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☆ House Republicans want to ban student-loan forgiveness and immediately end the payment pause in their new debt ceiling bill
▼ + stars: | 2023-04-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

House Republicans unveiled their bill to raise the debt ceiling on Wednesday. On Wednesday, House Republicans unveiled a bill to raise the debt ceiling through March 2024, and alongside increasing the limit, they have 320 pages worth of proposed spending cuts alongside it. Since Biden took office, many GOP lawmakers have slammed the president's debt relief plans, saying they are an overreach of authority and costly to taxpayers. In the meantime, Democratic lawmakers and advocates have been urging Congress to raise the debt ceiling and avoid a financially catastrophic default. "Everyone in the House and Senate must reject the Speakers and GOP efforts to repeal student loan relief, changes to PSLF + IDR, and preventing future relief," she said.

☆ Americans could see their student debt, car, and mortgage payments surge because of Republicans' 'flirtation with the default,' top Democrat Hakeem Jeffries says
▼ + stars: | 2023-04-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Rep. Hakeem Jeffries said a default on the US debt could cause student debt, car, and mortgage payments to surge. Republicans plan to bring a debt ceiling bill to the House floor next week, but it's unclear if it will get enough support. Biden has refused to meet with Republicans over debt ceiling negotiations. "Even the flirtation with the default is going to hurt everyday Americans," Jeffries said. "It risks raising car payments, it risks raising home mortgage payments, it risks raising student loan debt payments," he continued.

☆ Biden will threaten Social Security and Medicare and 'bumble into the first default in our nation's history' if he doesn't negotiate raising the debt ceiling with Republicans, Kevin McCarthy says
▼ + stars: | 2023-04-17 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

House Speaker Kevin McCarthy said a debt ceiling vote will come in weeks in Monday remarks. McCarthy said if Biden doesn't come to an agreement with the GOP, it could lead to the first default. Republicans want to attach spending cuts to a debt ceiling package, while Biden wants a clean raise. Independent analysis from Moody's shows congressional Republicans' budget cuts could throw 720,000 to over 2.5 million Americans out of work. "President Biden must hold firm on behalf of working families, and insist Republicans raise the debt limit swiftly and cleanly as they did time and time again under President Trump."

☆ Republicans reportedly want to ban student loan forgiveness and make it harder to get food stamps in a debt ceiling deal — and they seem to want to do it all over again next year
▼ + stars: | 2023-04-13 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Republicans are finally reportedly ready to share their debt ceiling demands as a package. Their package would only raise the debt ceiling for a year, setting up another fight in the middle of the next election. The US is potentially mere months away from breaching the debt ceiling, meaning it'll be unable to pay for the spending that Congress has already authorized. Congress passed a clean debt ceiling raise three times under former President Donald Trump. "I'm very concerned about the debt ceiling," he said.

☆ Opinion: Don't count DeSantis out yet
▼ + stars: | 2023-04-11 | by ( Patrick T. Brown | ) edition.cnn.com time to read: +7 min

A third Trump presidential nomination would indicate that Republican primary voters may prefer style over substance. But if they are serious about not just making liberals mad but advancing actual policy, GOP voters should consider other names, starting with the Florida governor. Recognizing key figures and institutions on the right in this way suggests a DeSantis administration would be serious about delivering on conservative principles. In short, DeSantis offers Republicans a glimpse into what a successful conservative approach to governing could look like. If GOP voters decide their primary operating principle is to enrage the media and “own the libs,” they will nominate Trump.

☆ Secret negotiations and a 'hostage' situation: Republicans and Democrats still can't agree on a plan to save Americans from a debt ceiling catastrophe in just a few months
▼ + stars: | 2023-04-04 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

The US could default on its debt this summer if Congress doesn't raise the debt ceiling. But Democrats are accusing the GOP of holding the debt ceiling "hostage," as they have yet to put forth a concrete plan. Republicans have floated a range of areas in which they would support cutting spending to raise the debt ceiling. "Republicans are STILL holding the debt ceiling hostage," Congressional Progressive Caucus Chair Pramila Jayapal wrote on Twitter. Democratic lawmakers have previously highlighted the catastrophe for Americans that will likely result should Congress fail to raise the debt ceiling.

☆ Kevin McCarthy tells Biden time is running out to negotiate spending cuts to raise the debt ceiling — even as Republicans have yet to put forth a concrete plan
▼ + stars: | 2023-03-28 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

House Speaker Kevin McCarthy sent a letter to President Joe Biden saying it's time to tackle the debt ceiling. The US faces a potentially disastrous default in just a few months, and the GOP wants major spending cuts. Biden has insisted that raising the debt ceiling should be bipartisan and not tied to cuts. On Tuesday, the Republican speaker of the House sent a letter to President Joe Biden urging him to negotiate spending cuts to raise the debt ceiling. Democrats are still waiting for a concrete plan from Republicans on what exactly they want to cut to raise the debt ceiling.

☆ Americans could lose $20,000 in retirement savings and private student-loan borrowers could see their payments surge if Republicans don't raise the debt ceiling, a new report says
▼ + stars: | 2023-03-25 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Joint Economic Committee released a report on the consequences of failing to raise the debt ceiling. Republicans have floated a range of spending cuts to raise the debt ceiling that Democrats have rejected. On Thursday, the Joint Economic Committee (JEC) — a congressional group that reviews economic policy — released a report analyzing the consequences of failing to raise the debt ceiling. Republicans are gambling with Americans' savings, benefits, and lives, all to play a political game." That's why Biden and Democratic lawmakers have been insisting that raising the debt ceiling be bipartisan, without any negotiations.

☆ Huawei ban would have significant impact on German mobile network -ministry
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 17 (Reuters) - A ban on certain components by Chinese companies Huawei (HWT.UL) and ZTE (000063.SZ) could have a significant impact on Germany's mobile network if they have to be replaced on a larger scale, according to a German economy ministry letter seen by Reuters. The German government is currently carrying out a review of telecom tech suppliers which it says is not directed at specific manufacturers. The precise impact on mobile operators and other economic players is not possible to assess, the ministry added, as it depends on individual decisions as well as transition periods. Critics of Huawei and ZTE say that their close links to Beijing's security services mean that embedding them in mobile networks could give Chinese spies and even saboteurs access to essential infrastructure. Huawei, ZTE and China's government reject such claims, saying they are motivated by a protectionist desire to support non-Chinese rivals.

☆ Giving babies $1,000 at birth is an 'unprecedented opportunity for financial security,' Ayanna Pressley and Cory Booker say
▼ + stars: | 2023-03-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Rep. Ayanna Pressley and Sen. Cory Booker urged the Treasury Department to support their "Baby Bonds" legislation. "This policy would provide every child in America with unprecedented opportunity for financial security," Pressley and Booker wrote in their letter. They cited reports from Columbia University and Morningstar that found Baby Bonds would "substantially" close the racial wealth gap. When we introduce baby bonds, this gap narrows to 71% for Black families and 67% for Hispanic families." Along with Pressley and Booker, other Democratic lawmakers have been stressing the benefits of Baby Bonds over the past year.

☆ Stocks week ahead: It's hell week on Wall Street
▼ + stars: | 2023-03-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

The unflinching resilience of the US labor market is one of — if not the — greatest source of tension in today’s economy. That means the Fed’s already painful rate hikes are likely to continue until the job market simmers. In just one year, the Federal Reserve has raised interest rates from nearly zero to a range of 4.5% to 4.75% to cool the economy. The labor market is stronger than ever: The US added a shocking 517,000 jobs in January and knocked unemployment down to its lowest level since 1969. If the labor market remains strong, more Fed-induced pain lies ahead.

☆ Taliban plans to turn former foreign bases into special economic zones
▼ + stars: | 2023-02-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mohammad IsmailKABUL, Feb 19 (Reuters) - The Taliban administration will move ahead with plans to turn former foreign military bases into special economic zones for businesses, the acting deputy prime minister for economic affairs said in a statement on Sunday. "Following a thorough discussion, it was decided that the Ministry of Industry and Commerce should progressively take control of the remaining military bases of the foreign forces with the intention of converting them into special economic zones," Mullah Baradar said in the statement. He added a pilot plan would begin to convert bases in the capital Kabul and in northern Balkh province. Afghanistan's economy has struggled and aid agencies are warning of a severe humanitarian crisis since the Taliban took over in 2021 as foreign troops withdrew after 20 years of war. The Taliban have said they are focused on boosting economic self-sufficiency through trade and investment.

☆ See how a couple got an abandoned home for free — then moved it, rodents and all. They're about to fix it up all by themselves.
▼ + stars: | 2023-02-19 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +2 min

A historic home in Lincoln, Kansas, was up for demolition until a group of locals intervened. In August 2022, Julie and Eddie Flores won the home from the local group and a corporate owner. Flores explained how she is renovating the house with a strict budget of $250,000. The over-100-year-old home gained notoriety after local residents created a special committee tasked with the salvation of the decaying house. The family moved to Lincoln in January as they've continued their renovations, an experience they write about on the blog Nursing Back to Life.

☆ John Fetterman's picture-taking, buddy-making, convention-breaking first month on Capitol Hill
▼ + stars: | 2023-02-04 | by ( Warren Rojas | ) www.businessinsider.com time to read: +11 min

Delegation-mate Sen. Bob Casey told Insider that Fetterman is “off to a great start.”Top editors give you the stories you want — delivered right to your inbox each weekday. Insider spoke to Fetterman's colleagues, his staff, and congressional reporters about the newcomer's first month in Washington, and what to expect from him as Congress gets rolling. "I know Sen. Fetterman is interested in nutrition, and I share his concerns there, so I look forward to collaborating to get things done for folks in Pennsylvania and Vermont," Welch said. Food issues definitely fall under their purview as newly minted members of the Senate Committee on Agriculture, Nutrition, and Forestry. 'Off to a great start'Sen. Casey told Insider that Fetterman has already hit the ground running.

☆ French financial prosecutor confirms GE's Belfort site searched
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +2 min

PARIS, Dec 16 (Reuters) - Searches were conducted on Thursday at U.S conglomerate General Electric's (GE.N) Belfort site in France as part of an ongoing probe into possible tax fraud, France's financial prosecutor said on Friday, confirming an AFP report. In an email responding to a Reuters request, deputy financial prosecutor Antoine Jocteur-Monrozier said the searches were part of a preliminary probe into alleged money laundering and tax fraud. Unions accused management of trying to show the site was losing money in order to justify the job cuts at the site – depriving the French government of millions of euros in tax revenue in the process. GE has denied the claims, saying it obeys the tax laws in every country where it operates. ($1 = 0.9406 euros)Reporting by Sudip Kar-Gupta and Silvia Aloisi; editing by Jason Neely and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Congress may revisit the expanded child tax credit in the lame duck session. But terms may not be as generous as in 2021
▼ + stars: | 2022-12-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

House and Senate champions and impacted families appear at a Dec. 7 Washington, D.C., event for expanding the child tax credit during the lame duck session. Millions of children were lifted out of poverty in 2021, thanks to a more generous child tax credit that included monthly checks sent out to more families. Now, the lame duck session of Congress offers a last chance this year to renew the expanded child tax credit that lapsed in December 2021. As the end of year approaches, many Democrats on Capitol Hill have raised their voices in support of reinstating the more generous child tax credit. The child tax credit was increased in 2021 from $2,000 per child to up to $3,600 per child under 6 and up to $3,000 for children ages 6 through 17.

☆ Giving babies a government trust fund at birth could help get rid of student debt and build wealth, report says
▼ + stars: | 2022-12-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Democrats released a report highlighting the benefits of "Baby Bonds," which are trust funds given to kids at birth. The report said that the funds would help Americans build wealth over a lifetime. It could help reduce the need for students to take on excessive debt to go to college. On Wednesday, the Joint Economic Committee — led by Democratic Rep. Don Beyer — released a report on the benefits of "Baby Bonds." Baby Bonds could be a part of that.

☆ Michelin to cut fewer jobs to protect production
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

PARIS, Dec 6 (Reuters) - Michelin will cut fewer jobs in France than the 2,300 estimated in its initial voluntary redundancy plan in a bid to safeguard production. The French tyre maker said in Jan. 2021 it would cut the jobs, including 1,100 in the service sector and 1,200 in factories, over three years as part of a three-year collective bargaining agreement. "In this period of uninterrupted crisis, one of the group's priorities is to manage production and secure customer deliveries," a Michelin spokesperson told Reuters. Separately to the projected cuts, Michelin said it also planned to create 830 new jobs in France over the three-year period, including 318 in 2023, mainly in the service sector. Reporting by Gilles Guillaume; English version by Dagmarah Mackos; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Rep. David Trone is running against Republican Neil Parrott in Maryland's 6th Congressional District in a rematch. The 6th District is located in the western region of the state. Democratic Rep. David Trone once again faces off against Republican Neil Parrott in Maryland's 6th Congressional District in a rematch. 2022 General EmbedsMaryland's 6th Congressional District candidatesTrone, first elected in 2018, serves on the House Appropriations and Veterans' Affairs Committees and the Joint Economic Committee. Voting history for Maryland's 6th Congressional DistrictMaryland's 6th Congressional District covers all of Frederick County.

☆ Republican Sen. Mike Lee faces off against independent Evan McMullin in the Utah Senate race
▼ + stars: | 2022-11-08 | by ( John L. Dorman | ) www.businessinsider.com time to read: +6 min

Utah GOP Sen. Mike Lee is running for a 3rd term against independent candidate Evan McMullin. In the Senate, Lee serves on the Judiciary Committee, the Energy and Natural Resources Committee, the Commerce, Science and Transportation Committee, the Joint Economic Committee, and the Special Committee on Aging. Utah independent Senate candidate Evan McMullin. Republicans have won every presidential race in the state since 1968, often with landslide margins, and the last Democrat to win a Senate race in the state was Frank Moss in 1970. In the 2020 presidential election, Trump defeated now-President Joe Biden in Utah by 20 points (58%-38%), a significant drop from Romney's sweeping victory (73%-25%) over Obama in 2012.

Democratic Sen. Maggie Hassan of New Hampshire is running for reelection to a second term. 2022 General EmbedsNew Hampshire's Senate race candidatesHassan, a former state lawmaker and two-term governor, is aiming to secure a second term in the Senate. Bolduc — who served in Afghanistan and received two Purple Hearts and five Bronze Stars — is the Republican standard-bearer in this year's Senate race. During the 2020 US Senate election that Democratic Sen. Jeanne Shaheen won, more than 18,400 voters — about 2.3% — cast ballots for Libertarian candidate Justin O'Donnell. What experts sayThe New Hampshire race was rated as "tilt Democratic" by Inside Elections, "lean Democratic" by The Cook Political Report, and "leans Democratic" by Sabato's Crystal Ball at the University of Virginia Center for Politics.

Democratic Sen. Maggie Hassan of New Hampshire ran for reelection to a second term. 2022 General EmbedsNew Hampshire's Senate race candidatesHassan, a former state lawmaker and two-term governor, secured a second term in the Senate. Bolduc — who served in Afghanistan and received two Purple Hearts and five Bronze Stars — was the Republican standard-bearer in this year's Senate race. During the 2020 US Senate election that Democratic Sen. Jeanne Shaheen won, more than 18,400 voters — about 2.3% — cast ballots for Libertarian candidate Justin O'Donnell. What experts sayThe New Hampshire race was rated as "tilt Democratic" by Inside Elections, "lean Democratic" by The Cook Political Report, and "leans Democratic" by Sabato's Crystal Ball at the University of Virginia Center for Politics.

☆ Democratic Rep. David Trone faces off against Republican state Del. Neil Parrott in Maryland's 6th Congressional District election
▼ + stars: | 2022-11-02 | by ( Hanna Kang | ) www.businessinsider.com time to read: +4 min

Rep. David Trone is running against Republican Neil Parrott in Maryland's 6th Congressional District in a rematch. The 6th District is located in the western region of the state. Maryland's 6th Congressional District candidatesTrone, first elected in 2018, serves on the House Appropriations and Veterans' Affairs Committees and the Joint Economic Committee. Voting history for Maryland's 6th Congressional DistrictMaryland's 6th Congressional District covers all of Frederick County. The money raceAccording to OpenSecrets, Trone has raised $13 million, spent $8.2 million, and has $4.9 million on hand, as of October 19.

☆ Democratic Sen. Maggie Hassan vies against Republican Don Bolduc in the New Hampshire's US Senate race
▼ + stars: | 2022-10-31 | by ( John L. Dorman | ) www.businessinsider.com time to read: +5 min

Democratic Sen. Maggie Hassan of New Hampshire is running for reelection to a second term. New Hampshire's Senate race candidatesHassan, a former state lawmaker and two-term governor, is aiming to secure a second term in the Senate. Bolduc — who served in Afghanistan and received two Purple Hearts and five Bronze Stars — is the Republican standard-bearer in this year's Senate race. Sununu was deeply critical of Bolduc during the GOP primary campaign and eventually endorsed state Sen. Chuck Morse, who narrowly lost to Bolduc in the September contest. During the 2020 US Senate election that Democratic Sen. Jeanne Shaheen won, more than 18,400 voters — about 2.3% — cast ballots for Libertarian candidate Justin O'Donnell.

For these reasons, the ECB said banks would have to start paying going rates on their TLTRO credit, rather than the average rate over the whole duration of the loans. But the rate the ECB pays commercial banks is now back in positive territory and is likely to rise further. Analysts have warned changing the terms of loans already outstanding could deter banks from tapping similar loans in future downturns. The TLTRO cash also creates additional demand for low-risk securities, limiting the rise in rates on repurchase agreements and short-dated government bond yields. , Lagarde said that also factored into the ECB's decision.

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