Politics
European officials pitch new idea to shore up defenses with Trump's return
As NATO member states struggle to meet their defense spending goals and war rages on Europe’s eastern front, officials are struggling to agree on a plan to shore up hundreds of billions of dollars to bolster defenses.
Eight NATO countries did not meet their 2% target for defense spending in 2024. And as many member states struggle with chronically stressed budgets, calls to meet those goals are not being heeded quickly.
The European Commission estimates about 500 billion euros, the equivalent of $524 billion in investments, are needed in the coming decade to defend Europe against evolving threats.
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The EU’s budget cannot be used to fund defense directly, and some European officials and NATO experts are proposing a global defense bank to dole out funds for military modernization.
A defense, security and resilience (DSR) bank would issue bonds backed by AAA ratings for financially strapped countries to upgrade their defenses and would provide guarantees for commercial banks to offer credit to defense suppliers.
European officials are struggling to agree on a plan to shore up hundreds of billions of dollars to bolster defenses. (U.S. Army photo by Spc. Ryan Parr)
“This is not a substitute to raising defense spending in each of these countries. I think it should be a supplemental tool,” Giedrimas Jeglinskas, chairman of the national security committee in the Lithuanian parliament and a former NATO official, told Fox News Digital.
His remarks echo those of incoming President Trump, who has long threatened to pull the U.S. out of NATO due to the number of nations missing the mark on the 2% goal for defense spending.
“I think we have to look at it also as an opportunity for the U.S. as well,” Jeglinskas added. “I understand the skepticism by Donald Trump of the World Bank and then the IMF [International Monetary Fund] and IFC [International Finance Corporation] and other institutions. I think there’s been a lot of capital deployed and a lot of investments that these banks or institutions do. The real impact is, at best, questionable. So, I think we have to have very clear KPIs [key performance indicators]. We need to build defense.”
The United States’ $824 billion defense budget in 2023 equaled half of total defense spending by all NATO member states combined at $1.47 trillion.
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The return of Trump to the White House, coupled with a U.S. push to refocus on China, has left Europeans wondering whether the U.S. will have less of an appetite to defend Europe in years to come.
More EU defense chiefs and foreign ministers have pitched the idea of issuing joint debt through bonds to finance military projects.
But some countries like Germany have voiced concerns about maintaining their own sovereignty and a disproportionate financial burden on some countries.
The DSR bank idea is explained at length in a new Atlantic Council report by defense fellow Rob Murray.
The EU’s budget cannot be used to fund defense directly. (Ukrainian Defense Ministry Press Service via AP, File)
“For allies across both the Euro-Atlantic and Indo-Pacific regions, the bank could go beyond offering low-interest loans for defense modernization to facilitating equipment leasing, currency hedging, and supporting critical infrastructure and rebuilding efforts in conflict zones like Ukraine,” Murray wrote.
“An additional critical function of the DSR bank would be to underwrite the risk for commercial banks, enabling them to extend financing to defense companies across the supply chain.”
The goal would be to offer financing to small and medium-sized defense companies that often struggle with access to funds.
“By providing loans with extended maturities, the bank would offer predictable and sustainable funding for defence modernisation. Its governance structures would align funding with collective security goals, such as upgrading arsenals and investing in emerging technologies,” Jeglinskas wrote in a recent op-ed for the Financial Times.
A defense, security and resilience (DSR) bank would issue bonds backed by AAA ratings for financially strapped countries to upgrade their defenses. (Alexandra Beier/Getty Images)
Asked how the DSR bank would get countries to agree on defense funding priorities, Jeglinskas likened the idea to the U.K.-led Joint Expeditionary Force, a military alliance that includes Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, the Netherlands, Norway and Sweden.
Jeglinskas noted the 33 trillion euros in European assets under management across the continent.
“There’s really no political will, no risk appetite to move them anywhere besides the kind of bond markets where they rest now,” he said. “But several nations need to build that initial capital, and then, by using the sovereign rating to get to hopefully AAA in capital markets, raise that money from bond markets and to start funding defense programs.”
The European Investment Bank has doled out long-term loans and guarantees to European nations’ projects that align with EU policy goals.
“But even they are struggling with kind of shifting their mandate towards more dual-use technologies is still not allowed in their funding package,” said Jeglinskas.
“Of course, every other bank in Europe is looking at EIB for their signals. That signaling hasn’t been there yet. So, that’s the point. We need to create some sort of mechanism, and that kind of global defense bank would be one of the tools that we could use to rally the capital and really direct it toward defense. So, it’s really creating another multilateral lending institution.”
