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Social Security trust fund reserves are projected to be depleted by 2035. The 2023 Social Security and Medicare Trustees annual report projects that the program's trust fund reserves will be depleted by 2035. "It's not that Social Security will disappear completely, but rather, the surplus bucket we rely on is at risk." The average Social Security check for a retired worker is only $1,907 per month, according to the Social Security Administration. Without sufficient action, reduced Social Security benefits might not be able to keep pace with rising costs.

Persons: Emily Millsap, you've, Roth, HSAs Organizations: Social Security, Avantax Wealth Management, Social, Social Security Administration, Workers

☆ Key student-debt relief programs are at risk if Congress doesn't boost Education Department funding, 25 Democratic lawmakers say
▼ + stars: | 2024-05-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Sen. Elizabeth Warren led a group of Democrats in pushing for increased Federal Student Aid funding. AdvertisementA group of Democratic lawmakers is pointing to one key thing that will help student-loan borrowers and families navigate financial aid: more funding. Advertisement"FSA's responsibilities have increased to protect students and borrowers, but its federal funding has remained stagnant," they wrote. AdvertisementWhen it comes to the FAFSA, both Republican and Democratic lawmakers have been highly critical of the way the Education Department has facilitated the rollout. The Education Department is also in the process of crafting its broader student-debt relief plan, which is currently in the public comment period.

Persons: Sen, Elizabeth Warren, —, Massachusetts Sen, Tammy Baldwin, Shelley Moore Capito, Joe Biden's, Biden, Secretary Miguel Cardona, Cardona Organizations: Federal Student Aid, Service, Democratic, Massachusetts, Sens, Republicans, Business, Education Department, Public, Republican, Secretary

☆ Trump's lawyer says presidents could get away with crimes if they aren't discovered until after they leave office
▼ + stars: | 2024-04-25 | by ( Jacob Shamsian | Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

Trump's lawyers say a president can get away with crimes if Congress doesn't find out about it while they're in office. If a president leaves before Congress can impeach and convict, they're home free, Trump's lawyers say. Related storiesIn oral arguments Thursday, Justice Amy Coney Barrett asked what would happen if potential criminal conduct wasn't discovered until after a president already left office. "What if the criminal conduct isn't discovered until after the president is out of office, so there was no opportunity for impeachment?" Smith didn't bring his indictment against Trump until the summer of 2023 — more than two years after Trump left office.

Persons: doesn't, they're, —, It's, Donald Trump, Trump's, John Sauer, don't, Trump, Jack Smith's, Amy Coney Barrett, wasn't, isn't, Sauer, Antonin Scalia, Smith didn't, Joe Biden's Organizations: Supreme, Service, US, US Senate, Trump

☆ Zelenskyy straight-up said Ukraine is going to lose if Congress doesn't send more aid
▼ + stars: | 2024-04-08 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +1 min

President Zelenskyy warned that Ukraine would lose the war if the US didn't send it more aid. House Republicans have been stalling on a $60 billion aid package for Ukraine. "It is necessary to specifically tell Congress that if Congress does not help Ukraine, Ukraine will lose," he said. AdvertisementUkrainian President Volodymyr Zelenskyy said on Sunday that his country "will lose the war" against Russia if Congress does not act to send it more aid, Agence France-Presse reported. "It is necessary to specifically tell Congress that if Congress does not help Ukraine, Ukraine will lose the war," he said, per AFP.

Persons: Zelenskyy, —, Volodymyr Zelenskyy Organizations: Republicans, Service, Agence France, Business Locations: Ukraine, Russia

☆ Ukraine took out another Russian fighter jet, bringing its kill streak to 7 in a week
▼ + stars: | 2024-02-21 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +3 min

Ukraine's Armed Forces destroyed another Russian Su-34 fighter jet, marking the seventh in a week. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUkraine said it destroyed another Russian fighter jet on Wednesday, bringing its kill streak to seven in one week. The commander of Ukraine's air force, Lieutenant General Mykola Oleshchuk, said on Wednesday that Ukraine had taken out a Su-34 fighter bomber. A spokesperson for the Ukrainian Air Force told the Kyiv Post that the plane was downed "in the eastern direction."

