🎯 Axios PM: House in limbo

Plus: Diddy acquitted | Wednesday, July 02, 2025

View in browser   PRESENTED BY VISA   Axios PM By Mike Allen · Jul 02, 2025 Good Wednesday afternoon. Today's newsletter, edited by Sam Baker, is 496 words, a 2-min. read. Thanks to Sheryl Miller for copy editing.     1 big thing: Diddy acquitted on major charges   Sean "Diddy" Combs reacts to the verdicts in Manhattan federal court today. Courtroom sketch: Elizabeth Williams via AP Sean "Diddy" Combs was acquitted today of the most serious charges against him, raising his hands in prayer as the verdict was read aloud in a Manhattan courtroom. A jury found Combs guilty on two prostitution offenses, but not guilty of sex trafficking and racketeering — charges that could have sent him to prison for the rest of his life. ⚖️ Catch up quick: Prosecutors alleged that Combs used threats and violence to coerce two women into sex with male prostitutes, during marathon sessions he referred to as "freak-offs." The rapper said the acts were consensual. The jury heard 28 days of testimony, including both of his accusers — R&B artist Cassie Ventura and another woman known publicly only by the pseudonym "Jane." 🔮 What's next: Sentencing hasn't yet been scheduled. The maximum would be 20 years, though experts have said the actual sentence will likely be much lower. Diddy still faces more than 100 lawsuits accusing him of sexual assault.     2. 🏛️ House holding pattern   Screenshot: C-SPAN What should have been a simple procedural vote on President Trump's "big, beautiful bill" has stretched for more than two hours, with no clear end in sight, due to firm opposition from some corners of the House GOP. The vote began at 2:08 p.m. ET, per C-SPAN. It's still open. ⌛️ State of play: An hour into the vote, Republicans were told to head back to their offices and sit tight while more meetings occur, Axios' Kate Santaliz and Andrew Solender report. Lawmakers in both parties were told they would have at least an hour before they were needed back on the floor. 📜 Why it matters: House Republican leaders are working furiously to pass the sweeping reconciliation bill before their stated July 4 deadline. GOP deficit hawks have been meeting off the House floor since returning from a meeting at the White House. Go deeper.     A MESSAGE FROM VISA Visa-backed programs give students real-world money skills     Visa and its FinEd50 partners are expanding access to personal finance education in all 50 states. Why it's important: Free tools equip graduates with skills to budget, save, and build stronger financial futures. Learn how Visa is helping students.     3. Catch me up   Illustration: Lindsey Bailey/Axios   📦 President Trump's tariffs are adding approximately $82 billion in total new costs for mid-sized U.S. companies, according to a new estimate from the JPMorganChase Institute. Go deeper. 🔌 Tesla sales plunged in the second quarter as the company continues to face backlash from CEO Elon Musk's political turn. EV deliveries — a close proxy for sales — were down 13.5% from a year earlier. Go deeper. Seven people are missing following an explosion at a fireworks warehouse in Northern California. Go deeper.     4. 📺 Netflix's next move   Illustration: Natalie Peeples/Axios   Netflix is exploring celebrity interviews, quick-turn documentaries and a range of music-based shows, The Wall Street Journal reports (gift link). It's looking to expand offerings that feel more like traditional TV, where reality and competition shows are a major part of the lineup. The success of "Love is Blind" has given the effort a major boost. Netflix has also rebooted "Star Search" and launched a new series called "Building the Band," featuring former Backstreet Boy AJ McLean.     A MESSAGE FROM VISA Digital payment systems face growing fraud threats     Visa is protecting the payments ecosystem, analyzing over 500 data points on up to 83,000 transactions per second. The impact: Real-time insight helps detect fraud and keep digital payments secure. Learn how Visa is protecting America's payments.   📬 Thanks for reading! Please invite your friends to join PM. Are you a fan of this email format? Your essential communications — to staff, clients and other stakeholders — can have the same style. Axios HQ, a powerful platform, will help you do it.   Axios thanks our partners for supporting our newsletters. Sponsorship has no influence on editorial content. Advertise with us. Axios, PO Box 101060, Arlington VA 22201   You received this email because you signed up for newsletters from Axios. To stop receiving this newsletter, unsubscribe or manage your email preferences.   Was this email forwarded to you? Sign up now to get Axios in your inbox.   Follow Axios on social media: