Fauci Invokes Fifth as Senate Weighs Contempt

CMS Ends Subsidy, Opening Door to Medicare Premium Increases

Fed Split and AI Earnings Rattle Wall Street

Rival AI Letters Reveal Corporate Divide

U.S. Strikes Iran After Missile Attack

Fauci Invokes Fifth as Senate Weighs Contempt

Dr. Anthony Fauci invoked his Fifth Amendment right against self-incrimination more than 100 times Wednesday while appearing under subpoena before the Senate Homeland Security and Governmental Affairs Committee. Chairman Rand Paul, R-Ky., said the panel is examining whether officials misled the public about the federal COVID-19 response and the virus’s origins, and he scheduled an Aug. 5 vote on holding Fauci in contempt. Fauci said Paul’s public calls for his prosecution gave him reason to believe his testimony could be used against him; although President Joe Biden pardoned Fauci in January 2025, the pardon would not cover later conduct or compelled congressional testimony.

The conservative Media Research Center reported that ABC, NBC and PBS did not cover Paul’s release of more than 1,100 pages of Fauci’s pandemic-era diary on their flagship broadcasts during the following three days, while CBS covered it once before shifting follow-ups to streaming. The New York Times covered the diary release, and ABC devoted 29 seconds of its Wednesday report to the documents, focusing largely on Fauci’s celebrity encounters. The dispute over those editorial choices comes as Gallup reports that trust in mass media has fallen to 28%, a five-decade low, underscoring how coverage decisions can affect public confidence in the press.

NPR / NBC / NYT / NewsBusters / Gallup

CMS Ends Subsidy, Opening Door to Medicare Premium Increases

The Centers for Medicare & Medicaid Services said July 28 that it will end the Part D Premium Stabilization Demonstration after 2026, returning stand-alone Medicare drug plans that cover about 25 million people to standard market pricing next year. The two-year, $9.8 billion program reduced base premiums by $15 in 2025 and $10 in 2026 and limited annual plan increases, lowering average monthly premiums by $26 and $16 in those years. CMS also reported that the 2027 national average monthly bid will rise 24% to $296.05, while the base beneficiary premium will increase by the legal maximum of 6% to $41.33; individual plan premiums may rise by more because the cap applies only to the base premium. CMS Administrator Mehmet Oz said the program directed billions of taxpayer dollars to insurers, while Democratic officials and senior advocacy groups warned that ending it could expose beneficiaries to sharp increases. Plans must notify enrollees of changes by Sept. 30 before open enrollment begins Oct. 15, meaning any increases will reach seniors shortly before the Nov. 3 midterm elections and could carry political consequences because older Americans are historically among the electorate’s most reliable voters.

KFF / Healthcare Dive / CMS

Fed Split and AI Earnings Rattle Wall Street

The Federal Reserve held its benchmark interest rate at 3.5% to 3.75% Wednesday, but three of its 12 voting policymakers dissented in favor of an increase as inflation remained above the central bank’s target. The unusually large dissent suggested to investors that a rate increase could come before the cut many had anticipated. The Dow Jones Industrial Average fell 1,153 points in its worst session since April 2025, and the 30-year Treasury yield reached its highest level since 2007. After the close, Microsoft said its cloud-computing business grew 43% and exceeded a $100 billion annual pace for the first time, sending its shares up about 8% in extended trading. Meta reported strong advertising results but said AI investment helped push costs up 55%, while projected data-center spending of as much as $145 billion contributed to a roughly 10% drop in its shares after hours. The divergent reactions show why evidence of revenue and cash returns now matters more to investors weighing the scale of corporate AI spending.

Federal Reserve / CNBC

Rival AI Letters Reveal Corporate Divide

Two open letters published within five days set out competing approaches to federal AI policy, with one supporting wider access to advanced models and the other seeking preparations for a potential slowdown. The July 24 “Open Weights and American AI Leadership” letter urged the government not to restrict models whose parameters can be downloaded and modified, arguing that limits would benefit China. Microsoft, Meta, OpenAI and Google signed that letter at the company level, while Anthropic and Amazon were among the major U.S. AI companies that did not. Four days later, more than 1,100 employees from companies including OpenAI, Anthropic, Google and Meta signed “Pacing the Frontier,” which asked the government to develop tools for a verifiable, coordinated slowdown if advanced systems begin improving themselves faster than people can manage. No chief executive from OpenAI, Google, Meta, Microsoft or Nvidia signed the second letter, while Anthropic CEO Dario Amodei did; OpenAI formally endorsed that letter the following day. The distinction matters because company signatures represent institutional policy and lobbying positions, while employees signing as individuals do not commit their employers to act.

Tom’s Hardware / Forbes / CNN / The Next Web

U.S. Strikes Iran After Missile Attack

The United States launched what U.S. Central Command called a “heavy wave” of strikes against Iran late July 29 after a five-night pause in attacks. Central Command said the operation hit dozens of Islamic Revolutionary Guard Corps targets, including command centers, missile and drone facilities, coastal surveillance and defense sites, and maritime capabilities. The strikes followed Iran’s launch of multiple ballistic missiles at U.S. forces in the Gulf region, all of which the Pentagon said were intercepted. Explosions were reported in Bandar Abbas and on the islands of Qeshm and Kish, while Iranian media reported that at least three civilians, including a couple and their 2-year-old child, were killed on Qeshm. Central Command said President Donald Trump ordered the strikes to hold Iranian forces accountable, and Iranian President Masoud Pezeshkian urged Iranians to stand firm. The renewed exchange interrupted ceasefire efforts and raised the risk of wider disruption around the Strait of Hormuz, a route used for roughly one-fifth of the world’s oil supply.

Al Jazeera / CNN / CBS News / KVIA

JULY 30, 1965: LBJ SIGNS MEDICARE INTO LAW

At a ceremony in the Truman Library in Independence, Missouri, President Lyndon B. Johnson signed legislation creating Medicare and Medicaid as amendments to the Social Security Act. The new Medicare program initially provided hospital and medical insurance to Americans 65 and older, later expanding to cover certain disabled people and those with end-stage kidney disease.

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Sources

1. NPR / NBC News / New York Times — Hearing / NewsBusters — Diary Coverage / NewsBusters — Hearing Coverage / New York Times — Diaries / Gallup
2. KFF / Healthcare Dive / CMS
3. Federal Reserve / CNBC — Fed Decision / CNBC — Markets / CNBC — Microsoft / CNBC — Meta
4. Tom’s Hardware / Forbes / CNN / The Next Web
5. Al Jazeera / KVIA / CBS News / CNN