Since moving back in, President Trump has significantly altered the “People’s House.” East Wing: gone. Oval Office: maximalized. Rose Garden: Mar-a-lago-ified. And the art? Lots of Trump.
Over the last year, The New York Times has captured at least nine paintings, posters, memes, and even a mugshot outside the Oval Office, that Mr. Trump added throughout the historic space.
Many of the selections are gifts from his supporters that highlight his political stature and reinforce the idea that Mr. Trump is invincible.
All presidents or first ladies add to and shuffle the art in the White House.
Barack Obama brought in abstract paintings.
George W. Bush decorated with images from his Texas roots.
In Mr. Trump’s first term, Melania Trump added a sculpture by Isamu Noguchi to the Rose Garden.
But never before has a sitting president displayed so much of his own image on the White House walls.
There is an “assertion of symbolic power that he wants to be on view essentially everywhere in that space,” said Cara Finnegan, a communication professor at the University of Illinois and author of “Photographic Presidents: Making History from Daguerreotype to Digital.”
Even outside his current residence, Mr. Trump’s visage has proliferated in unexpected places — on banners hanging from government buildings, on National Parks passes and on social media, where he has been likened to a king. There has also been talk of a U.S. Treasury-minted coin with Mr. Trump on both sides.
Break with tradition
In recent decades, each president’s official White House portrait has been unveiled in a ceremony hosted by his successor.
The Carters hosted the Fords:
The Clintons hosted the Bushes:
And the Bushes hosted the Clintons:
The mood has often been lighthearted, with political party tensions melting away.
“I am pleased that my portrait brings an interesting symmetry to the White House collection,” George W. Bush joked in a ceremony hosted by the Obamas. “It now starts and ends with a George W.”
In a break with tradition, Mr. Trump did not schedule a ceremony for the unveiling of the Obamas’ portraits during his first term. Joe Biden later did, in a ceremony with a “Welcome Home!” vibe.
Typically, the latest available presidential portrait — often a realistic oil painting — hangs in the main entrance hall, where heads of state are welcomed.
The Obama portrait was in the spot until April …
… when Mr. Trump replaced it with this painting by Marc Lipp, a Florida pop artist, last April.
It depicts a striking moment in 2024 when a bloodied Mr. Trump pumped his fist in defiance, soon after being shot at by a would-be assassin during a campaign event.
Presidential historians have criticized the departure from convention.
Though Mr. Trump had a portrait commissioned for the Smithsonian’s American Presidents collection after his first term, none was confirmed for the permanent White House collection, and the White House said that this is where that portrait would have hung.
It is not totally unprecedented for a president to hang a painting of himself in the White House during his term. Theodore Roosevelt, William Howard Taft and Grover Cleveland all did, according to the White House Historical Association. But more often than not, paintings of presidents and first ladies are hung after they have left office, historians said.
Flags, fists and faith from fans
In what has become something of a muse for many of the president’s artistic supporters, there are at least three other depictions of the fist-pumping scene in the White House.
The image “is in people’s garages when I walk around my neighborhood,” said Leslie Hahner, a Texas resident and communication professor at Baylor University, who studies visual political culture. “People love that image.”
Behind the Oval Office, one is in a small room that houses Trump merchandise:
Another was seen in the West Wing next to a “Still Life with Fruit” painting from 1850:
A statue form was spotted in the Oval Office:
The sculptor, Stan Watts, told a Utah TV station last year that he believes the president was saved by God that day. Many of Mr. Trump’s Christian supporters have echoed that sentiment.
At least two works by a self-described “Christian worship artist,” Vanessa Horabuena, are among Mr. Trump’s White House collection. He has called Ms. Horabuena, who often paints live in front of an audience, “one of the greatest artists anywhere in the world.”
In 2022, she painted a portrait of Mr. Trump at a booth at the Conservative Political Action Conference. When he saw it, he asked to meet her, Ms. Horabuena’s representative said. She most recently painted Mr. Trump live at a New Year’s Eve party at Mar-A-Lago.
One of her portraits was spotted in the Cabinet room in January.
It shows Mr. Trump, his eyes closed, in front of a mountain with a small cross on the top:
Ms. Horabuena hand-delivered it to the White House, according to her website.
Her other painting shows the president walking through a phalanx of flags. It was seen hanging prominently in a hallway leading to the Cabinet Room and the Oval Office:
“He’s positioned as this embattled warrior in a lot of these images,” Dr. Hahner said.
Historical figures Mr. Trump adulates are co-stars in some of the art he has chosen.
