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Photo: Alex Wong/Getty Images

President Trump has asked federal agencies to find ways to cut subsidies to General Motors after the auto giant announced it's laying off 15% of its salaried workforce and closing factories in Michigan, Ohio, Maryland and Canada, Bloomberg's Justin Sink and Ryan Beene report.

Why it matters: The story signals a potentially wide-ranging effort to punish the auto giant over its planned cuts, one that extends beyond yesterday's buzz about electric vehicle tax credits (which Trump cannot change unilaterally and won't help GM much longer anyway).

Where it stands: The White House did not respond to Axios' request for comment. Here's more from Bloomberg, which cites a "person familiar with [Trump's] instructions."

  • "Trump has directed a broader examination of ways for the federal government to block funds to GM, the person said Wednesday," Sink and Beene write. "Fox Business reported earlier Wednesday that the Energy Department was examining funds provided to GM. Other agencies have received similar instructions, the person said."

By the numbers: According to Bloomberg, GM has received $333.5 million over the past year, almost all of which stems from federal agency vehicle purchases.

  • The report adds that in the past, the automaker has received R&D and Defense Department spending, including $168 million from a DOD initiative that began in 2000 and two Energy Department grants issued under the Obama administration around electric vehicles and batteries.

Go deeper:

Go deeper

Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

Peloton stock tanks on report of production halt

Illustration: Aïda Amer/Axios

Peloton stock fell by as much as 25% on Thursday, following a CNBC report that the connected fitness company will temporarily halt production on its bikes and treadmills.

Why it matters: Peloton is viewed by many as a proxy for consumer behavior in the pandemic era, as its popularity surged when gyms closed and people wanted to exercise at home.

Updated 2 hours ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Omicron pushes COVID deaths toward 2,000 per day — The pandemic-proof health care giant.
  2. Vaccines: No evidence that healthy children, teens need boosters, WHO says — Starbucks drops worker vaccine or test requirement after SCOTUS ruling — Kids' COVID vaccination rates are particularly low in rural America.
  3. Politics: Biden concedes U.S. should have done more testing — Arizona says it "will not be intimidated" by Biden on anti-mask school policies.
  4. World: American Airlines flight to London forced to turn around over mask dispute — WHO: COVID health emergency could end this year — Greece imposes vaccine mandate for people 60 and older.
  5. Variant tracker
Updated 3 hours ago - World

Biden cleans up comments about Russia invading Ukraine

Photo: Doug Mills-Pool/Getty Images

President Biden sought to clarify his suggestion that a "minor incursion" by Russia into Ukraine may not draw the same response as a large invasion, telling reporters Thursday that "Russia will pay a heavy price" if any troops cross the border.

Why it matters: Some officials in Kyiv saw Biden's comments as inviting Russian aggression.