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Photo: Paul Hennessy/SOPA Images/LightRocket via Getty Images

The White House canceled an announcement planned for Wednesday on a proposed venture between General Motors and Ventec Life Systems to build necessary ventilators amid the coronavirus outbreak, the New York Times first reported and Axios confirmed.

What we know: The announcement was called off to buy more time for the Federal Emergency Management Agency to assess whether the estimated cost of more than $1 billion was too expensive, and how many ventilators would be produced. Per the Times, the deal could still happen, but government officials are currently looking at other proposals.

  • Last week, GM and Ventec announced plans to collaborate in an attempt to expand Ventec's manufacturing capacity, including the possibility of building additional units at a GM component plant in Kokomo, Indiana.
  • "Both GM and Ventec continue to work hard looking at how to make more ventilators, and we are continuing to assess how we can use Kokomo," said GM spokesman Dan Flores.

The big picture: Manufacturers around the globe are shifting gears to produce supplies in response to the COVID-19 pandemic. Materials including ventilators, surgical masks and latex gloves are in high demand from medical providers as patients swarm health care facilities.

Go deeper

17 mins ago - Health

U.S. COVID-19 death toll surpasses 600,000

Expand chart
Data: Johns Hopkins University; Chart: Danielle Alberti/Axios

More than 600,000 people have died from the coronavirus in the U.S., according to data from Johns Hopkins University.

The big picture: It's a higher death toll than the number of American soldiers killed in combat during the Vietnam War, World War I and World War II combined.

Senate confirms antitrust expert Lina Khan as FTC commissioner

Lina Khan speaks at a Senate Commerce, Science and Transportation Committee confirmation hearing. Photographer: Saul Loeb/AFP/Bloomberg via Getty Images.

The Senate voted 69-28 on Tuesday to confirm antitrust expert Lina Khan as a commissioner on the Federal Trade Commission.

Why it matters: Known for her work on how to apply antitrust laws to the tech industry, Khan's confirmation marks a changing tide in federal government efforts to rein in Big Tech companies, Axios' Ashley Gold and Margaret Harding McGill report.