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☆ The US economy started the year much slower than expected
▼ + stars: | 2024-04-25 | by ( Madison Hoff | ) www.businessinsider.com time to read: +2 min

US real GDP rose at an annualized rate of 1.6% in the first quarter. While a slowdown was expected for the first quarter, the forecast was 2.5%. AdvertisementAmid US job growth above forecasts and accelerating inflation, the US economy in the first quarter of this year slowed more than expected. A news release from the Bureau of Economic Analysis out Thursday showed US real gross domestic product rose at an annualized rate of 1.6%. "Looking ahead, we see the economy gently cooling as slower labor demand, easing wage growth, stubborn inflation, and tight credit conditions constrain private sector activity," Daco said.

Persons: —, Gregory Daco, EY, Daco Organizations: Service Locations: That's

☆ More CEOs expect hybrid work is here to stay
▼ + stars: | 2024-04-11 | by ( Tim Paradis | ) www.businessinsider.com time to read: +5 min

"Hybrid is likely here to stay," Paul Knopp, chair and CEO at KPMG US, told Business Insider. AdvertisementThe survey of 100 CEOs of large US companies found that 46% of them expect what had been office roles will be hybrid, up from 34% in 2023. But corporate chiefs seem to be holding the line on remote work, with only 3% of top bosses backing fully remote work. AdvertisementSome seven in 10 CEOs said they expect to boost hiring during the next year, while only 4% expect to cut jobs during that time. AdvertisementNearly four in 10 CEOs expect their companies will move from AI pilots to broader use within their organizations during the next 12 to 18 months.

Persons: —, It's, Paul Knopp, Knopp Organizations: Service, KPMG US, Business, America, KPMG, —

☆ The security pact between the US, UK, and Australia could be expanding, and it's got China worried
▼ + stars: | 2024-04-09 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +4 min

China said it is "gravely concerned" over reports that Japan could join the AUKUS security pact. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementChina's foreign ministry said it is "gravely concerned" over reports that Japan could join AUKUS, a security and defense pact between Australia, the UK, and the US. Japan needs to earnestly draw lessons from history and stay prudent on military and security issues," she added. Speaking at a news conference on Tuesday, Australia Prime Minister Anthony Albanese clarified that working with Japan wouldn't signal recruitment.

Persons: —, wasn't, Pilar, Aukus, Biden, Fumio Kishida, Mao Ning, Anthony Albanese, " Albanese, nothing's, There's Organizations: Service, US, Japan, White, China Morning Post, US Naval, Forbes, Australia, Reuters Locations: China, Japan, Australia

☆ In AI rivalry with the U.S., China is behind on a key asset: Its own OpenAI
▼ + stars: | 2024-03-31 | by ( Rebecca Fannin | ) www.cnbc.com time to read: +4 min

In China, which is angling to produce its own chips or get more from Nvidia, no dominant gen AI contender to OpenAI has emerged yet among dozens of Chinese tech titans and startups. Last year, funding of gen AI upstarts accounted for nearly half of $42.5 billion invested globally in artificial intelligence companies, according to CB Insights. "China is at a big disadvantage in building the foundation models for Gen AI," said Rui Ma, an AI investor and co-founder of investment syndicate and podcast TechBuzz China. China does have the tech talent to make a difference in the AI rivalry in the years ahead. Additionally, among top-tier AI researchers working at U.S. institutions, 38% have China as their country of origin, compared with 37% from the U.S.New Chinese gen AI market entries can also reach mass adoption quickly.

