DIRS.INFO The most relevant business & tech news

☆ Several top House Democrats want to get rid of the debt ceiling and economic 'hostage taking'
▼ + stars: | 2023-06-02 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +7 min

House Republicans refused to raise the debt ceiling unless Democrats agreed to cut spending. Many progressive and moderate Democrats want to repeal the debt ceiling to prevent more brinkmanship. "For many, many, many years, people recognized that Republicans and Democrats worked together to pass a clean debt ceiling. "We need to pass the bill to eliminate the debt ceiling limit." Raskin reiterated an argument that the 14th Amendment could be used to eliminate the debt ceiling.

Persons: —, Pramila Jayapal, Kevin McCarthy, Joe Biden, shutdowns, we've, Rep, Teresa Leger Fernández, Jamie Raskin, Raskin, Lincoln, Shri Thanedar, Jayapal, Dan Kildee, Kildee, Jeff Jackson of Organizations: Service, House Republicans, Democrats, Senate, Republicans, Congressional Progressive Caucus, Washington State, Republican, US, Democrat, New, Maryland, Democratic, Rep, Michigan, New Democrat Coalition Locations: New Mexico, United States, California, Denmark, Jeff Jackson of North Carolina

☆ Top Democrats say Biden should make this year’s ‘craziness’ the last debt limit fight ever
▼ + stars: | 2023-06-01 | by ( Edward-Isaac Dovere | ) edition.cnn.com time to read: +7 min

Given the current math in the chamber, every senator in the Democratic Caucus would need to support such a change. The president’s focus, Kikukawa said, remains preventing default, and “other options are a question for another day.”Originally Boyle backed eliminating the debt limit entirely. She and Jeffries both pointed out that Senate Minority Leader Mitch McConnell had in 2011 supported a backdoor solution to that debt limit fight, which would have given then-President Barack Obama power to raise it on his own just that one time. Several swing district Democrats, though, told CNN that they were wary of supporting a change, calling the debt limit authority an important check on the presidency and on spending, despite their opposition to how it was used this time. This has been such a torturous experience for my Democratic colleagues that I hope they will not forget,” Boyle said.

Persons: Joe Biden, Chuck Schumer, couldn’t, West Virginia Sen, Joe Manchin, Arizona Sen, Kyrsten Sinema, Massachusetts Sen, Elizabeth Warren, Brendan Boyle –, Hakeem Jeffries, Pramila Jayapal, Nancy Pelosi, –, Boyle, “, ” Boyle, Biden, wasn’t, Michael Kikukawa, Kikukawa, ”, MAGA, ” Jeffries, he’s, ‘, ’ ” Warren, “ It’s, Warren, ” Warren, Steve Ricchetti, Pelosi, Schumer, Jeffries, Mitch McConnell, Barack Obama, ” Pelosi, ” Jayapal, Hawaii Sen, Brian Schatz, ’ ” Schatz, who’ve Organizations: CNN, Capitol, Democratic Caucus, West, Pennsylvania, White, Treasury Department, Senate, Congressional Progressive Caucus, SNAP, Democratic Locations: West Virginia, Arizona, Massachusetts, United States, Hawaii

☆ Biden and McCarthy's plan to change SNAP work requirements in the debt-ceiling deal could actually expand benefits — but not employment
▼ + stars: | 2023-05-31 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +6 min

She led some of her Democratic colleagues in introducing an amendment to remove the new SNAP work requirements from the debt-ceiling bill. "Come see me in a year, and I'll show you how much we actually saved," McCarthy told reporters on Tuesday night. How the work requirements will impact employmentDespite McCarthy and Republicans' belief that work requirements will bolster employment, some experts aren't so sure. Work requirements in SNAP have increased employment less; in Medicaid, they appear to have had little effect on employment." "I think it goes to the principle of this bureaucratic red tape that we call work requirements," Jayapal said.

