Nov 28, 2018

Report: Trump seeks wide review of cutting GM funds

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

Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.

Situational awareness

Photo: Win McNamee/Getty Images

Catch up on today's biggest news:

  1. Roger Stone sentenced to 40 months in prison
  2. Top NSC official reassigned to Energy Department amid "Anonymous" fallout
  3. Morgan Stanley to buy E*Trade in $13 billion deal
  4. Coronavirus slams companies' 2020 sales projections
  5. Black activist group gives its first presidential endorsement to Elizabeth Warren

Coronavirus kills 2 Diamond Princess passengers and South Korea sees first death

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. U.S. numbers include Americans extracted from Princess Cruise ship.

Two elderly Diamond Princess passengers have been killed by the novel coronavirus — the first deaths confirmed among the more than 600 infected aboard the cruise ship. South Korea also announced its first death Thursday.

The big picture: COVID-19 has now killed more than 2,100 people and infected over 75,000 others, mostly in mainland China, where the National Health Commission announced 114 new deaths since Wednesday.

Go deeperArrowUpdated 2 hours ago - Health