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☆ Bernie Sanders vows to vote against Biden and McCarthy's 'totally unnecessary' debt-ceiling deal, saying that the best thing about the bill is 'it could have been much worse'
▼ + stars: | 2023-05-31 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Sen. Bernie Sanders said on Wednesday he will vote against the debt-ceiling bill. He said he cannot support legislation that harms student-loan borrowers and restricts nutritional benefits. "The best thing to be said about the current deal on the debt ceiling is that it could have been much worse," Sanders said in the statement. "President Biden and Speaker McCarthy's agreement will protect the economy and eliminate the threat of a catastrophic default. McConnell also wrote that McCarthy "and House Republicans secured a crucial first step toward bringing Washington Democrats' reckless spending to heel.

Persons: Sen, Bernie Sanders, —, Vermont Sen, Kevin McCarthy, Joe Biden's, McCarthy, Biden, Sanders, Chuck Schumer, Mitch McConnell, Schumer, McConnell Organizations: Service, Vermont, Congressional, Office, SNAP, Twitter, House Republicans, Washington Democrats

Florida Governor Ron DeSantis, a candidate for the Republican 2024 presidential nomination, said the deal does not do enough to change the fiscal trajectory. "After this deal, our country will still be careening toward bankruptcy," he said on Fox News. There's no question about that," said Republican Representative Dusty Johnson, who said he had talked to dozens of fellow lawmakers. Some $4 trillion in debt for - at best - a two-year spending freeze and no serious substantive policy reforms," Roy wrote on Twitter. McCarthy has predicted it will draw the support of most of his fellow Republicans, who control the House 222-213.

☆ ‘Primary Trust’ Review: Sipping Mai Tais, Until Bitter Reality Knocks
▼ + stars: | 2023-05-25 | by ( Naveen Kumar | ) www.nytimes.com time to read: +2 min

(“Primary Trust” doubles as the name of Kenneth’s new employer, and an abbreviated metaphor for what was lost when his mother died.) As in her superstore dark comedy “Paris,” presented by Atlantic Theater Company in 2020, Booth again probes the half-dread of working-class Black characters in a one-freeway-exit corner of the Northeast. And though Kenneth’s Blackness is an underlying aspect of his experience, it is not the acute source of his alienation. Booth’s one-man study is wonderfully vivid, but there’s only so much emotional engagement that the unburdening of feelings, rather than their enactment or discovery, can inspire. Her other characters are far more loosely sketched: Sanders and Matthis turn small roles, rich with concise, sideways detail, into four-course meals, paradoxically making them feel underused.

☆ House Democrats reintroduce bill targeting stock buybacks
▼ + stars: | 2023-05-25 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — House Democrats on Thursday reintroduced a bill that would ban open-market stock buybacks, weeks after the Securities and Exchange Commission released stringent buyback disclosure rules. "Stock buybacks allow corporations to purchase shares of their own stock price at the expense of workers, consumers and the U.S. economy," Garcia said. U.S. corporate stock buybacks grew from a total of $950 billion in 2021 to over $1.25 trillion last year, SEC Chairman Gary Gensler said earlier this month. Last month, the board of Google parent Alphabet announced it had approved $70 billion in stock buybacks this year, matching its 2022 rate. "And banning the stock buybacks is a good place to start."

☆ Why some Democrats think Biden shouldn't worry about legal challenges that would come from getting rid of the debt ceiling forever
▼ + stars: | 2023-05-23 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

A US default could be days away, and Congress still doesn't have a debt ceiling deal. Some Democrats think Biden should use the 14th Amendment to address the crisis. On Monday evening, McCarthy and Biden met once again to attempt to reach an agreement on raising the debt ceiling and avoiding an unprecedented default. Experts and lawmakers have said that this clause makes a default, and therefore the debt ceiling, unconstitutional, getting rid of the issue forever. Anna Moneymaker/Getty ImagesWhy Biden shouldn't worry about legal challengesNo president has ever invoked the 14th Amendment to address the debt ceiling.