Persons: Ernie Bot, OpenAI, Paul Triolo, Jenny Xiao, Rui Ma, Triolo, Sora, Ma, Marco Polo, Baidu's, Ernie, Leong Organizations: Global, Trade, Hangzhou International, Nvidia, tech titans, titans Microsoft, Google, Amazon, U.S, Dentons Global Advisors, Leonis Capital, OpenAI, Paulson Institute, U.S ., Samsung, Apple, Baidu Locations: Hangzhou, Zhejiang Province, China, Washington ,, Silicon, San Francisco, The U.S, U.S, OpenAI

☆ The Fed’s favored inflation gauge eases to slowest pace in more than two years
▼ + stars: | 2024-02-29 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

New York CNN —Rising prices continued to loom large in January, but new data released Thursday showed that inflation is still on a downward — albeit bumpy — path toward the Federal Reserve’s 2% target. The Personal Consumption Expenditures price index was up 2.4% for the 12 months that ended in January, a slowdown from December’s 2.6% increase, according to Commerce Department data released Thursday. The closely watched core PCE index that excludes energy and food edged down to 2.8%. While the latest read on the Fed’s preferred inflation gauge showed progress toward the central bank’s target, Thursday’s data also highlighted the choppiness of this yearslong battle to rein in spiking prices: Prices rose in January from December at their fastest clip in months. On a monthly basis, the PCE price index rose 0.3% and core jumped 0.4%.

Organizations: New, New York CNN, Federal, Commerce Department Locations: New York

☆ The economy's gone from strength to strength after the pandemic — but no one quite knows why, or what comes next
▼ + stars: | 2024-02-20 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +8 min

America has gone from a pandemic crash and recession fears to stocks at record highs and an economic boom. Lockdowns, wars, shortages, inflation, interest rates, day trading, and AI have all played a role. Noam Galai/SOPA/Getty ImagesMany Americans also socked away money during the pandemic, as they saved on expenses like travel and live entertainment. Stimulus-fueled demand, combined with pandemic and war-related supply disruptions, caused inflation to spike to a 40-year high of 9.1% in June that year. The Fed swiftly raised interest rates to rein in the price growth, lifting them from virtually zero to upward of 5% in under 18 months, and hasn't touched them since.

Persons: —, We've, Noam Galai, hasn't, It's, dory Organizations: Service, Federal Reserve, GameStop, AMC Entertainment, AMC, Bank Locations: America, China, Ukraine

☆ Germany's Scholz commits to spending 2% on defense 'in the 2020s, in the 2030s and beyond'
▼ + stars: | 2024-02-17 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

German Chancellor, Olaf Scholz arrives for the weekly federal government cabinet meeting on Oct. 11, 2023 in Berlin, Germany. MUNICH, Germany — German Chancellor Olaf Scholz on Saturday reaffirmed Berlin's commitment to spend 2% of the national gross domestic product (GDP) on defense, this year and over the longer term. "Germany will invest 2% of its GDP on defense in the 2020s, in the 2030s and beyond," Scholz told the Munich Security Conference. It comes as NATO members across Europe have committed to upping their defense spending. Eighteen of the US-led military alliance's 31 members will meet the 2% spending target this year, NATO Secretary-General Jens Stoltenberg said on Wednesday.

Persons: Olaf Scholz, Scholz, Jens Stoltenberg, Stoltenberg, Donald Trump Organizations: Munich Security, Reuters, NATO Locations: Berlin, Germany, MUNICH, Europe, Russia

☆ Indonesia's Presidential Contenders Promise Tax Reform to Boost Revenue
▼ + stars: | 2024-02-02 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +4 min

JAKARTA (Reuters) - The three main candidates contesting Indonesia's presidential elections this month are proposing to bolster government coffers by creating a new tax collection agency, despite scepticism from the tax and business community. Prabowo has set the highest tax-to-GDP target of 18%, or about $100 billion in additional tax revenue, if he wins the presidency, while also promising personal income tax cuts. NEW AGENCY NOT ENOUGHHowever, some economists and the business community say a new tax agency might not lead to higher revenue if other issues like the low tax base are not addressed. "There may be more binding constraints to revenue collection than administrative independence of the tax authority," the multinational lender told Reuters. "Tax officers should be fair ...

