TLDR

MARKET RECAP → Markets closed with mixed results on Tuesday. The S&P 500 (VOO) fell, easing off from previous record highs, while the Dow Jones Industrial Average was dragged down by U.S. inflation worries and a range of results for big bank earnings. Meanwhile, the Nasdaq Composite (QQQ) leveraged gains in Nvidia (NVDA) to stay up.

BUDGET AXE TARGETS FOREIGN AID → Trump-backed $9.4B clawback slashes foreign aid and NPR/PBS funding, sparking internal GOP rifts and setting the stage for a bigger budget brawl.

TRUMPS CRYPTO PUSH HITS A WALL→ Trump’s signature crypto bills hit a legislative snag in the House as bipartisan resistance stalls efforts to overhaul digital asset regulation.

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Politics

Budget Axe Targets Foreign Aid

Trump-backed rescissions aim to slash aid and media: The Trump-aligned White House proposed a $9.4 billion rescissions package in June, seeking to cancel unspent federal funds, including $8.3 billion in international aid programs like USAID, refugee assistance, and peacekeeping, and $1.1 billion for the Corporation for Public Broadcasting (NPR and PBS). The Senate may vote as soon as Tuesday, with a Friday deadline looming.

NPR and PBS caught in the crossfire: The package would rescind all remaining 2024–25 funding for public broadcasting. Trump has blasted NPR and PBS for spreading “radical, woke propaganda,” but GOP senators from rural states have pushed back, warning the cuts could cripple emergency alerts and local reporting.

A message more than a mandate: While the bill only needs a simple majority in the Senate, several Republicans, concerned about global health cuts like PEPFAR, remain skeptical. Even if passed, the move signals broader budget battles ahead, with Democrats warning it could poison future bipartisan negotiations.

Crypto

Trump’s Crypto Push Hits a Wall

Legislative Momentum Paused: The House failed to advance two major Trump-backed crypto bills after a key procedural vote fell short at 196-223. This setback effectively stalled the administration’s push for a “crypto week” legislative package.

What the Bills Aimed For: The “CLARITY Act” sought to reclassify most cryptocurrencies as commodities under the CFTC, while the “GENIUS Act” would establish a federal framework for stablecoins, focusing on reserves and transparency standards. Both were expected to move swiftly to Trump’s desk if passed.

Why Resistance: Opposition came from 13 House Republicans joining Democrats over concerns about consumer protections, anti-money-laundering gaps, and Trump’s own crypto-related financial interests creating a conflict of interest.

BULL VS. BEAR

KEEP READING

Jamie Dimon says JPMorgan Chase will get involved in stablecoins as fintech threat looms (CNBC)

Here’s the inflation breakdown for June 2025 (CNBC)

Russia rejects Trump's demand for a Ukraine war ceasefire in 50 days as unacceptable (CBS News)

The New Era of Work Travel (Wired)

AI coding tools are shifting to a surprising place: the terminal (TechCrunch)

How to Change Your Money Mindset: 9 Tips for Abundance Thinking (ML)

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