In an image created by the team of White House trade adviser Peter Navarro, Mr. Trump is pictured with William McKinley and Henry Clay, who, like the president, championed the use of tariffs:
Here, Mr. Trump is with two other Republican presidents, Abraham Lincoln (to whom he has compared himself) and Ronald Reagan (whom he is a fan of):
Titled “Great American Patriots,” the piece was painted by Dick Bobnick, an illustrator and Trump supporter from Minnesota. He said he mailed several prints to 1600 Pennsylvania Avenue, but he had no idea his work was on the White House walls until a USA Today reporter called him about it.
“I could hardly believe it,” said Mr. Bobnick. (He said the print is now his best-seller.)
If not in portraits, Mr. Trump’s image is reflected on mirrors that he has added to the White House complex.
Two are in the Oval Office …
… making his image visible from the Resolute Desk.
The mirrors, the portraits and the gilding mimic the look of his properties, like Mar-a-Lago, his Florida estate.
“Trump is obsessed with his image,” Dr. Hahner said. “And he is so controlling of his image.”
Trump everywhere, all the time
One portrait seen in the White House has become a communication tool between Mr. Trump and his supporters in the real world.
This is his social media profile picture.
It was seen last October hanging between former first ladies Laura Bush and Barbara Bush in the now-demolished East Wing:
The portrait was painted by Lena Ruseva, an immigrant from the former Soviet Union, who goes by the name MAGALANGELO. Mr. Trump invited her to his Bedminster golf club in 2022, and she gave it to him as a birthday gift.
“Every time social media or the news quotes the president and I see my artwork alongside it, I feel proud and grateful,” she said.
For a time, the same portrait hung next to Hillary Clinton, his political rival and a former first lady.
Supporters at that time lauded the placement on social media:
This example of a positive feedback loop demonstrates how Mr. Trump has used social media to redefine the presidency and presidential communication. Ms. Ruseva’s portrait was used on social media, hung up in the real world, then photographed and put back on social media by supporters who praised the president.
When Mr. Trump was elected to his first term in 2016, Dr. Hahner said that scholars referred to him as the first “meme president.”
Mr. Trump and his internet fans are used to a meme culture based on irony, and rehashing, repurposing and remixing existing images. The collection of White House artwork — much of it originating from his supporters — sits in an uncanny valley between realism and meme-ism, Dr. Hahner said.
Like memes that multiply, Mr. Trump’s image has been reproduced in other ways, outside the White House.
Last month, a huge banner with Mr. Trump’s face was draped outside the Justice Department headquarters …
Last year, similar signage was strung over the Labor Department building …
… and the Agriculture Department building (this one, alongside Lincoln).
At his request, Mr. Trump’s portrait was recently updated at the Smithsonian’s National Portrait Gallery:
Still, Mr. Trump wants more. The White House has suggested that the National Portrait Gallery add a separate section for Trump-related art.
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President Donald Trump on Monday sent an official notification to Congress about the U.S. strikes against Iran, in which he attempted to justify the military action in the now expanding conflict in the Middle East.
In a letter obtained by FOX News, Trump told Senate President Pro Tempore Chuck Grassley, R-Iowa, that “no U.S. ground forces were used in these strikes” and that the mission “was planned and executed in a manner designed to minimize civilian casualties, deter future attacks, and neutralize Iran’s malign activities.”
This comes after joint U.S.-Israeli strikes against Iran on Saturday as part of Operation Epic Fury, triggering a response from Tehran and a wider conflict in the region. The strikes killed the Islamic Republic’s Supreme Leader Ali Khamenei and other military leaders.
President Donald Trump on Monday sent an official notification to Congress about the U.S. strikes against Iran. (AP Photo/Alex Brandon)
Trump wrote that it is not yet possible to know the full scope of military operations against Iran and that U.S. forces are prepared to take potential further action.
“Although the United States desires a quick and enduring peace, not possible at this time to know the full scope and duration of military operations that may be necessary,” Trump wrote. “As such, United States forces remain postured to take further action, as necessary and appropriate, to address further threats and attacks upon the United States or its allies and partners, and ensure the Government of the Islamic Republic of Iran ceases being a threat to the United States, its allies, and the international community.”
“I directed this military action consistent with my responsibility to protect Americans and United States interests both at home and abroad and in furtherance of United States national security and foreign policy interests,” he added. “I acted pursuant to my constitutional authority as Commander in Chief and Chief Executive to conduct United States foreign relations.”
A general view of Tehran with smoke visible in the distance after explosions were reported in the city, on March 2, 2026, in Tehran, Iran. (Contributor/Getty Images)
Trump said he was “providing this report as part of my efforts to keep the Congress fully informed, consistent with the War Powers Resolution,” as some Republican and Democrat lawmakers attempt to restrain the president’s military action, which they affirm is unconstitutional without congressional approval.
