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Hey friends - happy Friday! Summer is turning up the heat here in NYC.
Welcome back to the weekly Scoops Spotlight, where we’ll serve up a little summary of the week with the company scoops that got the most community reactions.
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🌎 The Big Picture
In case you missed it, the biggest news of the week is the public breakup of the Elon Musk and President Trump partnership. These are two extremely volatile men with immense power, so it’s difficult to predict where this goes.
The wedge driving the breakup is the other big news of the week: the tax bill moving through Congress right now.
This week, the Congressional Budget Office just dropped two key reports:
1) Congress’s proposed “One Big Beautiful Bill” would add $2.4 trillion to the national debt over 10 years.
2) Current tariffs, if kept in place, could raise $2.5 trillion over that same period. Without offsetting tax cuts, the tariff revenue would also save Americans $300B on interest payments by paying down our debt earlier.
Here’s what’s included in that tariff math:
10% baseline tax on all imported goods
30% surtax on Chinese imports
25% on steel, aluminum, cars, auto parts
The result?
🚨 Tax cuts + no tariffs = America goes deeper into debt
⚠️ Tax cuts + tariffs = America maintains its current, massive debt
✅ No tax cuts + tariffs =America reduces its massive debt
Here’s the tradeoff:
Combining the two bills essentially just changes who's paying the taxes from the people getting tax cuts (most concentrated in the highest income bracket, based on most available analysis) to American importing businesses and whoever they pass those costs on to, aka American businesses and consumers.
Most economists expect businesses to pass higher costs onto consumers.
The CBO expects these policies to slow the economy and increase the cost of living.
Small businesses import a lot of goods and have already reported strain from the tariffs. They don’t have the same pricing power that these market-dominant corporations do to be able to raise prices and pass on higher costs when they need to. So higher costs often just eat into profits, if there are any.
Lower-income households spend a much higher percentage of their income on goods, so these higher prices for products will hit the masses much harder than the wealthy.
So while the books might balance for the government, we might just be shifting the tax burden to lower-income families and small businesses.
How are you feeling about the economy? |
Get the full breakdown of all the trends affecting your home, wallet, and career in the new Weekend Scoop on the Scoops app!
🏭 The Companies Everyone’s Talking About
 Wells Fargo & Co. 👍 26% 👥 43% | 🌏 47% | 💰 46% | Asset Cap Lifted Wells Fargo will no longer be restricted from growing its deposit base and loans business after the Federal Reserve lifted its seven-year cap on the bank's assets. The banking giant faced regulatory restrictions after a series of high-profile fraud scandals demonstrating poor risk controls, including an incident where employees opened millions of fake customer accounts. |
 Capital One 👍 61% 👥 43% | 🌏 50% | 💰 46% | Angry Creators Capital One faces a massive lawsuit from social media creators claiming the bank's browser extension for online shopping stole their sales commissions by overriding tracking and attribution from the creators' traffic. The credit card giant denies the claims, but the issue follows a larger trend of litigation against companies like Microsoft and PayPal over their shopping extensions affecting earnings from affiliate marketing. |
 McDonald’s Corp 👍 58% 👥 46% | 🌏 50% | 💰 51% | Snack Wrap Revival McDonald's is bringing back the snack wrap to US restaurants on July 10, after a decline in same-store sales in the first quarter, with the item featuring one of the chain's McCrispy Strips in spicy and ranch flavors. The return of the snack wrap is part of McDonald's broader push into chicken, a fast-growing restaurant category, and could ignite the next stage in the chicken wars. |
 Meta Platforms. 👍 56% 👥 41% | 🌏 47% | 💰 53% | Going Nuclear Meta signed a 20-year agreement to buy 1.1 gigawatts of nuclear power from Constellation Energy's Clinton Clean Energy Center in Illinois. The deal marks Meta's first official foray into nuclear energy and contributes to the company's goal of 100% clean electricity, aligning with its AI ambitions and the industry's push for increased nuclear energy production. |
 Moderna, Inc. 👍 68% 👥 62% | 🌏 54% | 💰 66% | Narrow Approval Moderna's new COVID-19 vaccine has been approved in the US for adults over 65 and those over 12 with underlying health conditions, despite the new US Health Secretary's concerns about COVID-19 vaccines. The approval comes after the government canceled a multi-million-dollar contract for other vaccines with Moderna. |
Dig into more scoops and vote on company approval ratings in the Scoops app!
❔ The Big Question of the Week
Has air travel improved over the past few years? |
Challenge your perspectives and learn from the community voting on the Scoops app!
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