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A boy sits near the sacks of flours during a food aid distribution by the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA). Photo: Ali Jadallah / Anadolu Agency / Getty Images

The Trump administration has decided to continue freezing $65 million of the annual funding it gives the United Nations Relief and Works Agency, which provides aid to Palestinian refugees — but it will release $60 million to the organization for "urgent humanitarian needs," U.S. officials say.

Between the lines: The decision was a compromise. Axios reported earlier this month that the Trump administration froze $125 million of the annual funding to UNRWA, which was supposed to be transferred to the organization by Jan. 1, in retaliation for Palestinian protests against President Trump's decision to recognize Jerusalem as the capital of Israel.

The back story: In the last 10 days there were interagency discussions about whether to release the funding, cut it completely or partially unfreeze it.

The State Department and the Pentagon were in favor of releasing the money, and stressed that further freezing it might destabilize the situation in the Palestinian refugee camps in Lebanon, Jordan and Gaza. On the other hand, U.N. ambassador Nikki Haley and several White House officials supported freezing the funding.

What they're saying:

  • U.S. officials say that out of the $125 million that was frozen, $60 million will be released and transferred to the program budget of UNRWA "to help sustain schools and health services by ensuring teachers' and health care providers' salaries continue through UNRWA's operations in Jordan and the West Bank/Gaza."
  • A senior U.S. official said: "Without the funds we are providing today, UNRWA operations were at risk of running out of funds and closing down.  The funds provided by the United States will prevent that from happening for the immediate future".
  • On the other hand: An additional $65 million will be held for future consideration, the U.S. official added. He said that there is a need "to undertake a fundamental reexamination of UNRWA, both in the way it operates and the way it is funded".
  • What to watch: The official added that the United States should not be asked to bear a disproportionate share of these costs.

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The remnants of Hurricane Ida brought a tropical deluge of unprecedented proportions to the New York City metro area on Wednesday night into Thursday.

Driving the news: The flooding that resulted from the heavy rainfall shut down Newark Airport, and turned city and country roads in all five boroughs and surrounding areas of New Jersey and Pennsylvania into rivers.

Latest meme stock, Support.com, shows shorting is still riskier than ever

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The stock market's relentless upward momentum this year has lined the pockets of all kinds of investors, from veteran market players to Robinhood first-timers. It's also made shorting stocks a lot more risky than it already was.

Why it matters: The meme stock phenomenon changed the game. After an initial upheaval that wiped out GameStop and AMC shorts in spectacular fashion, shorting stocks based on fundamentals has become a move that can turn lethal on a dime.

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Private companies are changing who gets to go to space

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Axios' "How it Happened: The Next Astronauts" podcast follows the first all-civilian space crew as they prepare for their historic mission. 

Private missions to orbit like the all-civilian Inspiration4 launching later this month are opening access to space to people who historically haven't gone there.

Why it matters: Fewer than 600 people have flown to space, and most of them have been white men. But with the rise of commercial spaceflight that's expected to change.