Trump Cancels Planned Iran Strikes | Balance of Power 6/11/2026

Summary

The show discusses Congress's failure to extend FISA surveillance powers before expiry, President Trump's abrupt cancellation of strikes on Iran and claim of an imminent peace deal, and the sharp market reactions that followed. Interviews with lawmakers highlight bipartisan unease over intelligence leadership, Iran policy, Pentagon spending, and government ownership of AI firms.

• House rejects short-term FISA extension, letting key surveillance powers go dark.
• President Trump cancels planned strikes on Iran and says a peace deal is close.
• Sharp market moves: S&P 500 and Nasdaq surge, oil drops over 3%, bond yields fall.
• Congressman Landsman warns of national security gaps and criticizes Trump's Iran handling.
• Senator Young urges caution on Pentagon spending without audit and opposes government AI ownership.
• Former Rep. McHenry calls the governing coalition 'cooked' and highlights implications for midterms.
• Analyst Panikoff discusses whether Iran truly agreed to a deal and the challenges of sustaining it.
• SpaceX IPO draws over $100 billion in retail orders ahead of pricing.