Balance of Power

A look at the fallout from Senator Lindsey Graham's unexpected death and the impact it has on reconciliation 3.0 chances, a potential for $350 billion in defense funding and the appropriations process led Bloomberg Intelligence's July 13 Washington Policy Pulse.
The death of the Senate Budget Committee chairman -- who was a key proponent of another reconciliation package -- probably puts further roadblocks on the idea and supports our view that such a package has a low chance of success in 2026.
We also discussed the forecast for the CLARITY Act and whether or not a crypto bill can pass in July. For crypto platforms like Robinhood and Coinbase, the failure to pass the bill in 2026 likely leaves the industry with regulatory certainty only for a few years, not long-term.
Finally, we previewed Fed Chairman Kevin Warsh's testimony on Capitol Hill and whether or not he will address bank regulatory matters important to Bank of America, Citigroup and Wells Fargo.
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Insight & analysis on the White House and Capitol Hill.
Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.
President Trump and lawmakers spoke out Monday in memory of South Carolina Senator Lindsey Graham after his sudden death early Sunday morning. In a social media post over the weekend Trump remembered Graham as, "one of the greatest people and Senators I have ever known.” Graham was known as a staunch foreign policy hawk and had spent his final days in Ukraine working to support the country's fight against Russia and was pushing for an increased Russian sanctions package. Graham's death opens up questions about the legislative path forward in the Senate, as well as questions about who will succeed him in his seat.
Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:
Bloomberg Washington Correspondent Tyler Kendall
Bloomberg Congressional Reporter Erik Wasson
Hudson Institute Senior Fellow Rebeccah Heinrichs
Stonecourt Capital Partner Rick Davis and Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino
Chairman of Advancing American Freedom and Former Director of Legislative Affairs at the White House Marc Short
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Insight & analysis on the White House and Capitol Hill.
Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.
President Donald Trump said the US would continue talks with Iran but considers the ceasefire between the countries to be over.

“The Islamic Republic of Iran has asked us to continue ‘talks.’ We have agreed to do so, but the United States has stated to them, in no uncertain terms, that the Cease Fire is OVER!,” Trump said Friday on social media.

The president’s comments follow several nights of US airstrikes and Iranian retaliation that sent oil prices higher and raised doubts about further talks toward a broader peace deal. The recent tensions, along with a US Treasury move to revoke a waiver allowing Iran to sell its oil globally posed the biggest challenges yet to an interim peace deal between Washington and Tehran.
Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:
Former US Ambassador to Iraq James Jeffrey.
Bloomberg Tech Host Ed Ludlow
Bloomberg Washington Correspondent Tyler Kendall.
Stonecourt Capital Partner Rick Davis and Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino.
Bloomberg Television Markets Correspondent Norah Mulinda.
Quincy Institute for Responsible Statecraft Executive Vice President Trita Parsi.
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Insight & analysis on the White House and Capitol Hill.
Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.
The US military attacked Iran for a second day and Tehran retaliated against American allies in the Persian Gulf, raising fears of a return to war after little progress in efforts to secure a diplomatic outcome.

US Central Command said on X about 90 targets were hit overnight — after 80 the previous day — “to further degrade” Iran’s ability to attack commercial shipping in the Strait of Hormuz.

Iran reported strikes on the perimeter of a nuclear power plant and two railway bridges connecting the capital to the city of Mashhad, where former Supreme Leader Ali Khamenei is being buried on Thursday.
Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:
Bloomberg Washington Correspondent Tyler Kendall.
Bloomberg Economics Defense Lead Becca Wasser.
Stonecourt Capital Partner Rick Davis and Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino.
Former Director for Iran at the National Security Council Emily Harding.
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Insight & analysis on the White House and Capitol Hill.
Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.
President Donald Trump said the US would probably launch further strikes on Iran and could resume a blockade on the country’s ports, ratcheting up pressure on Tehran and raising the prospect of a return to all-out war.

“We hit them very hard last night,” Trump said Wednesday on the sidelines of the NATO summit in Ankara, Turkey. “Probably hit them hard again tonight.”

Trump spoke hours after the US launched strikes on Iran, with almost 40 fighter jets — F-35s, F-15s, F-16s and F/A-18s as well as drones — hitting targets with precision-guided weapons, according to a US official.
Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:
Bloomberg Chief Political Correspondent Annmarie Hordern.
Carnegie Endowment for International Peace Senior Fellow Aaron David Miller.
Stonecourt Capital Partner Rick Davis and Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino.
Bloomberg TV Markets Correspondent Norah Mulinda.
Former Republican Congressman Patrick McHenry.
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