Inside Trump's head-scratching deal ... Senate Majority Leader Mitch McConnell is perplexed, with no idea what President Trump thinks he was gaining.
Soak this in: It's now possible that Trump's biggest legislative wins this year will be more spending and raising the debt cap — the exact opposite of what Tea Party Republicans came to D.C. to do.
How it went down, as reconstructed by Axios' Jonathan Swan:
Be smart: This was a seminal moment for Republican congressional leaders. They left the Oval having watched the titular leader of their party side with Dems, right in front of them. They watched their carefully laid plans — using Harvey funding as leverage to push through a long-term debt ceiling extension — blow up in their faces.
With LBJ-like closeness, Senate Democratic Leader Chuck Schumer makes an emphatic point to President Trump as Marc Short, Trump's director of legislative affairs, listens.
The conversation ... E.J. Dionne column in WashPost, "A president who believes nothing": "The improvised character of the Trump presidency owes to his inclination to see politics as entirely about public performance. He cares above all about the reactions he arouses day to day and even hour to hour."
Irma's U.S. threat grows, per Weather Channel: "Irma is increasingly likely to target parts of the Florida peninsula as a dangerous hurricane this weekend."
Most Florida flood zone property not insured, per AP: "In just five years, the state's total number of federal flood insurance policies has fallen by 15 percent."
N.Y. Times Quote of the Day ... José Pérez, director of emergency management on the Puerto Rican island of Culebra, who took shelter with 65 others in a high school as Hurricane Irma passed nearby: "I was 13 and I obviously remember Hurricane Hugo, but this is something incomparable. This is something terrible, an experience out of this world."
Possible nominees to top Fed posts, per the Wall Street Journal, "include former governors Lawrence Lindsey and Kevin Warsh, former BB&T Bank chief executive John Allison, and Stanford University economist John Taylor."
Be smart: Since Cohn criticized Trump in a Financial Times article, White House insiders have been telling us the favorite for Fed chair is Kevin Warsh, an economic official in the George W. Bush White House, and member of the Fed board from 2006 until 2011.
Worthy of your time ... Greg Ip column in Wall Street Journal, "Comfortably numb ... Why the U.S. Economy Shrugs Off Politics": "Federal default or nuclear war fall in the category of unprecedented and unthinkable. Faced with such risks, the usual reaction is to assume they won't happen. Yet that assumption becomes a risk in itself: It alleviates the pressure to prepare for either and multiplies the damage if they do occur."
FORTUNE unveils its third-annual "Change the World" list of "companies that have made an important social or environmental impact through their profit-making strategy and operations.
Steve Bannon gave what an associate called "an epic, biggest, baddest defense" of President Trump in yesterday's "60 Minutes" interview with Charlie Rose. which ran several hours.
Both the N.Y. Times and WashPost have front-page stories about Facebook telling congressional investigators that it sold $100,000 in ads during the 2016 campaign to what the Post calls "a Russian 'troll farm' with a history of pushing pro-Kremlin propaganda":
Our thought bubble, from Axios media trends reporter Sara Fischer: This is a very small amount of ad spend, and that amount likely had very little affect on actually swaying the election or opinions.
"Trump gets millions from golfers who get access," per USA Today cover story:
A live webcast today will celebrate the transmission of the first electronic TV signal on Sept. 7, 1927, and the man behind it, Philo T. Farnsworth, per AP: