Mar 28, 2017

White House targets NIH with $1.23 billion in proposed cuts

Pablo Martinez Monsivais / AP

The White House has forwarded discretionary spending instructions to Congress — ahead of an April 28 deadline that would result in a government shutdown if no spending plan is in place — proposing nearly $18 billion in cuts to domestic programs in order to fund President Trump's increased military spending and border wall, per Politico.

The NIH would be one of the hardest-hit programs under this spending proposal with a proposed cut of $1.23 billion.

Top Republican appropriators have already said they'd push back on NIH cuts,, but most figured that they'd fight that battle with next year's budget. Now, their day of reckoning with Trump on the NIH might come earlier than they thought.

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Scoop: Top NSC official reassigned to Energy Department amid "Anonymous" fallout

Photo: Mark Wilson/Getty Images

Deputy national security adviser Victoria Coates will be reassigned as a senior adviser to Energy Secretary Dan Brouillette, the National Security Council said Thursday — and a senior White House official said that the administration "rejects" the rumors that she is "Anonymous."

Why it matters: Coates has battled claims that she is the still-unknown Trump administration official that penned a New York Times op-ed and book critical of President Trump.

The Fed may be setting the table for 2020 rate cuts

Illustration: Sarah Grillo/Axios

The Fed looks to be laying the groundwork to lower U.S. interest rates this year, just as they did in April 2019 before cutting rates in July, September and October.

Why it matters: A Fed rate cut makes taking on debt more attractive for U.S. consumers and businesses, helping to juice the economy, but also puts the central bank in a weaker position to fight off a potential recession.

Morgan Stanley to buy E*Trade in a $13 billion deal

Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Morgan Stanley is planning to buy E*Trade Financial Corp. in a $13 billion all-stock deal, the Wall Street Journal reports, with plans to acquire the company known for helping everyday Americans manage their money.

Why it matters: The deal, which would be the largest by a major American bank since the financial crisis, signals Morgan Stanley‘s desire to bulk up in wealth management.