MNI POLITICAL RISK - Vought Raises Stakes For Appropriations

Download Full Report Here

Executive summary:

• At 13:30 ET 18:30 BST, President Donald Trump will swear in IRS Commissioner Billy Long, capping a turbulent period for the agency. At 14:30 ET 19:30 BST, Trump will sign into law the landmark crypto bill, th GENIUS Act, then join Senate Republicans for dinner.
• OMB director Russel Vought is rapidly becoming the central player in Washington. 
• The White House confirmed Trump was diagnosed with a chronic vein condition. Trump is struggling to contain fallout from the Jeffrey Epstein case. 
• Vought said Trump is unlikely to fire Fed Chair Jerome Powell, but kept the door ajar for Powell to be removed if it were determined that he misled Congress. 
• Treasury Secretary Bessent told Japanese PM Shigeru Ishiba that a good trade deal is possible, with talks set to restart next week.
• The House passed Trump’s rescissions request, setting up a showdown with Democrats over FY26 appropriations. The Senate is looking to wrap up four FY26 bills before the August recess. Avoiding a government shutdown will largely fall to Minority Leader Chuck Schumer (D-NY), who yesterday railed against Vought's influence.
• Bipartisan crypto votes in the House show the industry's growing influence in Washington.
• The White House is yet to release a full Presidential Budget, a break from tradition.
• The Pentagon has pushed back on reports that US strikes failed to neutralise two of the three targeted Iranian nuclear sites.  
• Poll of the Day: Confidence in major institutions is near an all-time low.

Please find the full article attached below: US DAILY BRIEF