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Washington spent the week racing to prevent a government shutdown as Wall Street kicked off earnings season with blockbuster profits and wildfire smoke blanketed much of the eastern United States.

Now, attention shifts to another pivotal week in Congress, a landmark vote on cryptocurrency regulation, and the World Cup final that will close one of the summer's biggest sporting events.

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House Republicans unveiled a stopgap funding bill this week to keep the government open through December 4, hoping to dodge a shutdown before the midterms. Speaker Mike Johnson planned a floor vote as fiscal hawks balked at the price tag.

A separate $95 billion reconciliation package teetered, with conservatives and Senate Republicans warning it widened the deficit. Leaders raced to salvage the plan before funding lapsed this fall.

Darline Graham Nordone was sworn in Tuesday to finish the term of her late brother, Senator Lindsey Graham. Governor Henry McMaster appointed her hours after President Trump publicly urged the pick.

Nordone became the first woman ever to represent South Carolina in the U.S. Senate. Republicans eyeing the full term will compete in a primary on August 11.

JPMorgan kicked off second-quarter reporting with a $21.2 billion profit, easily topping Wall Street forecasts. Equities-trading revenue soared 86%, powering results across the largest U.S. banks.

Goldman Sachs and Citigroup joined the beat, buoyed by dealmaking and an AI-fueled market rally. Analysts called the quarter a blockbuster and lifted their price targets.

ICE agents killed two men in traffic stops within a week, in Houston and Biddeford, Maine. Officials paused most vehicle stops as outrage spread and investigators challenged the agency's account.

President Trump quickly reversed the pause, calling the stops essential to enforcement. Critics noted none of the agents wore body cameras during the shootings.

Smoke from nearly 900 Canadian wildfires blanketed the country this week, fouling air for about 115 million people. Chicago, Detroit and Washington ranked among the world's most polluted cities on Friday.

Hazardous conditions stretched from Minnesota to the Mid-Atlantic, pushing officials to urge residents indoors. Forecasters warned the haze would linger through much of the weekend.

Argentina defends its crown against Spain on Sunday in the World Cup final, closing a tournament co-hosted across North America. Fans will pack U.S. stadiums for a marquee showdown of soccer's biggest powers.

President Trump pressed the Senate this week to pass the CLARITY Act, the most sweeping U.S. crypto-market regulation yet. Lawmakers will take up the bill amid a razor-thin Republican majority and unresolved stablecoin fights.

Attorney General nominee Todd Blanche faced sharp questions this week over the DOJ's handling of the Epstein files. Senators will weigh his confirmation as survivors demand fuller accountability.

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This week underscored how politics, markets and public safety are colliding as the U.S. heads toward the midterm elections. Washington is juggling familiar fiscal deadlines while facing renewed debates over immigration enforcement, financial regulation and government accountability.

At the same time, Wall Street continues to benefit from an AI-driven investment boom even as lawmakers wrestle with how to oversee another fast-growing industry: cryptocurrency.

Beyond Washington, the effects of a changing climate remained impossible to ignore. Smoke from Canadian wildfires disrupted daily life for millions of Americans, a reminder that environmental events increasingly carry economic and public health consequences far beyond national borders.

Taken together, the week's developments point to a country balancing competing priorities—keeping the government funded, sustaining economic momentum, addressing public safety concerns and preparing new rules for emerging technologies.

The decisions made in the coming weeks could shape not only the political landscape ahead of the midterms but also the economic and regulatory environment well into next year.

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Thanks for spending part of your Sunday with us. We'll be back tomorrow with another Five Minute Daily to help you start the week informed.

—The Five Minute Daily Team