☆ House Democrats, looking to renew plan to expand Social Security, say debt ceiling fight 'hurts seniors the most'
▼ + stars: | 2023-05-23 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Social Security already faces funding risksIn order to prevent a Social Security funding shortfall, congressional Democrats and Republicans must agree on a solution. The Social Security 2100 Act that was introduced in the last Congress had broad support among House Democrats. Changes in the Social Security 2100 Actzimmytws | iStock | Getty ImagesThe Social Security 2100 Act aims to extend the program's solvency, though estimates are not yet available for how long it could prolong the program's funding. Social Security 2100 also calls for adding an additional 12.4% net investment income tax for taxpayers making more than $400,000. Max Richtman president and CEO of the National Committee to Preserve Social Security and Medicare

☆ Tim Scott's campaign kicks off with more cash than his rivals
▼ + stars: | 2023-05-22 | by ( Bridget Bowman | Bridget Bowman Is A Deputy Editor For Nbc'S Political Unit. | ) www.nbcnews.com time to read: +1 min

Sen. Tim Scott, R-S.C., may not have the highest poll numbers, but he kicks off his presidential campaign flush with another precious campaign resource: money. Scott is likely entering the 2024 race with more cash than his GOP rivals. The senator's federal campaign committee had $21.9 million in its account as of March 31, according to campaign finance reports filed with the Federal Election. Former President Donald Trump's campaign had $13.9 million in its account, while biotech entrepreneur Vivek Ramaswamy, who has largely self-funded his campaign, had $9.4 million on hand. Those senators had between $2.2 million (Graham) and $4.1 million (Rubio) in their presidential or Senate campaign accounts before launching their runs for the White House.

☆ 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.

☆ Opinion | Liberals Are Persuading Themselves of a Debt Ceiling Plan That Won’t Work
▼ + stars: | 2023-05-21 | by ( Ezra Klein | ) www.nytimes.com time to read: +2 min

On Friday, 66 progressive Congressional Democrats sent the president their own letter making a similar case. In remarks after a meeting with House Speaker Kevin McCarthy, Biden said he was “considering” the argument that the debt ceiling is unconstitutional. The legality of the debt ceiling or a trillion-dollar platinum coin doesn’t depend on how liberals read the Constitution or the Coinage Act. “For the United States to fail to pay interest or principal on its debt would be financially catastrophic, but it would not affect the validity of the debt,” he wrote. “When borrowers fail to make payments on lawfully incurred debt, this does not question the validity of those debts; their debts are just as valid as before.

☆ US Chamber of Commerce argues invoking 14th Amendment would be as ‘economically calamitous’ as a default
▼ + stars: | 2023-05-19 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

Bernie Sanders, Elizabeth Warren and other progressives to urge the White House to use the 14th Amendment to avoid a disastrous default. Bradley argued that invoking the 14th Amendment would send Treasury rates spiking, lifting the cost of borrowing for families and businesses. Experts have warned that invoking the 14th Amendment would likely spark a constitutional crisis and Treasury Secretary Janet Yellen recently cast doubt on the idea. US markets turned negative on Friday on news that debt ceiling negotiations between the White House and House Republicans have hit a snag. “If the rhetoric is dark next week, markets will start to react.

☆ AOC says Biden should 'absolutely' consider bypassing the GOP to solve the debt ceiling crisis: 'It's a question of saving our economy from potential disaster'
▼ + stars: | 2023-05-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Rep. Alexandria Ocasio-Cortez told Politico Biden should be considering the 14th Amendment to address the debt ceiling. The 14th Amendment could declare the debt ceiling unconstitutional and allow Biden to bypass Congress. That's why a growing number of Democratic lawmakers are urging Biden to invoke a clause in the 14th Amendment which experts have said would declare the debt ceiling unconstitutional, getting rid of the problem forever. Ocasio-Cortez told Politico that "the president should absolutely have this on the table." Invoking that clause would mean that a default caused by the debt ceiling is unconstitutional, and it would allow Biden to bypass congressional debate on the issue.

☆ Jim Brown Piled Up Yards, but Never Wavered an Inch
▼ + stars: | 2023-05-19 | by ( Ken Belson | Jenny Vrentas | ) www.nytimes.com time to read: +2 min

His rushing records — most notably his 12,312 yards on the ground — were eventually broken by Payton, Barry Sanders, Emmitt Smith and others. His 104.3 rushing yards per game average still stands as a league record. awards, and owning the N.F.L.’s career rushing record. “There isn’t a man who played running back in the NFL who didn’t see Jim Brown as an iconic legend on and off the field,” Tony Dorsett, one of 10 running backs to surpass Brown’s total rushing yards, wrote on Twitter. As exceptional as he was on the field, Brown was far from a perfect human being.