The president also accused Iran of being among the largest state sponsors of terrorism in the world and purported that the “Iranian regime continues to seek the means to possess and employ nuclear weapons,” even after the White House said in June that precision strikes at the time “obliterated” Iran’s nuclear enrichment facilities.
US SURGES FORCES TO MIDDLE EAST AS PENTAGON WARNS IRAN FIGHT ‘WILL TAKE SOME TIME’
A person holds an image of Iran’s Supreme Leader Ayatollah Ali Khamenei as Iranian demonstrators protest against the U.S.-Israeli strikes, in Tehran, Iran, Feb. 28, 2026. (Majid Asgaripour/WANA (West Asia News Agency) via Reuters)
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“As I previously communicated to the Congress, Iran remains one of the largest, if not the largest, state-sponsors of terrorism in the world,” Trump said in the letter on Monday. “Despite the success of Operation MIDNIGHT HAMMER, the Iranian regime continues to seek the means to possess and employ nuclear weapons. Its array of ballistic, cruise, anti-ship, and other missiles pose a direct threat to and are attacking United States forces, commercial vessels, and civilians, as well as those of our allies and partners.”
“Despite my Administration’s repeated efforts to achieve a diplomatic solution to Iran’s malign behavior, the threat to the United States and its allies and partners became untenable,” he continued.
Fox News’ Tyler Olson contributed to this report.
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Northern California Rep. Kevin Kiley (R-Rocklin), whose congressional district was carved up in the redistricting ballot measures approved by voters last year, announced Monday that he would not challenge fellow Republican Rep. Tom McClintock of Elk Grove. Instead, he plans to run in the Democratic-leaning district where he resides.
“It’s true that I was fully prepared to run in [McClintock’s district], having tested the waters and with polls showing a favorable outlook in a ‘safe’ district. But doing what’s easy and what’s right are often not the same,” Kiley posted on the social media site X. “And at the end of the day, as much as I love the communities in [that] District that I represent now – and as excited as I was about the new ones – seeking office in a district that doesn’t include my hometown didn’t feel right.”
Kiley, 41, currently represents a congressional district that spans Lake Tahoe to Sacramento. He did not respond to requests for comment.
But after California voters in November passed Proposition 50 — a ballot measure to redraw the state’s congressional districts in an effort to counter Trump’s moves to increase the numbers of Republicans in Congress — Kiley’s district was sliced up into other districts.
As the filing deadline approaches, Kiley pondered his path forward in a decision that was compared by political insiders to the reality television show “The Bachelor.” Who would receive the final rose? McClintock’s new sprawling congressional district includes swaths of gold country, the Central Valley and Death Valley. The district Kiley opted to run in includes the city of Sacramento and the suburbs of Roseville and Rocklin in Placer County.
Kiley was facing headwinds because of the Republican institutional support that lined up behind McClintock, 69, who has been in Congress since 2009 and served in the state Legislature for 26 years previously. President Trump, the California Republican Party and the Club for Growth’s political action committee are among the people and groups who have endorsed McClintock.
Conservative strategist Jon Fleischman, a former executive director of the state GOP, said he was thrilled by Kiley’s decision, which avoids a divisive intraparty battle.
“If you open up the dictionary and look for the word conservative, it’s a photo of Tom McClintock. He is the ideological leader of conservatives, not only in California but in Congress for many, many years,” Fleischman said, adding that the endorsements for McClintock purposefully came because Kiley was considering challenging him.
Kiley, who grew up near Sacramento, attended Harvard University and Yale Law School. A former Teach for America member, he served in the state Assembly for six years before being elected to Congress in 2022 with Trump’s backing. But he has bucked the president, notably on tariffs. He also unsuccessfully ran to replace Gov. Gavin Newsom during the 2021 recall, and has been a constant critic of the governor.
Kiley is now running in a Sacramento-area district represented by Rep. Ami Bera (D-Elk Grove). Democrats in the newly drawn district had a nearly 9-point voter registration edge in 2024. Bera is now running in the new version of Kiley’s district.
In Kiley’s new race, his top rival is Dr. Richard Pan of Sacramento, a former state senator and staunch supporter of vaccinations.
“Kevin Kiley can try to rebrand himself, but voters know his extreme record,” Pan said in a statement. “He has stood with Donald Trump 98% of the time and was named a ‘MAGA Champion.’ The people of this district deserve better than political opportunism disguised as moderation. This race is about who will actually fight for healthcare, public health, and working families. I’ve done that my entire career. Kevin Kiley has not.”
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