Persons: Joko Widodo's, Prabowo Subianto, Ganjar Pranowo, Prabowo, Drajad Wibowo, Jakarta Governor Anies, Wijayanto Samirin, Jahen, Fajry Akbar, Tutum, Stefanno Sulaiman, Stephen Coates Organizations: Jakarta Governor, U.S . Internal Revenue Service, Central Java, University of Indonesia, Bank, Reuters Locations: JAKARTA, Asia's, Indonesia

☆ Grateful for E.U. Aid, Ukraine Now Waits for the United States
▼ + stars: | 2024-02-01 | by ( Andrew E. Kramer | ) www.nytimes.com time to read: 1 min

Ukrainian officials were quick to thank the European Union Thursday for approving an assistance package of about $54 billion, funds that will help alleviate a potentially severe financial crisis. The money will cover pensions, payments to people displaced by war and routine outlays such as salaries for teachers and doctors. But in thanking his European neighbors, Ukraine’s president, Volodymyr Zelensky, also alluded to uncertainty over future American support, which Ukraine also needs. A $60 billion aid package for Ukraine is currently languishing in the United States Congress. Europe’s commitment, Mr. Zelensky said, would “send a signal across the Atlantic.”“Europe sets the tone for global affairs,” he told the E.U.

Persons: Volodymyr Zelensky, Zelensky, ” Organizations: United States Congress Locations: Ukraine, Europe

☆ Premarket stocks: Regional banks could be on the rocks again
▼ + stars: | 2024-01-26 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

New York CNN —Stocks of small US lenders are still in the doldrums nearly a year after the regional banking crisis. The KBW Nasdaq Regional Banking index, which tracks the performance of regional lenders and thrifts, has fallen more than 2.4% this year compared to the benchmark S&P 500’s 2.6% gain. “This development is likely to … challenge the health of regional banks,” wrote José Torres, senior economist at Interactive Brokers, in a note on Thursday. Regional bank stocks struggled for much of 2023 after the collapses of Silicon Valley Bank and Signature Bank sparked a flight on deposits and sent shockwaves through the stock and bond markets. High interest rates threatened to put pressure on regional banks’ bond portfolios and squeeze their bottom lines, creating a good old-fashioned bank run.

Persons: Huntington, PNC Financial Service’s, ”, José Torres, Alex McGrath, “, McGrath, Samantha Murphy Kelly, David McQueen, ” Read, Bryan Mena Organizations: CNN Business, Bell, New York CNN, Nasdaq, PNC Financial Services, PNC, Comerica Inc, US Bancorp, Citizens, PNC Financial, Federal Reserve, Interactive Brokers, Valley Bank, Signature Bank, First, Bank, Microsoft, Apple, ABI Research, Gross, Commerce Department Locations: New York, China

The U.S. economy ended 2023 with a bang, as growth in gross domestic product in the fourth quarter came in at 3.3%, easily dashing expectations on strong consumer spending and exports. Economists had predicted a gain of 2% for the quarter following the third quarter’s 4.9% increase, driven by strong consumer spending, rebuilding of inventories and a resilient labor market. Although 2023 outperformed, defying predictions of a recession even as the Federal Reserve raised interest rates to a level not seen in four decades, most economists are forecasting growth slowing this year. The strong fourth quarter number is likely to cast doubt on whether the Fed will begin cutting interest rates as early as the market thinks. “Consumers will likely remain cautious with their spending as they confront ‘cost fatigue’ and less vibrant labor market conditions.

Persons: ”, Steve Rick, Gregory Daco, Daco, Jerome Powell, “, ” Daco Organizations: Federal Reserve, TruStage, “, Fed, Labor Department Locations: U.S, Ukraine

NEW YORK (AP) — Airbnb on Tuesday donated a total of $10 million to more than 120 nonprofits in 44 countries on six continents, the short-term rental giant's latest outlays in its unusual distribution of $100 million through its Airbnb Community Fund. “Airbnb has a 21st century company view,” said Janaye Ingram, Airbnb’s director of community partner programs and engagement. By supporting nonprofits that its hosts find valuable, Airbnb can get more funding to groups that help keep their communities strong, Ingram said. The board solicited recommendations for nonprofits from the hundreds of Airbnb Host Club leaders around the world. However, the Airbnb Community Fund is operated separately from that.

