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Time is tight to avoid a historic, economically destabilizing default, which the Treasury Department has warned could come as soon as June 1, but some areas of potential compromise emerged after a Tuesday White House meeting. Deep disagreements remained over competing pressures for spending cuts versus tax increases. Meanwhile, the White House reiterated its backing for legislation speeding government permitting of energy projects by setting maximum timelines. A White House fact sheet distributed on Wednesday said the administration "supports the important reforms" contained in a bill by Democratic Senator Joe Manchin. House and Senate Republicans, meanwhile, have said they will not authorize any additional borrowing without an agreement to cut spending.

"Right now, the permitting process for clean energy infrastructure, including transmission, is plagued by delays and bottlenecks. The White House is backing a bill by Manchin of West Virginia, who has grown more critical in recent months of the administration's attacks on the fossil fuel industry. The White House released a detailed fact sheet outlining reform measures its seeking, including helping clean energy projects like wind and solar get on the grid faster. Manchin's legislation sets a two-year limit on environmental reviews of major federal energy projects, including ones on fossil fuels and directs the president to designate at least 25 high-level energy projects and prioritize their permitting. The White House said it is using existing authorities to speed permitting of energy projects.

She will warn about "the global impact of this standoff and highlight the need to avoid default," a senior Treasury official said. It will lead to a freeze in global financial markets," said Muehleisen, now a fellow with the Atlantic Council. G7 counterparts will question Yellen "about the financial stability risks in the U.S., the regional banks' exposure to commercial real estate. Real risks that are not manufactured for political posturing," said Stephanie Segal, a former U.S. Treasury official who is a senior fellow at the Center for Strategic and International Studies in Washington. The far more complicated "Pillar 1" plan to allow countries to tax global technology giants and other highly profitable corporations on their local sales is still under negotiation.

Senator Joe Manchin said on Wednesday he would oppose all nominees for Environmental Protection Agency (EPA) posts until President Joe Biden's administration halts what he described as its "radical climate agenda." Manchin, who represents the coal-producing state West Virginia, delivered his ultimatum a day ahead of the EPA's planned roll-out on Thursday of its new carbon emission standards for new and existing power plants. He said he worried the rules could cripple coal- and gas-fired power plants. "If the reports are true, the pending EPA proposal would impact nearly all fossil-fueled power plants in the United States, which generate about 60% of our electricity, without an adequate plan to replace the lost baseload generation," Manchin said in a statement. Reporting by Rami Ayyub; Editing by Doina ChiacuOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Republicans ask watchdog to assess US oil reserve management
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph over Freeport, Texas, U.S., April 27, 2020. REUTERS/Adrees Latif/File PhotoWASHINGTON, May 8 (Reuters) - Two Republicans on Monday asked a congressional watchdog to assess the Biden administration's management of the Strategic Petroleum Reserve and audit its modernization program, saying sales from the SPR have undermined U.S. energy security. Over about six months last year, the Biden administration conducted a record sale of 180 million barrels of oil to combat high gasoline prices after Russia's invasion of Ukraine. The Biden administration wrote to lawmakers last month, saying the sales did not damage the SPR. The lawmakers said they were concerned about delays and cost overruns in the SPR modernization program authorized by Congress in 2015.

☆ Bed Bath & Beyond will reportedly pay severance to 1,293 workers in New Jersey after it faced sharp criticism over prior cuts
▼ + stars: | 2023-05-08 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Bed Bath & Beyond will cut another 1,293 jobs in its home state of New Jersey, public records show. New rules in the state mean the company will need to pay severance to those employees. Cryan sponsored legislation, which took effect on April 10, requiring large employers to pay severance to more employees than is required under federal law. New Jersey law broadens severance coverageMark Diana, a management-side employment lawyer with Ogletree Deakins, previously told Insider the new law requires employers to:Give 90 days' notice of a mass layoff. Pay mandatory severance of one week's earnings per year of service, with no cap on the number of weeks.

