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Top Republican super PAC pledges $5 million for South Carolina Senate race
The Senate Leadership Fund’s commitment comes amid a tight contest between GOP Sen. Darline Graham and Democratic challenger Annie Andrews.
Brazil: Lessons from a Disaster
By Antonio Martins (Outras Palavras) Defeats become deeper and more prolonged when we misunderstand what caused them, avoid correcting course, and embrace “solutions” that only compound our mistakes. Lula’s government and the Brazilian left suffered a disaster in Sunday’s election. Contrary to every poll, the president finished the first round 2.2 million votes behind Flávio Bolsonaro—and, more significantly, 3.4 million votes below his total four years ago, when the machinery of the state was working against him and in favor of his opponent. His vote share declined in 98 percent of Brazil’s municipalities. The PL, the main party of the far right, elected 121 deputies and 28 senators, becoming the largest caucus in both houses of Congress. The parties aligned with the Centrão—Brazil’s bloc of transactional center-right parties—were somewhat diminished, but will still hold roughly 250 seats in the Chamber of Deputies and 35 in the Senate. That will make it easier to assemble the majorities needed to amend the Constitution or impeach Supreme Federal Court justices. If elected, Flávio Bolsonaro could appoint four members of the Court, substantially altering its internal balance of power. What produced these results? How can the far right be prevented from consolidating them into a prolonged political hegemony? And what is the essential change of direction the left now needs? Explaining the Disaster Across the commercial media and the exuberant chaos of digital platforms, interpretations are multiplying. Some focus on specific episodes: Lula’s absence from the Globo debate, his very close relationship with Alexandre de Moraes, or his emphasis on issues supposedly remote from most people’s everyday concerns, such as rare earth minerals. Among the more systemic interpretations, three seem especially questionable. One argues that the principal defeat was not the left’s, since its congressional representation declined only slightly. The decisive movement captured at the ballot box, according to this view, was a shift within the right itself—from the more moderate and transactional forces of the Centrão toward the more ideological and radicalized forces of the PL and Novo. A second interpretation holds that the nature of electoral and political processes has changed. The material interests and aspirations of society, it argues, no longer play the central role they once did; they have given way to forms of subjective self-identification that the left has yet to understand. And a third concludes that, because of these two developments, we should expect a political winter: a prolonged period in which the far right and the broader right dominate Brazilian political life. There are important elements in all three interpretations. The problem lies in what they deny or leave out: Lula’s third government was a small-bore government. It offered the majorities that elected it neither a clearly better life nor reasons to believe again in politics and its power to transform society. These failures flowed from two fatal accommodations, which I will examine below. As a result, the government suffered a slow but steady erosion of support. And, as has happened in so many Western countries, it gave the far right the opportunity to present itself as anti-system and to benefit from popular frustration and distress. The interpretation that emphasizes the migration of votes from the center-right and traditional right toward the far right has been advanced, among others, by the courageous journalist Leonardo Sakamoto. In his UOL column on Monday, October 5, he highlights the miserable behavior of the traditional conservative parties. Over the past four years, they repeatedly joined forces with the “neo”-fascists, helping to “normalize” them—a criticism that could equally be directed at almost the entire corporate media. Believing they could use the far right as a stepping stone, they instead ended up partly devoured by it. This was especially true in the Senate, where the PL’s gain of 13 senators and Novo’s gain of two came at the expense of the PSD, which lost nine; the MDB, which lost two; the PSDB, which lost two; and the PP, which lost one. Sakamoto’s observation is accurate and necessary, but it leaves uncomfortable questions unanswered. Why did the erosion of the Centrão benefit the far right rather than, for example, producing growth for the left—as has happened so many times before, both in Brazil and elsewhere? The answer is not difficult. Throughout its four years in office, Lula’s third government was almost invariably associated with the Centrão. Here lies its first accommodation: accepting the limits imposed by conservative institutions; avoiding, as much as possible, any attempt to strain those limits through popular pressure; and believing only in the modest changes that could be squeezed through openings in Congress. The failure of the campaign to end the six-day workweek is emblematic. Lula could have electrified the presidential race by pairing it with a popular campaign for passage of the measure. Instead, he chose to place his hopes in the hands of Senate president Rodrigo Alcolumbre. He generated no mass mobilization, did not force his opponents onto an uncomfortable defensive, and won no victory. In September 2025, the government squandered the greatest of its many opportunities to shake up conservative power in Congress. Popular opposition to the so-called Shielding Amendment—which, if approved, would have restricted criminal proceedings against members of Congress—brought crowds into the streets, mobilized primarily by artists and social movements. This opened the possibility for a broader political education: a campaign that could begin exposing the limits and dysfunctions of Brazil’s political system while putting Bolsonaro’s movement on the defensive for its predictable support of political privilege. The amendment was defeated. But the executive branch then backed away from the fight. It remained associated with an institutional world widely seen as corrupt, elitist, and indifferent to ordinary people’s struggles. In doing so, it forfeited its credibility as a vehicle for the protest vote. On Sunday, it reaped the bitter fruits. Are We Doomed? Taking a different approach from Sakamoto, the philosopher Moysés Pinto Neto and other writers have drawn attention, in their first analyses of October 4, to the fragmentation of the public sphere produced by Big Tech platforms. Through their algorithms, these platforms present each person with a different view of social reality. As a consequence, it becomes much harder to identify common material problems and demands—for example, the fight for labor rights or for a properly funded public health system. Voters no longer embrace such demands, these authors argue, because they no longer see themselves as part of a collective. Instead, they