Persons: — Airbnb, “ Airbnb, ”, Janaye Ingram, Ingram, Brian Chesky, “, ‘, ” Chesky, Nadia Giordani, George Floyd, ” Giordani, “ We’re, Airbnb, ” Airbnb’s Ingram Organizations: Fund, Japanese, Dog Resource, Atlanta Habitat, Humanity, Stanford University Graduate School of Business, Airbnb Host Club, Corporate Purpose, Community Fund, Lilly Endowment Inc, AP Locations: Digify Africa, ” San Francisco, Airbnb, New York City, Atlanta, Minneapolis

GENEVA (AP) — The U.N.'s migration agency is launching its first “global appeal,” seeking $7.9 billion to help people on the move and ensure smoother pathways to migration, at a time when the fallout from climate change, conflict and both economic distress and opportunities has caused millions to leave their homes. His agency is seeking $46 billion this year. IOM says it hopes funding for its appeal will come from individual and private-sector donors in addition to governments. Political Cartoons View All 253 Images“Irregular and forced migration have reached unprecedented levels and the challenges we face are increasingly complex,” Pope said. “The evidence is overwhelming that migration, when well-managed, is a major contributor to global prosperity and progress."

Persons: Martin Griffiths, Amy Pope, ” Pope, ”, IOM's Organizations: GENEVA, International Organization for Migration, Humanitarian Affairs, IOM Locations: Geneva, Africa —, Libya, Europe

☆ China is entering an era of stagnation and disappointment that may not be resolved like Japan's, Nobel economist Paul Krugman says
▼ + stars: | 2024-01-19 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

China's economy is headed for an era of stagnation and disappointment, Nobel laureate Paul Krugman wrote. The country's economic model has been unsustainable for years, given ultra-low consumer spending. "Let's not gloat about China's economic stumble, which may become everyone's problem." AdvertisementBut even under better stewardship, China's economic approach has been unsustainable for years and was set to break down eventually. "Let's not gloat about China's economic stumble, which may become everyone's problem."

Persons: Nobel, Paul Krugman, —, Krugman, Xi, That's Organizations: Service, New York Times Locations: China, Japan, Tokyo, Beijing

☆ Price hikes and spending cooled last month, Fed’s preferred inflation gauge shows
▼ + stars: | 2023-11-30 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

The core PCE price index is at its lowest annual rate since April 2021, marking another step toward the Fed’s target of 2% inflation. When including gas and food prices, the overall PCE index was unchanged last month. Consumer expenditures increased 0.2% last month, a marked pullback from the 0.7% jump seen in September. When taking out inflation, however, the 0.2% real spending in October was down only slightly from September’s 0.3% gain. Holiday uncertaintyThe spending patterns last month align with the ongoing trend of people spending their money more on experiences.

Persons: Bharat Ramamurti, Kayla Bruun, Jill Renslow, Bruun, ” Ramamurti, ” Organizations: Minneapolis CNN, The Commerce Department, Federal Reserve, PCE, National Economic Council, CNN, Consumers, Morning, of, National Retail Federation Locations: Minneapolis, of America, Bloomington , Minnesota

☆ US consumer spending slows; labor market steadily easing
▼ + stars: | 2023-11-30 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Those hopes were reinforced by other data on Thursday showing the labor market gradually easing. Though wages remain elevated, the pace of increase has slowed from earlier in the year as the labor market eases. Personal consumptionINFLATION COOLINGInflation as measured by the personal consumption expenditures (PCE) price index was unchanged in October after rising 0.4% in September. Stripping out housing, the core PCE price index edged up 0.1% after gaining 0.3% in September. Still, the labor market is cooling in tandem with overall demand in the economy.

