The White House on Tuesday officially asked Congress to claw back $9.4 billion in already approved spending, taking funding away from programs targeted by Elon Musk’s Department of Government Efficiency.

It’s a process known as “rescission,” which requires President Donald Trump to get approval from Congress to return money that had previously been appropriated. Trump’s aides say the funding cuts target programs that promote liberal ideologies.

The request, if it passes the House and Senate, would formally enshrine many of the spending cuts and freezes sought by DOGE. It comes at a time when Musk is extremely unhappy with the tax cut and spending plan making its way through Congress, calling it on Tuesday a “disgusting abomination” for increasing the federal deficit.

White House budget director Russ Vought said more rescission packages and other efforts to cut spending could follow if the current effort succeeds.

“We are certainly willing and able to send up additional packages if the congressional will is there,” Vought told reporters.

Here’s what to know about the rescissions request:

Will the rescissions make a dent in the national debt?

The request to Congress is unlikely to meaningfully change the troublesome increase in the U.S. national debt. Tax revenues have been insufficient to cover the growing costs of Social Security, Medicare and other programs. The Congressional Budget Office estimates the government is on track to spend roughly $7 trillion this year, with the rescission request equaling just 0.1% of that total.

White House press secretary Karoline Leavitt told reporters at Tuesday’s briefing that Vought — a “well-respected fiscal hawk,” she called him — would continue to cut spending, hinting that there could be additional efforts to return funds.

“He has tools at his disposal to produce even more savings,” Leavitt said.

Members of the House Freedom Caucus, among the chamber’s most conservative lawmakers, said they would like to see additional rescission packages from the administration.

“We will support as many more rescissions packages the White House can send us in the coming weeks and months,” the group said in a press release. “Passing this rescissions package will be an important demonstration of Congress’s willingness to deliver on DOGE and the Trump agenda.”

Sen. Susan Collins, chair of the Senate Appropriations Committee, gave the package a less optimistic greeting.

“Despite this fast track, the Senate Appropriations Committee will carefully review the rescissions package and examine the potential consequences of these rescissions on global health, national security, emergency communications in rural communities, and public radio and television stations,” the Maine lawmaker said in a statement.
Vought said he can send up additional rescissions at the end of the fiscal year in September “and if Congress does not act on it, that funding expires.”

“It’s one of the reasons why we are not putting all of our expectations in a typical rescissions process,” he added.

What programs are targeted by the rescissions?

A spokesperson for the White House Office of Management and Budget, speaking on condition of anonymity to preview some of the items that would lose funding, said that $8.3 billion was being cut from the State Department and the U.S. Agency for International Development. NPR and PBS would also lose federal funding, as would the U.S. President’s Emergency Plan for AIDS Relief, also known as PEPFAR.

The spokesperson listed specific programs that the Trump administration considered wasteful, including $750,000 to reduce xenophobia in Venezuela, $67,000 for feeding insect powder to children in Madagascar and $3 million for circumcision, vasectomies and condoms in Zambia.

Is the rescissions package likely to get passed?

House Speaker Mike Johnson, R-La., complimented the planned cuts and pledged to pass them.

“This rescissions package reflects many of DOGE’s findings and is one of the many legislative tools Republicans are using to restore fiscal sanity,” Johnson said. “Congress will continue working closely with the White House to codify these recommendations, and the House will bring the package to the floor as quickly as possible.”

Members of the House Freedom Caucus, among the chamber’s most conservative lawmakers, said they would like to see additional rescission packages from the administration.

“We will support as many more rescissions packages the White House can send us in the coming weeks and months,” the group said in a press release. “Passing this rescissions package will be an important demonstration of Congress’s willingness to deliver on DOGE and the Trump agenda.”

Sen. Susan Collins, chair of the Senate Appropriations Committee, gave the package a less optimistic greeting.

“Despite this fast track, the Senate Appropriations Committee will carefully review the rescissions package and examine the potential consequences of these rescissions on global health, national security, emergency communications in rural communities, and public radio and television stations,” the Maine lawmaker said in a statement.

