US War in Iran Cost $38 Billion and Depleted Missile Stockpiles, Official Reports Find
The Congressional Budget Office estimates the US war in Iran cost at least $38 billion in its first five months. A Pentagon inspector general separately confirmed significant munitions shortfalls and resupply bottlenecks.Two independent government reports have documented significant financial and military costs from the US war in Iran. The non-partisan Congressional Budget Office estimates the conflict cost American taxpayers at least $38 billion in its first five months. Separately, the Pentagon's inspector general confirmed that the war has produced meaningful shortfalls in US munitions, with resupply bottlenecks slowing replenishment. One report found that stocks of defensive missiles have been drawn down to a level that could take up to five years to fully rebuild. The findings arrive less than two months before midterm elections, in which the war and its costs are expected to be central issues. The CBO is a non-partisan legislative agency whose cost estimates carry significant weight in congressional budget debates. The Pentagon inspector general's findings on munitions contrast with prior administration statements describing US military supplies as effectively unlimited. Neither report addresses ongoing operational details of the conflict, but both underscore the scale of the resource commitment so far.
US Military Confirms It Has Deployed Weapons in Earth's Orbit
The US Air Force Secretary publicly confirmed for the first time that the United States has deployed weapons in space, describing them as active on-orbit systems. Analysts say the disclosure is likely to accelerate competition with Russia and China in Earth's orbit.The United States has publicly acknowledged for the first time that it has operational weapons deployed in Earth's orbit. Air Force Secretary Troy Meink made the confirmation, describing the systems as active on-orbit space control weapons, though he declined to specify what they are, how they function, or what targets they are designed to engage. The announcement represents a significant departure from previous US policy, which generally kept space weapons programs classified. Analysts say the disclosure is likely to accelerate an arms race in space, with Russia and China both developing their own counter-space capabilities. Space has long been treated as a domain governed by international norms discouraging weapons deployment, but those norms have eroded over recent years as major powers have invested in satellite-targeting and orbital weapons systems. The disclosure raises questions about how other nations will respond and what the implications are for the long-term stability of the space environment, on which civilian communications, navigation, and financial infrastructure depend globally.
Canada Pursues Closer Economic and Security Ties with Europe at Investment Summit
Canadian Prime Minister Mark Carney hosted roughly 100 major global investment managers in Toronto, pitching Canada as a stable investment destination and announcing pursuit of a new security and economic alliance with the European Union amid ongoing trade tensions with the United States.Prime Minister Mark Carney convened the first Canada Investment Summit in Toronto, bringing together approximately 100 major global money managers to promote Canada as a destination for investment. Carney announced that Canada would pursue a dedicated security and economic alliance with the European Union, positioning the country as a stable and reliable partner in what he described as a new global economic order. The summit featured more than 160 investment projects across sectors including data centers and infrastructure pipelines. The outreach to Europe reflects a deliberate shift in Canadian foreign economic policy following a sustained trade dispute with the United States that has included significant tariffs on Canadian goods. Canada has sought to diversify its trade and investment relationships in response, and the EU represents its largest non-US economic partner. The summit marks one of the most visible efforts by the Carney government to reorient Canada's economic relationships since taking office.
Houthis Threaten Further Saudi Strikes as Oil Prices Remain Above $100 and UN Warns of Yemen Humanitarian Situation
Yemen's Houthi movement threatened additional strikes on Saudi cities as fighting across Yemen displaced 100,000 people, prompting a UN humanitarian warning. Oil prices remained above $100 per barrel amid the instability.Yemen's Houthi movement warned of continued strikes against Saudi cities following attacks that prompted widespread concern about regional stability. The United Nations issued a humanitarian warning as fighting across Yemen resulted in the displacement of more than 100,000 people. Oil prices have remained well above $100 per barrel, reflecting the market's assessment of supply risks from the region. Qatar warned of broader consequences if Houthi forces were to gain control of strategically significant waterways. Separately, reporting indicates the Houthis have been developing greater domestic weapons production capability, using artificial intelligence and other tools to reduce their dependence on Iranian-supplied arms. This growing self-sufficiency could complicate efforts to limit the group's military capacity through pressure on Iran. The Strait of Bab el-Mandeb, a key global shipping chokepoint that the Houthis have threatened to disrupt, remains a focal point of strategic concern. The situation has direct implications for US energy prices and for American military assets operating in the region.
