logo
Senate strikes deal to approve funding bills ahead of August recess

Senate strikes deal to approve funding bills ahead of August recess

The Hill3 days ago
Sen. Susan Collins (R-Maine), head of the Senate Appropriations Committee, announced Friday afternoon that the chamber will be moving forward to pass its first tranche of government funding bills for fiscal year 2026.
The chamber will vote on three full-year funding plans that cover the departments of Veterans Affairs and Agriculture, the Food and Drug Administration, legislative branch operations, military construction and rural development.
Senators will first vote on a series of amendments from both sides of the aisle as part of the process, and a final vote is expected Friday night.
'It's taken a great deal of work, good faith and negotiation to get to this point,' Collins said upon announcing the development from the Senate floor on Friday.
The deal comes after days of uncertainty on both sides of the aisle over whether the chamber would be able to pass any funding bills before its August recess.
The evolving package had undergone several revisions this week. Republican leaders dealt with frustration in their ranks over some of the funding levels in the legislative branch funding bill, while Democratic resistance to the Trump administration's relocation plans for the FBI's headquarters weighed down efforts to pass the annual Justice Department funding bill.
In remarks on the Senate floor, Sen. Patty Murray (Wash.), top Democrat on the Senate Appropriations Committee, called the bills 'the best chance we have to get the best outcome for folks back home,' while pushing members against another funding stopgap, also known as a continuing resolution (CR), like what the party was forced to swallow in March to keep the government open.
'We cannot have another slush fund CR that gives away more power to Trump,' she said.
Together, the bills would provide more than $180 billion in discretionary funding for the agencies for fiscal 2026 – well over half of which would go toward the annual VA and military construction funding plan.
Lawmakers are hoping to pass further funding legislation when they return from recess in September, as Congress braces for what could be a messy funding fight to keep the government open beyond the start of the fiscal year in October.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Cocoa Prices Pressured as Supply Concerns Ease
Cocoa Prices Pressured as Supply Concerns Ease

Yahoo

time5 minutes ago

  • Yahoo

Cocoa Prices Pressured as Supply Concerns Ease

September ICE NY cocoa (CCU25) today is -49 (-0.60%), and September ICE London cocoa #7 (CAU25) is down -111 (-2.02%). Cocoa prices are sliding today, with NY cocoa posting a 2-week low and London cocoa posting a 1-week low. Cocoa prices are under pressure on speculation that cocoa will be exempt from President Trump's tariffs, which would ease supply concerns. US Commerce Secretary Lutnick noted last week that goods not produced in the US could be exempted from tariffs. More News from Barchart Is the Corn Market Undervalued? Below-Average Rain in Brazil Supports Coffee Prices Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! Last week, cocoa prices rallied to 1-month highs on concern that the slowdown in the pace of Ivory Coast cocoa exports could tighten global supplies. Today's government data showed that Ivory Coast farmers shipped 1.76 MMT of cocoa to ports this marketing year from October 1 to August 3, up +6% from last year but down from the much larger +35% increase seen in December. Concerns about dry weather in West Africa are also bullish for cocoa prices. According to the European Centre for Medium-Range Weather Forecasts, rainfall in the Ivory Coast and Ghana this season remains below the 30-year average, and combined with high temperatures, risks hurting cocoa pod development for the main crop harvest that starts in October. Concerns over tepid chocolate demand are bearish for cocoa prices. Last month, chocolate maker Lindt & Spruengli AG lowered its margin guidance for the year due to a larger-than-expected decline in first-half chocolate sales. Also, chocolate maker Barry Callebaut AG reduced its sales volume guidance earlier this month for a second time in three months, citing persistently high cocoa prices. The company projects a decline in full-year sales volume and reported a -9.5% drop in its sales volume for the March-May period, the largest quarterly decline in a decade. Cocoa prices sold off last month, with NY cocoa sinking to an 8.5-month nearest-futures low and London cocoa slumping to a 17-month nearest-futures low. Weakness in global cocoa demand has hammered prices. The European Cocoa Association reported on July 17 that Q2 European cocoa grindings fell by -7.2% y/y to 331,762 MT, a bigger decline than expectations of -5% y/y. Also, the Cocoa Association of Asia reported that Q2 Asian cocoa grindings fell -16.3% y/y to 176,644 MT, the smallest amount for a Q2 in 8 years. North American Q2 cocoa grindings fell -2.8% y/y to 101,865 MT, which was a smaller decline than the declines seen in Asia and Europe. In a bearish development, ICE-monitored cocoa inventories held in US ports reached a 10.5-month high of 2,368,141 bags on July 22. Higher cocoa production by Ghana is bearish for cocoa prices. On July 1, the Ghana Cocoa Board projected the 2025/26 Ghana cocoa crop would increase by +8.3% y/y to 650,000 from 600,000 MT in 2024/25. Ghana is the world's second-largest cocoa producer. Cocoa prices have support from quality concerns regarding the Ivory Coast's mid-crop cocoa, which is currently being harvested through September. Cocoa processors are complaining about the quality of the crop and have rejected truckloads of Ivory Coast cocoa beans. Processors reported that about 5% to 6% of the mid-crop cocoa in each truckload is of poor quality, compared with 1% during the main crop. According to Rabobank, the poor quality of the Ivory Coast's mid-crop is partly attributed to late-arriving rain in the region, which limited crop growth. The mid-crop is the smaller of the two annual cocoa harvests, which typically starts in April. The average estimate for this year's Ivory Coast mid-crop is 400,000 MT, down -9% from last year's 440,000 MT. Another supportive factor for cocoa is smaller cocoa production in Nigeria, the world's fifth-largest cocoa producer. Nigeria's Cocoa Association projects Nigeria's 2025/25 cocoa production will fall -11% y/y to 305,000 MT from a projected 344,000 MT for the 2024/25 crop year. On May 30, the International Cocoa Organization (ICCO) revised its 2023/24 global cocoa deficit to -494,000 MT from a February estimate of -441,000 MT, the largest deficit in over 60 years. ICCO said 2023/24 cocoa production fell by 13.1% y/y to 4.380 MMT. ICCO stated that the 2023/24 global cocoa stocks-to-grindings ratio declined to a 46-year low of 27.0%. Looking ahead to 2024/25, ICCO on February 28 forecasted a global cocoa surplus of 142,000 MT for 2024/25, the first surplus in four years. ICCO also projected that 2024/25 global cocoa production will rise +7.8% y/y to 4.84 MMT. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Sign in to access your portfolio

