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☆ As Putin and Xi meet, the power dynamics between Russia and China keep the West guessing
▼ + stars: | 2024-05-16 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +7 min

Pedro Pardo | Afp | Getty ImagesRussia's close relationship with superpower China is under close scrutiny as Russian President Vladimir Putin meets his Chinese counterpart Xi Jinping on Thursday. "Neither Putin nor Xi can achieve what they want to achieve, both domestically and internationally, without the support of the other. Russian President Vladimir Putin and China's President Xi Jinping leave after a reception following their talks at the Kremlin in Moscow on March 21, 2023. Russian President Vladimir Putin and Chinese President Xi Jinping during a welcome ceremony at the third Belt and Road Forum in Beijing on Oct. 17, 2023. Russian President Vladimir Putin and Chinese President Xi Jinping attend a welcome ceremony before Russia-China talks in Moscow, Russia, on March 21, 2023.

Persons: Xi Jinping, Vladimir Putin, Pedro Pardo, Putin, Sam Greene, they've, " Greene, Xi, It's, Pavel Byrkin, it's, —, Natasha Kuhrt, Russia's, Kuhrt, Sergei Savostyanov, Greene, Liu Pengyu, Mikhail Tereshchenko Organizations: Forum, International Cooperation, of, People, Afp, Getty, Xinhua, Democratic, Center for, CNBC, Analysts, Kremlin, Putin, King's College London, Russia, U.S, Reuters, Sputnik Locations: Beijing, China, Ukraine, Russia, Moscow, Central Asia, Russian, U.S, Washington

☆ Opinion: The basic problem with putting Trump on trial
▼ + stars: | 2024-04-17 | by ( Opinion Patrick T. Brown | ) edition.cnn.com time to read: +7 min

In this week’s mammoth New York trial of former President Donald Trump on charges of falsifying business records in connection to hush money paid to an adult film star, the yawning gap between “Us” and “Them” is along partisan lines. After all, making hush money payments, as Trump is alleged to have done with former adult film actress Stormy Daniels, isn’t illegal. For decades, Trump has been a fixture on our airwaves, social media sites and political coverage. But they didn’t, and now many are feeling a rally-round-the-flag effect in what is likely the first and potentially only Trump criminal case that’s going to trial before Election Day. Bragg’s decision to bring this case, with its attenuated connection to an actual crime, can’t be taken out of its political context.

Persons: Patrick T, Brown, CNN —, Tom Wolfe, Larry Kramer, ” Patrick T, Donald Trump, –, Trump, “, Attorney Alvin Bragg, it’s, Stormy Daniels, ” Michael Cohen, Daniels, Bragg, Cohen, Andrew McCarthy, can’t, maneuverings Organizations: Public Policy Center, Economic, Twitter, CNN, Manhattan, Attorney, New York Democrats, New York Times, Commission, Trump Locations: Washington , DC, New York City, York, “, New, New York, Georgia

☆ Opinion: Hur hearing shows GOP will need more than age issue against Biden
▼ + stars: | 2024-03-12 | by ( Patrick T. Brown | ) edition.cnn.com time to read: +5 min

CNN —President Joe Biden tried to put voters’ concerns about his age to rest last week with a fiery State of the Union address. In many respects, the damage to Biden was already done by the release of Hur’s report last month. Biden has gamely sought to defuse the age issue, often joking about being aware of his own limitations and contrasting himself favorably with Trump. And the transcript provided more details that provided some added context behind the initial picture painted by Hur’s report. Biden’s age clearly remains his biggest political vulnerability and a key factor in the race.

Persons: Patrick T, Brown, Joe Biden, Robert Hur, Biden, Hur, Republicans didn’t, Hank Johnson, “, gamely, Donald Trump’s, Biden’s, Franklin D, Roosevelt, Trump Organizations: Public Policy Center, Economic Committee, CNN, GOP, Republicans, Georgia Democrat, Trump, Democrats, Democratic Locations: Washington , DC, Georgia, Mexico, Egypt, Afghanistan, America

☆ Opinion: After Super Tuesday, the dreaded rematch is real
▼ + stars: | 2024-03-05 | by ( Opinion Patrick T. Brown | ) edition.cnn.com time to read: +7 min

But there’s also the loud minority of “Never Trump” Republicans, represented by figures like former Illinois Rep. Adam Kinzinger or former New Jersey Gov. In North Carolina, exit polls suggest Trump won a slim majority of Republican voters with a college degree. But there’s a third camp: the reluctant Republican stalwarts who are neither Always Trump nor Never Trump. In general, these Republicans tend to seek traditionally defined conservative policy victories – from school choice to tax cuts to a strong national defense. But they can also see the potential for conservative policy victories in a second Trump administration.

