DIRS.INFO The most relevant business & tech news

☆ Here’s why some bond traders care so much about the US government’s budget deficit nowadays
▼ + stars: | 2023-12-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

And as the mountain of debt keeps piling up, and the government’s budget deficit remains massive, some bond traders are now joining politicians in decrying the government’s ever-growing financial obligation. Those bond traders are seemingly up in arms over the government’s gaping budget deficit — something that occurs when the government’s spending outstrips revenues — which currently stands at roughly $67 billion so far for the current fiscal year. For the full 2023 budget year, the Congressional Budget Office estimated that the deficit stood at a staggering $1.5 trillion. How do we manage the budget deficit? Our interest rate team is looking at the 10-year (US Treasury) yield to be closer to 4% than 5% next year.

Persons: ”, Jerome Powell, Bell, Joe Quinlan, It’s, it’s, what’s, You’d, Powell, ” Powell, they’re Organizations: CNN Business, Bell, DC CNN, Treasury Department, Congressional, Office, Federal, Merrill, Bank of America Private Bank, Treasury, Spelman College, US Labor Department, Institute for Supply Management, US Commerce Department, University of Michigan Locations: Washington, Atlanta

REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsNEW YORK, Nov 17 (Reuters) - Rising U.S. government debt and fiscal deficits that have helped lift government bond yields this year will likely become secondary factors for investors, as their focus shifts to economic fundamentals, Citi analysts said. "Our baseline is that over time investors accept these fiscal risks as a fact of life and that ultimately it is not supply and demand that determine Treasury yields but it's more about the fundamentals of the economy," he said. Moody's, which last week lowered its outlook on U.S. credit, expects the government to continue to run wide fiscal deficits due to increased spending and higher debt interest payments. Some Fed officials have also said rising bond yields, which make access to credit more expensive, could be a substitute for increasing interest rates further. "There is going to be an extraction of higher yields from these investors," cautioned Mathai.

Persons: Shannon Stapleton, Fitch, Moody's, Nathan Sheets, Ray Dalio, Jabaz Mathai, Mathai, Davide Barbuscia, Ira Iosebashvili, Diane Craft Organizations: REUTERS, U.S, Citi, Office, Associates, CNBC, Treasury, Federal Reserve, Thomson Locations: New York City, U.S

☆ The deficit would still be wide even if rates went down, says CBO Director Phillip Swagel
▼ + stars: | 2023-11-15 | 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 EmailThe deficit would still be wide even if rates went down, says CBO Director Phillip SwagelPhillip Swagel, Congressional Budget Office Director, and CNBC's Steve Liesman join 'The Exchange' to discuss the state of the deficit, its outlook, and more.

Persons: Phillip Swagel Phillip Swagel, Steve Liesman Organizations: Congressional

☆ Chevron takeover of Hess resurrects multi-billion dollar tax shield
▼ + stars: | 2023-11-14 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +5 min

“The tax benefits were definitely factored into how Chevron valued Hess,” said Donald Williamson, an accounting professor at American University’s Kogod School of Business. “When you combine the companies, we have the greater U.S. income, and we can use those net operating losses,” he said. The bottom line effect, when that loss limit is multiplied by the U.S. federal tax rate of 21%, is extra cash flow that could top $400 million a year. “There’s a strong and appropriate case to increase the corporate income tax rate.”Last year, corporate tax revenue totaled a record $425 billion, according to the Congressional Budget Office. Over the past decade, Chevron's current U.S. federal tax expense has averaged $40 million a year.

Persons: Dado Ruvic, Hess, ”, Donald Williamson, “, Pierre Breber, Williamson, Jim Seida, Jean Ross, Exxon, Darren Woods, ” Woods, Tim McLaughlin, Marguerita Choy Organizations: Chevron, Hess, REUTERS, Kogod School of Business, Internal Revenue Service, U.S, University of Notre Dame, Center for American Progress, Congressional, Graphics, Exxon Mobil, Pioneer Resources, Exxon, Reuters, Boston College, Thomson Locations: U.S, Chevron

☆ The US minimum wage has been $7.25 since 2009. What that means for the economy
▼ + stars: | 2023-11-11 | by ( Samantha Delouya | ) edition.cnn.com time to read: +7 min

Efforts to raise federal minimum pay have fallen flatHowever, despite numerous efforts, raising the federal minimum wage above $7.25 an hour has been unsuccessful. Lagging the rising cost of livingIn many ways, the federal minimum wage seems like a relic of the past. Recent wage gains could be lostThe actual economic impact of a federal minimum wage increase is heavily debated. “The new conventional wisdom is that at least a moderate minimum wage increase has minimal effects on employment,” Reich told CNN. “But this new paper says that a really big minimum wage increase actually increases employment.”