☆ Billionaires and CEOs descended on Beverly Hills to talk recession, bank failures, and more. Here's the inside track.
▼ + stars: | 2023-05-07 | by ( Matt Turner | ) www.businessinsider.com time to read: +4 min

On the agenda today:But first: The big takeaways from the Milken Institute Global Conference in Beverly Hills. Senator Joe Manchin (D-WV) speaks at the 2023 Milken Institute Global Conference Mike Blake/ReutersThe big-money set jetted into LA last week for the Milken Global Conference. Biggest opportunityCampbell: The pullback in lending by banks is raising the hopes of those in the private credit industry. Read more:'Junk fees'Getty ImagesIt goes by many names: an administrative fee, a transaction fee, even a "regulatory compliance" fee. Akash Nigam, the founder and CEO of Genies, who is spending $2,400 a month on ChatGPT accounts for all his employees.

WASHINGTON, May 5 (Reuters) - U.S. President Joe Biden picked a senior aide, Neera Tanden, to replace Susan Rice as his domestic policy adviser, the White House said in a statement. As Biden's staff secretary, Tanden already played a major role in the West Wing, controlling the schedules, briefing books and other paperwork that reach the president's desk. Stefanie Feldman, an aide to Rice who has long been a top policy mind in Biden's orbit, will replace Tanden as staff secretary. "Neera oversaw decision-making processes across my domestic, economic and national security teams," Biden said in a statement touting 25 years of public policy experience. Tanden's predecessor at the domestic policy council, Susan Rice, departed after a two-year term that included wrangling over tense issues from immigration to healthcare, guns and police reform.

☆ Here are the 5 key takeaways from this year's Milken Global conference
▼ + stars: | 2023-05-05 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +12 min

The pullback by banks is raising the hopes of those in the private credit industry. Some panelists and others who spoke in the hallways of the event suggested that there was a large-scale handoff from private equity to private credit. Many private-equity firms are scrambling to raise private credit funds to take advantage. "I don't think this is the end of private equity, but the environment certainly favors private credit," he said. And that will show up in lower returns for private credit funds, she said.

☆ 'High wire act': U.S. Congress gears up for immigration reform as Title 42 ends
▼ + stars: | 2023-05-04 | by ( Richard Cowan | ) www.reuters.com time to read: +6 min

It has been 37 years since Congress passed significant immigration reform, but a persistently high volume of migrants and an acute labor shortage have galvanized lawmakers. Republican Senator Thom Tillis said the end of Title 42 "sets the table" for Congress to craft new border-control laws as Republicans predict a wave of new arrivals. STARS ALIGNINGThe U.S. Chamber of Commerce, the nation's largest business association, has launched a campaign urging Congress to act. Republicans argue that is where the border security component comes in. Finally, passage of an immigration bill coupled with beefed-up border security could boost President Joe Biden's re-election campaign and give Republican candidates something to cheer too.

WASHINGTON, May 3 (Reuters) - The U.S. Senate on Wednesday voted to repeal President Joe Biden's suspension of tariffs on solar panels from four Southeast Asian nations, a measure aimed at supporting the small domestic manufacturing industry. Biden has vowed to veto the legislation, which passed the House of Representatives last week. The House resolution that passed the Senate was introduced under the Congressional Review Act (CRA), a law that allows Congress to reverse federal agency rules. Top clean energy trade groups had called on members of Congress to oppose the measure. The Solar Energy Industries Association projected that its passage would result in cancellation of 14% of the industry's planned new capacity this year and the loss of $4.2 billion in investment.

☆ Jay Powell may have to raise rates 8-10 percent to fight inflation, says Sen. John Kennedy
▼ + stars: | 2023-05-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJay Powell may have to raise rates 8-10 percent to fight inflation, says Sen. John KennedySenator John Kennedy(R-LA.) joins 'The Exchange' to discuss financial system risks and Fed rate hikes.