Persons: Patrick T, Brown, Joe Biden, pollsters, Donald Trump, denialism, suburbanites, MAGA, ”, there’s, Adam Kinzinger, Christine Todd Whitman, Trump’s, they’ve, Trump, Nikki Haley, Glenn Youngkin, Brian Kemp, aren’t, –, Inez Feltscher Stepman, Biden, FDR, Harris, Roe, Wade –, Dobbs, Wade, slog Organizations: Public Policy Center, Economic, Twitter, CNN, Biden, Trump, GOP, Republican, “, Trump ” Republicans, Illinois Rep, New, New Jersey Gov, Hilton, Republicans, Virginia Gov, Georgia Gov, Supreme, Independent, American, Democratic, Super Locations: Washington , DC, America, South Carolina, New Jersey, North Carolina, Charleston, Columbia, Georgia, Afghanistan, Ukraine, Gaza

☆ Americans aren't having enough kids. That's bad news for the economy — and immigration may be the answer.
▼ + stars: | 2024-02-21 | by ( George Glover | ) www.businessinsider.com time to read: +5 min

China, Japan, and Italy are all battling dwindling birth rates — and their struggles are a reminder of an issue that could eventually become a problem for the US. Elon Musk, with his three-year-old son X AE A-Xii at the 2024 Super Bowl, thinks low birth rates pose a risk to civilization. Meanwhile, economists have warned for years about plunging birth rates in Italy . AdvertisementChina has also struggled to raise its birth rate. Congress has also played up the potential for immigration to boost the economy over the longer term.

Persons: —, millennials, Zeds, Zers, you’ve, Marc Ostwald, That’s, Elon Musk, Musk, X, Rob Carr, Italy party’s, ”, ADM’s, Donald Trump, Joe Biden, “, ” Ostwald, Martin Heinrich Organizations: Service, United Nations, Business, ADM Investor Services International, Congressional, Republican, Democrat, Economic Committee Locations: China, Japan, Italy, India, “ Japan

☆ Giving new babies a savings account can help curb wealth gaps and make college feasible. One Democrat wants to make it federal law.
▼ + stars: | 2024-01-31 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Sen. Bob Casey wants to set up automatic savings accounts for every baby in the US. AdvertisementSen. Bob Casey wants to chip away at wealth inequality and set up kids to be able to build wealth. Casey, a Democrat from Pennsylvania, is introducing legislation that would create Child Savings Accounts nationwide. Those accounts spurred parents to open additional savings accounts for their children, and, by 2019, the average account balance was $3,243. Multiple studies on "baby bond" policies, automatic accounts with money deposited into them, find that they can help narrow racial wealth gaps.

Persons: Sen, Bob Casey, —, they'd, Casey, that's, Cory Booker, Ayanna Pressley Organizations: US, Service, Earned, Joint Economic, CNBC Locations: Pennsylvania, Oklahoma

☆ Opinion: Donald Trump wins against Nikki Haley, but loses it
▼ + stars: | 2024-01-24 | by ( Opinion Cnn Contributors | ) edition.cnn.com time to read: +24 min

The problem with this approach is that most Republican voters do not want an alternative to Trump; they overwhelmingly back him. At least that’s what the Nikki Haley campaign said after finishing second to former President Donald Trump in the New Hampshire primaries on Tuesday. Democratic nominee Bill Clinton and third-party candidate Ross Perot exploited that division in the Republican Party against Bush in the fall. The Republican Party is united behind Trump, and with optimal conditions for an opponent like Haley, Trump was still unstoppable. “Democrats deserve options, and it’s not clear at all that President Biden can beat Donald Trump.

