US Widens Strikes on Iran | Balance of Power 7/22/2026

Summary

Bloomberg's Balance of Power early edition covers Washington politics amid the US-Iran war. The House votes on a budget resolution, defense funding, and a congressional stock trading ban. Guests include Rep. Chip Roy, Rep. Brittany Pettersen, and former Rep. Patrick McHenry, who discuss deficits, war funding, ethics, and the long-awaited crypto Clarity Act. Markets are mixed ahead of Alphabet and Tesla earnings, with oil prices rising sharply on the conflict.

• US escalates strikes on Iran; Trump threatens retaliation against Iranian attacks on ships.
• House votes on NDAA, budget reconciliation for Pentagon funding, and a stock trading ban for lawmakers.
• Rep. Chip Roy supports defense funding but demands offsets for the $90 billion unpaid portion.
• Rep. Brittany Pettersen opposes war funding, calling the Iran conflict an illegal war that fuels inflation.
• Former Rep. Patrick McHenry expects the Clarity Act (crypto regulation) to eventually pass, bringing needed legal clarity.
• Oil prices jump over 3% on Strait of Hormuz tensions and tanker attacks.
• EU conditionally approves Paramount-Warner Bros. Discovery merger; US antitrust lawsuit still pending.
• Alphabet and Tesla earnings due after the close, with markets in a holding pattern.