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House passes defense spending bill with GOP support, as Trump threatens veto

Dec. 08, 2020 11:33PM EST
 Dan Ackermann

The House voted 335-78 on Tuesday to pass the National Defense Authorization Act (NDAA), which authorizes a must-pass $740 million budget for defense spending.

Why it matters: President Trump has repeatedly threatened to veto the bill this year, demanding that Congress repeal a federal law that protects social media sites from legal liability. The NDAA has passed every year since 1962.

  • Trump's opposition also grew after an amendment was added to rename 10 military bases that referenced the Confederacy.

Details: The bill also provides a pay raise for troops and would give paid parental leave for federal employees.

  • The Elijah Cummings Federal Employee Anti-Discrimination Act — which would require federal agencies to create equal employment opportunity programs and protect workers from retaliation — is also included.

Our thought bubble, via Axios' Alayna Treene: Trump is still threatening to veto the defense spending bill, but it has strong bipartisan support. Most lawmakers hope that Trump's veto threats are hollow and that he'll cave once both chambers pass the bill with significant Republican support.

  • Republican lawmakers also believe they have the votes to override a veto if needed.

What to watch: Although he said he would support the defense spending bill, House Republican Leader Kevin McCarthy told reporters on Tuesday that he would not override a presidential veto — putting him at odds with other top GOP members, including Rep. Liz Cheney (R-Wyo).

Why gas prices are back up

Data: EIA and FactSet; Chart: Axios Visuals

Gas prices are hitting new post-pandemic highs across the country, but this isn't a story of America reopening. It's really just a function of the price of oil going up.

By the numbers: Gasoline cost $2.71 on average as of Monday, per the Energy Information Administration. The highest average price was $3.59 in Los Angeles, while the lowest was $2.33 in Houston.

  • All of these prices represent the highest level seen since 2019.

The big picture: The price of crude oil reflects more than half of the cost of a gallon of gasoline. (The rest is refinery costs, distribution costs, and taxes.)

  • Demand for oil has actually been declining, per the New York Fed, but supply has been falling even faster, with the result that prices have now topped $64 for a barrel of Brent crude.

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Why it matters: Even though the economy is growing and many U.S. stocks are performing well, most investors are seeing their wealth decline because major indexes no longer reflect the overall economy or even a broad swath of public companies — they reflect the performance of a few of the country's biggest companies.

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