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Pablo Martinez Monsivais / AP

The White House is sending Cabinet officials their first draft of budget numbers on Monday. The big changes you can expect will be severe cuts to the Environmental Protection Agency, as Axios reported yesterday. Other targets include the State Dept. and social safety programs, with savings used to bolster military spending by $54 billion.

Negotiable factors: Resistance from federal agencies could lessen the severity of cuts in the original plan before a final budget request is sent to Congress. From there, Capitol Hill will have the final say. In order to pass Trump's defense request, lawmakers in both parties will have to agree to raise the government spending caps on defense and domestic programs imposed by the 2011 Budget Control Act.

Precise timing: As the NY Times points out, his plan — which is a product of a collaboration between President Trump's budget director, Mick Mulvaney; National Economic Council director Gary Cohn; and chief strategist, Steve Bannon — is intended to make a "big splash." The release is carefully timed to come the day before the president's address to Congress.

Go deeper

Wall Street braces for more turbulence ahead of Election Day

Illustration: Eniola Odetunde/Axios

Wall Street is digging in for a potentially rocky period as Election Day gets closer.

Why it matters: Investors are facing a "three-headed monster," Brian Belski, chief investment strategist at BMO Capital Markets, tells Axios — a worsening pandemic, an economic stimulus package in limbo, and an imminent election.

Dave Lawler, author of World
3 hours ago - World

How Biden might tackle the Iran deal

Photo illustration: Aïda Amer/Axios. Photo: Drew Angerer/Getty Images

Four more years of President Trump would almost certainly kill the Iran nuclear deal — but the election of Joe Biden wouldn’t necessarily save it.

The big picture: Rescuing the 2015 Joint Comprehensive Plan of Action (JCPOA) is near the top of Biden's foreign policy priority list. He says he'd re-enter the deal once Iran returns to compliance, and use it as the basis on which to negotiate a broader and longer-lasting deal with Iran.

Kamala Harris, the new left's insider

Photo illustration: Eniola Odetunde/Axios. Photo: Joe Buglewicz/Getty Images     

Progressive leaders see Sen. Kamala Harris, if she's elected vice president, as their conduit to a post-Biden Democratic Party where the power will be in younger, more diverse and more liberal hands.

  • Why it matters: The party's rising left sees Harris as the best hope for penetrating Joe Biden's older, largely white inner circle.

If Biden wins, Harris will become the first woman, first Black American and first Indian American to serve as a U.S. vice president — and would instantly be seen as the first in line for the presidency should Biden decide against seeking a second term.