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Republicans on the House Budget Committee released a resolution that would tee up a party-line bill spending as much as $95 billion on priorities such as defense and election security. Patrick McHenry, a former Republican congressman from North Carolina, joined Balance of Power and he said a government shutdown "is more likely than not" on September 30.

Former US Commerce Secretary Gina Raimondo says the US needs more than leading AI technology to win the global race. She says without a strategy to retrain workers and address concerns over jobs, energy costs and infrastructure, the U.S. risks falling behind despite advances in chips and data centers.

US Export-Import President and Chairman Bank John Jovanovic spoke with Bloomberg's Tyler Kendall on the sidelines of the Pennsylvania Defense & Innovation Summit. Jovanovic says that they are focusing on delivering energy dominance to the US, as well as the future of AI import and export regulation.

Senator Dave McCormick says the U.S. must modernize its defense industrial base by accelerating procurement and investing in next-generation technologies like drones and AI alongside traditional military capabilities. Speaking to Bloomberg's Tyler Kendall on the sidelines of the Pennsylvania Defense & Innovation Summit, McCormick says that procurement reform is critical as the current acquisition process is overly bureaucratic. He also applauds the Trump administration's efforts to cut red tape and increase competition.

Gecko Robotics CEO Jake Loosararian says the company's AI and robotics platform is helping the US Navy reduce ship inspection and maintenance timelines, with the goal of improving fleet readiness and strengthening the defense industrial base. Joining Bloomberg's Tyler Kendall at the Pennsylvania Defense & Innovation Summit, Loosararian says that faster deployment of robotics, AI and resilient energy infrastructure is critical for the US to compete with China.

Hanwha CEO Michael Colter and CSO Alex Wong say the company is investing $5 billion to expand the Philadelphia Shipyard while bringing South Korean shipbuilding technology and workforce training to the US in an effort to rebuild domestic industrial capacity. Speaking to Bloomberg's Tyler Kendall at the Pennsylvania Defense & Innovation Summit, they say that bipartisan support for defense manufacturing, stronger US-South Korea industrial ties and faster Pentagon procurement are underpinning investments in shipbuilding, munitions and artillery production.

An underlying gauge of US producer price inflation was softer than expected in June, suggesting pressures earlier in the pipeline were abating before the latest flare-up in the Iran war. Drew Matus, Chief Market Strategist at Metlife Investment Management, talks about how the markets are pricing in Kevin Warsh and inflationary data from the last few days.

Federal Reserve Chairman Kevin Warsh testifies that President Donald Trump has not tried to interfere with the central bank. He speaks at a Senate Banking Committee hearing.

Federal Reserve Chairman Kevin Warsh says higher prices driven by the build-out of AI infrastructure are not necessarily inflationary. He speaks at a Senate Banking Committee hearing.

Former US Ambassador to NATO Kay Bailey Hutchinson tells Bloomberg's David Gura she thinks Ukraine's success with drones has earned President Trump's respect. She also adds that she thinks US support for Ukraine is in a much stronger position.

Mahesh Saireddy, Global Co-Head of the Capital Solutions Group at Goldman Sachs, sees continued momentum in capital markets. He joined Bloomberg Open Interest following Goldman's blockbuster second-quarter results, with debt underwriting hitting a fresh record and equity underwriting more than doubling. He outlines three key themes driving capital markets activity: infra buildout, merger activity, and continued expansion of alts/private markets.

During a tense exchange, US Senator Elizabeth Warren challenges Federal Reserve Chairman Kevin Warsh over allegations of a longstanding culture of corruption and ethical lapses within the central bank, particularly focusing on personal stock trading by senior officials.