☆ Senator Manchin introduces new U.S. energy permitting bill
▼ + stars: | 2023-05-02 | by ( Timothy Gardner | ) www.reuters.com time to read: +2 min

Senator Joe Manchin (D-WV) speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. Senator Joe Manchin introduced on Tuesday his latest measure to speed permitting of both fossil fuel and renewable energy projects, as he tries to win support from both major parties after similar bills failed several times last year. The legislation, Building American Energy Security Act, sets a two-year limit on environmental reviews of major federal energy projects and one year for smaller ones, reduces court delays over energy projects, and directs the U.S. president to designate at least 25 high level energy projects and prioritize their permitting. And Republicans who were angry with Manchin for supporting President Joe Biden's climate legislation did not support his bill last year. And Manchin could get support from some Republicans in the Senate, currently controlled by Democrats, whose states would benefit from energy projects.

U.S. Treasury Secretary Janet Yellen said in a letter to Congress that the agency may be unable to meet all of its debt obligations as soon as June 1 if the debt ceiling is not raised, putting new urgency on talks in Congress. Let's get the debt ceiling taken care of, but let's talk about how we can reduce the deficit and common sense ways," Democratic Senator Jon Tester told reporters. "If we don't get the debt ceiling, then we go into a depression." Republican Senator Mitt Romney said. We must change course, cleanly raise the debt ceiling, and avert widespread economic pain and instability while we still can."

☆ Reactions: US Treasury's new June 1 debt ceiling X-date
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +5 min

We must change course, cleanly raise the debt ceiling, and avert widespread economic pain and instability while we still can." The clock is ticking - and much faster than many suspected - so House Republicans need to drop their dangerous opposition to paying our nation’s bills." The President must negotiate on raising the debt ceiling." Let's get the debt ceiling taken care of, but let's talk about how we can reduce the deficit and common-sense ways. If we don't get the debt ceiling, then we go into it a depression."

SummarySummary Companies Anthony Johnstone is Biden's seventh appointee to the courtConfirmation comes as Senate Democrats struggle to advance some judges(Reuters) - The U.S. Senate on Monday voted 49-45 to confirm law professor Anthony Johnstone to the 9th U.S. Historically, judicial nominees have needed so-called "blue slips" representing approval from their home state senators to be considered for confirmation. However, the Republican-controlled Senate Judiciary Committee under the Trump administration ended that practice for appeals court nominees. Health issues have kept Senate Judiciary Committee member Dianne Feinstein out of Washington since March, creating ongoing difficulties for Senate Democrats seeking to advance Biden's judicial nominees. Schumer on Monday said that the Senate will take up several other judicial nominees this week.

WASHINGTON, April 28 (Reuters) - The Biden administration outlined efforts this week to address growing U.S. national security concerns on foreign companies' handling of Americans' data. Concerns about Chinese-owned TikTok have sparked new efforts in Congress to boost powers to address it or potentially ban the popular short video sharing app. Under Commerce Secretary for Industry and Security Alan Estevez was among those addressing information and communications technology supply (ICTS) chain threats, the department said. "I think it is a top priority and we need to move with urgency," U.S. Commerce Secretary Gina Raimondo said at a Senate hearing on Wednesday of the legislative effort. Days before then President Donald Trump left office in 2021, the Commerce Department issued aimed at addressing ICTS concerns posed by China, Russia, Iran, North Korea, Cuba and Venezuela.

☆ Cannabis stocks light up after a group of lawmakers again seeks to protect banks that work with legal marijuana businesses
▼ + stars: | 2023-04-27 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Cannabis stocks jumped Thursday as lawmakers sought again to pass a bill to protect banks that work with legal pot firms. The SAFE Banking Act of 2023 was refiled by Democrats and Republicans in the House and Senate. The Secure and Fair Enforcement, or SAFE, Banking Act was refiled late Wednesday by House and Senate lawmakers from both the Democratic and Republican parties. They say the proposal is aimed at dealing with safety concerns stemming from legal cannabis businesses being locked out of banking services. Merkley said there's now a path for the first time for the SAFE Banking Act to move through the Senate Banking Committee and to a Senate floor vote.

