Washington, DC

1. Vance lobbies for Iran deal
2. Iran’s performance plan
3. Gas prices fall
4. Trump reveals Apple-Intel deal
5. Housing bill nears passage

Gas fell below $4 per gallon at US pumps for the first time since March.

We’re taking a break for the Juneteenth holiday tomorrow and will be back in your inboxes on Monday.

Vance tries to sell the Iran deal

Vice President JD Vance took to the White House podium today to keep selling the US-Iran deal — as mixed reviews roll in from Republicans. Vance insisted that the agreement is a “win-win” for the US, arguing that Iran’s nuclear program remains “destroyed” regardless of whether Iran changes its behavior. “Either way, we and the broader region win,” Vance insisted. He delivered a warning to Israel, which is not a party to President Donald Trump’s agreement, and shrugged off the prospect that he may end up owning the deal in the face of blowback that’s already coming in from some GOP corners. Senate Armed Services Chair Roger Wicker, R-Miss., argued that the deal’s $300 billion reconstruction fund for Tehran “would make Iran’s payoff under President Obama’s 2015 deal look like a pittance by comparison,” and suggested the pact is “out of step with” Trump’s goals.

— Shelby Talcott

Aspects of US-Iran deal remain private

Trump and Vance have described terms of the US-Iran ceasefire that do not appear in the text of the memorandum of understanding, including details about Tehran’s nuclear future. During the White House press briefing today, Vance hinted at an explanation: Negotiations included “gentleman’s agreements,” some of which “are written down” but have not been made public. Vance said the framework — pay for performance — is what matters, not the prose: “There’s a lot of discussion, the MOU, the gentleman’s agreements, the final deal — words don’t matter, ladies and gentlemen, we’re about verification.” The deal will allow Tehran to sell oil on the open market, access frozen assets worth about $100 billion, and tap into a $300 billion reconstruction fund seeded by private investors, but that assumes “a transformation in Iranian behavior,” Vance said. He offered nuclear inspections and the disposal of enriched uranium as examples.

Gas prices continue to fall

Gas prices continued to fall today, with the national average dropping just below $4 per gallon for the first time since late March as traffic through the Strait of Hormuz picks up — a sign that the US-Iran ceasefire deal is holding. It’s a trend Trump hoped to see: Yesterday the president referenced the end was near for his authorization of a 120-day drawdown from the US’ Strategic Petroleum Reserve. Tapping reserves again would have been difficult, as the store has hit its lowest level since 1983. Without another supply injection, gas prices would very likely have surged. “You want to see bedlam?” Trump asked rhetorically, while describing such a scenario. Today he posted on Truth Social that critics of the interim agreement are “fools,” as the “Stock Market Just Hit A RECORD HIGH, and Oil prices are ‘tumbling’ down.”

Intel stock soars on Trump announcement of Apple deal

Shares of Intel soared 11% today on Trump’s announcement of a deal between the semiconductor company and Apple to produce microchips in the US. Intel’s stock is up 464% since the US took a 10% equity stake in the company last August. “Stupid Presidents took our Economy for granted, and let Taiwan and others steal our Semiconductor Factories,” Trump said in a post on Truth Social. “Apple has agreed to work with Intel to design and build its Chips in America.” The announcement caught Intel executives by surprise, Semafor’s Rohan Goswami scoops, as the two companies had been in talks about a deal for months. It’s the latest example of the Trump administration’s hands-on approach to tech, having recently cracked down on Anthropic over its new advanced AI model and floated US stakes in AI firms.

Congress on verge of passing housing bill

Congress on the verge of something remarkable: passing the first bipartisan housing legislation in decades. The bill is a White House priority that makes minor changes, with most provisions aimed at streamlining existing housing programs and the most politically salient language — a ban on institutional investors — unlikely to impact most Americans. It was a rocky path to get here: Republicans in Congress struggled to align on their proposals for months, with the House and Senate each rejecting the opposite chamber’s legislation. But they finally achieved a breakthrough this week after leaders reached a bicameral agreement ahead of a Senate vote. The delay in passage means voters likely won’t see the effects of the legislation on costs until after the midterms, if at all, though lawmakers will be able to tout it on the campaign trail.

— Nicholas Wu

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Congress

• Senate Minority Leader Chuck Schumer told Semafor that Jay Clayton’s replacement as US attorney, Jamie McDonald, “hasn’t even been nominated yet and he has nothing to do” with Bill Pulte, who will take over as director of national intelligence tomorrow despite bipartisan protests.
• The White House sent a copy of the memorandum of understanding with Iran to Congress at 10:40 am today, according to a spokesperson for Sen. Mark Warner, D-Va.

Campaigns

• Janeese Lewis George won Washington, DC’s Democratic primary for mayor.

White House

• Several Trump administration officials, including Health Secretary Robert F. Kennedy Jr., have adopted a diet centered on sauerkraut and other fermented foods. — WSJ

Courts

• The Supreme Court ruled unanimously to narrow a law that limits gun ownership for people convicted of drug crimes.

National Security

• Defense Secretary Pete Hegseth warned that the US will review its military presence in Europe and cut its payments to NATO if Europeans don’t meet their military spending commitments.
• A flu outbreak has sickened 160 people at Lackland Air Force Base in Texas, about two months after Hegseth suspended a vaccine mandate. — NYT

Congress

• Rep. Tom Kean, R-N.J., who has missed 135 votes, will return to Washington on June 30, according to his political adviser. — New Jersey Globe
• A new book by an aide to former House speaker Kevin McCarthy details how President Trump used threats and political pressure to wield power over congressional Republicans. — NYT
• The Senate Judiciary Committee unanimously advanced the NO FAKES Act, which would create new protections against unauthorized AI deepfakes, to the Senate floor.

Technology

• Former White House official Dean Ball, who helped shape the Trump administration’s AI policy, will join OpenAI in July as head of strategic futures. — Politico

World

• Ukraine launched what appears to be the largest drone attack on Moscow since the start of the war four years ago.

Outside the Beltway

• At the opening of Barack Obama’s presidential museum in Chicago, Michelle Obama praised his achievements in office, including a pointed reference to his Nobel Peace Prize.
• New York Mayor Zohran Mamdani celebrated the Knicks’ NBA championship win at City Hall.

Immigration

• The State Department announced visa restrictions targeting members of the Tigray People’s Liberation Front for undermining “peace and security” in Ethiopia.

Environment

• The Trump administration is abandoning its plan to dismantle a $368 million ocean monitoring system after bipartisan pressure from Congress.

Education

• The Education Department announced it is temporarily lowering federal student loan interest rates by 1 percentage point for two years starting July 1.

Correction

• A chart based off of a poll on the US Senate race in Montana featured in today’s morning edition misidentified the support for Libertarian candidate Kyle Austin as well as the share of voters who are undecided. Austin has 4% support, and 7% are undecided or support other candidates.