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President Trump speaks at the White House after signing the budget last month. Photo: Jabin Botsford / The Washington Post via Getty Images

President Trump may try to hit "undo" on a slice of the $1.3 trillion spending bill that he signed last month after threatening a veto, and now regrets.

The big picture: Republican aides in the House and Senate tell me they're working with the White House on a possible plan to rescind billions of dollars — and perhaps tens of billions.

  • One possible target: foreign aid.
  • The proposal may not be ready for a couple of weeks, the aides said.
  • Conversations have included a target up to $60 billion, but Republicans on the Hill say it would need to be less than that.
  • A GOP source: "The idea generally is one that congressional leadership is taking seriously, reviewing, and supportive of. It’s unlikely Congress would be able to pass a $60 billion rescission. A smaller rescission is possible."

What Jonathan Swan is hearing: Senior officials have been working with Trump to ensure that history doesn’t repeat itself the next time he has to sign a spending bill, at the end of September.

  • They have been working to ensure he doesn’t feel blindsided by bad TV coverage from conservative opinion hosts — which White House officials viewed as unfair and in some instances, flatly inaccurate.
  • Politico noted: "Democrats slammed GOP leaders and the White House for floating the rescission package right after pushing through a budget deal, saying Republicans were simply reacting to negative news coverage by conservative outlets."

Be smart: Negotiations on a spending "undo" would be delicate because some Republicans on the Hill view the proposal as an effort to help Trump with his 2020 reelection, while giving them more 'splaining to do in this year's midterms.

  • A GOP aide told me the process could "pit R against R": "It just makes in-cycle members take a tough vote. ... This deal was painfully put together. ... Would reopen the wound."
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Go deeper

6 seconds ago - World

Ukraine president to Biden: "There are no minor incursions"

Photo: Doug Mills-Pool/Getty Images

Ukrainian President Volodymyr Zelensky responded on Thursday to President Biden's suggestion that a "minor incursion" by Russia may not draw the same response as a large invasion, which some in Kyiv saw as inviting Russian aggression.

What he's saying: "We want to remind the great powers that there are no minor incursions and small nations. Just as there are no minor casualties and little grief from the loss of loved ones. I say this as the President of a great power," Zelensky tweeted.

11 mins ago - Health

The drugs pushing prescription prices down for Medicare patients

Illustration: Annelise Capossela/Axios

Although net prices of brand-name drugs have increased significantly over the last decade, the savings produced by generics have actually driven average prescription prices down in Medicare's pharmacy benefit and Medicaid, according to a new analysis by the Congressional Budget Office.

Why it matters: The analysis reiterates that the generic market is largely working as intended.

Ben Geman, author of Generate
55 mins ago - Energy & Environment

Electric vehicle "tsunami" expected as new models hit market

Illustration: Aïda Amer/Axios

Bank of America analysts see 2022 as a "major year of commercialization" for the electric vehicle market amid a slew of new vehicle launches and many more on the horizon.

Driving the news: Over 85 new models are slated to launch in model years 2022-2025 (calendar 2021-2024), they said in a note that says a "tsunami" of new cars are coming.