Financial markets welcomed a U.S. court ruling that blocks President Donald Trump from imposing sweeping tariffs on imports under an emergency-powers law.

U.S. futures jumped early Thursday and oil prices rose more than $1. The U.S. dollar rose against the yen and euro.

The court found the 1977 International Emergency Economic Powers Act, which Trump has cited as his basis for ordering massive increases in import duties, does not authorize the use of tariffs.

The White House immediately appealed and it was unclear if Trump would abide by the ruling in the interim. The long term outcome of legal disputes over tariffs remains uncertain. But investors appeared to take heart after the months of turmoil brought on by Trump's trade war.

The future for the S&P 500 was up 1.5% while that for the Dow Jones Industrial Average gained 1.2%.

In early European trading, Germany's DAX gained 0.5% to 24,160.75. The CAC 40 in Paris jumped 0.9% to 7,860.67. Britain's FTSE was nearly unchanged at 8,722.63.

Japan's Nikkei 225 index jumped 1.9% to 38,432.98. American's largest ally in Asia has been appealing to Trump to cancel the tariffs he has ordered on imports from Japan and to also stop 25% tariffs on steel, aluminum and autos.
A U.S. Customs and Border Protection technician examines overseas parcels after they were scanned at the agency's overseas mail inspection facility at Chicago's O'Hare International Airport on Feb. 23, 2024.

The ruling also pushed the dollar sharply higher against the Japanese yen. It was trading at 145.40 yen early Thursday, up from 144.87 yen late Wednesday.

A three-judge panel ruled on several lawsuits arguing Trump exceeded his authority, casting doubt on trade policies that have jolted global financial markets, frustrated trade partners and raised uncertainty over the outlook for inflation and the global economy.

Many of Trump's double-digit tariff hikes are paused for up to 90 days to allow time for trade negotiations, but the uncertainty they cast over global commerce has stymied businesses and left consumers wary about what lies ahead.

"Just when traders thought they'd seen every twist in the tariff saga, the gavel dropped like a lightning bolt over the Pacific," Stephen Innes of SPI Asset Management said in a commentary.

The ruling was, at the least, "a brief respite before the next thunderclap," he said.

Elsewhere in Asia, Hong Kong's Hang Seng added 1.3% to 23,561.86, while the Shanghai Composite index gained 0.7% to 3,363.45.

Australia's S&P/ASX 200 gained 0.2% to 8,409.80.

In South Korea, which like Japan relies heavily on exports to the U.S., the Kospi surged 1.9% to 2,720.64. Shares also were helped by the Bank of Korea's decision to cut its key interest rate to 2.5% from 2.75%, to ease pressure on the economy.
Taiwan's Taiex edged 0.1% lower, and India's Sensex lost 0.2%.

On Wednesday, U.S. stocks cooled, with the S&P 500 down 0.6% but still within 4.2% of its record after charging higher amid hopes that the worst of the turmoil caused by Trump's trade war may have passed. It had been roughly 20% below the mark last month.

The Dow industrials lost 0.6% and the Nasdaq composite fell 0.5%.

Trading was relatively quiet ahead of a quarterly earnings release for Nvidia, which came after markets closed.

The bellwether for artificial intelligence overcame a wave of tariff-driven turbulence to deliver another quarter of robust growth thanks to feverish demand for its high-powered chips that are making computers seem more human. Nvidia's shares jumped 6.6% in afterhours trading.

Like Nvidia, Macy's stock also swung up and down through much of the day, even though it reported milder drops in revenue and profit for the latest quarter than analysts expected. Its stock ended the day down 0.3%.

The bond market showed relatively little reaction after the Federal Reserve released the minutes from its latest meeting earlier this month, when it left its benchmark lending rate alone for the third straight time. The central bank has been holding off on cuts to interest rates, which would give the economy a boost, amid worries about inflation staying higher than hoped because of Trump's sweeping tariffs.