☆ Democratic senators urge Biden to use 14th Amendment to avoid debt default
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, May 18 (Reuters) - A group of U.S. Senate Democrats called on President Joe Biden to prepare to invoke the U.S. Constitution's 14th Amendment to avoid a debt default if negotiations with Republicans fail, according to a letter released on Thursday. Led by independent Bernie Sanders, who caucuses with the Democrats, the 11 lawmakers said while they appreciated Biden's efforts to find a bipartisan deal to lift the debt ceiling, Republicans in Congress were "not acting in good faith." "Using this authority would allow the United States to continue to pay its bills on-time, without delay, preventing a global catastrophe," they said. The periodic lifting of the federal government's borrowing limit allows the government to pay for spending Congress has already authorized. Reporting by Jasper Ward and Paul Grant; Editing by Doina ChiacuOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Why does the US want to ban TikTok? The allegations against it
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +4 min

Members of Congress in March complained that the Chinese government has a "golden share" in ByteDance, giving it power over TikTok. He asserted the TikTok platform could enable sweeping influence operations because TikTok could proactively influence users and could also "turn off the message." TikTok says it "does not permit any government to influence or change its recommendation model." -TikTok will hand American's data over to Chinese government officialsLawmakers have alleged that the Chinese government, under a 2017 National Intelligence law, can force ByteDance to share TikTok user data. "-TikTok spies on journalistsIn December, ByteDance said some employees improperly accessed TikTok user data of two journalists.

☆ The free online tax-filing system IRS is testing doesn't include automated returns — but pre-populated ones may be possible, research shows
▼ + stars: | 2023-05-18 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The IRS is preparing to test a free online direct filing system for some taxpayers — and while pre-populated returns with certain details already filled in aren't part of the initial plan, research shows it may be possible for certain filers. As directed by the U.S. Department of the Treasury, the pilot program will launch during the 2024 filing season for some taxpayers to assess the platform's broader viability. "We do not expect pre-population or pre-determining tax obligations to be part of it," IRS commissioner Daniel Werfel told reporters on a press call Tuesday, noting the project's limited scope. The paper was based on a random sample of roughly 350,000 individual tax returns from 2019, and accuracy was highest among low- to moderate-income filers. Errors were more likely to occur as itemized deductions increased.

☆ Passing the GOP debt ceiling bill would be 'equally disastrous' as a default, Bernie Sanders says — and he's joining 10 of his Democratic colleagues in urging Biden to bypass Congress and permanently
▼ + stars: | 2023-05-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Bernie Sanders joined 10 Democratic colleagues in urging Biden to use the 14th Amendment to address the debt ceiling. The 14th Amendment would declare the debt ceiling unconstitutional, getting rid of it forever. During Thursday remarks vouching for the 14th Amendment, Sanders bashed McCarthy's bill and the potential economic fallout it would cause. "The entire GOP debt ceiling negotiation is a sad charade, and it's exactly what's wrong with Washington. "This is the whole reason why the 14th Amendment exists, and we need to be prepared to use it.

☆ Senate Democrats are asking Biden to stop negotiating with Republicans on a debt ceiling solution and take a route that would get rid of the problem forever
▼ + stars: | 2023-05-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Senate Democrats are asking Biden to prepare to use the 14th amendment to solve the debt ceiling crisis. The 14th amendment would allow Biden to bypass Congress and declare the debt ceiling unconstitutional. On Wednesday, The Washington Post first reported that five Democratic senators have spearheaded an effort to urge Biden to invoke a clause in the 14th amendment to address the debt ceiling. Rep. Jamie Raskin, for example, told Insider in a Wednesday interview that the 14th amendment "provides the whole structure for resolving the conflict." He said that he doesn't think the 14th amendment "solves our problem now.

☆ Sen. Bernie Sanders renews push for Medicare for All to end 'totally broken' health-care system
▼ + stars: | 2023-05-17 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

This week, Sen. Bernie Sanders, I-Vt., is renewing his push for a new approach — Medicare for All — that he touted as a presidential candidate. "The current health-care system in the United States is totally broken," Sanders said Tuesday at a Capitol Hill event. Medicare for All would create a single-payer program, which would allow one source to collect all health-care fees and pay all health-care costs. "It is long overdue for us to end the international embarrassment of the United States being the only major country on earth that does not guarantee health care to all of its people," Sanders said. "Now is the time for a Medicare for All single-payer program."