Persons: —, Joe Biden, Kevin McCarthy, Biden, McCarthy, — McCarthy, Cori Bush, Lauren Bauer, there's, Bauer, Bernard Yaros, it's, Yaros, Congressional Progressive Caucus Pramila Jayapal, Jayapal Organizations: SNAP, CBO, Service, Supplemental, Assistance, Democratic, Office, White, Economic, Brookings Institution, The, Brookings, Moody's, Congressional Progressive Caucus Locations: Missouri, TANF

The House Rules Committee voted to advance a bill dealing with the federal debt ceiling to the full House. Raising the debt limit, now $31.4 trillion, would allow Treasury to continue borrowing to pay the US's bills. Earlier, he said on "Fox and Friends" that "There's nothing in the bill for" Democrats — hardly a helpful statement for Biden. Top administration officials are heading to Capitol Hill to brief Democrats privately ahead of Wednesday's planned vote. "It is my expectation that House Republicans would keep their promise and deliver at least 150 votes as it relates to an agreement that they themselves negotiated," Jeffries said.

Persons: —, Kevin McCarthy, Joe Biden, McCarthy, Democrats —, Biden, Wednesday's, Hakeem Jeffries, Jeffries, Scott Perry, Chip Roy, Nancy Mace, Pramila Jayapal, it's, Sen, Joe Manchin, Raul Grijalva, Chuck Schumer, McConnell, Schumer, Democratic Sen, Tim Kaine, Virginia, Janet Yellen, Aamer Madhani, Seung Min Kim, Farnoush Amiri, Darlene Superville, Mary Clare Jalonick Organizations: Treasury, Service, WASHINGTON, Republicans, Democrats, Caucus, Republican, Capitol, Fox, Office, Social Security, Democratic, Freedom Caucus, Liberal, Appalachia ., Congressional Progressive Caucus, Democrat, Natural Resources Committee, Senate, Senators, House, Associated Press Locations: Washington, Texas, Appalachia, Arizona, That's

☆ Raising the Debt Limit: House Live Vote
▼ + stars: | 2023-05-31 | by ( The New York Times | ) www.nytimes.com time to read: +2 min

LIVE The House votes to raise the debt limit Answer Democrats Dem. LIVE How different groups voted Group Yes No Present orno vote Hard-right Republicans 43 reps. 0 reps. 0 reps. 43 reps. Other Republicans 179 reps. 0 reps. 0 reps. 179 reps. Other Democrats 113 reps. 0 reps. 0 reps. 113 reps. Progressive Democrats 100 reps. 0 reps. 0 reps. 100 reps. Vote Progressive Democrats 100 reps. Other Democrats 113 reps. Other Republicans 179 reps. Hard-right Republicans 43 reps. Yes 0 reps. 0 reps. 0 reps. 0 reps. No 0 reps. 0 reps. 0 reps. 0 reps. Present orno vote 100 reps. 113 reps. 179 reps. 43 reps. Note: Progressive Democrats are members of the House Progressive Caucus.

Persons: Biden, Kevin McCarthy’s Organizations: U.S, Dem, White, House Republicans, Congress, Republicans, Democrats, House Progressive Caucus, Fund, Caucus, Republican, Democratic

☆ Biden, McCarthy work to shore up support for debt ceiling bill ahead of House vote
▼ + stars: | 2023-05-31 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +2 min

WASHINGTON — House Speaker Kevin McCarthy and White House officials worked to shore up support for a bill that would raise the debt ceiling and cut government spending, as the House prepared to vote Wednesday night on the legislation. Large blocs of Democrats are also expected to vote against the bill, albeit more quietly. Raising the debt ceiling will require that the bill passes both the GOP-majority House and the Democratic-controlled Senate, a reality that made a compromise deal unavoidable. Rep. Pramila Jayapal, D-Wash., who chairs the Congressional Progressive Caucus, said Wednesday morning that she would vote against the bill on the House floor. Other groups, like the bipartisan Problem Solvers Caucus and the center-left New Democrat Coalition, have praised the bill.