Persons: —, Mykola Oleshchuk, Forbes, Sinéad Baker, Justin Bronk, Baker, Denys Shmyhal Organizations: Ukraine's, Forces, Service, Pravda, Eternal, Ukrainian Air Force, Kyiv Post, Ukraine, Royal United Services Institute, ABC News, US, Africa Command, Ukrainian Armed Forces Locations: Russian, Ukraine, Kyiv, Poltava, Kharkiv, Dnipropetrovsk, Zaporizhzhya, Donetsk, Russia, Europe

☆ Putin gave Kim Jong Un a luxury Russian car, deepening their war bromance and ignoring sanctions to do it
▼ + stars: | 2024-02-20 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +4 min

Putin gifted Kim Jong Un a luxury Russian car, defying UN sanctions. AdvertisementRussian President Vladimir Putin gifted North Korea's leader Kim Jong Un a luxury Russian car, openly defying UN sanctions and strengthening the two leaders' close bond. "North Korea is our neighbor, our close neighbor, and we intend, and will continue, to develop our relations with all neighbors, including North Korea." AdvertisementWPK officials, including Kim Jong Un's sister, Kim Yo Jong, accepted the car on his behalf on Sunday, state news outlet KCNA reported. This wouldn't be the first time Kim Jong Un has gotten around the sanctions.

Persons: Putin, Kim Jong, —, Vladimir Putin, Dmitry Peskov, Kim, Mikhail Svetlov, Peskov, Kim Yo Jong, Kamala Harris Organizations: Service, North, Reuters, Russia's Vostochny, Royce, Maybach, Lexus, Ukraine, Norway's Intelligence Service, US Army, Africa Command, NATO, Munich Locations: North Korea, Russia's, Russia's Vostochny Cosmodrome, Korea, Russia, China, Belarus, Iran, Europe, Ukraine, Africa, Germany

☆ The rich want to give their kids real estate and businesses to save on taxes but still control the family fortune. One neat trick: family-limited partnerships.
▼ + stars: | 2024-02-14 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +8 min

And yet, Walton's wife and children didn't have to pay a dime in estate tax. With an FLP, an individual — often a parent or two parents — pools their business assets, which are commonly real estate or stock. There are pragmatic reasons for keeping family business assets consolidated, according to Dan Griffith of Huntington Private Bank. Another sweetener: you can claim a discount on the assets within the FLP and use even less of your estate tax exemption. This would eliminate all gift and estate tax on the business even if the couple dies after the Trump tax cuts sunset.

Persons: —, Sam Walton, didn't, Donald Trump, Dan Griffith, –, Griffith, Robert Strauss, Weinstock Manion, Strauss, Edward Renn, Renn, Trump, that's, Katie Carlson Organizations: Service, Walmart, Business, Huntington Private Bank, IRS, Partners, Bank of, Trump

That's because a subsidy that helps people with limited resources afford internet access is set to expire this spring. If the program expires, participating families, including nearly 900,000 in North Carolina, will either lose internet access or have to pay more to stay connected. Most of that money will be awarded to internet providers to build internet infrastructure in areas that need it most. Several states incorporated the ACP subsidies into those draft plans in ways that would lower the cost for internet access to zero for some customers. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.

Persons: Joe Biden, ” North Carolina Governor Roy Cooper, “, Shirleen Alexander of Charlotte, ”, Alexander, Biden, Franklin Roosevelt, Brian Vo, ” Vo, Nate Denny, he's “, ” Denny, Denny, Gina Raimondo, ” Cooper, ___ Organizations: ANGELES, Program, ” North, ” North Carolina Governor, Democrat, Administration, New, ”, Connect, Biden, Federal Communications Commission, Sense Media, Boston Consulting, Broadband Equity, National Telecommunications and Information Administration, Associated Press, America Statehouse News Initiative, America Locations: North Carolina, U.S, ”, ” North Carolina, America, Raleigh

☆ Everything you need to know about Republicans moving forward on impeaching Homeland Security Secretary Alejandro Mayorkas
▼ + stars: | 2024-01-09 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +10 min

House Republicans are rallying around a push to impeach Homeland Security Secretary Alejandro Mayorkas. On Wednesday, House Republicans are set to consider the impeachment of Homeland Security Secretary Alejandro Mayorkas. As Homeland Security secretary, Mayorkas oversees a vast agency that includes U.S. Customs and Border Protection. The Homeland Security Department notes that for all these reasons apprehending a migrant on the watchlist is extremely rare. A Department of Homeland Security spokesperson said in a statement that there is simply "no valid basis" to impeach Mayorkas.