tend to value the identities assigned to them by neoliberal subjectivity—the role of the entrepreneur, for example. On this interpretation, the left’s possible error lies in clinging to outdated illusions. Moysés’s warning is highly relevant and resonates with arguments such as Naomi Klein and Astra Taylor’s “Apocalyptic Fascism and the Billionaires’ Bet.” Unlike a century ago, the far right no longer promises a radiant future. It concentrates instead on resentment—especially that of young men. “They belong to a generation that fears it may never own a home, but compensates with the pleasure it gets from constantly provoking progressives online. Convinced their future has been stolen, they share memes romanticizing historical authoritarian regimes,” the authors write. But Moysés seems to confuse this danger with inevitability. He fails to see that the left’s answer cannot be adaptation. On the contrary, it must strengthen the possibility of politics as collective action. Nor does he recognize that precisely such a reversal is already becoming possible in some of the most promising mobilizations of the twenty-first century: the election, at the end of 2025, of the young Muslim Zohran Mamdani as mayor of New York, on a platform centered on the intensely material fight for an affordable city; the Left Party’s victory in Berlin two weeks ago, built around the demand to expropriate private real-estate corporations; and the very recent wave of demonstrations in Spain—including an occupation of Madrid’s Puerta del Sol—in which tens of thousands of young people mobilized by the Tenants’ Union have demanded limits on rents. By putting itself in the straitjacket of the “fiscal framework” in the first months of 2022, Lula’s third government adopted the second fatal accommodation of its term. Faced with conservative institutions and a country devastated by four years of Bolsonaro, increased public investment was the government’s remaining weapon for offering a more dignified life to the majority and forging an anti-conservative pact with them. The same state that disburses 1 trillion reais a year to enrich a small class of rentiers could instead spend money to extend the Family Health Strategy to every Brazilian, at a cost of 30 billion reais; provide full-day public schooling and childcare to all adolescents and children—and, especially, relief to their mothers; achieve universal sanitation while cleaning up polluted urban rivers; multiply metro systems; begin transforming the urban peripheries; and undertake many other urgently needed projects. In April 2023, an article in Outras Palavras warned that the fiscal framework could “shrink the Lula government and preserve the forces that condemn the country to inequality and regression.” A year later, another article showed that restraints on public spending were strangling policies vital to ordinary people and undermining the president’s popularity. In November 2024 came a reality check, in the form of the government’s humiliating defeat in the municipal elections. Even then, the fiscal lock was neither removed nor loosened. On the contrary: throughout the government’s four years, fiscal restraint remained central to its political narrative. The administration proudly proclaimed that it had “put the state’s accounts in order,” without grasping either how misleading that phrase was—given the payment of 1 trillion reais in interest—or how badly the message was hurting it politically. Lula finally woke up in September 2026. The increase in Bolsa Família benefits, after four years of being frozen; the announcement that anti-obesity drugs would be offered through Brazil’s public health system; and the ban on online betting showed that the state has the power to act decisively on behalf of the majority when those in government are willing to confront obstacles. The huge marches that closed the campaign in Fortaleza, Salvador, Rio de Janeiro, and São Paulo on the eve of October 4 showed how such initiatives can mobilize activists and the broader public. But it was too late—and too little to change the outcome of the first round. History has not ended The possibility of a turnaround in the three weeks leading up to November 25 cannot be ruled out. It will not be simple or easy. Lula must not only make up a deficit of 2.2 million votes; he must also offset the movement of voters who backed other right-wing candidates in the first round, most of whom are likely to move toward Flávio Bolsonaro. Pulling that off will require a broad, grassroots effort to win over voters, potentially reinforced by new initiatives from Lula. The coming hours and days will be decisive. If Bolsonaro’s movement also wins the presidency, the result will create a high-risk situation for Brazilian sovereignty and democracy. The enormous challenges posed by such an outcome would require the left to reexamine, in depth and with a genuine willingness to engage in self-criticism, its political projects—or its lack of them—and its practices. But would that mean we are condemned to the long winter of far-right hegemony that some analyses are beginning to forecast? It is far too early to say, suggests a recent text by Álvaro García Linera, the thinker who served as vice president of Bolivia under Evo Morales. His central hypothesis is that this political current will prove short-lived. At a moment when the entire world is once again talking about sovereignty and protecting national economies, the far right offers a stale, recolonizing neoliberalism. Its submission to the United States is as blatant and pathetic as Flávio and Eduardo Bolsonaro’s overtures to Donald Trump. Its project amounts to something like every man for himself: greater inequality, capitalism without limits, devastation, and supremacism. Will it work? In the United States, just two years into his second term, Trump himself is reaching record levels of unpopularity and may be on the verge of losing Republican control of both the House and Senate in November. Every new beginning is difficult. Whatever the outcome of the second round, the defeats of October 4 show how profoundly the Brazilian left will have to rethink and rebuild. But just as it would be foolish to underestimate the seriousness of its mistakes, it would be equally foolish to conclude that rebuilding a political project is no longer possible. History has not ended. The times are moving faster than ever. Originally published in Portuguese by Outras Palavras. English translation by Eric Blanc; I’ve added the subtitles. More We can’t stop the far right at home or abroad without a revitalized labor movement, which is yet another reason why you should become a sustaining supporter of the Emergency Workplace Organizing Committee (EWOC) — one of US labor’s pivotal bright spots. Relatedly, Jacobin published a short piece of mine reflecting on a decade of Bernie Sanders inspiring a whole new generation of young worker organizers.
Top Super PAC for Senate Democrats Raises Record $151 Million in Third Quarter
Democratic Senate candidates have generally out-raised Republicans, but are struggling to match outside spending from Trump-affiliated groups.