WASHINGTON, April 27 (Reuters) - West Virginia Governor Jim Justice launched his campaign on Thursday for the Republican nomination to challenge Democratic U.S. Senator Joe Manchin, a moderate who has been a constant thorn in his party's side. Justice, 72, has repeatedly changed parties, most recently in 2017 when he switched his registration to Republican after being elected as a Democrat in 2016. Manchin has been a key vote on every major piece of legislation of Biden's tenure, as a moderate representing an increasingly conservative state. Justice, a coal-mining billionaire, would first need to win a Republican primary against U.S. Representative Alex Mooney to become his party's nominee to challenge Manchin in 2024.

☆ West Virginia Gov. Jim Justice is running for Joe Manchin's pivotal Senate seat
▼ + stars: | 2023-04-27 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

West Virginia Governor Jim Justice (R) and US Senator Joe Manchin (L), Democrat of West Virginia, attend a roundtable discussion on the opioid epidemic with local and state officials at the Cabell-Huntington Health Department in Huntington, West Virginia, July 8, 2019. West Virginia's Republican governor, Jim Justice, filed official paperwork to kick off a 2024 campaign for the U.S. Senate seat currently held by incumbent Democratic Sen. Joe Manchin. If Manchin decides not to run for a third term, Democrats are widely expected to lose the seat to whichever Republican nominee emerges from West Virginia's Senate primary. A Trump campaign spokesman did not immediately respond to a request for comment. With his seat under threat, Manchin has appeared increasingly critical of President Joe Biden and his fellow Democrats.

☆ U.S. Sen. Manchin joins effort to repeal Biden solar tariff waiver
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

Senator Joe Manchin on Wednesday threw his support behind a legislative effort to repeal President Joe Biden's suspension of tariffs on solar panel imports from four Southeast Asian nations that are the industry's primary suppliers. He is the first Democrat to co-sponsor a resolution introduced by Senator Rick Scott, a Republican, in February. The effort would need a two-thirds majority in the Senate to overturn a presidential veto, and Democrats have just a narrow majority. A conservative Democrat from the coal mining state of West Virginia, Manchin has regularly clashed with his party on energy policy. The resolution mirrors a bipartisan measure that is scheduled for a vote in the House of Representatives on Friday.

☆ U.S. Senate votes to overturn heavy duty truck emissions rules
▼ + stars: | 2023-04-26 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Rebecca CookWASHINGTON, April 26 (Reuters) - The U.S. Senate voted 50-49 to overturn Environmental Protection Agency (EPA) rules that aim to drastically cut smog- and soot-forming emissions from heavy-duty trucks but the White House said President Joe Biden would veto the measure. The White House said the rule "cuts pollution, boosts public health, and advances environmental justice." The new standards, the first update to clean air standards for heavy duty trucks in more than two decades, are 80% more stringent than current standards. The new EPA rules target heavy-duty truck and engine manufacturers by tightening yearly emissions limits and changing key provisions of existing rules to ensure emissions reductions in long-term road use. The rule would reduce smog-forming nitrogen oxide (NOx) emissions by as much as 48% by 2045, he added.

☆ A new bill in Florida would allow citizens to sue for damage to or removal of Confederate statues
▼ + stars: | 2023-04-26 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +3 min

A new bill in Florida would allow citizens to sue for damage to or removal of historical monuments. The bill doesn't mention Confederate statues, but opponents say it is a response to it. The newly-elected state senator, endorsed by Ron DeSantis during his 2022 campaign, previously served on the Florida Southwestern State College Board of Trustees. Before being elected, the state senator had been investigated for battery but was cleared by prosecutors in August. Over the past few years, a national movement to remove Confederate statues took hold in the US, with proponents of these removals pointing to the statues' ties to slavery.

CNN —The violence that has exploded in Sudan as the country’s two top generals grapple for power has unfolded at a terrifying, breakneck speed. Hemedti uses this discourse as a bloody shirt to maintain his influence and military forces for future use,” Fareid said. Marwan Ali/APFrom a subclan of the Mahariya Rizeigat tribe, nomadic people that herded camels in Darfur, Hemedti got his start as a commander of the Janjaweed. Unlike Sudan’s former dictator, Hemedti has not faced charges from the International Criminal Court. The general’s shared sense of impunity was underlined in October 2021, when they staged a coup, arresting Hamdok and his cabinet.

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