Washington, DC

1. Olympics cash crunch
2. House cuts early
3. USMCA punt
4. Iran talks progress
5. US-Machado drama
6. Colorado shifts left
7. New student loan rules
8. Trump-Xi mindmeld

PDB: Trump made $1.4B from crypto in 2025

Trump heads to North Dakota on new Air Force One … Private sector jobs data released … Anthropic’s Fable and Mythos models OK’d for export

LA $1.7B short for ‘car-free’ Olympics

Los Angeles is coming up short $1.7 billion to deliver a “car-free” Olympic Games in 2028, and California lawmakers fear Washington isn’t going to pony up the money in time, Semafor’s Lauren Morganbesser reports. The city sought $2 billion in federal money to fulfill its 2017 bid pledge to rely on public transit and dedicated transportation networks to move athletes, officials, and spectators. But so far Congress has approved more modest sums — $94.3 million in February 2026 and $139 million in March 2024. Other transportation and infrastructure funds, which Congress passed under President Joe Biden, have evaporated in President Donald Trump’s second term. “The federal government has provided far less than they had at this point in the games preparation timing window in past US-hosted games,” said Rep. Pete Aguilar, D-Calif.

House’s unfinished items pile up

The House of Representatives left a laundry list of unfinished legislative items by cutting its week short. Among them: an annual defense policy bill, appropriations funding for the State Department, and even a bill commemorating the one-year anniversary of the GOP-passed tax and domestic policy megabill. A group of conservative hardliners prevented the GOP majority from advancing legislation in protest of a lack of progress on passing the Trump-backed SAVE Act voter ID bill, border legislation, and other priorities. “What they did was they impeded and stopped the progress of the week. It’s not helpful,” House Speaker Mike Johnson told reporters. Democrats reveled in the opposing party’s dysfunction. “Mike Johnson and Steve Scalise have totally lost control of the House floor and are in the midst of a Republican civil war,” said House Minority Leader Hakeem Jeffries.

— Nicholas Wu

GOP backs Trump’s USMCA punt

Key congressional Republicans are on board should the Trump administration decide today to let its trade deal with Canada and Mexico lapse while talks continue. Trump has been vocally critical of the agreement he struck in his first term, which is due for an extension today. Trade representatives, slated to huddle virtually, are expected to announce that they will keep negotiating changes rather than reup the agreement as-is for another 16 years. “These discussions are warranted, and the goal needs to be a stronger USMCA; I think there’s considerable support for that as well,” Rep. Adrian Smith, the Nebraska Republican who chairs the House Ways and Means Committee’s trade panel, told Semafor yesterday. “I want to keep an open mind in terms of what all can be achieved.” Smith added that “there’s a path” where Congress “wouldn’t even have to vote on it.”

— Eleanor Mueller

US positive on indirect Iran talks

The US said indirect negotiations with Iran toward a longer-term peace deal have been positive — even as the White House reportedly considered a return to war. Envoys from Washington and Tehran are in Qatar for talks with mediators, but will not meet with each other. Sticking points include Israel’s refusal to withdraw troops from southern Lebanon, where they are fighting Iran-backed Hezbollah, and Iran’s insistence on fees to navigate the Strait of Hormuz, a proposal apparently backed by Oman. Ships are traversing the waterway, but concern about the ceasefire’s durability pushed oil prices up slightly. Trump was briefed on the possibility of resuming full-scale attacks, The Wall Street Journal reported, but “decided to stick with diplomatic talks.”

US urges patience as Machado eyes return

US officials are urging Venezuelan opposition leader María Corina Machado to be patient as she looks to go to Venezuela after devastating earthquakes. Machado’s efforts to return have prompted angst within the Trump administration in recent days; one person familiar with the situation said Trump “isn’t against her returning,” but “just doesn’t want to blow up the whole thing overnight.” Last week, US officials asked Machado to turn around as she headed to Venezuela on a trip that was initially approved by US authorities, The Wall Street Journal reported. She tried again days later and was reportedly rebuffed by an airline concerned about facing repercussions from the Venezuelan government should it help her return. Machado’s presence could have thrown a wrench in the Trump administration’s still new arrangement with the Venezuelan government.