Persons: Alejandro Mayorkas, —, Joe Biden, Mayorkas, Marjorie Taylor Greene, Virginia Foxx, Anthony D'Esposito, Mike Johnson, Mark Green, Green, Troy Miller, Politifact, Biden, Trump, Johnson, Mia Ehrenberg, Bennie Thompson of, Thompson, William Belknap, Grant, Belknap, Ulysses S, Donald Trump, It's, Ken Buck, Buck, Greene, Tom McClintock Organizations: Republicans, Homeland, Service, House Republicans, House Democrats, Biden, CNN, Freedom Caucus, Republican, New York, Homeland Security, Mayorkas, U.S . Customs, GOP, CBS, Democratic, White, Protection, Washington Post ., Customs, Post, NPR, New York Times, Homeland Security Department, Capitol, Politico, Department of Homeland Security, Russia, Twitter, Supreme Locations: Georgia, Rep, North Carolina, New, House, U.S, Bennie Thompson of Mississippi, United States, Ken Buck of Colorado, California

The requirement could raise wages by as much as $10,000 for Head Start teachers over the next seven years, the agency estimates. Head Start teacher turnover has doubled over the last decade, with the federal government estimating 1 out of every 5 Head Start teachers left their classroom last year. As many as 275,000 infants, toddlers and preschoolers are on waitlists nationwide, according to the National Head Start Association. Taxpayers spend about $12 billion for Head Start to serve roughly 1 million children. Daniel was “jumping up and down” when she read the administration's proposal to raise wages and add heartier benefits for Head Start staff.

Persons: Biden, Anna Markowitz, ”, That's, Renee Daniel, Daniel, we’re, ” Daniel, Katie Hamm, ” Hamm, Markowitz, “ It’s, ” Markowitz Organizations: WASHINGTON, Human Services, Start, University of California Los, Start Association, Taxpayers, Cincinnati, Hamilton, Community Action Agency, Head Start, Amazon, Human, UCLA Locations: University of California Los Angeles, Cincinnati

☆ The GOP plan to avoid a government shutdown in 5 days could actually help student-loan companies struggling to manage repayment
▼ + stars: | 2023-11-13 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

It includes flexibility for the Education Department to reallocate money to student-loan companies. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementRepublican lawmakers' latest plan to keep the government funded includes some flexibility for the Education Department as it manages a challenging return to repayment. The Education Department referred Insider to the Office of Management and Budget for a comment on the proposal.

Persons: —, Mike Johnson, Johnson, Chip Roy, Pelosi, Sen, Chris Murphy Organizations: Republicans, Education Department, Service, Department, Management, OMB, Conservative, Senate, NBC

☆ How India’s Hindu nationalist BJP seeks Muslim vote in 2024 election
▼ + stars: | 2023-11-10 | by ( Yp Rajesh | ) www.reuters.com time to read: +9 min

Specifics of the BJP's Muslim outreach strategy, such as the messaging it is using to target voters in these seats, have not been previously reported. The campaign is part of a larger push to woo India's 200 million Muslims, with whom the BJP and Modi have a long and fraught history. ECONOMY-FIRST AND MUSLIM VOTERSThe BJP's website states that secularism in India has become "minority appeasement ... at the cost of majority". They shared details of internal party strategy on condition of anonymity. BJP leaders such as Islam, a former India head of Deutsche bank, said the opposition has taken Muslim votes for granted and neglected their welfare.