Trump Criticizes Taylor Swift In Sydney Sweeney Rant
Trump Criticizes Taylor Swift In Sydney Sweeney Rant

Buzz Feed

time7 minutes ago

  • Buzz Feed

Trump Criticizes Taylor Swift In Sydney Sweeney Rant

President Donald Trump is continuing to respond very normally to news that Sydney Sweeney is a registered Republican. The actor found herself amid backlash following her "great jeans" American Eagle ad, in which she said, 'Genes are passed down from parent to offspring, often determining traits like eye color, personality, and even hair color. My jeans are blue." Given the political climate, some criticized the ad as a racist "dog whistle." This weekend, BuzzFeed was the first major outlet to confirm that Sydney is registered as a Republican in Florida, according to publicly available voter registration records. When Trump was seemingly told about her registration in an interview this morning, he responded, 'She's a registered Republican? Oh, now I love her ad!' Shortly after the interview, Trump hit Truth Social with another take: "Sydney Sweeney, a registered Republican, has the 'HOTTEST' ad out there. It's for American Eagle, and the jeans are 'flying off the shelves.' Go get 'em Sydney!" Indeed, Sydney's Ultra Wide-Leg Jean is currently listed as out of stock on American Eagle's website. Interestingly, the success of American Eagle sub-brand Aerie has been attributed to its emphasis on diversity in its branding. Trump compared the ad to car company Jaguar's viral "Copy Nothing" campaign last year, which featured a diverse selection of models and was branded "woke" by the right: "On the other side of the ledger, Jaguar did a stupid, and seriously WOKE advertisement, THAT IS A TOTAL DISASTER! The CEO just resigned in disgrace, and the company is in absolute turmoil. Who wants to buy a Jaguar after looking at that disgraceful ad." He further evoked the Bud Light boycotts, which began after transgender TikToker Dylan Mulvaney posted a less-than-a-minute-long video on Instagram promoting the company's giveaway. The President wrote, "Shouldn't they have learned a lesson from Bud Lite, which went Woke and essentially destroyed, in a short campaign, the Company. The market cap destruction has been unprecedented, with BILLIONS OF DOLLARS SO FOOLISHLY LOST." "Or just look at Woke singer Taylor Swift," he continued, taking another shot at the singer. "Ever since I alerted the world as to what she was by saying on TRUTH that I can't stand her (HATE!). She was booed out of the Super Bowl and became, NO LONGER HOT. The tide has seriously turned — Being WOKE is for losers, being Republican is what you want to be. Thank you for your attention to this matter!" Similarly, Trump posted (unprovoked) back in May, "Has anyone noticed that, since I said 'I HATE TAYLOR SWIFT,' she's no longer 'HOT?'" It's worth noting that Taylor is reportedly enjoying some downtime after her record-breaking Eras tour. Cool! Very normal stuff from the President!

