President Trump on Tuesday pledged the government would continue its guarantees for mortgage giants Fannie Mae and Freddie Mac, even as it moves toward possibly giving up control of the companies.
Why it matters: Trump's promise may soothe long-standing nerves about what might happen to mortgage rates in a world where Fannie and Freddie no longer had government backstops.
Senate Minority Leader Chuck Schumer (D-N.Y.) will spend the week away from D.C. campaigning against the GOP's "big, beautiful bill."
Why it matters: Schumer is placing pressure on fractures that are already present among Senate Republicans, most prominently proposed cuts to programs like Medicaid and SNAP.
Senate Republicans are seizing on President Trump's growing frustration with Russian President Vladimir Putin to argue the time to impose fresh sanctions on Russia is now.
Why it matters: Trump's tone on Putin has shifted in recent days, calling the Russian president "crazy" and warning he is "playing with fire" in Ukraine while Trump heads off "really bad things."
President Trump will issue pardons for reality television stars Todd and Julie Chrisley, the White House announced on Tuesday.
The big picture: The Chrisleys, who starred on "Chrisley Knows Best" documenting their lavish lifestyle, were convicted of tax evasion and bank fraud in 2022.
The Trump administration asked the Supreme Court Tuesday to overturn a federal judge's order that blocks the government from sending undocumented immigrants to countries they're not citizens of.
The big picture: The move comes after U.S. District Judge Brian Murphy determined last week that the administration "unquestionably" violated his ruling by swiftly deporting a group of immigrants to South Sudan.
Up-and-coming artist Shaboozey sparked a viral moment at the American Music Awards this week when he appeared with fellow upstart Megan Moroney.
Driving the news: During the presentation for favorite country duo or group, while Moroney was reading from the teleprompter, she said the Carter Family "basically invented country music." The Carters are known as "the first family of country music" and participated in the iconic Bristol Sessions.
Shaboozey flashed a skeptical expression, paused briefly and chuckled before continuing with the script. Watch the clip.
California's governing body for high school sports will invite additional cisgender students to participate in state track and field championships following backlash to a transgender athlete beating them.
The big picture: President Trump on Tuesday took aim at the Golden State over the matter, threatening to cut federal funding to California if it continues to allow transgender athletes to compete in women's sports.
Executives at major media outlets are reportedly instructing their newsrooms to temper their coverage of President Trump and his administration amid growing fears of political retribution.
Why it matters: President Trump may not have the political power to pass laws that hurt the press, but his threats of regulatory scrutiny and private lawsuits have proven just as damaging in silencing his critics.
Trump Media & Technology Group, the publicly traded parent company of President Trump's social media platform, said Tuesday it is raising $2.5 billion to buy bitcoin.
Why it matters: It's the latest of several crypto strategies by businesses linked to President Trump — moves that have drawn congressional criticism and slowed progress on digital-asset legislation.
NPR with several of its local affiliates on Tuesday said it sued the Trump administration, challenging President Trump's executive order seeking to cease all federal funding to NPR and PBS.
Why it matters: Republicans have recently been targeting the portion of NPR's and PBS's funding that is Congressionally-appropriated.
The Trump administration will eliminate the remaining $100 million in federal contracts with Harvard University, according to a notification letter obtained by Axios.
Why it matters: Trump has singled out Harvard as part of a pressure campaign to exert control over campus policies and curriculum at elite universities.
Why it matters: Charles' visit comes as American-Canadian relations have splintered because of Trump's repeated annexation threats and tariff policies.
King Charles III delivered several subtle jabs to the United States and the Trump administration during his speech to Canada's Parliament on Tuesday, saying a "confident Canada" can "give themselves far more than any foreign power can ever take away."
The U.S. Steel saga is entering its ludicrous era, more than 17 months after the Pittsburgh-based company agreed to be acquired by Japan's Nippon Steel for around $15 billion.
Why it matters: None of this is working the way it's supposed to, and the chaos has opened the door for potential impropriety.
Why it matters: The data shows how closely consumers tie their economic confidence to Trump's trade war, with concerns about personal finances, inflation and employment prospects receding when tariff tensions appear to be cooling.
The Energy Department's order to keep a Michigan coal plant running this summer is short in duration but could signal bigger battles to come.
State of play: Secretary Chris Wright on Friday demanded that Midwest grid operators and utility Consumers Energy keep the J.H. Campbell plant online until at least Aug. 21.
President Trump's team has launched an early and aggressive behind-the-scenes effort to maintain the GOP's tenuous grip on the House in 2026 — and avoid his third impeachment.
Why it matters: Trump allies believe — with good reason — that a Democrat-controlled House would launch investigations of the president and move to impeach him. That's exactly what happened after Democrats seized the chamber during Trump's first term.
Officials in North Korea detained four officials over the failed launch of a new warship last week in the northeastern port city of Chongjin, per state media.
The big picture: The incident last Thursday that analysts said left the 5,000-ton destroyer badly damaged drew a rare public rebuke from North Korean leader Kim Jong-un, who described the mishap as a "criminal act."
The FBI is stepping up efforts to investigate two high-profile cases that occurred during the Biden era, Bureau deputy director Dan Bongino announced on Sunday.
The big picture: The cases concern the 2023 discovery of cocaine at the White House and a 2022 leaked draft on the Supreme Court's landmark Dobbs ruling ahead of its overturning of Roe v. Wade abortion protections, per Bongino's post to X.
President Trump said Sunday he's considering stripping Harvard University of $3 billion in federal funding and redistributing it to trade schools.
The big picture: The latest threat against the Ivy League institution comes days after a federal judge temporarily blocked the Trump administration's efforts to ban foreign students from attending Harvard as part of a wider crackdown on colleges it considers to have liberal biases.
President Trump said he'll issue a "FULL and Unconditional Pardon" to a former Virginia sheriff whom a jury convicted of federal fraud and bribery charges.
The big picture: Scott Howard Jenkins, of Culpeper, Virginia, was due to report to jail on Tuesday, but Trump said on Truth Social he "will NOT be going to jail tomorrow" and said the former Culpeper County sheriff was "a victim of an overzealous Biden Department of Justice."
