It's been a busy week, let's review.

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Snap grows up: Snap shares opened trading Thursday on the New York Stock Exchange at $24 per share, which is a 41% premium to the $17 per share IPO price. In early trading the stock is climbing even higher. So far, so good. The LA-based "camera company" raised $3.4 billion at around a $24 billion valuation. Now, they just have to keep an eye on their growing competitor, Snow.


Obamacare drama: Some conservative Republicans — like Rand Paul, Ted Cruz and co. — aren't happy with the Obamacare replacement plan so far. They worry it will end up a mere "Obamacare lite." Thursday, Paul led a hunt for the "secret repeal bill," which was being stored somewhere in the Capitol. Friday, the new draft leaked, but there were very few changes from the first draft. Conservatives aren't likely to be satisfied with this version either.


The good: Trump gave his address to Congress Tuesday night, and although some argue he's graded on a curve, he crushed it. We saw a different Trump. He stuck to his teleprompter, honored the Navy Seal who lost his life in Yemen, addressed racial hatred and left out a lot of his usual fear tactics.

The bad: But the good doesn't last in politics, and two days after Trump's speech, there was more Russia drama. Come to find out via intelligence info left behind by Obama's administration, Attorney General Jeff Sessions had met with the Russian Ambassador twice last year. The problem is, he swore he hadn't spoken with the Russians during the campaign at his confirmation hearings. Sessions recused himself from the Russia investigation, but some Dems don't think that's good enough — they want him to resign.

Go deeper

The national security risks hiding in Trump's debts

Illustration: Aïda Amer/Axios

The blockbuster New York Times report on President Trump’s taxes reveals that the president is $421 million in debt, with more than $300 million coming due during Trump’s potential second term — and the identities of the president’s creditors remain unknown.

Why it matters: If some, or all, of this debt is held by foreign actors, it raises serious national security implications.

15 mins ago - World

House report: U.S. intelligence agencies have failed to adapt to China threat

Xi Jinping and other Chinese politicians and delegates listen to the national anthem duirng the closing of the 19th Communist Party Congress in 2017. Photo: Lintao Zhang/Getty Images

The House Intelligence Committee on Wednesday released a report finding that the U.S. intelligence community has failed to adapt to the growing threat from China, arguing that it will struggle to compete on the global stage for decades to come if it does not implement major changes.

The big picture: The 200-page report, based on thousands of analytic assessments and hundreds of hours of interviews with intelligence officers, determined that the intelligence community's focus on counterterrorism after 9/11 allowed China "to transform itself into a nation potentially capable of supplanting the United States as the leading power in the world."

Updated 18 mins ago - Politics & Policy

Tim Scott says Trump "misspoke" when he told Proud Boys to "stand by"

Photo: Bonnie Cash/Pool/AFP via Getty Images

Sen. Tim Scott (R-S.C.) told reporters on Wednesday that he believes President Trump "misspoke" when he told the far-right "Proud Boys" group to "stand back and stand by" in response to a question about condemning white supremacy at the first presidential debate.

Catch up quick: Moderator Chris Wallace asked Trump on Tuesday, "Are you willing, tonight, to condemn white supremacists and militia groups and to say that they need to stand down?" Trump asked who specifically he should condemn, and then responded, "Proud Boys, stand back and stand by. But I'll tell you what, somebody's got to do something about antifa and the left."