Washington, DC

1. Senate skips town
2. GOP probes Argentina aid
3. Trump meets Zelenskyy
4. Bolton indicted
5. ‘No Kings’ protests
6. Biden envoy lauds Gaza deal

PDB: Top admiral steps down as tensions rise with Caracas

Trump to Palm Beach after Zelenskyy meet … WSJ: Venezuela mobilizes troops … S&P futures ⬇️ 1%

‘Asinine’ shutdown set to go 20 days

Don’t go into the Capitol today looking for progress on the shutdown: No one will be there. The Senate is gone until Monday now after fruitless votes all week, and even sunny optimists are struggling to see the bright side after Democrats blocked a defense spending bill. “This is asinine. The very people who say the administration has too much power continue to give it to them,” Sen. Katie Britt, R-Ala., told Semafor’s Burgess Everett after Thursday’s failed vote. “I am over this childish behavior.” Republicans are hoping Democrats are more willing to deal after the “No Kings” rallies this weekend — but Democrats don’t know what Republicans are talking about. “Does that make any sense? No. I mean, these guys are coming up with excuses for everything,” said Sen. Ruben Gallego, D-Ariz. Monday will be Day 20 of the shutdown.

Republicans probe $20B for Argentina

Republican senators are joining Democrats in scrutinizing the Trump administration’s plans to stand up a $20 billion “private-sector solution” to Argentina’s debt crisis while the US swaps out $20 billion of its currency, Semafor’s Eleanor Mueller reports. Treasury Secretary Scott Bessent’s counselor, Joe Lavorgna, told the Semafor World Economy Summit Thursday that the now-$40 billion effort is a way for President Donald Trump to help a “very pro-Western, very pro-markets” economy in a “key geopolitical place” over a “short-term hump.” And Semafor’s Liz Hoffman scooped that JPMorgan, Bank of America, Goldman Sachs, and Citigroup are among the institutions in talks to participate. “Are we buying their bonds? Are we loaning the money? If so, what interest rate?” Sen. John Kennedy, R-La., asked. “We could actually make money on a currency swap — but in terms of the investments, I just have to see.”

Trump turns attention to Europe’s war

Trump will meet with Ukrainian President Volodymyr Zelenskyy at the White House today as he hopes to close in on another peace agreement — one that’s so far eluded him. The leaders will discuss Tomahawk missiles, after Trump suggested he’d provide Ukraine with the weapons if Russian President Vladimir Putin doesn’t move to end the war.

Also on the agenda: Trump’s Thursday call with Putin, during which the US and Russia agreed to have high-level advisers meet next week, followed by a Trump-Putin meeting in Budapest at an undecided date. The Trump-Putin summit this summer in Alaska didn’t bring an end to the war, but Trump is still approaching today’s meeting with optimism after brokering a peace deal between Israel and Hamas — although he’s also been inching towards backing harsher punishments for Russia in a deal’s absence.

— Shelby Talcott

DOJ indicts another Trump foe

John Bolton is expected to turn himself in today after he became the third outspoken Trump critic to face federal charges. A grand jury in Maryland returned an 18-count indictment on Thursday alleging that Bolton “abused his position as National Security Advisor by sharing more than a thousand pages” of information, some of it highly classified, about his activities working for Trump during his first term. Bolton is accused of sharing classified information via email with two family members, and his email was also hacked by Iran, the indictment alleges. His indictment follows those of other Trump critics, former FBI director James Comey and New York Attorney Gen. Letitia James in recent weeks. In a statement, Bolton compared Trump’s second term to the rule of Soviet dictator Joseph Stalin and vowed he would “fight to defend my lawful conduct,” while his attorney said the allegations were “resolved years ago.”

‘No Kings’ rallies brace for crackdown

Organizers of this Saturday’s anti-Trump “No Kings” protests are wary of a harsh White House response, after Republicans sowed warnings of left-wing unrest. “I think that stuff is intentionally dangerous,” Indivisible co-founder Ezra Levin, a leader of the protest coalition, told Semafor. “Who knows what these folks on the other side will try to pull?” The first “No Kings” rallies this summer, held in more than 2,000 locations, were overwhelmingly peaceful, though police clashed with protesters who refused to disperse. On Thursday, Texas Gov. Greg Abbott said that he would send National Guard units to a protest in Austin and “any other potential violent demonstrations” or “antifa-linked” rallies. On a Wednesday night call for protesters, organized by the ACLU, noncitizens who wanted to join “No Kings” protests were urged to bring legal documentation and be ready if interrogated.

— David Weigel

Biden envoy praises Trump’s Gaza deal

Trump got an unexpected endorsement for his Gaza deal from Amos Hochstein, a former Biden administration energy diplomat, who said the sitting president deserves “a lot of credit” for brokering the agreement. His only “tinge of disappointment,” he said during Semafor’s World Economy Summit, was that a truce and hostage return didn’t happen earlier, pointing to a January ceasefire that saw Hamas release some Israeli hostages but failed to advance to later stages. That progress “could have continued,” Hochstein said. The deal is still proceeding precariously, with Trump warning Thursday that if Hamas “continues to kill people in Gaza … we will have no choice but to go in and kill them.” He later clarified that it wouldn’t be the US that would intervene. Violence has reportedly erupted between Hamas and rival groups since Israel’s withdrawal from some areas.