Persons: Raul A, Reyes, Nikki Haley’s, Nikki Haley, Donald Trump, bode, Reyes CNN Haley, Trump, Haley, “, CNN’s Dana Bash, That’s, it’s, Trump …, Nikki, –, She’s, Paul Begala, Donald Trump’s, Paul Begala CNN Trump, Joe Biden, Reagan, Bush, Bill Clinton’s, Clinton, Ana Marie Cox, Ana Marie Cox Faith Fonseca, ” Trump, Biden, Jamal Simmons, Biden’s, he’s, Dean Phillips, Jimmy Carter, Edward Kennedy, Kennedy, Carter, Republican Ronald Reagan, George H.W, Pat Buchanan, Bill Clinton, Ross Perot, Eugene McCarthy’s, Lyndon Johnson, Marianne Williamson, Sen, Bernie Sanders, Pramila, Kamala Harris, Daniel McCarthy, John McCain, George W, Ron DeSantis, Biden —, ”, Rizwan Virk, Williamson, Sanders, Andrew Yang, Dean Philips, Yang, ” Rizwan Virk, Patrick T, Brown, Barack Obama, Dozens, Scott Walker, Jeb Bush, South Carolina Sen, Tim Scott, Texas Sen, Ted Cruz, Florida Sen, Marco Rubio, John Kasich, Cruz, Sophia A, DeSantis, Nelson Stephanie Honikel, Harris, Nelson, Tuesday’s, Phillips ’, Phillips, Arick, Michael Bloomberg Organizations: CNN, GOP, South Carolina Gov, Republican, Reyes CNN, Trump, Independents, Polling, White, USA, Twitter, New, South, Biden, diehard Republicans, New Hampshire, Republican Party, Bush Republicans, NATO, Republicans, Democratic, Minnesota Rep, Hamas, Washington Rep, Former South Carolina Gov, mavericks, New Hampshire Democratic, Florida Gov, The, Syndicate, Democratic Party, Democrat, Labs, MIT, Physics, Eastern, Arizona State University’s College of Global Futures, Wisconsin Gov, Ohio Gov, Public Policy Center, Economic, Florida’s, America, Trump Party, Congressional, UN, Tuesday’s New, Tuesday’s New Hampshire Democratic, Democratic National, Biden –, Medicare, New York Locations: Iowa, New Hampshire, South Carolina, America, Granite, Trump, Michigan, New Hampshire , Iowa, Austin, Israel, Vietnam, Granite State . South Carolina, Gaza, Yemen, Ukraine, Vermont, Wisconsin, Florida, Texas, Ohio, New York, Washington , DC, Virginia, Minnesota, Tuesday’s New Hampshire, Hampshire

☆ Vietnam's plan for spending $15.5 billion for its clean energy transition to be announced at COP28
▼ + stars: | 2023-11-24 | by ( ) www.cnbc.com time to read: +2 min

A plan for how Vietnam will spend $15.5 billion to transition to cleaner energy has been finalized and will be announced at the COP28 climate conference, which begins in Dubai next week. George gave no details of the plan. The United Kingdom is co-chair of a group of nine, rich industrialized nations that have agreed to provide the $15.5 billion to help Vietnam end its reliance on dirty coal power and more quickly switch to renewable energy as a part of a Just Energy Transition Partnership, or JETP. Earlier this year, Vietnam released a national energy plan that aimed to more than double the maximum power Vietnam can generate to some 150 gigawatts by 2030. It called for a drastic shift away from heavily polluting coal and pledges that no new coal-fired plants will be built after 2030.

Persons: Mark George, George, Tang Organizations: British, Economic, Trade, Britain, Energy, Sustainable Development Locations: Vietnam, Dubai, Hanoi, United Kingdom, Asia, Pacific, Japan

☆ German GDP expected to contract by 0.6% this year, economic institutes say
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

Business sentiment has recently deteriorated again and overall, the indicators suggest that production fell noticeably in the third quarter of 2023, the economic institutes said. GDP is expected to shrink by 0.4% in the third quarter, following stagnation in the second quarter. For 2024, the institutes - four German and one Austrian - forecast GDP growth of 1.3%, down from 1.5% previously. In the following years, a decreasing potential growth rate due to the shrinking labour force will become more and more apparent, the economic institutes said. The Joint Economic Forecasts are prepared by the Ifo Institute, the Halley Institute for Economic Research, the Kiel Institute for the World Economy, the RWI – Leibniz Institute for Economic Research and the Austrian Institute of Economic Research.

