A day after President Biden released his 2024 budget request, the conservative House Freedom Caucus presented its own budget demands — drawing quick criticism from the president as each side sparred over the proposals. The Freedom Caucus presented its proposals as conditions for it to consider raising the debt ceiling. The caucus "wants to cap overall discretionary spending at fiscal 2022 levels for 10 years while allowing for 1 percent growth per year, which would be a $131 billion cut from current levels," The Hill's Emily Brooks wrote. "The group would aim to keep defense spending at current levels." (Read more about the group's proposals here.) Caucus Chairman Scott Perry (R-Pa.) said, "We urge our colleagues on the Republican side and the Democrat side to come along. If you don't like what we've offered – bless you, that's fine. What have you got to offer?" Biden has said he's open to debate and called on the Republican Conference to release its budget proposal, which is expected to be less aggressive than the conservative caucus's plan. The president said Friday he didn't know if there was "much to negotiate on" in the Freedom Caucus proposal, saying it would cut nondefense spending by 25 percent. (The Hill's Alex Gangitano wrote that the caucus didn't mention that figure.) "If what they say they mean, they're going to keep the tax cuts from the last president … no additional taxes on the wealthy — matter of fact reducing taxes — and in addition to that ... they're going to say we have to cut 25 percent of every program across the board," Biden said. (More on that here) |
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Welcome to Evening Report! I'm Amée LaTour, catching you up from the afternoon and what's coming tomorrow. Not on the list? Subscribe here. |
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Sen. Joe Manchin (D-W.Va.), chairman of the Senate Energy and Natural Resources Committee, says he won't advance Biden nominee Laura Daniel-Davis for assistant secretary for lands and minerals management.
Shortly after Congress passed a resolution blocking changes to D.C.'s criminal code, House Republicans introduced a resolution to reverse police reforms in the District.
Assistant White House press secretary Kevin Munoz will be leaving his post later this month.
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Feds seize assets of Silicon Valley Bank |
Regulators shut down Silicon Valley Bank on Friday, marking the biggest bank failure since the 2008 recession and sending shockwaves across the tech world.
Established four decades ago, Silicon Valley Bank catered to the start-up and venture capital-funded tech world, The Hill's Sylvan Lane and Rebecca Klar report. Its clients included brands such as Shopify, ZipRecruiter and venture capital firm Andreessen Horowitz, according to the bank's website.
"This will have a massive ripple impact across the tech ecosystem and Silicon Valley private company artery. SVB is a foundational piece of the tech startup community and will have a constrained impact on funding for tech startups going forward," WedBush analyst Dan Ives told The Hill in an email. While the collapse could be devastating for scores of tech companies and thousands of industry workers, other banking experts voiced confidence it won't trigger a broader crisis in the industry. SVB was uniquely dependent on the growth of major tech firms and the financial health of the industry at large, which made it highly susceptible to damage from rate hikes. Read more on the bank collapse in a full report at TheHill.com. |
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Dems weigh in on why Biden hasn't been to East Palestine
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President Biden, who said recently he'd go "at some point" to East Palestine, Ohio, in the wake of the Feb. 3 train derailment and chemical leak, has faced criticism for his lack of presence in the town as it grapples with environmental and health concerns. The Hill's Alex Gangitano and Amie Parnes reported that allies of the president say he'll visit when the timing is right, with White House supporters pushing back on GOP criticism. "Are we going to be suckered into this because Matt Gaetz and Marjorie Taylor Greene are pissed off? Or are we going to go when we feel the time is right?" one Biden ally said, referring to two the House Republicans. Read more here. |
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Yellen under GOP microscope at budget hearing
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Treasury Secretary Janet Yellen faced questions from Republicans about IRS funding, government spending and more during a House Ways and Means Committee hearing Friday on Biden's budget request. "You already got $80 billion for the IRS. Now you want $43.2 billion more, all without explaining what will be done with the first $80 billion," Committee Chairman Jason Smith (R-Mo.) told Yellen. "So, how many more IRS agents will this $43.2 billion get us?" The Hill's Aris Folley recaps the big moments from the hearing here. |
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📊 February jobs growth beats expectations, yet offers warning signs
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The Department of Labor's data for February showed 311,000 jobs added and an unemployment rate of 3.6 percent. The job growth exceeded the around 225,000 jobs economists were expecting, though The Hill's Tobias Burns noted that the report showed signs of pressure on the labor market from the Fed's interest rate hikes. |
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🙃 The pandemic's effects on happiness
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The Hill's Daniel de Visé does a deep dive into the effects of the COVID-19 pandemic on happiness, digging into polling that he writes offers "a remarkable narrative: In the span of a few months, America's collective happiness plummeted from a historic high to a record low." |
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🔵 Tensions on the left over Biden's ideological positioning
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"The space surveillance network needs a commercial boost — now" — Sarah Mineiro, CEO of Tanagra Enterprises, a senior associate with CSIS Aerospace Security Project and former staff lead of the Strategic Forces Subcommittee on the House Armed Services Committee for the House Republicans. (Read here) "Iran looks for signals of US resolve" — Lawrence J. Haas, senior fellow at the American Foreign Policy Council and author of "The Kennedys in the World: How Jack, Bobby, and Ted Remade America's Empire" (Read here) |
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606 days until the presidential election. |
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Florida Gov. Ron DeSantis (R) visits Nevada Saturday and Iowa on Monday. Former President Trump (R) will be in Iowa on Monday. |
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There a story you think should be getting more attention? Something people should be talking about? Drop me a line: alatour@thehill.com |
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