New York's 'voice for small business' names O’Mara 2026 ‘Guardian of Small Business’
Elmira, N.Y., October 5—New York’s leading voice for small and independent businesses, the National Federation of Independent Business of New York State (NFIB/NY), has named State Senator Tom O’Mara (R,C-Big Flats) an NFIB/NY 2026 “Guardian of Small Business.”
Ohio Early Voting Begins With US Congress Control on the Line
By Richard Cowan MEDINA, OHIO, Oct 6 (Reuters) - Early voting begins on Tuesday in Ohio, where the winners of November's midterm elections will help determine whether Republicans or Democrats control the US Congress for the next two years, given the state has one Senate seat and two House seats ...
The Senate is up for grabs. Plot each party’s best path to winning
As many as 10 key Senate races identified by CNN that are on the ballot in November will likely determine which political party controls the chamber.
Democrats are taking big chunks of GOP voters in key Senate races, polls show
President Donald Trump has never had worse poll numbers with his base than he does ahead of the 2026 midterm elections.
Trump uses anti-trans slur against Democratic Senate candidate in South Carolina
Annie Andrews is a physician running against Sen. Darline Graham.
'Somebody messed up, right?' Texas Senate ads appeared during NFL games nationwide. Here's why.
Election Day nears without Senate, governor debate in Texas
No general election debates would be a dramatic departure from past Texas elections.
Trump uses anti-transgender slur to attack South Carolina Senate candidate
President Donald Trump on Monday used an anti-transgender slur to attack Democratic South Carolina Senate candidate Dr. Annie Andrews, as he tries to push his hand-picked GOP candidate, Sen. Darline Graham, over the finish line in the midterm election.
Trump uses anti-transgender slur to attack South Carolina Senate nominee
(CNN) — President Donald Trump on Monday used an anti-transgender slur to attack Democratic South Carolina Senate nominee Dr. Annie Andrews, as he tries to push his handpicked GOP candidate,
Trump uses anti-transgender slur to attack South Carolina Senate candidate
(CNN) — President Donald Trump on Monday used an anti-transgender slur to attack Democratic South Carolina Senate candidate Dr. Annie Andrews, as he tries to push his hand-picked GOP candidate,
DEEP DIVE: How Politics Is, and Is Not, Addressing Domestic Violence and Sexual Assault
In a conversation with U.S Senate candidate Peggy Flanagan last week with members of our young Future Forward editorial board, we talked about how powerful it is for four Minnesota women to be running for the two highest offices in the state — including Governor. We also talked about
Send us your questions for Texas Senate candidate James Talarico
Calling all Texas Republicans, Democrats, and Independents! Are you a registered voter in Texas? Then submit questions for CNN & Jubilee’s Town Hall with James Talarico on Wednesday, October 14 and engage in a direct conversation with the Texas Democratic Senate candidate on the issues that matter most to you.
El-Sayed explains what he means by getting the money out of politics
Michigan Democratic Senate nominee Abdul El-Sayed details his Medicare for All plan while advocating for politicians to not take money from big corporations on ‘The Story.
Obama to campaign with El-Sayed in Detroit as ex-president gets more involved in midterms
Obama is upping involvement in the midterm election. He taped two dozen ads last week for Democratic candidates for governor and Senate that will be released in the coming days and weeks.
Senate clears bipartisan bills on aviation worker mental health
Sen. Tammy Duckworth says pilots and other workers need to be able “to take care of themselves without fearing for their job security.”
Some Democrats don’t expect to fill a Supreme Court vacancy under Trump
Democrats need a net gain of four seats to capture the Senate. If so, they’d control what happens in a vacancy, as Justice Samuel Alito admits he’s thought about retirement.
Can Democrats expand their Senate map?
Plus: Will Ken Paxton's estranged wife help him win?
Senate Unanimously Passes the Health Care Cybersecurity and Resiliency Act
A bipartisan bill that seeks to improve healthcare cybersecurity and resilience has been unanimously passed by the U.S. Senate. The bill - The Health Care The U.S. Senate has voted unanimously to advance the Health Care Cybersecurity and Resiliency Act, which requires more robust cybersecurity measures for healthcare organizations and authorizes grants to help rural and under-resourced providers improve cybersecurity.
Supreme Court rejects Roy Moore's push to restore $8.2M defamation verdict awarded to him
The U.S. Supreme Court has rejected Roy Moore’s push to restore an $8.2 million defamation verdict awarded to him over a 2017 Senate ad | KNSS Radio
Senate-approved bills aim to ease burden on pilots amid mental health ‘stigma’
Culture of silence and fears of exclusion means aviation workers less likely to seek help for mental health issues
When midterm politics get in the way of governing
After some proposals fell apart in the Senate, both parties will need to figure out to message the failed votes while convincing voters they should be running the show.
The 10 Senate seats most likely to flip in 2026
Nearly four weeks out from Election Day, the Senate battleground map is growing after signs of improvement for Democrats in several red-leaning states.
Michigan’s Senate Race Is a Testing Ground
We must counter fear and division with solidarity.
How tragedy, faith led Julia Letlow to run for Senate: ‘I needed those signs from the Lord’
After her husband, Luke, died of COVID, Julia Letlow faced a major decision.
jamie-davis-louisiana-democrat-us-senate-race
Jamie Davis is campaigning to become something Louisiana has not seen in more than 100 years: a farmer in the U.S. Senate.
