Axios

John Thune's Senate super PAC has $238 million in the bank — more than double what it had at this point in the last election cycle under then-GOP Leader Mitch McConnell, Axios has learned.

Why it matters: The GOP's most powerful Senate super PAC is setting new fundraising records as Republicans fight political headwinds to protect their Senate majority.

The preliminary cause of death for Sen. Lindsey Graham has focused attention on aortic dissection, a rare but often fatal condition that can resemble other medical emergencies.

Why it matters: Aortic dissections can resemble heart attacks or pulmonary embolisms, but the conditions are distinct and require different responses.

President Trump announced on Monday that the U.S. is reinstating the naval blockade on Iran and will prevent any ships from leaving or entering Iranian ports. The blockade will go into effect on July 14 at 4pm ET.

• Trump also claimed the U.S. would be "reimbursed" at a rate of 20% for securing safe passage for cargo ships, though the details and seriousness of the initiative were not immediately clear.

Why it matters: The blockade — a response to renewed clashes between the U.S. and Iran in recent days — threatens to dramatically escalate tensions in the strait and change the economics of shipping energy and materials in the Middle East.

A federal judge lambasted and penalized the attorneys behind President Trump's settlement with the IRS, saying in an explosive Monday order that the case was a means to an end: judicial cover for a deal granting Trump audit immunity and creating his controversial anti-weaponization fund.

The big picture: The $1.776 billion pot of money, born from the Trump settlement, created an avalanche of bipartisan concern and legal scrutiny.

President Trump wants South Carolina Sen. Lindsey Graham's sister to fill his seat on an interim basis after his unexpected death early Sunday.

Why it matters: Trump has a close friendship and working relationship with South Carolina Gov. Henry McMaster (R), who's expected to make the temporary appointment today.

German drone maker Helsing raised $1.8 billion in Series E funding that values it at $18 billion.

Why it's the BFD: The most valuable mainland Europe startup is now a defense player.

A former Ku Klux Klan hall in Texas is becoming an arts center — one of several racist landmarks across the U.S. that communities are trying to turn from symbols of terror into sites of reparation.

Why it matters: Years after the backlash against Confederate monuments, new fights have emerged over what to do with remaining physical reminders of particularly hurtful racism — tear them down, preserve them, reinterpret them or return them to communities harmed by them.

Sen. Mitch McConnell (R-Ky.) addressed his hospitalization Sunday, following a fall some four weeks ago.

Why it matters: McConnell's comments are his first public explanation of the hospitalization that fueled weeks of speculation about his health ahead of his planned retirement.

Josh Shapiro says the 2028 presidential race should be a once-in-a-generation battle over the Democratic Party's core identity. But so far, he isn't picking up his sword to fight.

• As progressives and socialists have won primary after primary in recent weeks, the more moderate Shapiro often has been gun-shy about criticizing the left, taking more of a we're-all-in-this-together approach.

Why it matters: Many center-left Democrats are looking for a national leader to go toe to toe with the party's rising socialist wing. For now at least, that's not Shapiro.

South Carolina Sen. Lindsey Graham, a staunch ally of President Trump and a long-time advocate for U.S. military action around the world, died suddenly late Saturday, his office said.

The big picture: Graham's sudden passing deprives countries like Ukraine and Israel of a committed supporter in Congress, as well as a key voice in Trump's ear.