Persons: Sarah Silbiger, Jerome, Powell, Conrad DeQuadros, Nancy Vanden Houten, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: El Progreso Market, Washington , D.C, REUTERS, Brean, Commerce Department's, United Auto Workers, Treasury, Fed, Labor Department, Oxford Economics, Thomson Locations: Mount Pleasant, Washington ,, New York, outlays, U.S

☆ US third-quarter growth revised higher; corporate profits rise strongly
▼ + stars: | 2023-11-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The quickest growth pace in nearly two years reported by the Commerce Department on Wednesday, however, likely exaggerated the health of the economy last quarter. Economists polled by Reuters had expected GDP growth would be revised up to a 5.0% rate. The upward revision to growth last quarter reflected upgrades to business investment on structures, mostly warehouses and healthcare facilities. Inventory investment added 1.40 percentage points to GDP growth. Profits rose at a 0.8% rate in the second quarter.

Persons: Elizabeth Frantz, Christopher Rupkey, There's, Gregory Daco, Jeffrey Roach, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: REUTERS, WASHINGTON, Commerce Department, Gross, Commerce Department's, Reuters, Federal, United Auto Workers, Treasury, Federal Reserve, Fed, LPL Financial, Thomson Locations: Arlington , Virginia, U.S, New York, EY, Charlotte , North Carolina

☆ US economy grows 5.2% in third quarter; higher interest rates eroding momentum
▼ + stars: | 2023-11-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The growth pace, which was the quickest in nearly two years, however, likely exaggerated the health of the economy last quarter. Economists polled by Reuters had expected GDP growth would be revised up to a 5.0% rate. Inventory investment added 1.40 percentage points to GDP growth, instead of the 1.32 percentage points estimated last month. Higher wages contributed to the economy growing at a 1.5% rate last quarter, the fastest in a year, when measured from the income side. That suggested trade could be a drag on GDP growth this quarter after being a neutral factor in the April-June period.

Persons: Elizabeth Frantz, Christopher Rupkey, There's, Conrad DeQuadros, Jeffrey Roach, Lucia Mutikani, Chizu Nomiyama, Paul Simao, Andrea Ricci Organizations: REUTERS, Commerce Department, Gross, Commerce Department's, Analysis, Reuters, Federal, United Auto Workers, Treasury, Brean, BEA, Fed, LPL Financial, Thomson Locations: Arlington , Virginia, U.S, WASHINGTON, New York, Charlotte , North Carolina

☆ The US economy grew by 5.2% in the third quarter, even faster than previously estimated
▼ + stars: | 2023-11-29 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US economic growth was even stronger in the third quarter than previously estimated, underscoring the economy’s remarkable resilience in the face of elevated inflation and high borrowing costs earlier this year. Wednesday’s latest reading reflects an even faster pace of growth than the blistering 4.9% rate the department initially estimated. Nonresidential fixed investment, or business spending, was revised up to a growth rate of 1.3% in the third quarter from a decline of 0.1%. Fourth-quarter spending likely won’t be as piping hot, however. Fed officials pay close attention to various facets of the US economy when deliberating monetary policy, including growth.

Persons: ”, Gregory Daco, “, Christopher Waller, American Enterprise Institute . Waller, Michelle Bowman Organizations: DC CNN, Gross, Commerce, Consumer, Adobe Analytics, Institute for Supply Management, Employers, Atlanta Fed, Federal, ”, American Enterprise Institute ., Fed Locations: Washington, EY, Salt Lake City

☆ How Santos Spent Donors’ Money: Ferragamo, OnlyFans and Botox
▼ + stars: | 2023-11-16 | by ( Nicholas Fandos | More About Nicholas Fandos | ) www.nytimes.com time to read: +1 min

He had just flipped a Long Island congressional seat, improbably helping deliver Republicans a House majority. Over just a few days last November, Mr. Santos dropped $6,000 at Ferragamo, perhaps some of it on the red designer sneakers he later wore to walk the marble halls of Congress. He paid off his rent, and he pulled out another $1,000 in spending money at an A.T.M. It would have been nothing for the kind of wealthy financier Mr. Santos purported to be on the campaign trail. All of it was being illegally funded by Mr. Santos’s congressional campaign, which wired him $20,000 just after Thanksgiving without ever telling campaign donors or the Federal Election Commission.