Immigration officials said Tomás Hernández worked in high-level posts for Cuba’s foreign intelligence agency for decades before migrating to the United States to pursue the American dream.

The 71-year-old was detained by federal agents outside his Miami-area home in March and accused of hiding his ties to Cuba’s Communist Party when he obtained permanent residency.

Cuban-Americans in South Florida have long clamored for a firmer hand with Havana and the recent apprehensions of Hernández and several other former Cuban officials for deportation have been extremely popular among the politically powerful exile community.

“It’s a political gift to Cuban-American hardliners,” said Eduardo Gamarra, a Latin American expert at Florida International University. But many Cubans fear they could be next on Trump’s list, he said, and “some in the community see it as a betrayal.”

While President Donald Trump’s mass deportation pledge has frightened migrants from many nations, it has come as something of a shock to the 2.4 million Cuban-Americans, who strongly backed the Republican twice and have long enjoyed a place of privilege in the U.S. immigration system.

Amid record arrivals of migrants from the Caribbean island, Trump in March revoked temporary humanitarian parole for about 300,000 Cubans. Many have been detained ahead of possible deportation.

Among those facing deportation is a pro-Trump Cuban rapper behind a hit song “Patria y Vida” — “Homeland and Life” — that became the unofficial anthem of anti-communist protests on the island in 2021 and drew praise from the likes of then Republican Sen. Marco Rubio, now Secretary of State. Eliéxer Márquez, who raps under the name El Funky, said he received notice this month that he had 30 days to leave the U.S.

Thanks to Cold War laws aimed at removing Fidel Castro, Cuban migrants for many decades enjoyed almost automatic refugee status in the U.S. and could obtain green cards a year after entry, unlike migrants from virtually every other country.

Support for Trump among likely Cuban-American voters in Miami was at an all-time high on the eve of last year’s election, according to a poll by Florida International University, which has been tracking the Cuban-American community since 1991. Trump rarely mentions Cubans in his attacks on migrant targets including Venezuelans and Haitians. That has given many Cubans hope that they will remain immune to immigration enforcement actions.

Democrats, meanwhile, have been trying to turn the immigration crackdown to their advantage. In April, grassroots groups erected two giant billboards on Miami highways calling Rubio and Republican Reps. Mario Díaz-Balart, María Elvira Salazar and Carlos Giménez “traitors” to the Cuban-American community for failing to protect tens of thousands of migrants from Trump’s immigration policies.

In March, Giménez sent Homeland Security Secretary Kristi Noem a letter with the names of 108 people he said were former Cuban state agents or Communist Party officials living unlawfully in the U.S.

“It is imperative that the Department of Homeland Security enforce existing U.S. laws to identify, deport and repatriate these individuals who pose a direct threat to our national security, the integrity of our immigration system and the safety of Cuban exiles and American citizens alike,” Giménez wrote, adding that the U.S. remains a “beacon of hope and freedom for those escaping tyranny.”

Giménez’s target list was compiled by Luis Dominguez, who left Cuba in 1971 and has made it his mission to topple Cuba’s government. In 2009, when the internet was still a novelty in Cuba, Dominguez said he posed as a 27-year-old female sports journalist from Colombia to lure Castro’s son Antonio into an online romance.

With support from the right-wing Foundation for Human Rights in Cuba, he started combing social media and relying on a well-oiled network of anti-socialist sources, inside Cuba and outside the country, to dox officials allegedly behind human rights abuses and violations of democratic norms. To date, his website, Represores Cubanos — Cuban Repressors — has identified more than 1,200 such state agents, some 150 in the United States.

“They’re chasing the American dream, but previously they condemned it while pursuing the Cuban dream,” Dominguez said. “It’s the typical double life of any Communist regime. When they were in power they criticized anything about the U.S. But now that they’re here, they love it.”

Dominguez, 62, said he regularly shares his findings with federal law enforcement but a spokesman for U.S. Immigration and Customs Enforcement didn’t comment on the agency’s relationship with the activist.