Axios

X-Bow Systems developed and recently flight-tested an interceptor it's pricing below $100,000, a fraction of what some other well-known air defenses cost, executives told Axios.

Why it matters: Drone-and-missile barrages are chewing through countermeasures worldwide, and reliance on multimillion-dollar munitions has come under great scrutiny.

Just when Republicans thought they'd caught a break on gas prices, the collapse of President Trump's Iran deal is derailing their best chance to change the inflation story before the midterms.

Why it matters: Falling gas prices are one of the most tangible ways to ease voter anger over inflation. Renewed combat — and the threat of escalation — has prices shooting back up.

The latest NATO summit, held in Turkey this month, may be most remembered not for politicking and posturing, but for sideline dealmaking.

The big picture: The Ankara get-together concluded with more than $50 billion in new procurements on the books, according to the alliance's readout, as well as a handful of agreements to expand weapons production across borders.

• "One thing is clear: The money is there, and much more is coming. But this cash must be put to work," NATO boss Mark Rutte said at a defense-industrial-base forum that coincided with the summit.

Judges are becoming AI firewalls, setting guidelines for lawyers and litigants entering their courtrooms and reprimanding those who fail to vet their research or cite fake AI-generated cases.

• But judges are also navigating how to use the tech themselves.

Why it matters: As attorney sanctions mount for irresponsible AI use, judges' chambers are at the center of the push and pull between innovation and caution. Some early adopters see AI use as a catalyst for justice — while other jurists remain staunchly skeptical.

Trump Accounts for children went live July 4, and the government's one-time $1,000 contributions are now landing in accounts for eligible kids.

The big picture: Families are latching onto the new IRA-style accounts for kids, with 6.5 million signups so far, per the U.S. Treasury Department. Here are answers to parents' common questions.

Reps. Nancy Mace (R-S.C.) and Ralph Norman (R-S.C.) are both still considering bids for the U.S. Senate despite President Trump endorsing Darline Graham Nordone for a full six-year term.

Why it matters: A run by either could mean a messy Aug. 11 special primary to replace the late Sen. Lindsey Graham (R-S.C.) on the general election ballot.

President Trump has endorsed Darline Graham Nordone, the sister of late Sen. Lindsey Graham (R-S.C.), in next month's special election to replace Graham as the GOP candidate on the November ballot.

Why it matters: Nordone has not publicly confirmed plans to run, but Trump's endorsement will vault her ahead of other GOP candidates vying to replace her late brother.

President Trump is threatening to raise tariffs on Canada over wildfire smoke that drifted from the country into the U.S., triggering health warnings and disrupting outdoor activities.

Why it matters: Dealing with Canadian wildfire smoke is becoming a semi-regular occurrence in the Midwest and Northeast.

The Senate is set for another big House infusion next year.

Why it matters: The two chambers often clash over differing cultures and procedures. An influx of senators used to the faster, more confrontational politics of the House could create new headaches for Senate leaders.

WASHINGTON — The passage of landmark federal housing legislation is encouraging optimism for more collaborative reform, lawmakers and advocates said at an Axios Live event.

Why it matters: Homeownership costs are nearing historic levels, and addressing the national housing shortage is a rare bipartisan priority.

Axios' Courtenay Brown and Mimi Montgomery moderated conversations with Rep. Darin LaHood (R-Ill.), Rep. Brittany Pettersen (D-Colo.) and National Multifamily Housing Council president Sharon Wilson Géno. The July 16 event was sponsored by Citi.

Stunning stat: Americans hoping to afford payments on a median-priced home need over 75% more income than they did in 2020, according to Harvard University's Joint Center for Housing Studies.

Driving the news: The 21st Century ROAD to Housing Act automatically became law last week despite President Trump's refusal to sign it.

What they're saying: The bipartisan work to pass the legislation is a "beacon of hope," Pettersen said.

• "We'll know if it's working when people start to feel like [housing] is within reach again — that they're not spending 50% of their paycheck to put a roof over their head," she added.
• The bill's elimination of a 1974 requirement of a permanent steel chassis for manufactured homes could be "the biggest change," Wilson Géno said.
• One of the most important things the bill accomplishes is the "reduction of the regulatory barriers that go into construction," LaHood said, and the creative financing solutions that free up capital and investment funding.

Yes, but: "There are many pieces that are lacking ... especially that federal investment that we need to help increase the housing supply," Pettersen said.

The bottom line: Housing "affects every congressional district, every state," LaHood said. "No one is immune from it."

Content from the sponsor's segment:

In a View From the Top conversation, Citi head of enterprise services and public affairs Edward Skyler said difficult choices will need to be made for the greater good.

• "If we want to make some progress here, different jurisdictions are going to have to do things as far as expediting permitting, making sure the zoning makes sense and also making some of the hard decisions."