Persons: George Santos, Santos, Santos siphoned, propping Organizations: Mr, Commission Locations: Ferragamo, Queens

☆ US Congress tries to overcome partisan logjam to avert government shutdown
▼ + stars: | 2023-11-14 | by ( David Morgan | ) www.reuters.com time to read: +5 min

REUTERS/Nathan Howard/File Photo Acquire Licensing RightsWASHINGTON, Nov 14 (Reuters) - U.S. House Speaker Mike Johnson's plan to avert a government shutdown faces a key test on Tuesday, as he tries to overcome hardline opposition from his own Republican conference, even as some Democrats signal tentative support for the measure. Senate Majority Leader Chuck Schumer, Congress' top Democrat, gave a tentative welcome to the proposal on Monday. But House Republican hardliners are threatening to use procedural roadblocks to stop the bill from advancing. With a slim 221-213 majority, the Republican speaker can afford to lose no more than three party votes on legislation that Democrats oppose. They claim the bill also leaves in place policies favored by prominent Democrats including Senate Majority Leader Chuck Schumer and Representative Nancy Pelosi, the former House speaker.

Persons: Mike Johnson, Nathan Howard, Mike Johnson's, Johnson, Joe Biden, Chuck Schumer, Schumer, Chip Roy, Roy, bipartisanship, Nancy Pelosi, Nancy Pelosi's, Andrew Clyde, Biden, McCarthy, David Morgan, Moira Warburton, Scott Malone, Richard Chang Organizations: U.S, Capitol, REUTERS, Rights, ., Republican, Democratic, Republicans, Food and Drug Administration, House, Social Security, Total U.S, Thomson Locations: Washington , U.S, Mexico

WASHINGTON, Nov 13 (Reuters) - U.S. House of Representatives Speaker Mike Johnson's plan to avoid a partial government shutdown secured tentative support from top Senate Democrat Chuck Schumer on Monday, even as some of Johnson's hardline Republican colleagues pushed back against it. Without changes, the Texas Republican said he would oppose efforts to bring the bill to the floor. The bill is intended to pressure the House and Senate to agree on spending bills for fiscal 2024 by the assigned dates. Johnson warned Democrats that House Republicans would impose a full-year CR for 2024 "with appropriate adjustments to meet our national security priorities" if Congress fails to reach agreement on full-year spending. Failure to hit that benchmark led to McCarthy's ouster, but some House Republicans suggested Johnson deserved more time.

Persons: Mike Johnson's, Chuck Schumer, Schumer, Chip Roy, Roy, Hakeem Jeffries, Kevin McCarthy, Joe Biden, Johnson's, centrists, Mike Johnson, Elizabeth Frantz, Johnson, Good, Marjorie Taylor Greene, Warren Davidson, Scott Perry, Andrew Clyde, Republican George Santos, Perry, Karine Jean, Pierre, Biden, McCarthy, David Morgan, Moira Warburton, Steve Holland, Scott Malone, Andrea Ricci, Richard Chang Organizations: . House, Senate, Texas Republican, Republican, Democratic, U.S . House, U.S, Capitol, REUTERS, Food and Drug Administration, House, White, Caucus, White House, Republicans, Social Security, Total U.S, Thomson Locations: Washington , U.S

☆ Hardline Republicans push back on US House speaker's plan to avert shutdown
▼ + stars: | 2023-11-13 | by ( David Morgan | ) www.reuters.com time to read: +6 min

The bill is intended to pressure the House and Senate to agree on spending bills for fiscal 2024 by the assigned dates. Johnson warned Democrats that House Republicans would impose a full-year CR for 2024 "with appropriate adjustments to meet our national security priorities" if Congress fails to reach agreement on full-year spending. Democrats had worried that Republicans would put defense and other party priorities in the first tranche and then let the remaining programs shut down. Failure to hit that benchmark led to McCarthy's ouster, but some House Republicans suggested Johnson deserved more time. The brutal infighting among Republicans this year, including the party's own rejection of three seasoned nominees for House speaker, coincides with falling federal revenues and mounting costs for interest, health and pension outlays.