Persons: Kevin McCarthy, Patrick McHenry, McCarthy, Joe Biden, Steve Ricchetti, Shalanda Young, Aviva Aron, Dine, John Podesta, Pramila Jayapal Organizations: WASHINGTON, White, Republican, GOP, CNBC, Democratic, Treasury Department, House Democrats, White House, Management, National Economic, Congressional Progressive Caucus, New Democrat Coalition

☆ Opinion: The biggest lesson from the debt ceiling fight
▼ + stars: | 2023-05-31 | by ( John | Opinion John Avlon | ) edition.cnn.com time to read: +6 min

In 2011, many Republicans were enthralled with the Tea Party, and they seemed dead set against any raising of the debt ceiling. He cobbled together a majority by relying on Democratic House votes to pass a clean lift of the debt ceiling. The final tally was 193 Democratic House votes and 28 Republican House votes – including Boehner and one of his top lieutenants, a representative from Bakersfield named Kevin McCarthy. These debt ceiling hostage debates only seem to happen in recent decades when a Democrat is president. Remember, the debt increased by $7 trillion under President Donald Trump – and the debt ceiling was raised three times during his tenure without a major fight.

Persons: John Avlon, “, Joe Biden, Kevin McCarthy, Biden, doesn’t Biden, Pramila, Barack Obama, Republican Sen, Ted Cruz, John Boehner, Boehner, Paul Ryan, Donald Trump –, Fareed Zakaria, Trump, –, Ryan Organizations: CNN, America, Senate, Republican, Progressive Democrats, Congressional, Office, Tea Party, Democrats, Affordable, Democratic House, Republican Party, Democratic Party, Republicans, White, Democratic, Democrat, Twitter, GOP Locations: “ Lincoln, Washington, cobbling, Ted Cruz of Texas, Bakersfield, American

☆ A top progressive lawmaker is 'extremely concerned' about what the debt-ceiling deal means for student-loan borrowers, saying it constrains the time Biden has to get 'debt repayment plans up and runni
▼ + stars: | 2023-05-30 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Biden and McCarthy's debt-ceiling deal codifies the end of the student-loan payment pause. She said it could constrain the time Biden might need to implement new repayment plans. Congressional Progressive Caucus Chair Pramila Jayapal said during a Tuesday press call that she's "extremely concerned" with that provision. It also allows the administration to implement another payment pause in the future if another emergency warrants it, but bars Biden from doing so again this year. It also creates a major political problem for President Biden, who has tarnished his sterling legacy as a champion for working people with student debt."

Persons: Biden, Pramila Jayapal, —, isn't, Joe Biden, Kevin McCarthy's, McCarthy, — McCarthy, Jayapal, Mike Pierce, Miguel Cardona Organizations: Service, SNAP, Congressional, Protection, Twitter, Progressives

Bill Clark | CQ-Roll Call, Inc. | Getty Images"Speaker McCarthy should pull this bad bill down. Roy and Bishop weren't the only far-right conservatives who implicitly threatened to unseat McCarthy as House speaker if the debt limit bill passed. Under new rules this year, a single Republican lawmaker can bring a no-confidence vote on McCarthy to the floor. But progressive leaders in the House stopped short of urging their like-minded members to oppose the bill. The message from the White House was similarly low-key, with an emphasis on the GOP asks that were not in the bill.

WASHINGTON, May 28 (Reuters) - U.S. President Joe Biden on Sunday finalized a budget agreement with House Speaker Kevin McCarthy to suspend the $31.4 trillion debt ceiling until Jan. 1, 2025, and said the deal was ready to move to Congress for a vote. The deal, if approved, will prevent the U.S. government from defaulting on its debt and comes after weeks of heated negotiations between Biden and House Republicans. "I strongly urge both chambers to pass that agreement," Biden said, adding that he expected McCarthy to have the necessary votes for the deal to pass. The deal has drawn fire from hardline Republicans and progressive Democrats, but Biden and McCarthy are banking on getting enough votes from both sides. McCarthy dismissed threats of opposition within his own party, saying "over 95%" of House Republicans were "overwhelmingly excited" about the deal.

