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Trump moves to cut $4.9b in foreign aid funds without Congress. Congress previously approved the funds for foreign aid programs, but the administration is using an untested legal maneuver known as a “pocket rescission” to try to cancel them without Congressional approval. The Impoundment Control Act gives the president authority to halt the release of congressionally earmarked funds for 45 days, but they must be released if Congress doesn’t vote to rescind them during that period. Now, the administration is invoking it with less than 45 days left before the end of the government’s fiscal year in hopes of not having to release the cash. Democrats, and even some Republicans, criticized the move as an unlawful end-run around Congress’s power of the purse. The move is likely to complicate budget negotiations next month to avoid a government shutdown.
Alibaba wants to fill China’s Nvidia-sized hole with new chip. In the latest salvo in the race between the US and China for AI supremacy, China’s Alibaba has developed a new chip that’s more sophisticated than anything it has released before, as American chips from Nvidia are hard to come by in China due to export restrictions and geopolitical tensions, the Wall Street Journal reported yesterday. It still probably doesn’t rival Nvidia’s AI capabilities, however, as CNBC later reported that the chip is designed for running AI applications, not for training them, which requires huge amounts of data. Still, Alibaba’s stock soared on the news.
Judge isn’t ready to decide whether Lisa Cook can keep her job for now. A federal judge heard more than two hours of arguments yesterday about whether the Federal Reserve governor President Trump has tried to fire over allegations of mortgage fraud should be able to continue in her role while her suit challenging the dismissal plays out—but didn’t rule on the pressing question for the central bank. The judge, who asked probing questions of both Cook’s attorney and the government’s, has asked for more written arguments to be submitted to her by Tuesday. The outcome of the case, which is likely to ultimately end up before the Supreme Court, could shift the balance of power between the president and the historically independent Fed.—AR
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