Monday morning news: February 24, 2025

SOUND: [Air raid sirens]

Ukraine: Drone attack »  Air raid sirens sounding last night in Kyiv … amid a massive Russian drone attack.

It’s an all too familiar sound in Ukraine … exactly three years after Russia’s full-scale invasion.

Officials say Russia launched the largest number of attack drones since the start of the war … almost 270, damaging cars and buildings.

Ukraine: Allies summit » The attacks come as both sides look for bargaining power … with U.S. officials launching peace talks.

ZELENSKYY: [Speaking Ukrainian]

Ukrainian President Volodymyr Zelenskyy says that today … Kyiv will host a high-level meeting with dozens of leaders from allied nations. The U.S., though, was not expected to participate.

Zelenskyy is leaning heavily into support from European leaders … amid a heavily strained relationship with President Trump.

ZELENSKYY: [Speaking Ukrainian]

He says he believes today’s meeting could be a “possible turning point” … with regard to strengthening Ukraine’s hand.

Ukraine: U.S. ties, mineral rights » But support from Washington is still crucial, and one key to that … could be a partnership on rare earth minerals in Ukraine.

U.S. Treasury Secretary Scott Bessent:

BESSENT:  It is a win win. We make money if the Ukrainian people make money, and I believe that with the United States of America, our know how, our, our businesses willing to come in and provide capital, that we can accelerate the Ukrainian growth trajectory.

And Zelenskyy says a U.S. proposal that would have seen a half-trillion dollars … worth of profits from Ukrainian minerals given to the U.S. as compensation for its wartime aid to Kyiv … has been taken off the table.

Ukraine objected to the proposal … largely because it did not include security guarantees.

Zelenskyy’s remarks on Sunday led many to believe the two sides may be drawing closer to a rare earth minerals deal … that will give the U.S. a greater vested interest in Ukraine.

Reaction to CQ Brown replacement / DOD layoffs » Defense Secretary Pete Hegseth is defending President Trump’s firing of the nation’s top general amid a major shakeup at the Pentagon.

HEGSETH:  The president deserves to pick his key national security and military advisory team. There are lots of presidents who've made changes, from FDR to Eisenhower to H.W. Bush to Barack Obama.

President Trump on Friday night dismissed Air Force Gen. CQ Brown as chairman of the Joint Chiefs of Staff. Hegseth said, “Nothing about this is unprecedented.”

But Democratic Congressman Adam Smith had a very different take.

SMITH:  Well, it's deeply concerning. I know CQ brown quite well. He's an incredibly capable, intelligent person. Um, and to, there seems to be no particular reason to remove him and it's disruptive.

The Trump administration did not publicly state a reason for General Brown’s removal. But it came amid a broader purge of senior military officials linked to Biden-era DEI efforts.

Reconciliation bill reaction » On Capitol Hill … the House Budget Committee has advanced a budget resolution for a full vote.

That is one huge bill that would address the president’s priorities on national and border security and tax cuts.

The Senate has advanced its own legislation … opting for an alternative strategy of splitting those priorities up into multiple bills. GOP Sen. Marsha Blackburn:

BLACKBURN:  We in the Senate think that we can reduce more and remove outdated agencies, doge more, if we do three bills.

Some Republicans say separate bills would be the fastest way to pass President Trump's agenda. But others argue that the single-bill strategy is the surest path to success.

Germany election » A government shakeup in Germany …

SOUND: [German election celebration]

Supporters of opposition leader Friedrich Merz celebrated last night … after projections showed that his center-right party ousted Chancellor Olaf Sholz and his left-of-center Social Democratic Party from power.

MERZ: [Speaking German]

Merz thanked supporters, but acknowledged a tough task ahead to form a governing coalition.

Sholz, for his part, took responsibility for the defeat, and he added …

SCHOLZ: It is first and foremost important to congratulate CGU Chairman Friedrich Merz from here on the mandate to form the next government. 

The election was dominated by worries about the years-long stagnation of Europe’s biggest economy and pressure to curb migration.

I’m Kent Covington.

Straight ahead: protecting retirement funds on Legal Docket. Plus, the Monday Moneybeat with David Bahnsen.

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