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Business & Economy
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Business & Economy
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What to know about Trump’s ‘pocket rescission’
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President Trump is using a tool known as a “pocket rescission” to cut roughly $5 billion in congressionally approved funding, sparking bipartisan pushback.
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© Evan Vucci, Associated Press
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The rare move, which Trump announced in a letter sent to Speaker Mike Johnson (R-La.) late Thursday, is the latest step by Trump and his team to test the bounds of presidential authority and root out what officials say is wasteful spending that does not align with the president’s agenda.
The Impoundment Control Act (ICA) lays out rules governing the rescissions process.
It allows the administration to temporarily withhold funding for 45 days while Congress considers the rescissions request. If lawmakers opt not to approve the request, the funds must be released.
But a pocket rescission is when the president sends the same type of request to Congress within 45 days of the end of the fiscal year on Sept. 30.
The request is made close to that fiscal year deadline so the funding is essentially paused until it runs out at the end of the year, regardless of congressional action.
Here’s what to know about Trump’s attempt to claw back funding.
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Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.
Programming note: Business & Economy will not publish Monday for Labor Day. See you Tuesday!
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Key business and economic news with implications this week and beyond:
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A federal judge on Friday weighed President Trump’s attempted ouster of Federal Reserve board of governors member Lisa Cook, acknowledging that the case raises “important questions” that courts may not have mulled before.
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Federal Trade Commission (FTC) Chair Andrew Ferguson warned Gmail, the world’s largest email service, this week that it may face a federal investigation over allegations the company intentionally suppresses messages sent by Republicans.
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Related video: Changes Atop the CDC
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Upcoming news themes and events we’re watching:
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The Labor Department releases the July Job Openings and Labor Turnover Survey (JOLTS) on Wednesday at 10 a.m. EDT.
- The Bureau of Labor Statistics releases the August employment report Friday at 8:30 a.m. EDT.
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Branch out with more stories from the day:
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ALBUQUERQUE, N.M. (AP) — A simmering feud over management of one of North America’s longest rivers …
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Business and economic news we’ve flagged from other outlets:
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Stocks close lower, but S&P 500 notches its 4th winning month in a row (CNBC)
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Conservatives, economists wary of U.S. stakes in Intel or any other companies (CBS News)
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Cracker Barrel quietly removes DEI and Pride pages from its website after logo upheaval (CNN)
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Opinions related to business and economic issues submitted to The Hill:
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You’re all caught up. See you next week!
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