Persons: Ken Rose, he’s, ” Rose, Sandy, ”, Michael Reich, Biden’s, ” Yannet Lathrop, Lathrop, Alex Wong, hasn’t, Rose, “, ” Ken Rose, Ken Rose Joe Bishop, ” Bishop, Reich, ” Reich Organizations: Los Angeles CNN, Tiburon Fine, CNN, Bureau of Labor Statistics, Economic, Institute, Dynamics, University of California, Democrats, National Employment, U.S, Capitol, United Auto Workers, United, Walmart, Costco, Starbucks, Tiburon, Congressional Locations: Sandy , Utah, American, Berkeley, Washington ,, United States, Amazon, Utah, Louisville , Kentucky, Louisville, Jefferson County , Kentucky

U.S. Federal Reserve officials are puzzling over why bond borrowing rates spiked lately even as Fed policy expectations have remained largely unchanged. Whether a resurfacing "term premium'" now demanded to buy and hold longer-term bonds, is responsible is central to the conundrum. Britain's brief budget and debt shock late last year and the way the Bank of England was forced to react was perhaps a taster. "Once current debt has been refinanced and the average interest on debt reflects the higher long rates, absent changes in policy, debt ratios will increase," Blanchard wrote. The opinions expressed here are those of the author, a columnist for Reutersby Mike Dolan Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Marcos Brindicci, Olivier Blanchard, Washington's, Blanchard, it's, Morgan Stanley, Mike Dolan, Marguerita Choy Organizations: REUTERS, . Federal Reserve, Bank of England, International Monetary Fund, Washington's Peterson Institute for International Economics, U.S, Congressional, Reuters, Thomson Locations: Buenos Aires, Argentina, United States, Europe

U.S. Federal Reserve officials are puzzling over why bond borrowing rates spiked lately even as Fed policy expectations have remained largely unchanged. Whether a resurfacing "term premium'" now demanded to buy and hold longer-term bonds, is responsible is central to the conundrum. Britain's brief budget and debt shock late last year and the way the Bank of England was forced to react was perhaps a taster. "Once current debt has been refinanced and the average interest on debt reflects the higher long rates, absent changes in policy, debt ratios will increase," Blanchard wrote. US debt costs soarRates minus Growth hits budget mathCBO's long-term debt projectionsDYSFUNCTION AND EXPLOSIONThere were tinges of optimism though.

☆ Where are the 12 US gov't funding bills to avert shutdown?
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +7 min

But first, the House and Senate would have to agree upon the overall dollar amount of spending for the 12 bills combined. The Senate passed its version as part of a three-bill package on Nov. 1 with strong bipartisan support. DEFENSEOne of the largest of the 12 bills funds the Department of Defense - the Army, Navy, Air Force and the CIA. The Senate's version passed out of committee on July 27. The Senate's version passed out of committee on July 27.

Persons: Jon Cherry, shutdowns, Joe Biden, Biden, Kevin McCarthy, Moira Warburton, Aurora Ellis Organizations: U.S . Capitol, REUTERS, Rights, Democratic, Republican, Senate, of Veterans Affairs, Army, Navy, Air Force, U.S . Department of Agriculture, Food and Drug Administration, of Transportation, Federal Aviation Administration, Department of Housing, Urban, House Republicans, Amtrak, Department of Defense, CIA, Department of Energy, Nuclear Regulatory, of, of Indian Affairs, Land Management, Environmental Protection Agency, The, Department of Homeland Security, FBI, Federal Emergency Management Agency, Department of State, Agency for International Development, Peace Corps, Congress, Capitol Police, of Congress, Office, Treasury, of Columbia, Federal Trade Commission, COMMERCE, of Commerce, U.S . Census, U.S . Patent, Department of Justice, Republicans, HUMAN, of Education, Department of Health, Human Services, Department of Labor, Social Security Administration, National Labor Relations Board, Thomson Locations: Washington , U.S, United States, New York, U.S, Washington