'All INdiana Politics': Albright and Forrestal battle for closely divided seat in Senate District 31
INDIANAPOLIS — One of Indiana’s most competitive Senate districts is the site of a high-stakes showdown as a family physician and a former sheriff vie for the seat vacated by Republican Sen. Kyle Walker. Senate District 31 covers Delaware and Fall Creek townships in Hamilton County, including most of Fishers, along with Lawrence and parts […]
El-Sayed stops in Flint, discusses economic pressures and failures
U.S. Senate Democratic candidate Abdul El-Sayed made a stop in Flint Saturday as a part of his 'It shouldn't be this hard' town hall tour.
State Senator Chedrick Greene hosts Saginaw gun violence conversation
State Senator Chedrick Greene brought together survivors, parents, and advocates in Saginaw Saturday to address the impact of gun violence in Michigan's 35th Senate District.
How Kansas Suddenly Became a Battleground State for Senate Control
The state hasn’t elected a Democrat to the Senate in nearly a century. Economic challenges during President Trump’s second term, as well as other factors, have put it in play.
All INdiana Politics: Albright and Forrestal battle for closely divided seat in Senate District 31
INDIANAPOLIS — One of Indiana’s most competitive Senate districts is the site of a high-stakes showdown as a family physician and a former sheriff vie for the seat vacated by Republican Sen. Kyle Walker. Senate District 31 covers Delaware and Fall Creek townships in Hamilton County, including most of Fishers, along with Lawrence and parts […]
NC lawmakers call for special session of General Assembly to tackle high gas prices
Republican leaders in NC House and Senate announced Saturday that they plan to convene a special session to focus on gas prices.
Could Democrats lose a Senate race in New Hampshire? A GOP candidate with a famous name tries to flip the seat
Trump holds Ohio midterm rally, urging voters to consider him on the ballot during 32-day campaign tour
President Trump rallied in Ohio as part of a 32-day midterm campaign tour, pushing GOP candidates in a Senate race that could shift control of Congress.
How Americans’ Financial Health Is Faring In The “K-Shaped” Economy
Hey all, Jason here. Money20/20 is still two weeks away, but I’ve already started packing (not procrastinating for once!). My calendar is already filling up with various sessions I want to catch, meetings, and of course happy hours, dinners, and other side events. If you’ll be in Vegas and want to catch up, let me know by replying to this email, and we can try to find a time amidst the chaos of the Venetian. A big if not totally unexpected piece of news dropped on Friday: the Independent Community Bankers of America, a trade group that represents smaller U.S. banks, filed a lawsuit against the OCC and Comptroller Jonathan Gould, arguing that the regulator’s move to grant trust bank charters to firms seeking to use them to conduct substantial non-fiduciary activities exceeds the authorities granted to the OCC by Congress. I haven’t had time to fully digest the legal filing or speak to folks in my network about it, but you can expect to see coverage and analysis on it in next week’s newsletter. Subscribe or Support by Upgrading The NerdCon agenda just dropped. It’s stacked. Partner content: Nubank built an AI-first bank. Chime built its own banking core. Figure and Valon are rebuilding the mortgage stack. At NerdCon, you’ll hear from the people behind those bets: what they chose, what they learned, and what they’re still figuring out. The agenda is live, with leaders from Nubank, Chime, OpenAI, Remitly, Mercury, Figure, Valon and more. Follow the mainstage conversations, bring the problem your team is wrestling with to a hands-on workshop, or pull up a chair at a roundtable. Pick your quests. Meet us in San Diego, November 18–20. Fintech Business Weekly readers save 20% with code FBW20. Explore the Agenda Things To Know & Other Good Reads Federal Reserve Board finalizes changes to enhance the transparency and public accountability of its stress test and reduce volatility in its stress test-related capital requirements (Federal Reserve Board of Governors) FDIC Announces Conclusion of Independent Monitorship (FDIC) Modernizing Financial Regulation: Initial Observations from eSLR (Fed Vice Chair for Supervision Michelle Bowman) The Data Version of Godzilla versus Kong: FRED Takes on AI (Fed Governor Christopher Waller) Financing the AI buildout (Brookings) Q3’26: Rules for Banks but Not for Crypto (Fintech Takes Banking) The Inevitability of Local Stablecoins (Lombard Notes) Delusions of AI Governance: The Human-in-the-Loop Comfort Blanket (Fintech Snark Tank) Stripe agrees to acquire Parafin to expand revenue opportunities for platforms and help small businesses grow (Stripe) Listen: Fighting Fraud in the Age of AI, with SEON’s Tamas Kadar (Fintech Business Weekly) How Americans’ Financial Health Is Faring In The “K-Shaped” Economy If there is one overarching theme across the economy and politics in the U.S. at the moment, it’s “affordability.” The term is vague enough to encompass a panoply of factors shaping Americans’ day-to-day lives: rising costs for the hallmarks of being “middle class,” including healthcare, housing, childcare, and education, inflation and rising interest rates, and a job market with the specter of AI hovering over it. At the same time, policy shifts under the Trump administration have resulted in reduced subsidies to those who get health insurance under the Affordable Care Act and new restrictions on qualifying for Medicaid and SNAP, the impacts of which have yet to be fully felt. These factors are contributing to declining consumer confidence and general dissatisfaction with the economy, despite continuing GDP growth and stock market records. This divergence is encapsulated in the idea of the “K-shaped” economy, in which a small proportion of Americans have seen their wealth balloon, while the majority of American households struggle to preserve the lifestyle they have. Perhaps the greatest determinant of which branch of the “K” a household is on is whether their wealth and income are primarily derived from employment vs. from assets. Nearly two decades of low interest rates and, more recently, elevated rates of inflation have benefited asset owners, while those whose income is primarily or solely derived from labor have largely seen real purchasing power stagnate or decline. This is reflected in recent Bureau of Labor