Persons: Kai Pfaffenbach, Oliver Holtemoeller, Maria Martinez, Friederike Heine Our Organizations: REUTERS, Rights, Reuters, Halle Institute for Economic Research, Ifo Institute, Halley Institute for Economic Research, Kiel Institute, Institute for Economic Research, Austrian Institute of Economic Research, Thomson Locations: Frankfurt, Germany

Growth of 0.3% had been expected in the institutes' spring forecasts. The so-called Joint Economic Forecasts are to be presented in Berlin on Thursday. The economics ministry usually updates its forecasts incorporating the results of the Joint Economic Forecasts. For 2024, the institutes - four German and one Austrian - forecast GDP growth of 1.3%, down from 1.5% previously. The Joint Economic Forecasts are prepared by the Ifo Institute, the Halle Institute for Economic Research, the Kiel Institute for the World Economy, the RWI – Leibniz Institute for Economic Research and the Austrian Institute of Economic Research.

Persons: Annegret, Christian Kraemer, Rene Wagner, Maria Martinez, Rachel Armstrong, Kirsti Knolle, Sharon Singleton Organizations: REUTERS, Rights, Reuters, Ifo Institute, Halle Institute for Economic Research, Kiel Institute, Institute for Economic Research, Austrian Institute of Economic Research, Thomson Locations: Berlin, Germany

☆ EU trade chief seeks more balanced economic ties on China visit
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +3 min

Trade Commissioner Valdis Dombrovskis will take part in a joint economic and trade dialogue, meet Chinese officials and European companies active in China and deliver two speeches during his Sept. 23-26 trip to Shanghai and Beijing. For the European Union, the visit is designed to renew dialogue with China after its COVID-19 closure and as EU wariness grows over Beijing's closer ties with Moscow following Russia's 2022 invasion of Ukraine. The EU blames its 400 billion euro ($426.32 billion) trade deficit partly on Chinese restrictions on European companies and says the EU market is largely open. The European Union Chamber of Commerce in China said in a report on Wednesday that Chinese authorities were sending contradictory messages to foreign businesses. The EU is also expected to be asked during the visit to clarify what it means by "de-risk" in the context of China.

Persons: Valdis, Francisco Seco, Valdis Dombrovskis, Dombrovskis, Philip Blenkinsop, Barbara Lewis Organizations: European Commission, Rights, Beijing, Trade, European Union, EU, European Union Chamber of Commerce, Thomson Locations: Brussels, Belgium, Rights BRUSSELS, China, Shanghai, Beijing, Moscow, Ukraine, EU

☆ Opinion: The surprise winner of the debate
▼ + stars: | 2023-08-24 | by ( Opinion Cnn Contributors | ) edition.cnn.com time to read: +30 min

CNN —CNN Opinion asked our political contributors to weigh on the first Republican presidential debate of the 2024 season. On Wednesday night, on more than one issue, Haley broke with the old guard in some meaningful ways. Karen Finney: Ron DeSantis falls flatKaren Finney Ralph AlswangeAfter weeks of buildup and reports of serious debate preparation with a top Republican debate coach, this was supposed to be the night that Florida Gov. Instead, DeSantis delivered a flat debate performance devoid of any standout moments, demonstrating why he is the best alternative to former President Donald Trump. Asa Hutchinson in a few instances, not one of the GOP candidates sounded like a serious contender for the White House.

