MNI POLITICAL RISK - Crapo Could Release 'OBBB' Tax Text Today

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Executive summary:

• President Donald Trump will convene a meeting of his National Security Council at 11:00 ET 16:00 BST to discuss the Israeli strikes on Iran.
• The Trump administration’s response to the strikes could drive another wedge through a Trump coalition that is already weakened by Trump's bust-up with his perceived Silicon Valley conduit, Elon Musk. 
• Senate Finance Committee Chair Mike Crapo (R-ID) could release the final text of his panel’s portion of the Republican ‘megabill’ as soon as today. The Finance Committee covers the stickiest items in the bill, including taxation and Medicaid.
• The Israeli attack on Iran overshadowed a chaotic day for domestic US politics that raised the risk of civil unrest. Major protests are planned nationwide to coincide with a military parade in Washington, D.C. on Saturday. 
• House Republicans yesterday narrowly passed a White House rescissions package that claws back USD$9.4 billion of Congressionally authorised funding for the State Department’s foreign aid budget and public broadcasters.
• The broader political consequences of the rescissions vote may be significant, with Rep Nick LaLota (R-NY) appearing to indicate that he flipped his vote to “yes” based on an agreement with House Speaker Mike Johnson (R-LA) that the $40,000 SALT cap will be included in the final text of OBBB.
• Brazil is emerging as a rare earths alternative to China.
• Poll of the Day: JPMorgan analysts warned of a possible “exponential” increase in oil prices. 

Please find the full article attached below: US DAILY BRIEF