Statistics data showing that labor share of U.S. GDP — the fraction of economic output that accrues to workers as compensation in exchange for their labor — dropped to just 52.8% in Q2 2026, the lowest since the BLS began keeping records. In 1947, approximately 2/3rds of economic output accrued to workers; even as recently as 2001, labor’s share of GDP was 64.1%. Against this backdrop, we’ve seen the rise of more credit and credit-like products: cash advance apps, “no-fee” overdraft, earned wage access, and buy now pay later, which are often used as small-dollar short-term borrowing mechanisms to meet immediate consumption needs or pay other bills (eg utilities, cell phone, other debt payments). With the markers of a middle class existence and, increasingly, basic financial stability seemingly out of reach for many, it should be no surprise there’s been an increase in “financial nihilism,” something industry peers like Alex Johnson and Frank Rotman have discussed and analyzed the roots of. The explosion of gambling and gambling-adjacent products and services — often marketed under the guise of being an “investment” — is inextricably intertwined with the rise of financial nihilism. Crypto, sports betting, and, more recently, prediction markets offer an escape or even hope of sorts, like a contemporary, digital version of a scratch-off lottery ticket, while leaving the overwhelming number of people who use such products worse off. Share of Households That Are Financially “Vulnerable” Ticks Up The Financial Health Network’s 2026 Financial Health Pulse® report adds context on how American households are faring. (I linked to this report in last week’s newsletter, but wanted to take time to further unpack the data in the report this week.) The Financial Health Network publishes the report annually, providing insight into how Americans’ financial circumstances are changing over time. The 2026 report is derived from a survey fielded in April and May 2026. The report leverages survey responses to assess indicators of financial health across spending, saving, borrowing, and planning/protecting and to determine a zero to 100 “FinHealth” score. Those with scores between 0 and 39 are considered “Financially Vulnerable,” consumers with scores ranging between 40 and 79 are defined as “Financially Coping,” and those with scores of 80 to 100 are “Financially Healthy.” The report found that moderate improvements in 2025 were reversed, with the share of respondents considered financially “vulnerable” rebounding to 17%. The longitudinal data reflect the impact of pandemic-era programs, like expanded unemployment, cash stimulus payments, and pauses of federal student loan payments. The positive impacts of those programs, as reflected in the Financial Health Pulse reports, had largely disappeared by 2023. While pandemic-era inflation — to be fair, in part caused by the various support and stimulus measures — had come down from as high as 9% in 2022, it has rebounded since the start of Trump’s second term, with tariffs and energy market disruptions owing to the war in Iran pushing prices back up. Specific indicators in the survey that deteriorated from 2025 to 2026 include the share of respondents spending less than their income over the past 12 months, the share paying all bills on time over the past 12 months, the share that have a manageable amount or no debt, the share that are “moderately” or “very” confident their insurance is adequate to cover them in an emergency, and the share that “somewhat” or “strongly” agree that their household plans ahead financially. Unsurprisingly, lower- and moderate-income households are more likely to struggle to pay their bills on time and have any funds leftover to save. The share of low-income households whose income exceeded their spending dropped from 35% in 2025 to 31% in 2026, while the share of upper-income households whose income exceeded expenses remained unchanged at 63%. Households with student loans or revolving credit card debt reported having “a bit more” or “far more” debt than was manageable at rates far higher than those not carrying these types of debts. The share of those with student loan debt indicating their debt load was too high to manage increased from 50% in 2025 to 55% in 2026, while the share of those with revolving credit card debt saying the same ticked up from 51% in 2025 to 54% in 2026. Households that had student loans were markedly more likely to be financially “coping” or “vulnerable” vs. those without student loans. In 2026, 27% of households with student loans were considered financially vulnerable, a jump of 6% points vs. 2025. Households without student loans saw just a 1% point increase (not statistically significant) in those considered financially vulnerable. Households’ perception of the affordability of categories of goods and services paints a stark picture, with less than one-fourth considering higher education affordable, about a third deeming childcare affordable, and less than half viewing healthcare as affordable. Fintech Business Weekly is made possible by the generous support of paying subscribers — bringing you independent analysis of banking, fintech, and crypto without fear or favor. You can support my work by becoming a paying subscriber if you aren’t already. Paying subscribers enjoy: access to the entire archive of nearly six years of newsletters extended versions of the weekly newsletter, with additional content and analysis and (for founding member tier) quarterly personal 1:1 fintech Q&A / strategy calls with me, tapping into my unparalleled knowledge of the intersection of banking and fintech and experience working in the sector, including helping to launch Goldman Sachs’ retail bank Marcus Support Fintech Business Weekly You can also support Fintech Business Weekly by sponsoring a newsletter or podcast, putting you in front of 93,000+ of the most influential decision makers in banking, fintech, and crypto. Learn more about sponsor opportunities or request a media kit by dropping me an email. Democratic Senate Report Highlights How Iran Uses Tether to Evade U.S. Sanctions Iran uses stablecoins, specifically Tether, to evade sanctions, fund regional proxies, and to purchase military drones, a report released last week by the Senate Permanent Subcommittee on Investigations says. The report was authored by committee ranking member Senator Richard Blumenthal (D-CT) and the minority staff. Crypto and stablecoin proponents will often push back on criticism