— Shelby Talcott

Colorado’s Dem primary voters shift left

Colorado Democrats rejected Sen. Michael Bennet’s bid for governor, nominating Attorney General Phil Weiser in the latest sign of voters’ frustration with their party in DC. There were few ideological differences between the candidates, but Weiser’s record of suing the Trump administration helped him beat the senator, whom he attacked for supporting some Trump cabinet nominees. Progressive Rep. Diana DeGette, D-Colo., was beaten by attorney Melat Kiros in her Denver district, becoming the third incumbent to lose this year to a challenger to her left; Kiros, who was fired from her firm over defending Gaza protesters, was backed by Democratic Socialists of America. In the competitive 8th District, state Rep. Manny Rutinel won the party’s nomination over Shannon Bird, who was backed by moderate Blue Dog Democrats.

— David Weigel

Students face new loan rules

An overhaul of federal student loan rules takes effect today, affecting millions of borrowers. The new changes, which originated from Republicans’ tax law, scale back repayment options; cap borrowing amounts for graduate and professional students at $100,000 and $200,000, respectively; and require schools to show their graduates make more than certain earnings thresholds in order to preserve their access to the federal loan program. The rules face legal challenges: A federal judge last week temporarily blocked part of a Trump administration plan that would have subjected nurse practitioners, physician assistants, and those in other similar fields to the lower loan cap. The rule as written “would have a big impact on healthcare workforce” because the lower cap would deter people from going into these fields, said Chantell Taylor of the American Academy of Physician Associates, which is among the organizations suing.

— Morgan Chalfant

View: Trump, Xi’s troubled urban dreams

Both Trump and Chinese leader Xi Jinping have grand urban visions, a penchant for iconic projects, and particular tastes in architecture. And both are attempting historic makeovers of their capitals, with an eye to their own legacies. It’s not going well for either of them. Of course, the construction stakes are orders of magnitude different: Trump is expected to spend just over $1 billion on 18 engineering projects in Washington, DC, according to a New York Times analysis; Xi has already put more than $100 billion into building a supercity from scratch to relieve pressure on traffic-clogged Beijing. But both face mounting challenges — environmental obstacles, political pushback, and widespread skepticism toward ego-driven public works programs. Neither Americans nor Chinese, it turns out, are easily sold on urban dreams.

Blindspot: Donations and contracts

Stories that are being largely ignored by either left-leaning or right-leaning outlets, curated with help from our partners at Ground News.

What the Left isn’t reading: Warren Buffett skipped his usual mid-year donation to the Gates Foundation pending a review of the group’s ties to Jeffrey Epstein, The Wall Street Journal reported.

What the Right isn’t reading: President Trump awarded a no-bid contract worth up to $500 million for construction of his White House ballroom, The Washington Post reported.

On Wednesday, July 22, Sen. Roger Marshall, R-Kan., Senate Committee on Health, Education, Labor, and Pensions (HELP), will join Semafor’s The World of Work in Washington, DC to unpack how institutions are adapting and thriving in an increasingly fragmented economy.

As companies face rapid technological change, economic uncertainty, and shifting workforce expectations, leaders are rethinking performance, trust, and long-term success. To explore how AI adoption, workforce transformation, and evolving leadership demands are reshaping the future of work, Semafor editors will sit down with business executives and workplace innovators including Katy George, Corporate Vice President, Workforce Transformation, Microsoft; Claire MacIntyre, Chief People Officer, Sam’s Club; Mary Moreland, Executive Vice President, Human Resources, Abbott; Allison Peek Bebo, Chief Human Resources Officer, Pearson; and more.

July 22 | Washington, DC | Request Invite