Paul Ryan at a press conference. Photo: Olivier Douliery/Getty Images

House Speaker Paul Ryan said the $1.3 trillion, defense-friendly omnibus bill heading for a vote Thursday will create a "21st century fighting force" in the U.S.

Why it matters: The bill allocates $700 billion to defense funding for updated equipment and increases in staff. The Trump administration requested a major increase to defense funding earlier this year.

What's in the bill:

  • $589.5 billion Pentagon base budget
  • $65.2 billion overseas contingency operations budget
  • $144.3 billion in military equipment spending
  • $23.8 billion for 14 new navy ships
  • $9.5 billion for the missile defense agency

Go deeper

U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

Updated 34 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Investors have nowhere to hide

Photo: Jeenah Moon/Getty Images

The massive losses in oil prices and U.S. and European equities were not countered by gains in traditional safe-haven assets on Wednesday.

Why it matters: The unusual movement in typical hedging tools like bonds, precious metals and currencies means they are not providing investors an asset that will appreciate in the event of a major equity selloff.