that criminals make use of these assets by arguing that, on an absolute dollar basis, far more illicit funds flow through traditional banking systems and payment rails than via crypto and stablecoins. And while that is likely true, it elides the reality presented in news story after news story: whether state actors — Russia, Iran, North Korea — or criminal groups, those looking to engage in illicit transactions increasingly favor stablecoins and, specifically, Tether (USDT). The report from the Senate Permanent Subcommittee on Investigations released last week adds context to how Iran uses Tether has a lynchpin in its shadow banking system. The report analyzed 846 wallets that have been sanctioned or targeted for seizure, finding that 84% of them transacted exclusively or primarily in Tether. The ability to create near limitless, anonymous wallets and to move funds effectively instantaneously and irreversibly have made crypto a favored financial mechanism for bad actors. Stablecoins solved key drawbacks of bitcoin, namely, the original cryptocurrency’s highly volatile value in dollars. And while Tether (the company) has the technical ability to “freeze” or destroy funds, the company is often limited and reactive in its approach to doing so, the Senate report argues. Tether, which is nominally based in crypto-friendly El Salvador, “has stated that its compliance with OFAC sanctions is ‘voluntary’ and that it follows ‘OFAC guidelines,’” the Senate report says. Owing to these favorable attributes, Tether “became a primary cryptocurrency for Iran, Hamas, Hizballah, and the Houthis beginning in 2023 and has expanded in scale since,” according to the report. Tether’s role in Iran’s shadow banking system, the report says, is enhanced by crypto exchanges like Bybit, Kyrrex, OKX, Gate, and Binance, and through “over the counter” exchanges and hawala networks. The consequences of these financial flows aren’t hypothetical. The Senate report links Tether as a funds transfer mechanism to Iranian proxies in the region, including Hizballah, the Houthis, and Hamas. Tether has also been used to make payments to secure components necessary to manufacture drones, the report says. The report concludes by arguing that “[s]tablecoin issuers with a significant nexus to the United States, particularly those that offer dollar-denominated stablecoins, should be subject to American sanctions law rather than being allowed to hide behind foreign jurisdictions.” Stablecoin issuers like Tether must be held accountable for repeated failures to prevent illicit finance and sanctions violations by law enforcement, the Department of Justice, the Securities and Exchange Commission, and OFAC, the report argues. [Paying Subscriber Exclusive] OUSD Goes Live, Make Your Own Neobank, U.S. Sanctions Russia’s A7 Network As “Transnational Criminal Organization” OpenUSD, the stablecoin issued by the Open Standard consortium that includes Stripe, Visa, Mastercard, core providers, crypto firms, and numerous banks, went live last week. Social commerce platform Whop raised eyebrows in fintech by offering creators on its platform the ability to launch their own neobanks, which the company describes as “great businesses that are easy to run,” in just 15 minutes. And OFAC and FinCEN target Russia’s “shadow banking” A7 Network — more on these stories after the paywall.
Politics chat: Midterm polls, Senate races, Trump in Texas
As polls come out with increasing frequency closer to the midterm election, how much credence should voters give them? Meanwhile, President Trump continues campaigning for GOP candidates.
Veteran political forecasters see midterm losses for GOP
Two of the country's top political prognosticators see Democrats likely seizing the House and possibly the Senate. The guardrails Republicans were counting on to stem their losses don't seem to be holding.
Some Democrats Say Senate Race In South Carolina Is Winnable. Others, not so much.
Dr. Annie Andrews, a Democrat, is hoping to defeat Senator Darline Graham. Even some of her most ardent supporters sense that her bid is a long shot.
How Roy Cooper became Democrats’ best chance to flip a Senate seat
The former North Carolina governor is running in a state that for decades has more often preferred Republicans for federal office.
Some of NC’s weirdest and worst political ads probably aren’t on your TV
We’ve all seen the ads in North Carolina’s U.S. Senate race, but they aren’t the only memorable ads airing right now. | Opinion
Why Ken Paxton could lose a Texas GOP Senate seat to James Talarico
Plagued by ethics allegations, the Senate candidate is unusually vulnerable for a red state Republican.
Why Ken Paxton could lose a Texas GOP Senate seat to James Talarico
Plagued by ethics allegations, the Senate candidate is unusually vulnerable for a red state Republican.
‘She’s one of us’: Mary Peltola’s bumpy rise to political power
Peltola, the Democratic Senate candidate in Alaska, is an uncommonly capable candidate, but she is also an uncommonly complicated one.
Ken Paxton’s estranged wife urges voters to back him in new ad
The ad hit the airwaves as Republican Ken Paxton is lagging behind Democratic candidate James Talarico in polls on the Texas Senate race.
Trump defends data centers in Ohio as he rallies to boost Jon Husted in a tight Senate race
President Donald Trump is defending data centers powering AI projects during a campaign rally in Ohio.
Trump defends data centers in Ohio as he rallies to boost Jon Husted in a tight Senate race
President Donald Trump is defending data centers powering AI projects during a campaign rally in Ohio. He insists they benefit local communities and warns against losing them to China. The
Ken Paxton’s estranged wife backs him without saying his name
Texas state Senator Angela Paxton, Ken Paxton’s estranged wife, threw her support behind the Texas GOP Senate nominee without naming him, saying in a new ad that she will be “voting for the Republican ticket.” The ad comes after Paxton urged Republican women in remarks last month to support GOP candidates even if they have reservations about them.
NC GOP leaders to call special session on fuel prices
The Senate and House Republican leaders have not set a date for lawmakers to return to Raleigh.
Trump rallies in Ohio to boost Jon Husted in a tight Senate race against Sherrod Brown
Saturday's rally is just outside Dayton, Ohio, where he'll stump for key candidates in competitive races for the House, Senate and the governor’s mansion in Columbus.
