THE SHOW NOTES: DeSantis Out, Tim Scott Engaged, & The Red Sea Situation

Welcome! Tim Scott proposed to his longtime girlfriend on Saturday evening.

NEW: Donald Trump’s defamation trial was abruptly canceled due to COVID exposure. - NY Post

TRAGEDY: Two missing Navy Seals were declared dead after a 10-day exhaustive search. - CNBC

HEADLINE: Fani Willis to Face Music in Divorce Case - Newsweek

DEBT: U.S. debt hits record high as rich economies pile on IOUs - Axios

REMINDER: Biden isn’t on the New Hampshire primary ballot. - Yahoo

Seriously: Ted Lieu Wants To Criminalize Glue Traps - Reason

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DeSantis

After barely breaking 20% in Iowa, Ron DeSantis bowed out of the presidential race late Sunday afternoon and threw his support behind Donald Trump.

“While I have had disagreements with Donald Trump, such as on the coronavirus pandemic and his elevation of Anthony Fauci, Trump is superior to the current incumbent, Joe Biden. That is clear.

I signed a pledge to support the Republican nominee and I will honor that pledge.

He has my endorsement because we can't go back to the old Republican guard of yesteryear - - a repackaged form of warmed-over corporatism -- that Nikki Haley represents.”

Why this matters: The surprise announcement leaves Nikki Haley as the lone challenger ahead of tomorrow’s New Hampshire primary where she trails Trump by double digits in the polling averages.

Bonus: Judge Judy is heading to New Hampshire to campaign for Haley.

Middle East

Israeli forces have killed up to 30% of Hamas fighters but have failed to eliminate significant munitions supplies that could be used to attack Israel over the coming months.

Context: The vast network of underground tunnels that span more than 350 miles has proved to be a more challenging object than the Israeli military predicted.

Objective: US military analysts tell The Wall Street Journal that the single objective for Hamas is to survive until Israel pulls out of Gaza. “You don’t have to win, you just have to not lose.”

Iran: Tensions between Israel and Iran have escalated following an Israeli air strike on buildings in Damascus that killed five members of the Iranian Revolutionary Guard.

Houthis: The United States is expecting a protracted fight with Yemen’s Houthi rebels following a seventh round of airstrikes against key Houthi positions. While the Biden administration claims the conflict won’t last years, they also don’t have a timeline for when the Houthis will be sufficiently deterred from attacking cargo ships in the Red Sea. Currently, dozens of companies and hundreds of ships are avoiding the area due to the Houthi attacks.

Ukraine’s $30 Billion Problem: How to Keep Fighting Without Foreign Aid

Ukraine will run out of money within months and be forced to take painful economic measures to keep the government running if aid from the U.S. or Europe doesn’t come through, according to economists and Ukrainian officials.

The U.S. and the European Union, Ukraine’s largest financial backers, have promised Kyiv billions of dollars in new financial and military aid. But pledges from both have been upended by infighting in Washington and Brussels. While political leaders insist those aid packages will pass eventually, timing is critical for Ukraine.  

Full story at The Wall Street Journal (paywall).

Marijuana Is More Dangerous Than Biden’s HHS Lets On

Healthcare practitioners report increasing numbers of young people with psychotic reactions from marijuana. Such breaks are more likely with chronic use, though one scientific review found nearly 1 in 5 users reported hallucinations or visions, and more than half experienced paranoia, after using the drug.

Yet the Health and Human Services Department brushes past marijuana’s potential for inducing psychosis in its review, published Jan. 12, that supported moving marijuana from Schedule I of the Controlled Substances Act to the less restrictive Schedule III. If you needed more evidence that Biden administration health officials don’t follow the science, here it is.

Schedule I drugs are those with no currently accepted medical use and a high potential for abuse. Examples include heroin, ecstasy and peyote. Schedule III drugs have a moderate to low potential for physical and psychological dependence. They include Tylenol with codeine, testosterone and other anabolic steroids.

HHS concludes that “the risks to the public health posed by marijuana are lower compared to other drugs of abuse” based on data of hospitalizations, emergency-room visits and overdose deaths. It’s true, smoking weed is unlikely to cause sudden death. But its effects over time may be more insidious and damaging to public health and society than those of other drugs.

An article last month in the New England Journal of Medicine, “Cannabis-Related Disorders and Toxic Effect,” details the myriad risks of marijuana use, including mental illness and cognitive difficulties. As more states have legalized marijuana, more young people are using the drug and more frequently experiencing such problems.

Full story at The Wall Street Journal (paywall)

Trending news:

• China is unable to invade Taiwan, most U.S. and Taiwanese experts say - Axios

• This bloodthirsty Venezuelan gang has caused havoc in Latin America. Now it’s in Miami - Miami Herald

• 2012 Taco Bell receipt reminds the internet how cheap things were before inflation - Fox Business

• Lauren Boebert switched districts in a bid to stay in Congress. Winning over voters won’t be easy - AP

• Populism Keeps Rattling the Globe. Elites Have No Idea What to Do. - Politico

• Shirtless Jason Kelce cheers on Travis, Chiefs with Taylor Swift after taking pregame shot with Bills Mafia - Yahoo

• Summers Lashes Out at Harvard Over Antisemitism Task Force - Bloomberg (paywall)

Market snapshot: