lawler, author of World
2 hours ago - World

Biden opts for five-year extension of New START nuclear treaty with Russia

Putin at a military parade. Photo: Valya Egorshin/NurPhoto via Getty

President Biden will seek a five-year extension of the New START nuclear arms control pact with Russia before it expires on Feb. 5, senior officials told the Washington Post.

Why it matters: The 2010 treaty is the last remaining constraint on the arsenals of the world's two nuclear superpowers, limiting the number of deployed nuclear warheads and the bombers, missiles and submarines which can deliver them.

Updated 2 hours ago - Technology

Facebook refers Trump ban to independent Oversight Board for review

Photo: Alex Edelman/AFP via Getty Images

Facebook's independent Oversight Board has accepted a referral from the platform to review its decision to indefinitely suspend former President Trump.

Why it matters: While Trump critics largely praised the company's decision to remove the then-president's account for potential incitement of violence, many world leaders and free speech advocates pushed back on the decision, arguing it sets a dangerous precedent for free speech moving forward.