Persons: Narendra Modi, Modi, Nafis Ansari, Ansari, Jamal Siddiqui, Modi Mitrs, Syed Zafar Islam, Siddiqui, doesn't, Hilal Ahmed, Yasser Jilani, Ujir Hossain, Mohammed, Hossain, Hossain Dada, Qasim, Amana Begam Ansari, Critics, Ahmed, Ghanshyam Tiwari, Tiwari, Rupam Jain, Katerina Ang Organizations: Bharatiya Janata Party, BJP, Rivals, Analysts, Indian, Reuters, Centre, Congress, Deutsche, Samajwadi Party, Thomson Locations: Balasinore, Indian, Ahmedabad, Madhya Pradesh, India, Delhi, West Bengal, BJP

☆ How Modi's BJP seeks Muslim vote in India's 2024 election
▼ + stars: | 2023-11-10 | by ( Yp Rajesh | ) www.reuters.com time to read: +9 min

The U.S. Capitol is seen at sunrise as Republican House members will today continue their search to find a House speaker following the ouster of Kevin McCarthy, in Washington, U.S., October 13, 2023. The House of Representatives has drifted leaderless for 12 days since eight of its 221 Republicans ousted Speaker Kevin McCarthy. Some House Republicans voiced frustration and anger that they have gone so long without being able to choose a leader. Our adversaries are watching what we do and ... quite frankly, they like it," said Republican House Foreign Affairs Committee Chairman Michael McCaul. Former President Trump, the frontrunner for the 2024 Republican nomination, has at times been a cheerleader for the chaos.

Persons: Kevin McCarthy, Kevin Lamarque, Donald Trump's, Israel, hardliner Jim Jordan, Joe Biden, Michael McCaul, McCaul, Trump, Zach Nunn, Nunn, Pete Aguilar, Tommy Tuberville, Tuberville, Vladimir Putin, Elizabeth Hoffman, William Hoagland, Congress doesn't, Scott Perry, Richard Cowan, Patricia Zengerle, Scott Malone, Cynthia Osterman Organizations: U.S, Capitol, Republican, REUTERS, Rights, U.S ., Hamas, Republicans, Democratic, House, Republican House Foreign, Reuters, Israel, Democrats, House Democratic, Pentagon, Center for Strategic & International Studies, Center, Congress, Caucus, Thomson Locations: Washington , U.S, East, Ukraine, Washington, Middle, Israel, Gaza, Iowa, Des Moines

☆ A temporary pay bump for federal firefighters is slated to end in November, raising fears that up to 50% of the workforce could quit as the country faces more extreme wildfires
▼ + stars: | 2023-10-14 | by ( John L. Dorman | ) www.businessinsider.com time to read: +3 min

Federal wildland firefighters could see sizable pay cuts if Congress doesn't step in soon. Per the US Department of Agriculture, the entry-level salary for a federal wildland firefighter is roughly $34,000, absent the temporary pay increase. But the legislative fix was only temporary, and Biden pushed for the permanent pay when he submitted his administration's 2024 budget earlier this year. AdvertisementAdvertisementDemocratic Rep. Joe Neguse of Colorado has been one of the most prominent supports of the increased firefighter pay on Capitol Hill. AdvertisementAdvertisementNeguse has introduced legislation that would permanently boost federal firefighter pay, but it has so far not advanced in the House.

Persons: Joe Biden, Biden, Joe Neguse, Kevin McCarthy of, I'm Organizations: Service, The Times, US Department of Agriculture, Capitol, National Federation of Federal Employees, Times Locations: Colorado, Kevin McCarthy of California, Interior West

☆ GOP congresswoman says she is tired of 'sacrificing' her children to reduce the national debt and threatens to quit if Congress doesn't establish a debt commission
▼ + stars: | 2023-10-02 | by ( Madison Hall | ) www.businessinsider.com time to read: +3 min

A GOP House representative threatened to resign from Congress. Rep. Victoria Spartz said she'd resign if Congress doesn't pass a "debt commission this year." AdvertisementAdvertisementA GOP representative threatened to resign from Congress if the legislative body doesn't vote and pass a "debt commission." Representing Indiana's 5th Congressional District since January 2021, Rep. Victoria Spartz issued a press release on Monday morning detailing her promise. Though Spartz threatened to resign from her post, her days in Congress are already limited.