Persons: Nikki Haley, “, Donald Trump, Haley, won’t —, that’s, Trump, Joe Biden’s, Ron DeSantis, Vivek Ramaswamy, Haley’s, Karen Finney, Karen Finney Ralph Alswange, DeSantis, Donald Trump ., MAGA, George Soros, Florida’s, ” Karen Finney, Patrick T, Brown, Patrick, Mike Pence, Ramaswamy’s, Ramaswamy, Pence, “ It’s, ” Ramaswamy, Sophia A, Nelson, ‘ Rich, Richmond ’ Sophia A, Nelson Sophia A, Richmond ”, Oliver Anthony, Sen, Tim Scott of, Margaret Thatcher —, Michelle Obama, ” Scott Jennings, Scott Jennings, Nikki Haley overperforming, Doug Burgum, Asa Hutchison, Chris Christie, unapologetically, George W, Bush, Mitch McConnell, Jill Filipovic, Jill Filipovic Vivek Ramaswamy, G.T . Bynum, Bynum, Ronald Reagan —, —, shamefully, Putin, Nicole Hemmer, Robert Taft, Dwight Eisenhower, Ike, Ronald Reagan, Pat Buchanan, Carolyn T, Robert M, Who, Geoff Duncan, GOP Geoff Duncan CNN, Asa Hutchinson, ” Roxanne Jones, Roxanne Jones, Nikki Haley —, I’ve, Jones, ”, WURD, Kristen Soltis Anderson, Nikki Haley’s, ” Raul A, Reyes, Joe Biden, Biden, Raul A, Jon Gabriel, Jon Gabriel Immigration, I’m, ” DeSantis Organizations: CNN, South Carolina Gov, Republican Party of Trump, Florida Gov, Biden, Republican, Donald Trump . Time, New, New Jersey Gov, Democratic, Trump, GOP, Public Policy Center, Economic, North, Richmond, British, Republican Party, North Dakota Gov, Arkansas Gov, RunSwitch Public Relations, Twitter, Pew Research Center, Internal Revenue Service, Department of Education, Pew, Former South Carolina Gov, Rogers Center, Vanderbilt University, “ Partisans, Conservative, Wednesday, Department of Justice, UN, Former New Jersey Gov, America’s Conservative Party, White House . Florida Gov, ESPN The Magazine, ESPN, New York Daily News, Philadelphia Inquirer, Kristen Soltis Anderson CNN Former South Carolina Gov, America, Reyes CNN, Special Forces, Fox, CNN Town Hall, USA, Gallup, The Arizona Locations: China, Florida, Hawaii, New Jersey, America, Washington , DC, Ukraine, Tim Scott of South Carolina, Georgia, Louisville , Kentucky, millennials, New York, Israel, United States, Tulsa , Oklahoma, Mexico, El Paso, dearer, Arizona, The Arizona Republic

☆ What is BRICS, which countries want to join and why?
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +4 min

All the BRICS countries are part of the Group of 20 (G20) of major economies. WHICH NATIONS WANT TO JOIN BRICS AND WHY? It has received backing from Russia and Brazil to join the BRICS. Bolivia's President Luis Arce has expressed interest in BRICS membership and is expected to attend the summit. Algeria said in July it has applied for BRICS membership and to become a shareholder in the New Development Bank, the so-called BRICS Bank.

Persons: Commerce Wang, Competition Ebrahim Patel, Goldman Sachs, Jim O'Neill, Luis Arce, Bhargav Acharya, Olivia Kumwenda, Tomasz Janowski Organizations: Commerce, Africa's, Trade, Industry, Competition, of Trade, Economic, United Nations, World Bank, of, Petroleum, WHO, Democratic, U.S, New Development Bank, BRICS Bank, Thomson Locations: South Africa, China, JOHANNESBURG, Brazil, Russia, India, Johannesburg, United States, United, Iran, Saudi Arabia, United Arab Emirates, Argentina, Algeria, Bolivia, Indonesia, Egypt, Ethiopia, Cuba, Democratic Republic of Congo, Comoros, Gabon, Kazakhstan, Cape Town

☆ Adobe co-founder John Warnock dies at 82
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: 1 min

CEO and Chairman of Adobe Systems, Inc. Dr. John Warnock testifies before the U.S. Senate Joint Economics Committee hearing on Capitol Hill, June 6, 2000. REUTERS/Larry Downing/File Photo Acquire Licensing RightsAug 20 (Reuters) - Photoshop maker Adobe's (ADBE.O) co-founder John Warnock died on Saturday aged 82, the company said in a statement early on Sunday. "It is a sad day for the Adobe community and the industry for which he has been an inspiration for decades," Adobe CEO Shantanu Narayen said in an email sent to employees. Warnock co-founded Adobe in 1982 with Charles Geschke. He retired as CEO in 2000 and was chairman of the board, a position he shared with Geschke, until 2017.

Persons: John Warnock, Larry Downing, Shantanu Narayen, Warnock, Charles Geschke, Nilutpal, David Goodman Organizations: Adobe Systems, Inc, U.S . Senate, Capitol, REUTERS, Adobe, Thomson Locations: Bengaluru

☆ Opinion: DeSantis is trying to climb the Trump wall
▼ + stars: | 2023-06-28 | by ( Opinion Patrick T. Brown | ) edition.cnn.com time to read: +7 min

The DeSantis plan, rolled out at a press conference at the Texas border Monday, lays out steps that should satisfy most Republican border hawks. His immigration plan showcases a candidate interested in effective policymaking beyond pure sloganeering, even if some major questions surround a few key details. The former President noted the similarities — “His plan is my plan,” Trump told Semafor and ABC News on Tuesday. Then, there are the ideas in DeSantis’ plan that have a harder time standing up to scrutiny. Similarly, cutting federal funding to non-governmental organizations that provide aid to those who cross the southern border would be less effective than it sounds.