Uncommon bonds: Repealing old military authorizations

US presidents in both parties have relied on old authorizations for the use of military force, or AUMFs, to justify new actions. Trump, during his first term, used a 2002 congressional authorization to justify a drone strike against Iranian General Qassem Soleimani in 2020. And former President Barack Obama’s administration cited the same law in its campaign against the Islamic State in 2014. Some US lawmakers have pushed for repealing these authorizations, as Congress looks to wrestle back some authority over war powers and foreign policy. Proponents of repealing the Gulf and Iraq War AUMFs from 1991 and 2002, respectively, may finally have a victory on their hands, after the House and Senate included similar measures to do so in their versions of defense policy legislation, Semafor’s Morgan Chalfant writes.

Chicago is either a war zone quickly spiraling out of control, or a peaceful city under siege by an overreaching federal government. It all depends on who you ask — and which channel you watch. This week, Ben and Max bring on Illinois Gov. JB Pritzker to talk about how he’s fighting a messaging battle against the Trump White House. They also talk about how conservative media is shaping the situation on the ground, what he thinks of California Gov. Gavin Newsom’s trolling approach to Trump, and whether we should bet on the Chicago Bears.

Beltway Newsletters

Punchbowl News: Vulnerable incumbents from both parties posted strong third-quarter fundraising as they look ahead to the 2026 midterms, but Democrats are doing better than Republicans in lining up well-funded challengers.

Playbook: “Most people think I’ve got the sh*ttiest job in America, but I feel like I’ve got the best job in America,” said Ken Martin, chair of the Democratic National Committee.

Axios: The US workforce is set to fall by 6.8 million people by 2028 and by 15.7 million by 2035 because of the Trump administration’s crackdown on immigration, a study found.

WaPo: Ukrainian President Volodymyr Zelenskyy is likely to request the seizure of Russian financial assets to help pay for US military equipment when he meets with President Trump today, Rep. Michael McCaul, R-Texas, said. Ukraine would pay the money back once the war is over.

White House

• President Trump and his family have earned more than $1 billion in pre-tax earnings from crypto projects over the past year. — FT

Congress

• Rep. Ben Cline, R-Va., defended the GOP rescissions package but said the practice of clawbacks “erodes trust” in appropriations talks.
• Senate Majority Leader John Thune said he would “soon” bring a vote on secondary sanctions legislation designed to squeeze Russia by penalizing its trading partners (though he’s made similar indications before).
• Thune signaled the White House could roll back some staff cuts or other measures in exchange for Democrats’ willingness to end the shutdown.

Outside the Beltway

• The Trump administration is moving terrorism-prevention funding from Democrat-controlled states to Republican-led ones. — Reuters

Campaigns

• New York mayoral hopeful Zohran Mamdani “took an aggressive stance” towards his main opponent, Andrew Cuomo, during a Thursday debate.

Polls

• Six in 10 Americans largely blame President Trump and congressional Republicans for the shutdown, while close to an equal share (54%) say the same of congressional Democrats, according to a new AP-NORC poll.
• Only 19% of Americans believe that the Trump administration’s policies have made America healthier, according to an Axios/Ipsos poll.

Business

• The US Chamber of Commerce is suing the Trump administration over its new $100,000 H-1B visa fee. — WSJ

Economy

• Tariff revenue helped bring the deficit down to $1.78 trillion for the 2025 fiscal year.

Education

• Elite universities’ endowments posted strong returns this year, with stock investments driving the gains. — WSJ

Courts

• The Justice Department indicted two people in its first federal terrorism case against alleged antifa agitators.
• A federal appeals court panel blocked the Trump administration from sending National Guard troops anywhere in Illinois, as immigration crackdowns in Chicago continue.

National Security

• The commander in charge of US Southern Command, tasked with overseeing US military operations in South America, stepped down, reportedly after raising concerns about US strikes on Venezuelan boats. — NYT
• US Special Operations helicopters recently conducted training exercises in Caribbean waters less than 90 miles off the coast of Venezuela, and B-52 bombers have been seen in the area. — WaPo

Foreign Policy

• India lightly pushed back on President Trump’s suggestion that Prime Minister Narendra Modi had committed to stop buying Russian oil.
• Peru’s government said it would declare a state of emergency in the capital Lima after mass protests turned deadly.
• China’s third top military official was expelled from the Communist Party as part of a widening anti-corruption drive. — Bloomberg

Health

• The Trump administration will encourage employers to offer fertility benefits (though not require it), and said it will work to reduce the cost of an IVF drug.
• An error-riddled Medicare provider directory could spur confusion for seniors ahead of open enrollment. — WaPo

Semafor DC Team

Edited by Morgan Chalfant, deputy Washington editor

With help from Elana Schor, senior Washington editor

Emily Ford, editor

Graph Massara and Marta Biino, copy editors

Contact our reporters:

Burgess Everett, Eleanor Mueller, Shelby Talcott, David Weigel

Border czar Tom Homan’s face is reflected as he gives an interview.