Persons: Victoria Spartz, she'd, She's, —, Spartz, Sen, Mike Braun, Spartz's, Kevin McCarthy, McCarthy, I'm, Indiana's, Jackie Walorski Organizations: GOP House, Rep, Service, Congressional District, Representatives, Indiana, GOP, House Republicans

☆ A government shutdown won't stop the student-loan payment restart — but an extended one could jeopardize resources for borrowers who need help
▼ + stars: | 2023-09-29 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

A shutdown would occur the same day student-loan payments resume. The Education Department said resources for borrowers will be available the first few weeks of a shutdown. AdvertisementAdvertisementPresident Joe Biden's Education Department is clear: government shutdown or not, student-loan payment are resuming on October 1. A shutdown could also happen at a critical time for millions of student-loan borrowers. However, amid calls from some Democratic lawmakers and advocates to pause payments in the event of a shutdown, the Education Department confirmed payments are still set to resume.

Persons: doesn't, —, Joe Biden's, Biden, servicers, Ayanna Pressley Organizations: Education Department, Service, Joe Biden's Education, Conservative, Democratic, Republicans, Federal, Aid, Management, Education

☆ It is 'abundantly clear' student-loan payments should not resume next week if the government shuts down, Ayanna Pressley says
▼ + stars: | 2023-09-27 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

That's the same day student-loan payments are set to resume. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementRep. Ayanna Pressley does not want student-loan borrowers to worry about repayment and a government shutdown at the same time. With that deadline just days away, that prospect is looking increasingly likely — and it would also fall the same day federal student-loan borrowers could start facing monthly bills again after an over three-year pause. Pressley said in a Wednesday statement that President Joe Biden should pause student-loan payments and interest accrual if a shutdown does happen, and that "it is abundantly clear that student loan payments should not resume October 1."

Persons: Pressley, —, Ayanna Pressley, Joe Biden, servicers, Biden's, Biden, Education James Kvaal Organizations: Service, Education, The Education Department, Republican, Education Department

☆ Stock futures are little changed after S&P 500, Nasdaq end four-day string of losses: Live updates
▼ + stars: | 2023-09-25 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Stock futures hovered near the flat line Monday evening. Futures tied to the Dow Jones Industrial Average slipped by 25 points, or 0.07%. S&P 500 futures dropped 0.05%, while Nasdaq 100 futures lost 0.06%. The S&P 500 added 0.4%, while the Nasdaq Composite advanced 0.45%. Nevertheless, stocks are on pace to end September lower, a month that is already known as being historically weak for equities.

Persons: doesn't, it's, Mary Ann Bartels Organizations: Dow Jones, Nasdaq, Dow Locations: Washington

☆ Biden wants to make sure Congress doesn't slash pay for firefighters tackling wildfires raging across the country
▼ + stars: | 2023-08-10 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Biden administration wants additional funding from Congress for Ukraine, extreme weather, and the border. Currently, wildfire firefighters are working under a temporary pay increase, which will expire by October. "The administration is committed to building a more robust and resilient wildland firefighter workforce and fairly compensate wildland firefighters' difficult and dangerous work that they do. "We've seen bipartisan understanding of the need to provide firefighter pay to prevent a cliff," the official said. On Tuesday, a bipartisan group of lawmakers introduced the Wildland Firefighter Paycheck Protection Act, which would make pay increases for firefighters permanent.

Persons: Biden, Joe Biden's, Kevin McCarthy, We've, Josh Harder, weren't Organizations: Biden, Management, Service, Agriculture, FEMA, OMB, NBC News, National Federation of Federal Employees, National Forest Service Locations: Ukraine, Wall, Silicon, Hawaii, Texas, California

☆ Justice Elena Kagan publicly contradicts Alito, says Congress can pass SCOTUS ethics reforms
▼ + stars: | 2023-08-04 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

Justice Elena Kagan appeared to publicly contradict Justice Samuel Alito on congressional power. Alito previously suggested Congress doesn't have the power to regulate the Supreme Court. Kagan, an Obama appointee, said there are clearly examples of Congress' ability to regulate the court. "Of course, Congress can regulate various aspects of what the Supreme Court does," she said. "Congress funds the Supreme Court.

