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."

Go deeper

1 hour ago - Podcasts

Facebook boycott organizers share details on their Zuckerberg meeting

Facebook is in the midst of the largest ad boycott in its history, with nearly 1,000 brands having stopped paid advertising in July because they feel Facebook hasn't done enough to remove hate speech from its namesake app and Instagram.

Axios Re:Cap spoke with the boycott's four main organizers, who met on Tuesday with CEO Mark Zuckerberg and other top Facebook executives, to learn why they organized the boycott, what they took from the meeting, and what comes next.

Boycott organizers slam Facebook following tense virtual meeting

Illustration: Sarah Grillo/Axios

Civil rights leaders blasted Facebook's top executives shortly after speaking with them on Tuesday, saying that the tech giant's leaders "failed to meet the moment" and were "more interested in having a dialogue than producing outcomes."

Why it matters: The likely fallout from the meeting is that the growing boycott of Facebook's advertising platform, which has reached nearly 1000 companies in less than a month, will extend longer than previously anticipated, deepening Facebook's public relations nightmare.

Steve Scalise PAC invites donors to fundraiser at Disney World

Photo: Kevin Lamarque-Pool/Getty Images

House Minority Whip Steve Scalise’s PAC is inviting lobbyists to attend a four-day “Summer Meeting” at Disney World's Polynesian Village in Florida, all but daring donors to swallow their concern about coronavirus and contribute $10,000 to his leadership PAC.

Why it matters: Scalise appears to be the first House lawmakers to host an in-person destination fundraiser since the severity of pandemic became clear. The invite for the “Summer Meeting” for the Scalise Leadership Fund, obtained by Axios, makes no mention of COVID-19.