Market Brief
Daily market recaps with key events, stock movements, and global influences
The U.S. House of Representatives on 12 June narrowly approved President Donald Trump’s first rescissions package, a cornerstone of the Department of Government Efficiency (DOGE) agenda once overseen by Elon Musk. The measure, passed 214–212, would cancel $9.4 billion in previously appropriated spending and now moves to the Senate, where only a simple majority is required for enactment. Under the bill, about $8.3 billion would be withdrawn from U.S. Agency for International Development programs, while roughly $1.1 billion earmarked for the Corporation for Public Broadcasting—which funds NPR and PBS—would be clawed back over the next two fiscal years. Supporters said the cuts represent an initial effort to curb wasteful spending; opponents warned they would undermine global health initiatives and eliminate free educational and emergency‐alert services provided by public media. The final tally came after intense floor drama. Four Republicans—Reps. Mark Amodei, Brian Fitzpatrick, Nicole Malliotakis and Mike Turner—joined all Democrats in opposition, while Reps. Don Bacon and Nick LaLota switched their votes to ‘yes’ in the closing minutes, delivering the majority. A shouting match broke out on the floor during the roll call, underscoring divisions within the GOP conference. The vote follows a 213–207 procedural victory the previous day and marks Congress’s first use of the rescission process in some 30 years. Senate leaders have not yet scheduled consideration of the bill, leaving the future of the proposed DOGE cuts—and federal support for public broadcasting and certain foreign aid programs—uncertain.