NATO Jets Shoot Down Drone Over Lithuania in Latest European Airspace Incident
Two Italian Eurofighter Typhoons operating under NATO command shot down a drone that entered Lithuanian airspace. Officials believe the drone likely came from Belarus, and NATO's secretary general described Russia's behavior as increasingly reckless.NATO jets intercepted and shot down a drone that entered Lithuanian airspace, the latest in a series of airspace incursions and suspected sabotage incidents across Europe. Two Italian Eurofighter Typhoon aircraft scrambled under NATO command to engage the drone, which officials believe likely originated from Belarus. NATO Secretary General Mark Rutte characterized Russia's behavior as increasingly reckless. Lithuania is a NATO member state bordering Belarus and Russia's Kaliningrad enclave, making its airspace particularly sensitive. The incident follows a pattern of drone overflights, infrastructure interference, and suspected sabotage operations that European officials have attributed to Russian-linked actors. The downing of the drone represents one of the more direct NATO military responses to such incidents. The episode is separate from but related to the broader context of Russia's ongoing war in Ukraine and its friction with NATO member states.
Oil Tanker Attacked in Strait of Hormuz; Two Sailors Missing
An oil tanker was attacked in the Strait of Hormuz, leaving two sailors missing. Oman confirmed the incident; the US says the vessel was struck by a missile and then a drone, while Iran says it caught fire after hitting mines.An oil tanker was attacked in the Strait of Hormuz, one of the world's most strategically critical maritime chokepoints, with two sailors reported missing following the incident. Oman, which borders the strait, confirmed the attack and the missing crew members. Accounts of what occurred differ: the United States says the vessel was struck first by a missile and then by a drone, while Iran has stated the ship caught fire after hitting mines. The Strait of Hormuz carries approximately 20 percent of global oil supply, and attacks on commercial vessels in the area have significant implications for energy markets and regional security. The incident is the latest in a series of maritime attacks in the broader Gulf region connected to the conflict involving Iran. The US and Iran have offered conflicting explanations, and the cause has not been independently verified.
Supreme Court Blocks Trump Administration's Mail-In Voting Restrictions Before November Midterms
The Supreme Court denied the Trump administration's request to implement new restrictions on mail-in voting ahead of November's midterm elections. Election officials say the ruling provides clarity for voters and administrators with less than two months until Election Day.The Supreme Court has blocked the Trump administration from implementing new rules that would have made it significantly harder to vote by mail in the upcoming November midterm elections. The court denied the administration's request to put the restrictions into effect while legal challenges proceed. Separately, the court declined to allow the administration to use a voter database that a lower court had ruled it could not access. The decisions give election officials and voters clearer guidance on mail ballot procedures ahead of a consequential election. Election administrators have said the rulings allow them to proceed with established mail voting systems without last-minute changes that could have caused logistical complications. The administration had argued its proposed rules were necessary for election security. Critics argued the restrictions would have disproportionately reduced participation and were introduced too close to the election for orderly implementation. The midterms, scheduled for November, are widely expected to turn heavily on voter turnout, and access to mail ballots has been a contested issue throughout the current administration.
Kennedy Center Board Votes to Temporarily Close Amid Name Dispute and Structural Concerns
The Kennedy Center's board voted to temporarily close the Washington performing arts venue, citing financial issues and needed structural repairs. The vote came after a federal judge blocked the board from placing President Trump's name on the building.The board of the Kennedy Center for the Performing Arts in Washington voted to temporarily close the institution, citing financial difficulties and the need for structural repairs. The vote followed a federal judge's decision blocking the board from adding President Trump's name to the building or its grounds. President Trump, whose handpicked board oversees the center, said the venue would close immediately and threatened to block a planned renovation if courts continued to prevent his name from being placed on the facade. The judge's ruling and the board's subsequent closure vote have created an unusual situation for one of the country's most prominent performing arts venues. The Kennedy Center is federally funded and has operated continuously since opening in 1971. It hosts hundreds of performances annually and presents the Kennedy Center Honors each year. The closure's duration and the status of scheduled events have not been fully detailed. The dispute over the naming rights is being litigated separately from the renovation and financial questions.
