Good Wednesday evening. In this edition: Trump dismisses inflation worries, vows further strikes on Iran.
Plus, FISA, Gates, ActBlue, new member and primaries.
Iran War & Inflation
President Trump dismissed concerns about the latest inflation report, which showed prices rising at their fastest rate in more than three years, as he vowed further retaliatory attacks on Iran.
"You know why? Because as soon as this war is over. You know, I can say it now, something you didn't know. Did you know we've been taking out millions of barrels of oil? Nobody knows it. You know who doesn't know about it? Iran, until right now."
The president followed up on social media, saying he had ordered a secret military operation to support oil tankers and commercial ships through the Strait of Hormuz.
"Today, I am pleased to announce that this effort has resulted in more than 100 MILLION Barrels of Oil making its way through the Straight [sic], and into the Open Market," he wrote.
"More than 200 Commercial Ships have safely traveled through the Strait. This wildly successful effort is because the UNITED STATES of AMERICA CONTROLS the Strait of Hormuz — NOT Iran. Their military is defeated, and their economy is lost. It's over for Iran!"
The consumer price index (CPI), a broad gauge of the price of goods and services, rose 0.5% in May, putting annual inflation at 4.2%, its highest level since April 2023.
"Core" inflation, which strips out the more volatile food and energy sectors, rose 0.2% for the month and was up 2.9% from a year ago.
The closure of the Strait of Hormuz — through which about a fifth of the world's oil usually transits — has caused energy prices to skyrocket, putting upward pressure on prices across the economy.
Brent crude, the international oil benchmark, is trading at about $93 per barrel, lower than recent highs but considerably higher than before the war began in late February, when prices were about $72 per barrel.
Meanwhile, the national average price of gasoline is about $4.15 per gallon, roughly 35 cents lower than a month ago but more than $1 higher than before the war began, according to AAA.
President Trump said he expected energy costs to be even higher than they are today when he started the war and predicted that prices would plummet once a deal is reached with Iran.
"When the war is over? It's coming down. It's going to come down like a rock," he said. "And again, we're taking out millions, which, I'm just announcing today for the first time, but we've been taking out millions of barrels of oil. Millions of barrels. Every night."
The president also said the U.S. would resume attacks on Iran later in the day after Tehran shot down an American Apache helicopter on Monday, prompting a series of retaliatory strikes.
"We're going to be attacking them, attacking them very hard," he told reporters. "We hit them hard yesterday, and we're going to hit them again hard today."
The president has repeatedly insisted that the two sides are close to reaching a deal, but nothing has yet materialized.
"We were really close to a deal, but they keep tapping us along. They keep playing us for suckers," he said.
Earlier in the day, the president wrote on social media that Iran had taken too long to agree to a deal and would now "pay the price."
"Iran is all talk and no action," he wrote on Truth Social. "They've taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!!"
The U.S. and Iran reached a ceasefire in April, but it has been continuously strained by tit-for-tat strikes from both sides.
Israel's ongoing military campaign against Hezbollah targets in Lebanon is also complicating the situation, as Tehran sees the two fronts as interconnected.
President Trumpcalled on Congress to approve a three-week extension of a key surveillance authority set to expire Friday, as Democrats continue to oppose a reauthorization with Bill Pulte poised to become acting director of national intelligence. The president has repeatedly said that Mr. Pulte, a loyalist with no experience in national security or intelligence matters, would serve only temporarily. However, he has yet to name a permanent nominee, a move that could help ease Democrats' concerns. Democratic votes will be needed in both chambers to reauthorize Section 702 of the Foreign Intelligence Surveillance Act (FISA), which allows the government to monitor the communications of foreigners abroad without a warrant. Republican leaders are floating a three-week extension.
Bill Gates, the billionaire co-founder of Microsoft, told lawmakers he had no knowledge of Jeffrey Epstein's crimes despite their yearslong relationship. "I never witnessed nor had any indication that Epstein was engaged in ongoing criminal conduct," he told the House Oversight Committee, according to his prepared remarks. "I never went to his island, his ranch, or his Florida home. I have never victimized anyone." Mr. Gates said he was introduced to Mr. Epstein in 2011 for the purpose of fundraising for his philanthropy. "I should never have met with Epstein in the first place," he said. "Based on what I know now, I understand that even if he had delivered the new donors he promised, it would not have justified associating with him."
Regina Wallace-Jones, the CEO of ActBlue, the largest Democratic fundraising platform, repeatedly invoked her Fifth Amendment rights and declined to answer questions about whether she misled Congress about how the organization vets foreign donations. ActBlue is a political action committee and fundraising platform that raises small-dollar donations for the Democratic Party and its candidates. The House Administration Committee opened an investigation into the organization in April after reports that ActBlue's lawyers had warned Ms. Wallace-Jones that she might have misled Congress about how the organization vetted foreign donations. Federal election law prohibits foreign citizens and people who are not permanent residents from donating directly to federal candidates or political action committees.
James Gallagher, a Republican from California, was sworn into the House, giving Republicans a slightly larger cushion in the closely divided chamber. Rep. Gallagher, a former member of the California State Assembly, won a special election last week in the state's 1st District to replace former Rep. Doug LaMalfa (R-CA), who died in January. The House now has 431 voting members: 218 Republicans, 212 Democrats, one independent and four vacancies. Speaker Mike Johnson (R-LA), who administered the oath of office, can now afford to lose three Republicans on any vote, assuming full attendance.
Graham Platnerovercame a series of personal controversies to easily win the Democratic nomination in Maine's U.S. Senate race and will face Sen. Susan Collins (R-ME) in November. In South Carolina, Lt. Gov. Pamela Evette, backed by President Trump, and Alan Wilson advanced to a runoff in the GOP gubernatorial primary. Reps. Ralph Norman (R-SC) and Nancy Mace (R-SC) were eliminated after finishing third and fifth, respectively. Sen. Lindsey Graham (R-SC) also won his Republican primary as he looks to secure a fifth term in the fall.
For your radar…
Democrats and Republicans square off Wednesday night in the annual Congressional Baseball Game, a tradition dating back to 1909. Watch LIVE on C-SPAN at 7pm ET. For a preview of the game, check out C-SPAN's interview with Fox News's Chad Pergram, who will be in the broadcast booth.
Acting Attorney General Todd Blanche and Homeland Security Secretary Markwayne Mullin hold a press conference Thursday on efforts to protect unaccompanied migrant children. Watch LIVE on C-SPAN3 at 9:30am ET.
Secretary of State Marco Rubio and Ultimate Fighting Championship CEO Dana White on Thursday sign a memorandum of understanding at the State Department on sports diplomacy and expanding mixed martial arts globally. Watch LIVE on C-SPAN3 at 2pm ET.