☆ Here’s why Social Security and Medicare advocates fear Mike Johnson’s speakership
▼ + stars: | 2023-11-05 | by ( Manav Tanneeru | Tami Luhby | ) edition.cnn.com time to read: +6 min

Here’s what’s not up for debate: Social Security and Medicare are in financial trouble, and the nation’s debt is on an unsustainable trajectory. Spending on Social Security and Medicare is projected to soar as the nation ages, putting more pressure on Congress to address the programs. Advocates’ concernsAdvocates, however, argue that lawmakers can hide behind the debt commission and avoid taking individual blame for agreeing to benefit cuts. “The new speaker has made it clear he’s not a friend to seniors, Social Security or Medicare,” said Max Richtman, CEO of the National Committee to Preserve Social Security and Medicare. “So if you want to keep Social Security solid, you have to do all that stuff and a lot more.”This story has been updated with additional information.

Persons: Mike Johnson, shivers, Johnson, Here’s what’s, ”, That’ll, it’s, Max Richtman, “, Joe Biden, Biden, Charles Blahous, ” Blahous Organizations: CNN, Social Security, Republican, Medicare, Congressional, Office, American Enterprise Institute, National Committee, Preserve Social Security, George Mason University, Committee, RSC

☆ Opinion: Israel-Hamas war’s endgame
▼ + stars: | 2023-11-05 | by ( Richard Galant | ) edition.cnn.com time to read: +20 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. Last week, as Israel continued its military response to the October 7 Hamas terror attack, its political goals — and potential endgame — remained a source of huge controversy. Join us on Twitter and Facebook“Take, for example, the Israel Defense Forces strike on Gaza’s Jabalya refugee camp on Tuesday. “Following the horrific massacre in Israel by Hamas terrorists on October 7, I felt an intense, relentless grief. Though Perry wanted to escape Chandler, he kept him around, because heaven forbid anyone saw what he was hiding.”

Persons: Gideon Rose, ”, ” Rose, —, Joe Biden, Robert A . Pape, “, ” DJ Rosenthal, Obama, ’ inhumanity, Jordan, Antony Blinken, ” Shai Davidai, Nadia AbuShaban, Hashem, David Shulkin, Peter Bergen, Hillary Clinton, Donald Trump, Karl Rove, “ Mike Pence, Geoff Duncan, Nikki Haley, Duncan, Ron DeSantis, ” Haley, DeSantis, Lisa Benson, GoComics.com, Michael Ramirez, Trump, Norman Eisen, Joshua Kolb, Donald Trump’s, ” Eisen, Kolb, Leah Abucayan, CNN Maggie Jackson, ” She’s, Gabriel Levin, Frida Ghitis, ‘ Allahu akbar, ’, Ghitis, Wen, Julian Zelizer, Johnson’s, Mike Johnson’s, Biden, ” Paul Krugman, Johnson, Mike Johnson, ’ ”, John Avlon, “ Merriam, It’s, Benjamin Franklin, ’ ” Drew Sheneman, Nicole Hemmer, SBF Clay Jones, Sam Bankman, Howard Fischer, ” Fischer, Sophie Compton, Reuben Hamlyn, “ Chillingly, Taylor, Compton, Hamlyn, Walt Handelsman, Laura Tillman, ” Don’t, Jill Filipovic, Celia Wexler, Pope Francis, Elena Sheppard, ‘, Matthew Perry, Chandler Bing Reisig, Dean Obeidallah, Perry, Chandler Bing, Chandler, ” “ Chandler, I’m Chandler, ‘ I’m, ” Perry, ” Holly Thomas, “ Perry, Roger Organizations: CNN, University of Chicago, ”, Hamas, US National Security Council, Twitter, Facebook, Israel Defense Forces, Israel, Columbia Business School, “, New York Times, Street Journal, GOP, Republican, Trump, UN, Florida Gov, Wednesday’s GOP, Supreme, White, Cornell University, The Cornell Daily Sun, Cornell, Progressives, Internal Revenue Service, Congressional, Office, Electoral College, America, Agency, FBI, NBCU, Bank, Getty Locations: States, Iraq, Israel, Southern Lebanon, Lebanon, Palestinian, “ Israel, Bolivia, Chile, Colombia, Tel Aviv, Gaza, ”, Florida, Wednesday’s, Rhode, Rhode Island, Dagestan, Russian, Lewiston , Maine

