This week we read the federal budget the way it’s meant to be read: as a moral document. What it shows is individuals paying more, corporations getting refunds, classrooms getting gutted, and the pentagon getting fed, all while the deficit stays exactly where it always was. The “fiscally responsible” costume is just that. Then we looked at the strategic petroleum reserve, which is sitting at 1983 levels after nearly 100 million barrels drawn down since the Iran war began—and with China about to reenter the market and the strait still choked off, the traders who’ve been keeping oil prices contained are running out of room.

Chapters

Intro: 00:00:38

Quick Takes: 00:01:25

Max Notes: 00:05:57

Killer Left Take of the Week: 00:18:04

Chart of the Week: 00:19:28

Headlines: 00:21:35

Outro: 00:22:36

Resources

ABC News: Senator Lindsey Graham’s sister will complete the remainder of his term

Fox News: Trump REVEALS what Lindsey Graham told him before his death

CNBC: Elon Musk and Sam Altman spar on X after Apple files OpenAI lawsuit

The New York Times: How Marco Rubio Is Running Venezuela From Afar

PBS News: Who is Darline Graham Nordone, the late Sen. Lindsey Graham’s sister?

Peter G. Peterson Foundation: Chart Pack: Defense Spending

CNN: Iran war heats up while US weapon stocks remain depleted, risking military’s ability to fight future wars

Dropsite News: Inside Israel’s Plan to Ethnically Cleanse Palestine’s Jordan Valley

eia: Weekly U.S. Ending Stocks of Crude Oil in SPR

Reuters: Crude stocks in US strategic reserve fall 3 million barrels to lowest level since 1983

In These Times: AI’s Rise is Being Fueled by the Sprawling U.S. Military State

Jacobin: Everybody Should Welcome Nationalizing AI

Truthout: McConnell’s Been on Sick Leave for a Month. US Workers Aren’t Guaranteed a Day.

UNFTR Resources

Video: On The Record 7-14-26 (U.S. Financials in Free Fall | Graham, McConnell, and the Strait of Hormuz.)

Essay: Trump’s Big Beautiful Bullshit Budget.

Video: These ‘New Democrats’ Are Literally Aligned with Trump’s Plan

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