Trump rallies in Ohio to boost Jon Husted in a tight Senate race against Sherrod Brown
WASHINGTON (AP) — After a few days campaigning in safe conservative territory, President Donald Trump on Saturday takes his midterm tour into Ohio, a battlegrou
Schumer And AOC Introduce Legislation To Restore Health Coverage For 450,000 New Yorkers
Because Of Republicans’ One Big Beautiful Bill Act, Over 450,000 New Yorkers Lost Essential Plan Coverage. Today, Senate Democratic Leader Chuck Schumer (D-NY) and Representative Alexandria Ocasio-Cortez (NY-14) led the entire New York Democratic delegation in the introduction of the Restoring Essential Plan Coverage Act. The Restoring Essential Plan Coverage Act would restore health coverage […]
Trump rallies in Ohio to boost Jon Husted in a tight Senate race against Sherrod Brown
President Donald Trump is taking his midterm tour to Ohio, a battleground state with a crucial Senate race.
Trump rallies in Ohio to boost Jon Husted in a tight Senate race against Sherrod Brown
President Donald Trump is taking his midterm tour to Ohio, a battleground state with a crucial Senate race | WWJ Newsradio 950
Senate GOP smashing political spending records in TX with ad-buying binge for Paxton
KVII serves the Amarillo, Texas and Panhandle region with local news, sports and weather for the city and surrounding towns, including Canyon, Hereford, Borger, Pampa, Dalhart, Dumas, Childress, Perryton, Clarendon, Texas; Guymon, Oklahoma; and Clovis, Portales, Tucumcari, New Mexico.
Ken Paxton’s estranged wife backs his candidacy — without mentioning him by name
Ken Paxton’s estranged wife threw her support behind the Texas GOP Senate nominee without naming him, saying in a new ad that she will be “voting for the Republican ticket.”
Trump appears to post Sen. Tom Cotton’s cell number in push to make daylight saving time permanent
The House passed a bill in July to make daylight saving time permanent, and the Senate has yet to take up the measure.
As Midterms Near, Justice Alito Says He Considers Each Year Whether to Retire
The justice, the second oldest on the court at 76, told CBS News that he decided against stepping down last term. He could face pressure should Democrats win the Senate in November.
Trump urges calls to Arkansas Sen. Tom Cotton in push for permanent daylight saving time
“For some reason, Tom is stopping the Bill and, in the Senate, it’s very easy to do, it only takes one!" Trump wrote on social media, noting that passing the bill would give professional golfers more time on the greens.
A gut punch in Ohio: Nearly 1,400 laid off at truck factory just days before Trump rally
This year’s election is a test for the working-class coalition that lifted Trump into the White House and gave majorities to Republicans in the House and Senate.
U.S. Senate candidate Angie Nixon presses Florida's two senators to protect Haitian TPS holders
Senate Bill 4814, if passed, would extend protections for Haitian nationals who face a forced return amid worsening gang violence, political turbulence, and economic destruction in Haiti. The legislation is stalled in the U.S. Senate.
Both parties must reject the politics of resentment (Editorial)
America does not need more political entertainers, like Hasan Piker, who profit from anger. It needs leaders willing to disappoint their own side when principle demands it. The soul of both parties is at stake. More importantly, so is the…
As midterms near, some Republicans are starting to question Trump
WASHINGTON — The most striking thing about the U.S. Senate leaving town early to campaign was all the grousing Republicans did about President Donald Trump before going.
In New Hampshire Senate race, the Democrat faces an unusually tough time
The race’s competitiveness is somewhat surprising in a state that former Vice President Kamala Harris carried by 2.8 percentage points in 2024.
The Protect College Sports Act set out to stabilize conference membership, but the ACC is still at risk of being picked apart
The Senate has passed a bill that attempts to rein in spiraling costs, but it leaves room for half the ACC members to jump to other conferences.
Clemson president among those asking for adjustments to Protect College Sports Act
SPARTANBURG, SC(WSPA)–Clemson president Ben Ayers was among four ACC presidents to sign a letter addressed to U.S. House Speaker Mike Johnson asking for adjustments to the Protect College Sports Act now before his body, the website Tomahawk Nation reported Friday night. The letter advocates changing expansion language in the PCSA bill that passed the senate […]
Harold Branam: Talking back to money in politics (Opinion)
At the midterm Republican Convention last month, President Donald Trump promised to send every American adult a $5,000 check if the Republicans retain control of the House and Senate.
South Korean official says Trump announcement on Alaska LNG went ‘far beyond what was agreed’
The governor and Republican incumbents in competitive U.S. Senate and House races said they expect South Korea to ultimately invest $54 billion. Some industry observers cast doubt on that prospect.
Hochul puts support behind closing 'voluntary intoxication loophole'
The State Senate has passed the bill multiple times.
Woman accusing Sherrod Brown of forcing transgender surgeries isn’t from Ohio, didn’t have procedure as minor
In an attack ad against U.S. Senate candidate Sherrod Brown, a woman accuses the Democrat of pushing transgender surgeries on minors "like her." She didn't have surgery until she was an adult.
MYB This Weekend: Bucco Talks His 4-Point Affordability Plan for NJ Residents, Businesses
On this weekend’s Minding Your Business on News 12+, Senate Republican Leader Anthony Bucco joins Bob Considine to discuss his 4-point affordability plan
The shifting Senate map: From the Politics Desk
Plus, Trump broadcasts his midterm anxieties.
Trump heads back to Texas on Wednesday as GOP fights to keep state red
Texas, long a safe Republican state, has emerged as a top battleground in midterm races up and down the ballot — but especially in the U.S. Senate race.
Senate Republicans move cash from North Carolina to Kansas
The decision by the Senate Leadership Fund was disclosed Friday by four people with direct knowledge of the situation who insisted on anonymity to discuss internal strategy.