On top of the GOP gubernatorial primary in Kentucky, there are other contests taking place on Tuesday that could provide some clues about 2024 — even though it’s hard to draw too many lessons from individual races. Voters are also heading to the polls in Pennsylvania, which is hosting a crowded Democratic primary for Philadelphia mayor. Two races will also provide some insight into voter attitudes in two key counties in two crucial battlegrounds. In other Pence news, he will attend Iowa GOP Sen. Joni Ernst’s “Roast and Ride” event next month, per Fox News (former United Nations Ambassador Nikki Haley is also attending). Jumping in: Former state Rep. Leslie Love jumped into the Democratic Senate primary in Michigan on Monday.

☆ Why Was This Patient Turning So Yellow?
▼ + stars: | 2023-05-16 | by ( Lisa Sanders | ) www.nytimes.com time to read: +4 min

The color came from a buildup of something known as bilirubin, a breakdown product of red blood cells. Normally there is a constant low level of this dark-colored waste created and disposed of as red blood cells are born and die. The whites of a patient’s eyes might be a little yellow — it’s where jaundice is most easily seen — but this man was visibly yellow everywhere. Usually you see that only with a severe iron deficiency or with some anomaly in the shape of the red blood cells. Red blood cells with any other shape are destroyed at a much higher rate.

Interviews with a U.S. senator, congressional staffers, AI companies and interest groups show there are a number of options under discussion. Some proposals focus on AI that may put people's lives or livelihoods at risk, like in medicine and finance. Other possibilities include rules to ensure AI isn't used to discriminate or violate someone's civil rights. Another debate is whether to regulate the developer of AI or the company that uses it to interact with consumers. GOVERNMENT MICROMANAGEMENTThe risk-based approach means AI used to diagnose cancer, for example, would be scrutinized by the Food and Drug Administration, while AI for entertainment would not be regulated.

☆ US Vice President Harris fundraises for 2024 in Georgia
▼ + stars: | 2023-05-12 | by ( Nandita Bose | ) www.reuters.com time to read: +3 min

WASHINGTON, May 12 (Reuters) - U.S. Vice President Kamala Harris will kick off fundraising for Democrats' 2024 re-election campaign in the swing state of Georgia on Friday, as she and President Joe Biden start to tap donors who contributed over $1 billion to the 2020 campaign. Harris will headline the Democratic Party of Georgia's "Spring Soiree" fundraiser - a gathering expected to have hundreds of attendees. Biden and Harris face significant political headwinds in their bid for a second term, including low approval numbers and concerns about Biden's age. Political strategists have said Harris's appeal as a fundraiser for the re-election campaign will be tested in the coming months. Harris's 2020 campaign 'Kamala Harris for the People' raised over $40 million, with nearly 57% coming from large contributors, according to campaign finance records.

☆ Bernie Sanders doubled his income last year by writing a best-selling book that condemns capitalism
▼ + stars: | 2023-05-12 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

Sen. Bernie Sanders wrote a book called "It's OK to Be Angry About Capitalism." Per new disclosures, he made $170,000 in book royalties in 2022, nearly as much as his $174,000 salary. Coupled with another $170,000 royalties payment from publisher Penguin Random House in 2020, Sanders has so far made $340,000 from the book. Sanders, a two-time runner-up for the Democratic presidential nomination and a proponent of Democratic Socialism, has long drawn scrutiny for the wealth he's managed to amass while in office. Democratic Sen. Elizabeth Warren of Massachusetts, a fellow progressive and 2020 presidential candidate, made even more than Sanders in book royalties in 2022, according to her own recently-filed financial disclosures.

Both sides blame each other for high drug prices. Senator Bernie Sanders, who chairs the Senate Health, Education, Labor, and Pensions (HELP) Committee, is a fierce critic of both industries and will likely grill the executives. Optum Rx CEO Heather Cianfrocco will say manufacturers alone set the drug prices and abuse patent protections to stifle competition, her written testimony shows. Lilly, Novo Nordisk, and Sanofi all said in March they were cutting list prices by more than 70% for some insulin products. Uninsured people often have to pay full list prices, an average of $900 a month, forcing many to ration or skip doses.

☆ The Panic Over Joe Biden’s Age Is Manufactured - The New York Times
▼ + stars: | 2023-05-10 | by ( Charles M. Blow | ) www.nytimes.com time to read: +1 min

This brings me to the coverage of Biden’s age. It’s true that if he’s re-elected, Biden would be the oldest president we’ve ever had. But he was already the oldest president the first time he was elected. I’d argue that the biggest change wasn’t the simple passage of time, but the decision of some Republican leaders to focus like a laser on Biden’s age as the factor weighing against him. Sarah Huckabee Sanders of Arkansas noted that she’s half Biden’s age.

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