Republican Congressman Introduces Articles of Impeachment Against Defense Secretary Hegseth Over Iran War
Republican Representative Thomas Massie of Kentucky introduced articles of impeachment against Defense Secretary Pete Hegseth, arguing the administration deployed military force in Iran without required congressional authorization under the War Powers Act.Representative Thomas Massie, a Republican from Kentucky, introduced articles of impeachment against Secretary of Defense Pete Hegseth on the House floor, citing the conduct of the US war in Iran. Massie argued that the administration deployed military force without seeking congressional approval as required under the War Powers Act, characterizing the orders as unlawful. He described the alleged violations as high crimes and misdemeanors warranting impeachment. The move is notable because it comes from within the Republican Party rather than from Democratic opposition. The War Powers Act requires the president to notify Congress within 48 hours of committing US forces to hostilities and limits unauthorized military engagements to 60 days without congressional authorization. The articles of impeachment must pass the full House before any Senate trial could occur, and there is no indication a majority of House members would support the effort.
ICE Arrests Rising but Deportation Numbers Are Not Keeping Pace
Immigration and Customs Enforcement arrests have continued to climb, but the increase has not translated into a proportional rise in deportations, according to reporting based on federal data.Federal immigration enforcement arrests have risen significantly in recent months, but the higher arrest numbers have not produced a corresponding increase in deportations. The pattern reflects a gap between the initial detention phase of enforcement operations and the legal and logistical processes required to complete a removal. Recent enforcement activity has been broader in geographic scope than earlier high-profile operations in cities such as Los Angeles, Chicago, and Minneapolis, though it has drawn less public attention. Bottlenecks in immigration court proceedings, detention capacity, and coordination with receiving countries are among the factors that can create a lag between arrests and completed deportations. The trend is relevant to ongoing congressional debates over immigration enforcement funding and policy, and is likely to be a factor in midterm election discussions.
EPA Removes All Emissions Limits on Coal and Gas Power Plants
The Trump administration's Environmental Protection Agency finalized a rule eliminating all emissions limits on coal and gas power plants, effectively removing a central tool for regulating greenhouse gas pollution from the electricity sector under the Clean Air Act.The Environmental Protection Agency under the Trump administration has finalized a rule stripping away all existing limits on greenhouse gas emissions from coal and natural gas power plants, the largest single source of electricity-sector carbon emissions in the United States. The action effectively removes the agency's authority to regulate those emissions under the Clean Air Act as applied to power generation, according to environmental legal experts. The EPA's move comes in the aftermath of what meteorologists described as the hottest summer ever recorded in the contiguous United States. Environmental groups and legal experts characterized the rule as one of the most consequential rollbacks of federal environmental regulation in decades, and litigation is expected. The power generation sector is the subject of longstanding regulatory disputes about how much authority the EPA has under the Clean Air Act to regulate carbon dioxide, which the Supreme Court addressed in its 2022 West Virginia v. EPA decision. The new rule goes further by removing existing standards entirely.
Markets have declined modestly over the past week after a brief period of stability.
US Median Household Income Reached Record High in 2025, Census Data Show
Median US household income rose to a record $87,460 in 2025 and the poverty rate held steady, according to new Census Bureau data. Analysts note that subsequent federal safety net reductions may affect future figures.The Census Bureau's annual income and poverty report shows that median US household income reached $87,460 in 2025, the highest level on record. The official poverty rate declined modestly from the prior year. Health insurance coverage rates were little changed from 2024. The data reflect economic conditions through calendar year 2025 and do not capture the effects of federal safety net program reductions that took effect in 2026. Analysts and policy researchers have noted that cuts to programs such as Medicaid and food assistance, which were enacted after the 2025 reference period, could affect poverty and income figures in future Census reports. The data are widely used as a benchmark for assessing household financial well-being and the effectiveness of anti-poverty programs.
