MNI POLITICAL RISK - Big Beautiful Bill Clears Another Hurdle

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Executive summary:

• President Donald Trump has three engagements in the diary for his first full day back in Washington. Press Secretary Karoline Leavitt will deliver her first White House presser since May 9.
• The “sell America” trade is back after Moody’s downgraded the US' credit rating, citing concerns over the Republican fiscal package. Treasury Secretary Scott Bessent downplayed the rating change, saying it is a “lagging indicator”. 
• Bessent conceded that consumers are likely to pay some of the cost of tariffs after speaking with the Walmart CEO.
• Trump renewed his attack on Fed Chair Jerome Powell, while Bessent indicated the Fed’s position on rates isn’t a determination that tariffs will cause inflation.
• The House Budget Committee advanced the Republican reconciliation bill after four Republican hardliners changed their votes to 'present', signalling they expect alterations to the package in the Rules Committee this week. 
• Senate Majority Leader John Thune (R-SD) is slated to hold a procedural vote on a landmark crypto bill today.
• A call between Trump and Russian President Vladimir Putin today could determine if the US joins the EU in punitive new sanctions on Russia.  
• President Trump’s chief negotiator said Iran must cease all enrichment in a new nuclear accord.
• Vice President JD Vance nixed a plan to travel to Israel due to concerns over Israel's military operation in Gaza.
• Poll of the Day: Trump's strategy of 'flooding the zone' may be working. 

Please find the full article attached below: US DAILY BRIEF