Persons: Elena Kagan, Samuel Alito, Alito, doesn't, We're, Kagan, Samuel Alito's, George W, Bush, John Roberts, Clarence Thomas, Harlan Crow, Paul Singer, Roberts, we've Organizations: Service, Circuit Judicial, Politico, Wall, Washington Post, Republicans, Democrat, Committee, Journal, CNN Locations: Wall, Silicon

☆ US House rebuffs bid by Republican hardliners to end some sanctions
▼ + stars: | 2023-07-18 | by ( David Morgan | ) www.reuters.com time to read: +4 min

WASHINGTON, July 18 (Reuters) - The Republican-controlled U.S. House of Representatives on Tuesday turned back a bid by hardline conservatives to end five presidential emergency declarations that allow for sanctions against America's enemies in the Middle East and Africa. Trump, a hero to Republican hardliners, did use a 2019 national emergency declaration to fund construction of a wall at the U.S.-Mexico border over the opposition of congressional Democrats. "Trump was probably the first president to use the National Emergency Act and national emergency declarations for the express purpose of getting around Congress on a question of long term policy," Goitein said. Both Republicans and Democrats said they agreed with the objective of improving the national emergency system. "While I understand my colleagues' desire to reform the national emergency process, empowering terrorists, corrupt officials and war criminals is not the answer.

Persons: Lauren Boebert, Matt Gaetz, Paul Gosar, Eli Crane, Republican George W, Bush, Barack Obama, Donald Trump's, Biden, Hardliner, Kevin McCarthy, Joe Biden, somebody's, Gosar, Elizabeth Goitein, Trump, Goitein, Mike Lawler, David Morgan, Scott Malone, Lincoln Organizations: Republican, House, Four Republican, Democratic, Republicans, Democrats, Washington, Colorado firebrand, Hardliner Republicans, Freedom Caucus, Brennan Center for Justice, New York University, Trump, Emergency, Thomson Locations: East, Africa, Syria, Yemen, Iraq, Libya, Democratic Republic of Congo, Colorado, Iran, U.S, Mexico

☆ The Treasury Department plans to sell $123 billion in T-bills right on the X-date, but there's a catch
▼ + stars: | 2023-06-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The Treasury announced a "tentative" T-bill auction for Monday, based on whether the debt limit is lifted. If Congress acts in time, $65 billion in 3-month bills and $58 billion in 6-month bills would be sold. For now, Treasury plans to sell $65 billion in 3-month bills and $58 billion in 6-month bills on Monday and settle them on June 8. However, this week it indicated that such an auction was "tentative," and "conditional on enactment of the debt limit suspension." As of Tuesday, the Treasury General Account held about $37 billion, having held $140 billion in mid-May.

Persons: —, doesn't, That's, Janet Yellen, Kevin McCarthy, Joe Biden Organizations: Treasury, Service, Treasury Department, Republican, Bloomberg

☆ How the debt ceiling became a game of political chicken that continues to threaten our economy
▼ + stars: | 2023-05-31 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +2 min

Congress originally created the debt ceiling to control military spending. Since the 1990s, Democrats and Republicans have leveraged the risk of a debt default to control the budget. 2023 has seen a debt ceiling standoff between President Joe Biden and Speaker Kevin McCarthy. That economic crisis could arrive as early as June 5, if Congress doesn't raise or suspend the debt ceiling. Congress created the debt ceiling in 1917 to control military spending as the US took on debt to enter World War I.

Persons: Joe Biden, Kevin McCarthy, —, it's Organizations: Republicans, Service, Department of, Treasury Locations: Congress

☆ Get ready to see millions of Americans lose their jobs if Congress doesn't raise the debt ceiling in the next few days
▼ + stars: | 2023-05-29 | by ( Madison Hoff | Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

The US could default on its debt as soon as June 5 if the debt ceiling isn't raised by then. That would translate to "7.8 million jobs lost from peak to trough," Yaros said. Other industries would see over half a million jobs lost in this scenario, including construction. "It's something closer to the 2001 recession that we had after the dot-com bubble, and you get about 1.5 million jobs lost from peak to trough," Yaros said. And 1.5 million jobs lost — that's still a huge human toll that was unnecessarily incurred."

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