☆ Rich countries are stumbling into a debt trap
▼ + stars: | 2023-11-03 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

Unlike many corporations and households, the U.S. government did not lock in the low interest rates of the last decade by issuing long-dated debt, preferring instead to skew funding towards bills and short-term bonds. The second route out of the debt trap is to target the primary fiscal surplus, choosing a combination of spending cuts and tax hikes that will stabilise the public debt. That leaves the third route to debt sustainability – keeping real interest rates low. But in the short run, it allows a government to tame the debt ratio without fiscal austerity, and even if growth is sluggish. Governments are indeed stuck in a classic debt trap.

Persons: Joe Biden, Fumio Kishida, Volodymyr Zelenskiy, Kacper, Everett Dirksen, you’re, Dirksen’s, Stanley Druckenmiller, Joe Biden’s, Peter Thal Larsen, Thomas Shum Organizations: Japan's, NATO, REUTERS, Reuters, Congressional, Office, International Monetary Fund, U.S, Treasury, Reuters Graphics Reuters Graphics, Medicaid, Federal, Bank of Japan, Thomson Locations: Ukraine, Vilnius, Lithuania, Illinois, U.S, Britain

The House narrowly approved an aid package for Israel on Thursday – a vote that ordinarily would have been an easy bipartisan victory but one complicated by Democrats’ accusation of a political “poison pill” in the GOP’s attempt to offset the new spending with cuts to the IRS. Democrats largely opposed the $14.3 billion aid package, acknowledging that while they support aid for Israel, the mechanism for providing it, along with the lack of funding in other areas, made it a nonstarter. “What the House Republicans have done is unprecedented and will mean any aid to Israel will be delayed,” Rep. Rosa DeLauro, Connecticut Democrat, said ahead of the vote. “This is the first time we have conditioned aid to Israel. Nevertheless, Speaker Mike Johnson forged ahead with the vote, seeming to dare Democrats to oppose the aid package.

Persons: Rosa DeLauro, Chuck Schumer, Mike Johnson, ” Johnson, we’re, that’s, ” Organizations: Israel, White, Democrat, Republicans, ”, Connecticut Democrat, Democrats –, Office, Senate Locations: Gaza, Ukraine, Israel, Connecticut

WASHINGTON (AP) — House Republicans went after the IRS — long a GOP whipping child — when they decided that emergency aid for Israel should be coupled with cuts elsewhere in the budget. The aid bill that passed the House on Thursday — unlikely to be approved by the Democratic-controlled Senate — would cut $14 billion from the nation's tax collector in exchange for providing assistance to Israel. President Joe Biden has said he would veto the bill if it reaches his desk. The IRS cutback would cost taxpayers billions of dollars, not save money, according to independent budget analysts. In June, legislation to raise the statutory debt limit also rescinded $1.4 billion given to the federal tax collector through the IRA.

Persons: —, Joe Biden, ”, Danny Werfel, Werfel, MacGuineas Organizations: WASHINGTON, —, Republicans, IRS, Democratic, Congressional, Treasury, Federal Budget Locations: Israel

☆ House gears up to vote on $14.3 billion in Israel aid, setting up showdown with Senate
▼ + stars: | 2023-11-02 | by ( Clare Foran | ) edition.cnn.com time to read: +3 min

Senate Majority Leader Chuck Schumer has called the House GOP bill a “deeply flawed proposal” that the Senate will not take it up. Democrats have called for aid to Israel to be paired with additional security assistance for Ukraine in its war against Russia. In the Senate, there is bipartisan support for aid to Israel and further aid to Ukraine. But in the House, many Republicans are opposed to sending more aid to Ukraine, putting the two chambers at odds. In an attempt to offset the cost of the $14.3 billion in Israel aid, the House bill would rescind $14.3 billion in funding for the Internal Revenue Service.

