Tuesday, July 21, 2026

HEGSETH TAKES THE HOT SEAT TODAY

WASHINGTON — U.S. Defense Secretary Pete Hegseth, Chairman of the Joint Chiefs of Staff General Dan Caine, and Agriculture Secretary Brooke Rollins are testifying today before the Senate Appropriations Committee to defend the Trump administration’s urgent $87.6 billion supplemental funding request submitted on June 24, 2026.
  • The high-stakes hearing comes amid a sharp escalation in the U.S.-Iran conflict that recently claimed the lives of three American service members, fueling intense bipartisan scrutiny over the war's duration, objectives, and overall military strategy.
  • The supplemental package includes a massive $67.1 billion for defense-related expenditures to replenish depleted munitions stockpiles and cover active operational costs under Operation Enduring Freedom (OEF) in the Middle East.
  • Additionally, the White House is seeking $11.1 billion in temporary economic relief for American farmers affected by crop losses and recent winter storms, alongside $1.4 billion to contain a deadly Ebola virus outbreak in Central Africa.

Senators, led by Vice Chair Patty Murray, are questioning the administration’s lack of formal congressional authorization for the conflict and demanding transparency on billions in requested Pentagon spending, setting up a fierce congressional battle over national security priorities and fiscal accountability.



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A timely reminder of the extent to which UK government bond yields have diverged from Germany | Mohamed A. El-Erian @elerianm

Furthermore, it's not only Germany; these yields are now the highest in the G7 _____