Axios

House Majority Whip Tom Emmer (R-Minn.) is scaling back expectations and zeroing in on a narrowed battlefield as Republicans' prospects of keeping their majority look increasingly bleak.

Why it matters: Emmer, a former National Republican Congressional Committee chair who helped the GOP unexpectedly gain seats in 2020, argues his party can still defy historical headwinds in November.

The euro fell to a 17-month low against the dollar on Monday as political and fiscal worries rattled European markets.

Why it matters: Rising borrowing costs and political instability are reviving concerns about strains within the eurozone — and whether the European Central Bank may eventually have to step in.

Dennis Hastert, the longest-serving Republican House speaker in U.S. history who later admitted to sexually abusing several teenage boys, died Saturday at 84.

The big picture: Hastert was the highest-ranking elected official in U.S. history to serve time in federal prison, and Congress still conducts business under an unwritten rule named after him.