Persons: Hamas –, Mike Johnson, Chuck Schumer, ” Schumer, Schumer, ” Johnson, that’s, you’ve, “ we’re, they’re, CNN’s Haley Talbot, Kristin Wilson, Mel Zanona Organizations: Hamas, Democratic, GOP, Internal Revenue Service, Ukraine, IRS Locations: Israel, Ukraine, Russia, Gaza, Washington, “ Ukraine

☆ 12 House Democrats break with Biden and vote for GOP-led Israel aid package that cuts IRS funding
▼ + stars: | 2023-11-02 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

While support for Israel is traditionally bipartisan, Democrats were largely aghast over the bill. AdvertisementAdvertisementSome key Democrats announced before the vote that they would oppose the bill while stressing that they still wanted to support Israel. "I strongly support Israel. House Speaker Mike Johnson defied Biden and Senate Democrats' aim to combine aid for Israel, Ukraine, Taiwan, and border security into a massive $105 billion bill. Here are the 12 Democrats who voted for the GOP-led Israel aid bill:

Persons: —, Marjorie Taylor Greene, Thomas Massie of, Chuck Schumer, Joe Biden, Jake Auchincloss, Lois Frankel, Frankel, Dan Goldman, Goldman, Mike Johnson, Biden Organizations: Republicans, Service, dodgers, Israel, Senate, American, Management, Massachusetts Democrat, Florida Democrat, Democrats, Office, GOP Locations: Israel, Marjorie Taylor Greene of Georgia, Thomas Massie of Kentucky, Massachusetts, Florida, Europe, New York, Ukraine, Taiwan

☆ Japan’s rates tweak is careful and crafty: podcast
▼ + stars: | 2023-11-02 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

Breakingviews category · November 3, 2023 · 6:06 AM UTC“A billion here, a billion there”, Illinois Senator Everett Dirksen reputedly said of the U.S. budget deficit in the mid-1960s, “and pretty soon, you’re talking big money". The senator would need to do some swift recalibrations were he confronted with today’s American public finances. Last month, the Congressional Budget Office (CBO) reported that the federal budget deficit for the fiscal year ending September 30 had hit $1.7 trillion. Shortly afterwards, the International Monetary Fund forecast that the deficit will continue at the same level for at least the next five years. Meanwhile, government debt has tripled since the senator’s day to around 120% of GDP.

Persons: Everett Dirksen, you’re Organizations: Congressional, Office, International Monetary Fund Locations: Illinois

Twelve Democrats voted with 214 Republicans for the bill, and two Republicans joined 194 Democrats in objecting. Republicans have a 221-212 majority in the House, but Biden's fellow Democrats control the Senate 51-49. To become law, the bill would have to pass both the House and Senate and be signed by Biden. The nonpartisan Congressional Budget Office on Wednesday said the IRS cuts and Israel aid in the House bill would add nearly $30 billion to the U.S. budget deficit, currently estimated at $1.7 trillion. After the vote, Johnson urged the Senate and White House to quickly approve the bill.

Persons: Mike Johnson, Joe Biden, Chuck Schumer, Biden, Schumer, Kay Granger, Nathan Howard, Rosa DeLauro, Johnson, Patricia Zengerle, Makini Brice, Scott Malone, Mark Porter, Alistair Bell, Chris Reese Organizations: U.S . House, Republican, Internal Revenue, Republicans, Israel, Internal Revenue Service, Democratic, Senate, U.S, Capitol, REUTERS, White, Twitter, Thomson Locations: Israel, Iran, Ukraine, Taiwan, Washington , U.S, Gaza City, Kyiv, U.S, Mexico

☆ The Economy Is Great. Why Are Americans in Such a Rotten Mood?
▼ + stars: | 2023-11-01 | by ( Greg Ip | ) www.wsj.com time to read: 1 min

The unemployment rate is at 3.8%, marginally above where it stood in January 2020. Photo: stefani reynolds/Agence France-Presse/Getty ImagesLast week we learned that the economy, far from sliding toward recession as economists had predicted over the past year, has actually picked up steam thanks to indefatigable consumers. Not only has economic output made up all the ground lost during the pandemic, but it is also above where it would have been had the pandemic never happened, judging by what the Congressional Budget Office projected in early 2020.

