House lawmakers passed a massive annual defense-policy bill Thursday that paves the way for the budget to exceed $800 billion next year – tens of billions of dollars more than President Joe Bide requested. The house attributed the increase to high inflation and Russia’s invasion of Ukraine, saying the bipartisan National Defense Authorization Act would give troops a 4.6% pay raise and an additional $750 million in funding to help reduce costs of essentials for military families. Some Republicans excoriated the bill for indulging "woke" ideology as it boosts the transition to electric vehicles within the military and creates a gender advisory task force within the Pentagon.

JPMorgan’s second-quarter profit fell 28% from a year earlier even as revenue rose slightly, pushing the SandP 500 to record a fifth consecutive day of declines. An unexpected pickup in inflation caused an increase in recession fears, but President Biden and his top economic advisers said the inflation rate was “out of date,” downplaying inflation readings that have caused discontent with his handling of the U.S. economy. Experts remain baffled by the contradictory signals after yesterday’s inflation numbers pointed toward a U.S recession but today, June’s U.S. retail sales grew 1% as consumers absorbed higher prices.

Britain’s national weather service issued its most severe heat warning for the first time Friday, placing parts of England under a red alert early next week. Europe's ongoing heat wave is expected to last weeks and break all-time records across the continent, posing extremely dangerous circumstances as air conditioning remains less ubiquitous than in the U.S. The onset of the heat wave fueled massive wildfires in Portugal, France, Spain and Croatia.

Only 28% of Americans’ say they have confidence in U.S. public schools, down from 41% in 2020, according to a Gallup poll. Republicans’ confidence in public schools plummeted to an all-time low of 14% this year, illustrating a growing national divide with debates over masking and open teachings about race and gender identity dividing parents. Only 1% of Republicans named education as the country's most important problem, implying that issues from inflation to abortion and guns are more prominent in influencing whether and how people vote this November.

Infectious disease experts warned that the federal and state response to the escalating monkeypox outbreak lacks access to enough vaccines, testing and treatments to keep up with the spread. San Francisco warned the city is veering toward a public health crisis due to the uncontrolled spread and in New York, the number of people identified with monkeypox jumped more than 30 fold. The World Health Organization is expected to hold a meeting next week to determine if monkeypox should be declared a Public Health Emergency of International Concern.

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