Alex Brandon / AP

We hear the White House tomorrow will send Cabinet officials their first draft budget numbers.

One budget we'll be watching especially closely is the EPA ,which is the leading edge of the first wave of Trump's planned "deconstruction of the administrative state." Expect massive, transformational cuts, particularly to climate-change programs, top officials tell us.

Trump has made clear he wants the EPA to get back to its core missions of clean air and clean water. He views many of the global-warming programs as superfluous additions made by an out-of-control Obama EPA.

But, but, but ... Don't expect the topline budget numbers to change dramatically. Money saved from cuts to EPA and other agencies will be used to bolster the military — which is exactly what Trump promised on the campaign trail.

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The new buyout barons

Illustration: Eniola Odetunde/Axios

Last month I wrote that SPACs are the new IPOs. But I may have understated it, because SPACs are also becoming the new private equity.

By the numbers: Short for "special purpose acquisition company," SPACs have raised $24 billion so far in 2020, with a loaded pipeline of upcoming offerings. U.S. buyout firms raised nearly $102 billion through the end of June — a much larger amount, but not so much larger that the two can't play on the same field.

3 hours ago - World

Macron visits Beirut promising a "new political pact" for Lebanon

Macron visits the hard-hit Gemmayzeh neighborhood. Photo: AFP via Getty Images

French President Emmanuel Macron walked through the blast-damaged streets of Beirut on Thursday, swarmed by people chanting for the fall of Lebanon's government and pleading for international aid.

Why it matters: Lebanon is at a breaking point. Its economy was collapsing and its government hardly functioning — all before a massive explosion destroyed swathes of the capital city, including its vital port.

3 hours ago - Sports

The PGA Championship is golf's first major in over a year

Photo: Gary Kellner/PGA of America via Getty Images

The 2020 PGA Championship tees off Thursday at San Francisco's TPC Harding Park, which is hosting its first-ever major.

Why it matters: It's the first major in more than a year — and the first of seven majors in the next 12 months. Though there won't be any fans in attendance, the excitement is palpable.