Persons: stefani reynolds Organizations: Agence France, Congressional

☆ US House Speaker Johnson to bring Israel bill to floor despite deficit risk
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Nathan Howard/File Photo Acquire Licensing RightsWASHINGTON, Nov 1 (Reuters) - U.S. House of Representatives Speaker Mike Johnson said on Wednesday he plans to hold a vote on a standalone Israel aid bill despite a Congressional Budget Office report showing it could increase the federal deficit. In the first major legislative action under Johnson, House Republicans unveiled their bill on Monday seeking to provide $14.3 billion for Israel by cutting Internal Revenue Service (IRS) funding. The House could vote on the bill and pass it with Republican support as soon as Thursday. The non-partisan Congressional Budget Office (CBO) said on Wednesday that the IRS cuts and the Israel aid in the standalone bill would add nearly $30 billion to the U.S. budget deficit, currently estimated at $1.7 trillion. To become law, any legislation must pass the House, the Senate and be signed into law by Biden.

Persons: Mike Johnson, Nathan Howard, Johnson, Joe Biden's, Josh Hawley, " Johnson, Biden, Johnson's, Chuck Schumer, David Morgan, Patricia Zengerle, Dan Whitcomb, Katharine Jackson, Scott Malone, Rod Nickel Organizations: U.S, Capitol, REUTERS, Rights, . House, House Republicans, Revenue Service, Democratic, White, Israel, Kyiv, Fox News, Office, CBO, Senate, Democrat, Thomson Locations: Washington , U.S, Israel, China, Ukraine, Iran, Gaza, East

☆ US House Speaker Johnson to Bring Israel Bill to Floor Despite Deficit Effect
▼ + stars: | 2023-11-01 | by ( Nov. | At P.M. | ) www.usnews.com time to read: 1 min

WASHINGTON (Reuters) - U.S. House of Representatives Speaker Mike Johnson said on Wednesday he still plans to hold a vote on a standalone Israel aid bill despite a Congressional Budget Office score showing it could increase the federal deficit by cutting funding to the Internal Revenue Service. In the first major legislative action under new Speaker Mike Johnson, House Republicans unveiled a standalone supplemental spending bill that would provide $14.3 billion for Israel by cutting Internal Revenue Service funding. The measure is strongly opposed by Democrats, as well as some Republicans. The top Senate Democrat, Chuck Schumer, said on Tuesday the bill would be dead on arrival in the upper chamber. (Reporting by David Morgan; Writing by Katharine Jackson; Editing by Scott Malone)

Persons: Mike Johnson, Chuck Schumer, David Morgan, Katharine Jackson, Scott Malone Organizations: WASHINGTON, . House, Internal Revenue Service, House Republicans, Revenue Service, Democrats, Democrat Locations: Israel

☆ Republicans' plan to fund Israel by cutting IRS spending would cost taxpayers billions and add to the national deficit
▼ + stars: | 2023-11-01 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Republicans proposed giving Israel $14 billion, attached to $14 billion in IRS funding cuts. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementRepublicans want to give Israel $14.3 billion — but only if they can cut the same amount from the IRS. It's insulting that the hard right is openly trying to exploit the crisis in Israel to try and reward the ultra-rich." "Bifurcating Israel security assistance from the other priorities in the national security supplemental will have global consequences."

Persons: —, Mike Johnson's, Joe Biden, Johnson, Ashley Schapitl, Daniel Werfel, Kevin McCarthy, Schapitl, Chuck Schumer Organizations: Israel, Office, Senate Democrats, White, Service, IRS, Palestinian, Hamas, Democrats, Internal Revenue, Republicans, Washington Post, GOP, Senate, White House, Management, OMB Locations: Israel

☆ House Speaker Mike Johnson Is Not a Serious Person - The New York Times
▼ + stars: | 2023-11-01 | by ( David Firestone | ) www.nytimes.com time to read: +5 min

But then he imposed a condition on the Israel money: Mr. Biden must agree to cut the same amount out of the money the Internal Revenue Service uses to chase down high-income tax cheats. Earlier this year, Republicans forced Mr. Biden to cut $20 billion from the I.R.S. cut isn’t really going to happen, as House Republicans know, because Mr. Johnson’s bill will die in the Senate, where many leading Republicans already oppose it. cut, he gets to show the same extremists who deposed his predecessor that he can play rough with the White House. If Mr. Johnson has substantive objections to helping Ukraine and Israel that justify the legislative impediments he is constructing, he should state what they are.

