Fair Observer Founder, CEO & Editor-in-Chief Atul Singh and retired CIA Officer Glenn Carle discuss a variety of pressing issues that took place in July 2025. From American and European political drama to successes on Wall Street, they address the month’s notable international happenings.

Legislative drama in Washington

US President Donald Trump secured a major legislative victory with the passage of the One Big Beautiful Bill Act (OBBBA). The bill cleared the House of Representatives before heading to the Senate, where it passed by the slimmest margin possible — 51 to 50 — after Vice President JD Vance cast the deciding vote on July 1. Atul quips that while the 24-hour Senate session showed “stamina,” he could not offer equal praise for senators’s intellect. The bill then returned to the House, passing 218 to 214 largely along party lines on July 3.

Trump signed it into law on July 5, aligning its enactment with the July 4 Independence Day holiday. Atul describes the timing as “all jolly good cause for celebration,” sarcastically adding that “Trump gets to be emperor.”

Despite celebratory rhetoric from the administration, economists projected that the act would inflate the US deficit by $3.4 trillion over the next decade.

Elon Musk responds: outrage and a new political vision

Former Special Government Employee Elon Musk, already estranged from Trump, publicly condemned the OBBBA. He expressed outrage over its fiscal implications and questioned the point of having a debt ceiling if lawmakers repeatedly raise it.

Musk proposed the creation of a new political party to disrupt the dominance of both Republicans and Democrats. He pledged to finance primary challenges against any Republican who voted for the OBBBA, signaling the deepening divide between himself and Trump.

Paramount’s settlement and the CBS shake-up

American mass media and entertainment conglomerate Paramount Global agreed to pay $16 million to Trump’s future presidential library as part of a legal settlement over a lawsuit involving CBS News. Atul dryly comments on the payout: “How wonderful.”

Simultaneously, CBS canceled The Late Show With Stephen Colbert. Known for his sharp critiques of Trump, comedian Stephen Colbert had become, in Atul’s words, “inconvenient” to keep employed.

Trump had previously approved Paramount’s $8 billion merger with American entertainment company Skydance Media, raising eyebrows. Atul questions whether the $16 million payment was “an act of goodwill for the great leader” or simply “protection money to capo dei capi [Italian: ‘boss of the bosses;’ mafia leader],” suggesting deeper transactional politics at play.

Wall Street booms amid budget woes

Despite deficit concerns and political turbulence, the US stock market soared. The S&P 500 hit a record high, appearing unfazed by trade tensions.

American technology company Nvidia became the world’s first $4 trillion company — its value has surpassed India’s $3.5 trillion GDP. American computer and apparel corporations Oracle and Nike, respectively, also saw major gains. Atul sums up the financial landscape by stating the market was “performing swimmingly well.”

Economic turbulence and policy shifts abroad

In Great Britain, UK Prime Minister Keir Starmer refused to support Chancellor of the Exchequer Rachel Reeves on controversial welfare reforms. Reeves broke down crying in Parliament, and the political drama caused British bonds to plummet.

Meanwhile, French Prime Minister François Bayrou declared France “addicted to public spending” and announced a spending freeze. Additionally, he unveiled sweeping cuts, including benefit reductions, a new solidarity tax on the wealthy and even proposals to eliminate public holidays like Easter Monday and Victory in Europe Day. Atul predicts major public protests against this move.

In South America, Jeannette Jara won the Chilean left’s presidential primary, becoming the first communist candidate since the 1973 CIA-backed coup against former President Salvador Allende. Atul sardonically comments, “For all the efforts of the CIA in 1973, you’re still left with the challenge of communism.” Glenn humorously responds, “It was part of the plan.”

Other headlines from around the world

Atul concludes this segment of FO° Exclusive by quickly running through other noteworthy events. Gang violence in Haiti claimed over 3,000 lives in a worsening humanitarian crisis. Australia banned teenagers from accessing the video-sharing platform, YouTube, marking a sharp move in digital regulation. Just as Atul and Glenn prepared to broadcast this episode, Trump announced 25% tariffs and additional import taxes on Indian goods. The administration linked the move to India’s continued purchase of Russian oil.

[Lee Thompson-Kolar edited this piece.]

The views expressed in this article/video are the author’s own and do not necessarily reflect Fair Observer’s editorial policy.