ATLANTA

Biden falters on the debate stage, and a party that had no plan B falls into open panic

For 90 minutes, before 50 million people, the president confirmed the fear the whole campaign had been built to suppress. By the next morning, the question was no longer whether he could win, but whether he should stay.

President Biden's debate against Donald Trump on the night of June 27 was a catastrophe of a specific and cruel kind: not a bad answer or a gaffe, but a sustained, visible confirmation of the thing his party had spent a year insisting was not true. He appeared frail, his voice a rasp, his sentences trailing into confusion, his gaze slack, and for 90 minutes, in front of an audience of some 50 million, he looked every one of his 81 years and then some. Trump lied fluently and energetically throughout, and it did not matter, because the only story was the man beside him. By the time it ended, Democratic strategists were on television barely concealing their despair, and by the next morning the unthinkable had become the only topic: should Biden step aside, and if so, how, with the convention weeks away and no obvious successor.

The debate did not create the age question; the Hur report had made it unavoidable in February, and this paper wrote then that a whole system had stopped making way for the next generation. But the debate detonated it. Donors threatened to close their wallets; newspapers that had endorsed him called for him to withdraw; elected Democrats went from private worry to public agitation. The White House insisted he would fight on, blaming a cold, a busy schedule, a bad night. But everyone had seen it, and you cannot un-see a thing like that, and the party that had bet everything on a single ageing man was discovering, in real time and full public view, that it had built its entire strategy on a single point of failure, and that the failure was now visibly failing, with no plan for what came next.

WASHINGTON

The Supreme Court guts the regulatory state and shields the president

The Supreme Court closed its term with two decisions of enormous reach. On June 28 it overturned the 40-year-old Chevron doctrine, which had required courts to defer to federal agencies' expertise in interpreting ambiguous laws; the ruling transfers vast power from the agencies that regulate everything from clean air to drug safety to the courts and Congress, and is likely to unleash years of litigation against rules of every kind. And on July 1 the Court ruled that former presidents enjoy broad immunity from prosecution for official acts, a decision that sharply narrows the federal cases against Trump and expands presidential power in ways whose limits no one yet knows. Together the rulings marked a Court remaking the American state, empowering the presidency while defanging the agencies, in a single momentous week.

IN BRIEF

Assange goes home; France holds its breath; a hurricane and a heat dome

Julian Assange, the WikiLeaks founder, walked free on June 25 after pleading guilty to a single charge in a deal with American prosecutors, ending a 14-year legal saga and flying home to Australia. France voted in the first round of its snap election on June 30, with the far-right National Rally leading and the country facing a nervous run-off that could hand it power or block it. And an early, ferocious hurricane season announced itself as Beryl became the earliest Category 5 storm ever recorded in the Atlantic, while a heat dome baked much of the United States, more evidence stacked on a year already breaking temperature records.

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The Ledger

A political fortnight; the Chevron ruling, though, is quietly an AI story too. Gutting agency deference makes it far harder for regulators to write and defend the technical rules that governing AI will require, handing that power to courts and a gridlocked Congress. Regulation just got harder.

Data centers & power

The heat dome and record hurricane are the climate backdrop to the power question: the same warming that strains the grid is driven partly by the energy the digital economy demands. The loop tightens.

Rates

The Fed holds, one cut now penciled for late in the year. Inflation eases; the economy holds; the soft landing survives the summer.

Real estate

US 30-year mortgage 6.86 percent (June 27). Steady, frozen, waiting on the autumn cut that is finally starting to look real.

India tech

A quieter fortnight for India after the drama of the count; the new coalition government settles in. The steadier story, of an economy and a technology sector growing regardless of the reduced majority, reasserts itself.

What we called wrong

Nothing to retract, and one warning grimly vindicated: the succession-failure this column named in No. 30 arrived in No. 40, on a debate stage, exactly as described. We would rather have been wrong.

The Back Page

Fourteen years

Julian Assange went home this fortnight, and however you feel about him, and opinions could not be more divided, the sheer duration of it is worth marking. Fourteen years. For fourteen years the WikiLeaks founder was, in one way or another, confined: on bail, then holed up in the Ecuadorian embassy in London for seven years, growing pale and strange in a few rooms while the world moved on, then in a high-security British prison fighting extradition. To his admirers he is a heroic publisher who exposed the machinery of war and paid for it with his freedom; to his detractors he is a reckless narcissist who endangered lives and served hostile powers. Both camps are certain, and this page will not settle it. What strikes me is only the human arithmetic of it: a man in his thirties when it began, now in his fifties, who spent the entire prime of his life inside a legal machine that could neither convict him properly nor let him go, until at last a deal was struck that let everyone claim something and no one claim victory. He pleaded guilty to one charge, was credited with time served, and flew to Australia to see a country his young children had never known him free in. Whatever he is, the punishment, in the end, was mostly just time, enormous, unrecoverable amounts of it, and now he is home, blinking in the light, an argument that will outlive its subject walking finally out of its own long shadow.

The Fortnight's Fable

The Fox Who Wrote the Rules

When the hens complained that a fox kept eating them, the council, wishing to consult someone who truly understood the danger, appointed the fox himself to draw up the rules for guarding the henhouse. He produced excellent rules, long and careful and full of reasonable exceptions, and the hens felt safer than they ever had, right until the evening they began, one sensible exception at a time, to go missing.

Moral: ask the fox to guard the hens and he will hand you the finest set of rules you ever read, each with a small door in it, and each door exactly his size.