10-Year Treasury Yield Reaches 19-Year High as Fed Weighs Further Rate Increase
The yield on the 10-year US Treasury note reached its highest level in 19 years, increasing pressure on interest rates as the Federal Reserve considers another hike to address rising inflation.The 10-year US Treasury yield climbed to a 19-year high, a development that typically signals rising expectations of higher interest rates and increased borrowing costs across the economy. The move came as the Federal Reserve weighs whether to raise its benchmark interest rate further to address persistent inflation. Treasury Secretary Scott Bessent characterized a recent large-scale government buyback of US bonds as successful, though the yield increase suggests ongoing market pressure. Rising Treasury yields affect mortgage rates, corporate borrowing costs, and the relative attractiveness of equities. The Federal Reserve's next rate decision is closely watched given the combination of elevated inflation, high energy costs tied in part to the conflict in Iran, and slowing wage growth.
Senate Blocks Major Cryptocurrency Regulation Bill Over Concerns About Presidential Conflicts of Interest
The Senate failed to advance the Clarity Act, a sweeping cryptocurrency regulation bill, after Democrats and some Republicans blocked it. Democrats cited concerns about President Trump's personal cryptocurrency investments and the need for stronger safeguards against officials profiting from legislation they influence.The US Senate blocked the Clarity Act, a landmark bill that would have established a comprehensive regulatory framework for cryptocurrency markets. The legislation failed to advance after Senate Democrats united against it, joined by some Republicans. Democrats argued the bill needed stronger provisions to prevent the president and other federal officials from profiting personally from crypto assets while shaping the industry's regulatory environment. The concern is directly tied to President Trump's publicly known cryptocurrency investments and related business interests. The bill had been supported by the administration and by much of the crypto industry, which has sought regulatory clarity for years. Its failure is a significant setback for the industry's legislative agenda. The vote also reflects broader tensions between members of both parties over the influence of cryptocurrency interests in politics. Separate federal proceedings have involved allegations that crypto platforms were used to move funds tied to sanctioned entities, adding to the regulatory debate.
Apple Releases iOS 27 and macOS Golden Gate 27, Patching Around 200 Security Vulnerabilities
Apple released iOS 27 and macOS Golden Gate 27, addressing approximately 200 security vulnerabilities. The updates include fixes for kernel-level flaws that could allow memory corruption, privilege escalation, and information leaks.Apple has released iOS 27 and macOS Golden Gate 27, its latest major software updates for iPhones and Mac computers. The releases patch approximately 200 security vulnerabilities across both platforms. Among the issues addressed are kernel-level flaws that researchers identified as capable of allowing memory corruption, privilege escalation, unauthorized system termination, and information disclosure. Kernel vulnerabilities are considered particularly serious because they affect the core of the operating system and can allow attackers to gain deep access to a device. Users running Apple devices are advised to apply the updates promptly. Apple releases major OS versions annually and typically bundles large numbers of security fixes alongside new features.
Cisco Patches Actively Exploited Zero-Day Vulnerability in Email Gateway Software
Cisco has released a patch for a critical SQL injection vulnerability in its Secure Email Gateway product that attackers have been actively exploiting. The flaw, tracked as CVE-2026-76461, allowed unauthorized access to affected appliances.Cisco confirmed that attackers have been actively exploiting a zero-day vulnerability in its Secure Email Gateway appliances and released a patch to address the flaw. The vulnerability, catalogued as CVE-2026-76461, is a SQL injection flaw that allowed attackers to compromise affected systems without prior authentication. Cisco Secure Email Gateway is widely deployed in enterprise environments to filter and secure email traffic. Organizations running the affected product are advised to apply the patch immediately. Zero-day vulnerabilities that are being actively exploited before a patch is available represent an elevated risk because attackers may have already compromised systems during the window between discovery and fix. Cisco did not publicly detail the scope of exploitation or name any specific affected organizations.