The U.S. national debt this week topped $40 trillion, raising fresh concerns about how rising federal borrowing could affect Americans' finances.
Why it matters: Americans don't personally owe the national debt, but rising debt could pressure lawmakers to raise taxes, cut spending or change federal benefits.
Two key Senate races in typically Republican states, Texas and Iowa, are a toss-up heading into the midterms, according to the latest projections from Cook Political Report.
Why it matters: The fight for control of the U.S. Senate is extremely tight, and Democrats need to flip at least four seats to become the majority. Doing that will require wins in states that aren't typical battlegrounds.
Sen. Bernie Sanders endorsed Florida Democratic Senate nominee Angie Nixon on Thursday, two days after she stunned the party establishment by defeating heavily funded favorite Alex Vindman.
Why it matters: Sanders gives Nixon a prominent national progressive ally as she pivots to a difficult general-election race against Republican Sen. Ashley Moody.
Sanders also cast Nixon as a model for the Democratic Party's future.
Castelion, a Torrance, Calif.-based developer of hypersonic missiles, raised $800 million in Series C equity funding at a $13 billion post-money valuation.
Why it matters: Startups are racing to help fill stockpiles depleted by the wars in Iran and Ukraine.
Two senators are demanding TikTok explain an "experiment" that withheld safety measures for millions of users.
The big picture: The demand comes as a cascade of lawsuits over social media's allegedly harmful and addictive designs are playing out in courts across the U.S., including Meta and YouTube's landmark trial earlier this year.
Big recent moves in U.S. government bond yields reflect in part a new financial reality: Foreign governments are far less willing to finance American budget deficits than they used to be.
Why it matters: The U.S. Treasury market's role as the place where foreign governments socked their cash for safekeeping conferred huge advantages on the U.S. government and economy and kept borrowing costs lower than they would otherwise be.
Vice President Vance hosted a Wednesday evening fundraiser in Southampton, N.Y., for young Republican donors that raised more than $5 million, Axios has learned.
Why it matters: The event drew several up-and-coming donors in their 20s and 30s — providing a glimpse into the finance network Vance is assembling ahead of a possible run for president in 2028.
Homeland Security Secretary Markwayne Mullinis building a reputation as a Cabinet official willing to do favors for his former colleagues in Congress — even at the risk of drawing a backlash from the White House and MAGA.
Why it matters: Some of Mullin's most high-profile moves — such as pausing ICE agents' traffic stops and delaying border security construction along the Texas border — have come after personal appeals from friends on Capitol Hill.
Democrats who ooze anti-Trump resistance credibility — even central figures in past Trump impeachments — are struggling to withstand the rise of the Democratic Socialists of America and their allies in party primaries.
Why it matters: In the first Trump administration, involvement in impeachment was a fast-track ticket to Democratic stardom. Now it's seen as little more than set-dressing for an unpopular party establishment.
