According to the report, the "bulk" of the assistance will go to Ukraine, while roughly $10 billion will go to defense assistance for Israel following the Oct. 7 attack on civilians by Hamas terrorists from Gaza. A small amount is being set aside for border security, aimed at garnering the support of Congressional Republicans (and giving Democrats a 2024 talking point).

While support for Israel enjoys broad bipartisan support in the US Congress and among Americans in general (notwithstanding final consensus on the Gaza hospital blast), assistance for Ukraine has become a sticking point with House Republicans, while the House itself is rudderless due to their failure to elect a new speaker following the ouster of Kevin McCarthy (R-CA).

Any request from the White House, though, will need to wait for House lawmakers to elect a new speaker after the ouster of Kevin McCarthy from the post. Any spending measure would need to be taken up by the House first but the chamber is unable to complete any legislative business until Republicans coalesce behind a new speaker.

The sheer scope and ask of the package is likely to invite resistance in the House, where GOP differences on spending cuts and foreign aid have played out in the speaker fight. -Bloomberg