Persons: Patrick T, Brown, Ron DeSantis, Donald Trump, DeSantis, ” Trump, Semafor, “, ”, —, Trump, parry, isn’t, doesn’t Organizations: Public Policy Center, Economic, Twitter, CNN, Florida Gov, Trump, Republican, Sunshine State, ABC, Republicans, PBS, NPR, Marist, Sun, Group, American, Facebook Locations: Washington , DC, Texas, Iowa, South Carolina, Florida, Mexico

☆ Israel set to approve thousands of building permits in West Bank
▼ + stars: | 2023-06-18 | by ( ) www.reuters.com time to read: +2 min

JERUSALEM, June 18 (Reuters) - Israel's nationalist-religious government on Sunday tabled plans to approve thousands of building permits in the occupied West Bank, despite U.S. pressure to halt settlement expansion that Washington sees as an obstacle to peace with Palestinians. "We will continue to develop the settlement of and strengthen the Israeli hold on the territory," said Finance Minister Bezalel Smotrich, who also holds a defence portfolio that gives him a leading role in West Bank administration. Palestinians seek to establish an independent state in the West Bank and Gaza Strip with East Jerusalem as their capital. Since entering office in January, Prime Minister Benjamin Netanyahu's coalition has approved the promotion of more than 7,000 new housing units, most deep in the West Bank. In response to Sunday's Israeli decision, the Palestinian Authority - which exercises limited self-rule in parts of the West Bank - said it would boycott a meeting of the Joint Economic Committee with Israel scheduled for Monday.

Persons: Bezalel Smotrich, Benjamin Netanyahu's, Shlomo Ne'eman, Emily Rose, Nidal, Mark Heinrich Our Organizations: West Bank, Washington, Planning, West, United, Palestinian Authority, Israel, Hamas, Gush, Gush Etzion Regional Council, Yesha, Thomson Locations: West Bank, Israel, Gaza, East Jerusalem, United States, Palestinian, Judea, Samaria, Jordan, Gush Etzion, Jerusalem

[1/6] Britain's Prime Minister Rishi Sunak speaks during a meeting with U.S. President Joe Biden in the Oval Office at the White House in Washington, U.S., June 8, 2023. REUTERS/Evelyn HocksteinWASHINGTON, June 8 (Reuters) - U.S. President Joe Biden and British Prime Minister Rishi Sunak on Thursday agreed to deepen close economic ties between their countries, pledging to accelerate the clean energy transition and strengthen critical mineral supply chains. Biden and the British prime minister released the "Atlantic Declaration," which Sunak described as a first-of-its-kind economic partnership on issues like artificial intelligence, climate change and protecting technologies that would help shape the future. Biden and Sunak both underscored continued support for Ukraine to ensure its long-term security and deter aggression after the war ends. Biden and Sunak last met in Hiroshima, Japan, at the Group of Seven summit last month.

Persons: Rishi Sunak, Joe Biden, Evelyn Hockstein WASHINGTON, Biden, ” Sunak, We're, Sunak, Ukraine's, Vladimir Putin, Ben Wallace's, Trevor Hunnicutt, Andrea Shalal, Rami Ayyub, Kate Holton, Lincoln, Heather Timmons, Jonathan Oatis Organizations: Britain's, U.S, White, REUTERS, British, Sunak, EU, NATO, Office, Northern, Kyiv, Thomson Locations: Washington , U.S, Ukraine, Northern Ireland, Asia, Russia, Nova, Russian, Hiroshima, Japan, Belfast, San Diego, United States, Australia, Britain, Washington, London

☆ Social Security benefits could be the first to go in a matter of days if the US defaults — and retirees will 'really suffer' if Congress doesn't raise the debt ceiling by then
▼ + stars: | 2023-05-27 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The US could default on its debt as soon as June 5 if the debt ceiling isn't raised by then. Social Security, Medicaid, and SNAP could be among the first programs to go unpaid. At the top of the list are Social Security, Medicare, Medicaid, and SNAP, along with Supplemental Security Income (SSI) payments — all programs that retirees heavily rely upon. Social Security is the biggest federal program, with over 67 million Americans relying on payments. So even if it is possible to prioritize Social Security benefits, we can't insulate Social Security beneficiaries from some serious harm."