Trump's deadline for the Kremlin looms but Putin shows no sign of making concessions
Trump's deadline for the Kremlin looms but Putin shows no sign of making concessions

The Hill

time7 minutes ago

  • The Hill

Trump's deadline for the Kremlin looms but Putin shows no sign of making concessions

The coming week could mark a pivotal moment in the war between Russia and Ukraine, as U.S. President Donald Trump's deadline for the Kremlin to reach a peace deal approaches — or it could quietly pass without consequence. Trump's special envoy Steve Witkoff was expected in Moscow midweek, just before Trump's Friday deadline for the Kremlin to stop the killing or face potentially severe economic penalties from Washington. So far Trump's promises, threats and cajoling have failed to shift the Kremlin's position, and the stubborn diplomatic stalemate remains in place. Meanwhile, Ukraine is losing more territory on the front line, although there is no sign of a looming collapse of its defenses. Trump's envoy is expected in Moscow Witkoff is expected to land in the Russian capital on Wednesday or Thursday, according to Trump, following his trip to Israel and Gaza. 'They would like to see (Witkoff),' Trump said Sunday of the Russians. 'They've asked that he meet so we'll see what happens.' Trump, exasperated that Russian President Vladimir Putin hasn't heeded his calls to stop bombing Ukrainian cities, a week ago moved up his ultimatum to impose additional sanctions on Russia as well as introduce secondary tariffs targeting countries that buy Russian oil, including China and India. Kremlin spokesman Dmitry Peskov said Monday that officials are happy to meet with Trump's envoy. 'We are always glad to see Mr. Witkoff in Moscow,' he said. 'We consider (talks with Witkoff) important, substantive and very useful.' Trump is not sure sanctions will work Trump said Sunday that Russia has proven to be 'pretty good at avoiding sanctions.' 'They're wily characters,' he said of the Russians. The Kremlin has insisted that international sanctions imposed since its February 2022 invasion of its neighbor have had a limited impact. Ukraine insists the sanctions are taking their toll on Moscow's war machine and wants Western allies to ramp them up. Ukrainian President Volodymyr Zelenskyy on Monday urged the United States, Europe and other nations to impose stronger secondary sanctions on Moscow's energy, trade and banking sectors. Trump's comments appeared to signal he doesn't have much hope that sanctions will force Putin's hand. The secondary sanctions also complicate Washington's relations with China and India, who stand accused of helping finance Russia's war effort by buying its oil. Since returning to office in January, Trump has found that stopping the war is harder than he perhaps imagined. Senior American officials have warned that the U.S. could walk away from the conflict if peace efforts make no progress. Putin shows no signs of making concessions The diplomatic atmosphere has become more heated as Trump's deadline approaches. Putin announced last Friday that Russia's new hypersonic missile, the Oreshnik, has entered service. The Russian leader has hailed its capabilities, saying its multiple warheads that plunge to a target at speeds of up to Mach 10 cannot be intercepted. He claimed that they are so powerful that the use of several of them in one conventional strike could be as devastating as a nuclear attack. Separately, one of Putin's top lieutenants warned that the Ukraine war could nudge Russia and the U.S. into armed conflict. Trump responded to what he called the 'highly provocative statements' by former Russian president Dmitry Medvedev by ordering the repositioning of two U.S. nuclear submarines. Putin has repeated the same message throughout the war: He will only accept a settlement on his terms and will keep fighting until they're met. The war is killing thousands of troops and civilians Russia's relentless pounding of urban areas behind the front line have killed more than 12,000 Ukrainian civilians, according to the United Nations. It has pushed on with that tactic despite Trump's public calls for it to stop over the past three months. On the 1,000-kilometer (620-mile) front line, Russia's bigger army has made slow and costly progress. It is carrying out a sustained operation to take the eastern city of Pokrovsk, a key logistical hub whose fall could open the way for a deeper drive into Ukraine. Ukraine has developed technology that has allowed it to launch long-range drone attacks deep inside Russia. In its latest strike it hit an oil depot near Russia's Black Sea resort of Sochi, starting a major fire.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store