Mark Halperin speaks with Congressman Ro Khanna of California about the real impact of the Iran war, weighing military gains against rising costs and making the case for diplomacy. Khanna also opens up about a potential 2028 presidential run and the personal and political factors, including family, shaping his decision. Then, the Economist’s James Bennet joins to examine President Trump’s motives in the conflict and the risks of how the war is being framed.

Lastly, Vin Weber and Kevin Walling join together to break down why Donald Trump, not the economy, will define the midterms and how turnout dynamics could shape the outcome. They also dive into the role of money in politics, where billionaire donors should be spending, and why Democrats continue to excel at small-dollar donations.

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Mark Halperin’s reported monologue breaks down the latest developments in the U.S. conflict with Iran, explaining why recent U.S. and Israel strikes are delivering meaningful tactical wins, while the broader strategy remains uncertain. He outlines what’s going well, what’s not, and why reopening the Strait of Hormuz is the single most critical factor in determining how this conflict unfolds, with major implications for the global economy and U.S. military strategy.

Plus, Jonathan Freedland joins Mark to discuss how he became an expert on American politics from the U.K., and why so many in Britain misunderstand the United States, before making the case that diplomacy may have been a better path than war with Iran. And Dr. Ralph Reed reflects on Charlie Kirk’s legacy, explaining why he was a once-in-a-generation communicator and what his absence means for MAGA and the future of the conservative movement.

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Tensions with Iran are escalating, and new risks are emerging that could make the mission far more difficult than the Trump administration expected. Mark uses his reported monologue to break down the military, strategic, and public perception challenges now facing the United States, including, most immediately, the zero-sum fight to reopen the Strait of Hormuz, the role of drones and asymmetric warfare, and why growing concerns inside Washington are raising questions about how the conflict could unfold. He also explains why public opinion may ultimately become the decisive factor in the mission’s success or failure.

Then Sen. Rand Paul joins the program for a wide-ranging conversation about the war with Iran, warning that the conflict could become another long and costly Middle East war if leaders are not careful about defining clear goals. He also discusses why he believes the national debt poses the greatest long-term threats to the United States, how inflation and tariffs are affecting the economy, and why rising gas prices and economic pressure could shape the next election. Plus, Sen. Paul offers an intriguing answer when asked about his chairing the upcoming confirmation hearing involving his colleague Sen. Markwayne Mullin.

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