But as some argue, in its quest to avoid another taper tantrum, the Fed delayed that two-pronged tightening too long, which has partly contributed to the stickiness of inflation today. This lengthy buildup may have averted another taper tantrum, but tied the Fed's hands on raising rates even as inflation was roaring back. Markets thought this not only meant the Fed would soon "taper" its bond purchases, but also raise interest rates. The Fed and markets have learned their lessons from the taper tantrum. Maybe the taper tantrum illustrates that it wasn't as planned and consistent as it should have been," he said.

☆ Biden and McCarthy had a 'productive' meeting but still can't agree on a debt ceiling solution with a default as soon as 10 days away
▼ + stars: | 2023-05-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Biden and McCarthy met on Monday to discuss the debt ceiling, and they still haven't reached an agreement. This comes as soon as ten days before the US could default on its debt. Despite pressure from some Democrats, Biden is still hesitant to bypass Congress to address the debt ceiling. This meeting came after negotiations were stalled on Friday because GOP negotiators were branding the White House's debt ceiling requests as "unreasonable," and it appeared that both sides were unwilling to budge on their debt ceiling demands. And emerging from the Monday meeting, McCarthy told reporters it was a "productive" meeting — but the two sides did not reach a deal.

☆ Congress could have as little as 10 days to solve the debt ceiling crisis before Americans might start losing federal benefits and retirement savings
▼ + stars: | 2023-05-22 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

If the US were to breach the debt ceiling, millions of Americans could lose jobs and retirement savings. A breach would also hit Americans in their wallets: A Joint Economic Committee analysis previously found that failure to lift the debt ceiling could cost workers $20,000 in retirement savings. "I think we can solve some of these problems if he understands what we're looking at," McCarthy told reporters on Sunday. Another option that's been gaining steam in Congress is invoking a clause in the 14th Amendment that would declare the debt ceiling unconstitutional, getting rid of the problem forever. But even with potential litigation, some Democratic lawmakers think Biden should do whatever it takes to ensure the US does not default on its debt.

☆ Kevin McCarthy says he is still 'far apart' on a debt ceiling solution with Biden, warning they need a deal by the end of this week to avoid an economic catastrophe
▼ + stars: | 2023-05-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Kevin McCarthy said on Monday he thinks he is "far apart" on a debt ceiling solution with Biden. McCarthy said he thinks a deal needs to be reached by this weekend to avoid a default. McCarthy doesn't feel the same, telling reporters on Monday that he thinks both sides are "far apart" from reaching a deal. Biden and McCarthy are expected to meet again on Tuesday to move forward with discussions on a debt ceiling solution. "Default should be avoided, period," GOP Sen. Cynthia Lummis told Axios, adding that Biden and McCarthy "are going to have to negotiate through this."

☆ The government's main budget experts confirmed that the US could risk economic catastrophe as soon as early June
▼ + stars: | 2023-05-12 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The nonpartisan Congressional Budget Office projected the US could run out of money in early June. That projection tracks with Treasury Secretary Janet Yellen's warnings on when the US could default. Congress can step in and prevent the crisis, but so far Republicans and Democrats are still sparring. So far, though, Congress seems to be running up the clock as Republicans and Democrats spar over how to avert a preventable catastrophe. The top lawmakers were expected to meet with Biden again on Friday to discuss the debt ceiling, but the meeting was reportedly postponed to give staffers more time to chat on potential areas of compromise.

☆ Biden finally met with top lawmakers to discuss a debt ceiling solution — but McCarthy says there wasn't 'any new movement' as a catastrophic default inches closer
▼ + stars: | 2023-05-09 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Biden met with congressional leaders on Tuesday to discuss raising the debt ceiling. The US could default on its debt as soon as June 1 if Congress doesn't act. "I didn't see any new movement," McCarthy told reporters following the meeting. In the hours leading up to the meetings, McCarthy told Punchbowl News that "we should just get in the room and solve this thing. If Congress fails to raise the debt ceiling, Americans could experience devastating consequences.

The US could breach the debt ceiling and run out of money to pay its debts as soon as June 1. A White House official previously told Insider that Biden would stress that Congress "must take action to avoid default without conditions." Additionally, Wall Street's response to the debt-ceiling crisis is different this time around. Even so, he added, this debt-ceiling crisis "seems much more dangerous" than the ones from the Obama years. Biden has options to avoid a debt-ceiling crisis that don't involve CongressTuesday's meeting between Biden and congressional leadership aims to break through the logjam.

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