Midterms monitor: NH and Maine could decide control of the U.S. Senate
As national headlines reverberate at the local level, voters have no shortage of concerns. Journalists from New Hampshire and Maine joined 1A’s weekly news roundup Friday to help take the pulse of the 2026 midterm elections.
Dems demanding Venezuela brief face State Dept fury as senators leave town without answers
Senate Democrats challenge the legality of a Pentagon equity stake in Venezuelan oil company NABEP, but the State Department fires back sharply.
Leading GOP Senate PAC pauses spending on NC candidate Michael Whatley
In a blow to Republican Senate candidate Michael Whatley, the leading PAC to maintain the Republican majority withdrew from his campaign, while other North Carolina Republicans find their races at risk.
Rising costs, health insurance, abortion: The issues driving Michigan’s Senate election
A look at policy proposals from Democratic nominee Abdul El-Sayed and Republican nominee Mike Rogers.
AP report: Senate Republicans move cash from North Carolina to Kansas as battle for majority shifts
The moves offer a stark sign of how dramatically the Senate map has shifted just a month before midterm elections that will determine control of Congress.
Schumer vies for the Senate majority in a looming leadership headache
Only one thing could put a damper on a good election night for Sen. Chuck Schumer (D-NY): the arrival of Senate nominees who, if successful in November, have vowed to oppose him as Democratic leader. Schumer told reporters this week that he will run for another term as the top Senate Democrat, and that he […]
Your Weekly Michigan Political Brief
The Detroit Free Press endorsed Democratic U.S. Senate nominee Abdul El-Sayed. He also received endorsements this week from Sierra Club Michigan and the Michigan Laborers’ International Union of North America, or LiUNA. Republican U.S. Senate nominee Mike Rogers was endorsed by the Michigan Corn Growers Association. The Michigan Professional Firefighters Union and National Security Leaders […]
Top Senate GOP-aligned super PAC pauses N.C. spending, in sign of deepening woes
The Senate Leadership Fund’s pulling money from North Carolina is the latest signal the Republican Party is giving up hope of holding that Senate seat.
GOP super PAC pauses spending in North Carolina Senate race, shifting money to Kansas
The new moves from the Senate Leadership Fund reflect a difficult landscape for Republicans, with increasingly competitive races in red states.
Beshear, Calipari share the stage in Arkansas during KY governor’s book tour
The two discussed Gov. Andy Beshear’s veto of Senate Bill 150 in 2023.
Top Senate GOP group puts pause on spending in North Carolina
National Republicans are starting to make major moves to divert resources away from the North Carolina Senate race where GOP candidate Michael Whatley has long been trailing in polls.
Ron Johnson and Tammy Baldwin's very different week on health care
Senators acted on bills and Wisconsin's Ron Johnson held a roundtable on COVID procedures before the Senate left town for campaign season.
California voters to decide $7.5 billion science and health research bond measure in March 2028
Gov. Gavin Newsom (D) signed Senate Bill 895 (SB 895) on Sept. 30, sending a $7.5 billion bond measure that would fund scientific and health research and development to voters on March 7, 2028. SB 895 would also establish the California Foundation for Science and Health Research within the Government Operations Agency and the California […]
California voters to decide $7.5 billion science and health research bond measure in March 2028
Gov. Gavin Newsom (D) signed Senate Bill 895 (SB 895) on Sept. 30, sending a $7.5 billion bond measure that would fund scientific and health research and development to voters on March 7, 2028. SB 895 would also establish the California Foundation for Science and Health Research within the Government Operations Agency and the California […]
With a steel mill and campaign cash, Trump and GOP leaders launch an Iowa rescue mission
Republicans are on a rescue mission in Iowa, touting new plans for a $15 billion steel mill as President Donald Trump and the state’s GOP leaders rush to blunt the political impact of a battered economy and prevent the governor’s office, a Senate seat and three House seats from slipping into Democratic hands in November.
How Julia Letlow, Jamie Davis are running for Senate in Louisiana — and how their styles differ
Why are Jamie Davis and Julia Letlow running different types of campaigns for the Senate?
Reince Priebus: Minnesota is always a little quirky when it comes to politics
Fox News political analyst Reince Priebus outlines the paths to victory in a tight Minnesota U.S. Senate race on ‘America’s Newsroom.’
Trump jokingly calls Paxton a ‘pain in the ass’ at Texas event
President Donald Trump jokingly described Texas Republican Senate candidate Ken Paxton as “a pain in the ass” during remarks in Denton, Texas, on Thursday – the latest in a long line of jabs he has made about his staunch ally who is running in a critical race for the GOP.
Senate Majority Leader Erin Murphy Responds to Health Insurance Rate Increases
SAINT PAUL, Minn. – On Thursday, the Minnesota Department of Commerce announced the health insurance rate increases facing Minnesotans next year. For 203,000 consumers who purchase insurance on the individual market, rates will increase between 9.9 and 21.1 percent; for 184,000 Minnesotans who are insured on small group market plans, rates will increase between 10.6
College football picks up during best sports month, plus Senate comedy
Until Saturday is The Athletic's free college football newsletter.
Oklahoma Senate study examines barriers for guardians in mental health care decisions
When a person is in the middle of a serious mental health crisis and can’t make medical decisions for themselves, families say Oklahoma’s system can leave legal
How Mainers are weighing the pay-to-play allegation involving Susan Collins
Tom McShane of Windham will likely split his ticket in November. He likes a Republican candidate running for his legislative district but plans to vote for Democrat Troy Jackson for Senate, although reluctantly since his first choice dropped out. His choice in the Senate race is irrespective of the recent corruption allegations against incumbent Republican […]