EconomyLens.com
No Result
View All Result
Saturday, August 30, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Economy

US senators approve $9 billion of Elon Musk’s federal cuts

David Peterson by David Peterson
July 17, 2025
in Economy
Reading Time: 7 mins read
A A
1
33
SHARES
414
VIEWS
Share on FacebookShare on Twitter

Tech billionaire Elon Musk was tapped by US President Donald Trump to spearhead the Depatment of Government Efficiency. ©AFP

Washington (AFP) – The US Senate approved early Thursday a package of spending cuts proposed by President Donald Trump that would cancel more than $9 billion in funding for foreign aid programs and public broadcasting. The upper chamber of Congress green-lit the measure in what was seen as the first test of how easily lawmakers could usher into law savings sought by Elon Musk’s Department of Government Efficiency (DOGE) — in the aftermath of the tech mogul’s acrimonious exit from the government.

Related

US appeals court finds Trump’s global tariffs illegal

In whirlwind tour, Qatari royal commits $70bn to southern Africa

Hearing ends without ruling on Trump attempt to oust Fed Governor Cook

Court battle underway as Fed Governor Cook contests firing by Trump

US banana giant Chiquita returns to Panama

Despite the cutbacks’ unpopularity in some sections of both parties, the Republican-led Senate passed the measure with 51 votes for and 48 against in a session that went more than two hours past midnight. The version of the text passed in June by the House of Representatives sought to eliminate $400 million in funding allocated to health programs, including the PEPFAR global AIDS relief fund created by then-president George W. Bush. But defunding PEPFAR — which has saved an estimated 26 million lives — was seen as a nonstarter among a handful of moderate Republican senators, and the proposal was dropped.

South Carolina Senator Lindsey Graham told AFP the bill was consistent with Trump’s promises to cut spending. “I’ve been a big fan of the foreign aid accounts…I’m a big hawkish guy, but you need foreign aid. You need soft power,” he said. “But when you start spending money on a bunch of junk, and liberal programs disconnected from the purpose of the aid package, it makes it difficult on a guy like me.”

The bill now goes back to the House for final approval, with lawmakers up against the clock. Congress, which had already allocated the money, has to approve the cuts by Friday or the White House must spend the cash as originally intended. Legislation to claw back money already approved by Congress — known as a “rescissions package” — is extremely rare, and no such measure has passed in decades.

– ‘Surrendering powers’ – Around a dozen Republicans had voiced concerns about allowing the White House to dictate spending cuts, placing them in the crosshairs of Trump, who last week threatened to withhold his endorsements from any rebels. The vote was the first in what Republicans have touted as a potential series of packages codifying the spending cuts made by DOGE. Musk was tapped by Trump to lead the task force after the tech billionaire spent $290 million helping him get elected. The SpaceX and Tesla boss boasted that he would be able to save $2 trillion in federal spending — but left the White House under a cloud in late May as he feuded with Trump over deficits and spending.

DOGE acknowledges that it has saved taxpayers just $190 billion — and fact checkers even see that claim as dubious, given previous inaccuracies in its accounting. The rescissions package slashes around $8 billion in foreign aid, with much of that approved for humanitarian organization USAID, one of DOGE’s first targets. Around $1 billion is to be taken back from the Corporation for Public Broadcasting, which helps fund National Public Radio (NPR) and the Public Broadcasting Service (PBS), as well as more than 1,500 local radio and television stations.

Conservatives often accuse PBS and NPR of bias, and Trump signed an executive order in May to cease federal funding for both networks. Democrats say cutting the funding will not meaningfully reduce the deficit, but instead dismantle a trusted source of information for millions of Americans. “It is yet another example of the spirit and ideals of our Constitution being undermined in a terrible way. We are a nation that believes that (Congress) has a real role,” New Jersey Senator Cory Booker told AFP. “And this is a bunch of my colleagues in thrall of the president, surrendering the powers of us, and the urgency for us to work together and do it in a bipartisan way to improve budgets.”

© 2024 AFP

Tags: Donald TrumpElon Muskgovernment
Share13Tweet8Share2Pin3Send
Previous Post

Taiwan’s TSMC says second quarter profit up 60%

Next Post

Stocks extend Wall St gains, 7-Eleven owner plunges

David Peterson

David Peterson

Related Posts

Economy

Japan pledges $68 billion investment in India

August 30, 2025
Economy

Swiss economic outlook ‘dampened’ by US tariffs: key barometer

August 29, 2025
Economy

Japan seeks record defence budget, to triple drone spending

August 29, 2025
Economy

US ends tariff exemption for small packages shipped globally

August 29, 2025
Economy

Trump thumbs nose at decades of India courtship

August 28, 2025
Economy

Trump moves to end US tariff exemption for small packages

August 28, 2025
Next Post

Stocks extend Wall St gains, 7-Eleven owner plunges

Volvo Cars swings into loss on electric vehicles, tariffs

EasyJet boss hits out over French air traffic walkouts

Swatch profits plunge on weak China sales

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

New York ruling deals Trump business a major blow

77

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

US appeals court finds Trump’s global tariffs illegal

August 30, 2025

US Spirit Airlines files for bankruptcy again

August 29, 2025

In whirlwind tour, Qatari royal commits $70bn to southern Africa

August 30, 2025

Hearing ends without ruling on Trump attempt to oust Fed Governor Cook

August 30, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.