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Copies of President Trump's $4.4 trillion 2019 budget proposal. Photo: Saul Loeb / AFP via Getty Images

"The White House and Congress have shown little willingness to cut back on spending, finding it easier to cut taxes and increase spending during Trump’s presidency," the WashPost reports in its lead story.

Why it doesn't matter: "The deep safety-net cuts in Trump’s budget may play to his base, but they will go nowhere in the Senate, where support would be needed from Democrats."

Chart: AP; Data: Office of Management and Budget

Go deeper: Agency-by-agency highlights of Trump’s 2019 budget.

Go deeper

Dan Primack, author of Pro Rata
4 mins ago - Economy & Business

Merger Monday has been overrun by SPACs

Illustration: Aïda Amer/Axios

Five companies this morning announced plans to go public via reverse mergers with SPACs, at an aggregate market value of more than $15 billion. And there might be even more by the time you read this.

The bottom line: SPAC merger activity hasn't peaked. If anything, it's just getting started.

Moderna says vaccine appears to protect against new COVID-19 variants

Photo: Justin Tallis/AFP via Getty Images

Moderna's COVID-19 vaccine is effective against new variants of the virus that first appeared in the U.K. and in South Africa, the company announced on Monday.

Yes, but: The vaccine was as effective against the strain from U.K., but saw a six-fold reduction in antibodies against the South Africa variant. Even still, the neutralizing antibodies generated by the vaccine "remain above levels that are expected to be protective," according to the company.

Dave Lawler, author of World
Updated 1 hour ago - World

Xi Jinping warns against "new cold war" in Davos speech

Chinese President Xi Jinping. Photo: Wang Zhao - Pool/Getty Images

Chinese President Xi Jinping warned that a "new cold war" could turn hot, and must be avoided, in a speech on Monday at World Economic Forum’s virtual “Davos Agenda” conference.

Why it matters: Xi didn't refer directly to U.S.-China tensions, but the subtext was clear. These were his first remarks to an international audience since the inauguration of President Biden, whose administration has already concurred with Donald Trump's determination that China is committing "genocide" against Uyghur Muslims, and issued a warning about China's aggression toward Taiwan.

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