Persons: Mike Johnson, Johnson’s, he’s, Biden, Mr, Mitch McConnell, Lindsey Graham of, ” Mr, Graham, “, Mitt Romney, Joe Wilson of, He’s, Ritchie Torres, Axios, Johnson, Thomas Friedman Organizations: Republican House, Internal Revenue Service, Israel, Republican, Republicans, Treasury, Congressional Budget, National Bureau of Economic Research, Senate, Ukraine, Hamas, White, Democrats, Democrat, West Bank, Palestinian Authority Locations: Ukraine, Israel, Taiwan, U.S, Nottingham, Lindsey Graham of South Carolina, Moscow, Utah, Joe Wilson of South Carolina, New York, Gaza, West

Mr. Johnson, the Louisiana Republican who has personally voted against sending military aid to Kyiv, released a $14 billion aid bill for Israel on Monday. But Mr. Johnson spurned that request, in an acknowledgment of how toxic funding for Ukraine has become among Republicans. agents,” Mr. Johnson said. “Instead of advancing a serious proposal to defend Israel, defend Ukraine and provide humanitarian aid, this House G.O.P. My guess is you can get Ukraine aid passed, probably as a stand-alone bill here.

Persons: Mike Johnson’s, Biden, Johnson, Biden’s, Fox News’s, ” Mr, Chuck Schumer, Mr, Kevin McCarthy, Thomas Massie of, Marjorie Taylor Greene, “, ’, Ms, Greene, —, Steven Ellis, MacGuineas, Mitch McConnell of, ”, Schumer, McConnell, Oksana Markarova, I’ve, Johnson’s, Susan Collins of, “ I’m, Josh Hawley, Let’s, Hawley, McConnell “, let’s, Patty Murray, Antony J, Blinken, ” Zach Montague Organizations: Senate, Louisiana Republican, Internal Revenue Service, Israel, Fox, Democratic, Republicans, United, Taxpayers, Federal Budget, Biden, Republican, University of Louisville, Ukraine, Mr Locations: Israel, Ukraine, Louisiana, Kyiv, Taiwan, United States, New York, Marjorie Taylor Greene of Georgia, Mitch McConnell of Kentucky, America, Kentucky, Ukrainian, Susan Collins of Maine, Gaza, Josh Hawley of Missouri, Washington, Russia, Iran

☆ Can America afford two wars? Here’s what the bond market thinks
▼ + stars: | 2023-10-29 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

New York CNN —If you want to aggravate the US bond market, just remind traders how high the nation’s budget deficit is. The latest tally from the Treasury Department for the fiscal year that ended September 30 put the deficit at $1.7 trillion. All else being equal, that tends to push bond prices down, which causes yields to go higher. That suggests there are other factors that may be outweighing the effects of the war that are driving yields higher, said Snyderman. Also, since the debt ceiling was suspended in June, the Treasury has been issuing more bonds to fund government spending, pushing bond prices down.

Persons: it’s, Joe, That’s, shrugged, Lisa Shalett, Janet Yellen, Rachel Snyderman, Biden, ” Snyderman, John Lynch, Israel doesn’t Organizations: New, New York CNN, Treasury Department, Treasury, Morgan Stanley Wealth Management, Bloomberg, Center, CNN, , Congressional, Federal Reserve, Hamas, Fitch, Moody’s, Service, Comerica Wealth Management Locations: New York, Israel, Ukraine, Gaza, United States

Speaking at this week's global finance meeting in Riyadh, HSBC boss Noel Quinn warned of a potential "tipping point on fiscal deficits" for a number of countries across the world. And some analysts fear the uncertainty of next year's funding crush is filtering out the steepening yield curve via the term premium. Term premium at highest in 8 yearsReuters GraphicsCBO long-term US debt and deficit projections'DOOM LOOP'? That's spooky enough, until you start to factor in the recent yield spike and or a return of the term premium to 60-year averages of 150 bp. Tipping point or not, there's a danger the market is starting crystallise the problem it fears most.

Persons: Sukree, Noel Quinn, it's, that's, Stephen Jen, Jen, Goldman Sachs, Jeremy Hunt, Mike Dolan Organizations: HSBC, New York Fed, Federal Reserve, Fed, JPMorgan, Treasury, CBO, Moody's, Reuters Graphics Reuters, Reuters, Thomson Locations: Kasikornbank, Bangkok, Riyadh, U.S, Washington, Europe, Italy

Search resuls for: "Congressional Budget"

25 mentions found