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Elon Musk met with Republican senators on Capitol Hill to discuss budget rescissions as a means to solidify federal budget cuts initiated by his Department of Government Efficiency. Senator Rand Paul proposed using rescission packages to formalize the savings, suggesting potential cuts of at least $100 billion. Despite the GOP majority, unifying votes may prove challenging, especially with opposition from Democrats and concerns over job losses among federal workers.
Elon Musk and Republican senators, led by Sen. Rand Paul, are exploring a plan to recover billions in federal spending through a rescission package that would require only 51 Senate votes. Musk expressed enthusiasm for the proposal, which aims to reverse previously approved funding, with Paul suggesting a target of $500 billion. This initiative follows a recent Supreme Court ruling against President Trump's efforts to withhold appropriated funds, complicating future spending cuts without congressional approval.
China's UN representative, Fu Cong, criticized the US for planning further bans on Chinese AI models like DeepSeek, questioning how many more sanctions are necessary. He emphasized that such actions could damage US-China relations and hinder digital growth, advocating for collaboration to bridge the digital divide. Meanwhile, US officials express concerns over DeepSeek's potential to challenge foreign AI dominance, with restrictions already imposed by NASA and the Navy.
Chinese UN envoy Fu Cong criticized the US for its ongoing bans on Chinese tech firms like DeepSeek, arguing that such restrictions fail to contain innovation. He emphasized the need for cooperation between China and the US in AI development to ensure equitable benefits for the Global South. Amid rising tensions, US politicians are pushing for further limitations on Chinese AI investments, while DeepSeek's open-source model challenges the US's tech dominance.
Elizabeth Warren is seeking common ground with Elon Musk in his new role leading the Department of Government Efficiency (DOGE), proposing 30 recommendations to eliminate $2 trillion in federal spending over the next decade. Her suggestions include renegotiating Defense contracts, reforming Medicare Advantage, and closing corporate tax loopholes, though many may face resistance from Republicans. The collaboration could signal a rare bipartisan effort to address wasteful government spending, particularly in healthcare and defense.
Stocks closed lower as the Dow experienced its longest losing streak since April, dropping 0.5% to 43,914. A hotter-than-expected inflation report and declines in major stocks like Nvidia and Tesla weighed on investor sentiment. ServiceTitan surged 42% in its market debut, while Adobe fell 13.7% due to weak revenue guidance. UnitedHealth Group's shares dropped 3.4% amid bipartisan efforts to break up large healthcare companies.
A bipartisan group of lawmakers plans to introduce legislation aimed at breaking up pharmacy benefit managers, requiring them to divest their pharmacy businesses within three years. This move, driven by ongoing scrutiny, could significantly impact the revenue of these companies and improve patient experiences.In a groundbreaking initiative, Eli Lilly will begin studying its GLP-1 obesity treatments, including Zepbound, as potential therapies for alcohol and drug addiction. Emerging research indicates these drugs may suppress cravings not only for food but also for other substances, marking a first for major drugmakers in this area.
Josh Hawley
People
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musk meets republicans to discuss budget rescissions and federal cuts
01:26 06.03.2025
Rand Paul and Elon Musk discuss federal spending cuts in closed-door meeting
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