Persons: Mike Johnson, Elizabeth Frantz, Johnson, Bob Good, Kevin McCarthy, Joe Biden, Johnson's, centrists, Good, Marjorie Taylor Greene, Warren Davidson, Scott Perry, Andrew Clyde, Chip Roy, Republican George Santos, Perry, Chris Murphy, Biden, McCarthy, David Morgan, Scott Malone, Andrea Ricci, Richard Chang Organizations: U.S . House, U.S, Capitol, REUTERS, Rights, . House, Republican, Democratic, Senate, Food and Drug Administration, House, White, Caucus, White House, NBC, Republicans, Social Security, Total U.S, Thomson Locations: Washington , U.S, Washington, Louisiana

☆ New US House speaker tries to muster his Republicans to avert government shutdown
▼ + stars: | 2023-11-13 | by ( David Morgan | ) www.reuters.com time to read: +6 min

[1/2] Newly elected Speaker of the House Mike Johnson (R-LA) addresses the U.S. House of Representatives after he was elected to be the new Speaker at the U.S. Capitol in Washington, U.S., October 25, 2023. Johnson also warned Democrats that House Republicans would impose a full-year CR for 2024 "with appropriate adjustments to meet our national security priorities" if Congress fails to reach agreement. House Republicans are aiming for a Tuesday vote. Failure to hit that benchmark led to McCarthy's ouster, but some House Republicans suggested Johnson deserved more time. The brutal infighting that has characterized Republicans this year, including the party's own rejection of three seasoned nominees for House speaker, coincides with falling federal revenues and mounting costs for interest, health and pension outlays.

Persons: Mike Johnson, Elizabeth Frantz, Johnson's, Kevin McCarthy, Joe Biden, Johnson, centrists, Marjorie Taylor Greene, Warren Davidson, Chris Murphy, Murphy, Tom Cole, Biden, McCarthy, Ken Buck, David Morgan, Scott Malone, Andrea Ricci Organizations: U.S . House, U.S, Capitol, REUTERS, Rights, . House, Republican, Democratic, Senate, Food and Drug Administration, House, White, Firebrand, NBC, Republicans, Social Security, Total U.S, Thomson Locations: Washington , U.S, Washington, Louisiana

☆ House speaker's plan to avoid shutdown meets resistance from both parties
▼ + stars: | 2023-11-12 | by ( David Morgan | ) www.reuters.com time to read: +5 min

"This two-step continuing resolution is a necessary bill to place House Republicans in the best position to fight for conservative victories," Johnson said in a statement after announcing the plan to House Republicans in a conference call. The House Republican stopgap contained no supplemental funding such as aid for Israel or Ukraine. She said "House Republicans are wasting precious time with an unserious proposal that has been panned by members of both parties." A stopgap measure would give lawmakers more time to implement full-scale appropriations bills to fund the government through Sept. 30. McCarthy opted for the bipartisan route after hardliners blocked a Republican stopgap measure with features intended to appease them.

Persons: Mike Johnson, Johnson, Republican stopgap, Joe Biden, Karine Jean, Pierre, centrists, Sarah Silbiger, Chip Roy, Roy, Brian Schatz, Schatz, Biden, Johnson's, Kevin McCarthy, McCarthy, David Morgan, Timothy Gardner, Scott Malone, Daniel Wallis, David Gregorio Our Organizations: . House, Republican, Republicans, Democratic, White, AAA, ., Louisiana Republican, Food and Drug Administration, U.S, Capitol, REUTERS, Caucus, Social Security, Thomson Locations: Israel, Ukraine, Louisiana, Washington , U.S

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