Defense Secretary Pete Hegseth has ordered the military to prepare plans to make drastic budget cuts over the next five years, with an exception for border security, according to a new memo obtained by CNN.

U.S. defense stocks opened in the red on Thursday, Feb. 20 following reports that President Donald Trump’s administration has ordered the Pentagon to lower its budget by 8% annually over the next five years.

The Senate's budget framework is at odds with the House's approach, and both chambers ultimately have to be on the same page to get the legislation across the finish line.

Approval of the Republican budget plan left major questions about tax cuts and spending reduction for another day.

The hours-long “vote-a-rama” rambled along in a dreaded but crucial part of the budget process, as senators considered one amendment after another, largely from Democrats trying to halt it.

Apple introduced the long-awaited successor to the iPhone SE: the iPhone 16e. In doing so, it all but abandoned the budget smartphone market. Also: The company prepares to launch the M4 MacBook Air and confirms that Apple Intelligence is coming to the Vision Pro.

The iPhone 16e features an OLED screen, the A18 chipset that supports Apple Intelligence, and other improvements to battery life and camera. The iPhone SE 3, on the other hand, is the last iPhone with the iconic "Home button" look though it lags modern offerings with its aging chip and camera.