WASHINGTON, May 28 (Reuters) - U.S. President Joe Biden said on Sunday he had finalized a budget agreement with U.S. House Speaker Kevin McCarthy to suspend the $31.4 trillion debt ceiling and that the deal was ready to move to Congress for a vote. "I strongly urge both chambers to pass that agreement," Biden said, adding that he expected McCarthy to have the necessary votes for the deal to pass. The deal has drawn fire from hardline Republicans and progressive Democrats, but Biden and McCarthy believe they have enough votes from moderates on both sides. [1/2] U.S. President Joe Biden speaks on his deal with House Speaker Kevin McCarthy (R-CA) to raise the United States' debt ceiling at the White House in Washington, U.S., May 28, 2023. But McCarthy dismissed threats of opposition within his own party, saying "over 95%" of House Republicans were "overwhelmingly excited" about the deal.

Hours later, the Democratic president said he was confident the legislation would pass both chambers of Congress to avoid a U.S. government default. Biden and McCarthy were due to speak later on Sunday to finalize the agreement, which has drawn fire from hardline Republicans and progressive Democrats. House Republicans expected on Sunday to unveil legislation to pass the deal. But McCarthy dismissed threats of opposition within his own party, saying "over 95%" of House Republicans were "overwhelmingly excited" about the deal. The deal would also impose a 1% across-the-board spending cut should Congress fail to enact 12 appropriations bills by Oct. 1.

WASHINGTON, May 28 (Reuters) - Republican U.S. House Speaker Kevin McCarthy on Sunday dismissed vehement opposition among party hardliners to a new agreement with President Joe Biden to suspend the $31.4 trillion debt ceiling, predicting that most House Republicans would support the deal. House Republicans expected to unveil legislation to pass the deal later on Sunday. But McCarthy dismissed threats of opposition within his own party, saying "over 95%" of House Republicans were "overwhelmingly excited" about the deal. "This is a good strong bill that a majority of Republicans will vote for," the California Republican told reporters in the U.S. Capitol. Progressive Democrats in both chambers have said they would not support any deal that has additional work requirements for food and healthcare programs.

☆ With Debt Limit Deal in Hand, McCarthy and Biden Turn to Task of Selling It
▼ + stars: | 2023-05-28 | by ( Luke Broadwater | Chris Cameron | ) www.nytimes.com time to read: +1 min

“Terrible policy, absolutely terrible policy,” Representative Pramila Jayapal, Democrat of Washington, said on CNN’s “State of the Union,” referring to the work requirements for food stamps and other public benefit programs. Some on the right had already ruled out doing so before seeing the details. “No one claiming to be a conservative could justify a YES vote,” Representative Bob Good, Republican of Virginia and a member of the House Freedom Caucus, wrote on Twitter. Representative Dan Bishop, Republican of North Carolina, posted his reaction to news of the deal: a vomit emoji. Some Senate Republicans, who under that chamber’s rules have more tools to slow consideration of legislation, were also up in arms.

☆ Biden, McCarthy reach final deal to prevent default, now must sell to Congress
▼ + stars: | 2023-05-28 | by ( ) www.cnbc.com time to read: +7 min

"Good news," Biden declared Sunday evening at the White House. "The agreement prevents the worst possible crisis, a default, for the first time in our nation's history," he said. Biden told reporters at the White House upon his return from Delaware that he was confident the plan will make it to his desk. Top White House officials were briefing Democratic lawmakers and phoning some directly to try to shore up support. House Democratic leader Hakeem Jeffries of New York said on CBS' "Face the Nation" that he expected there will be Democratic support but he declined to provide a number.

A debt deal is in sightInvestors are holding their breath on Friday morning, amid signs that the White House and top House Republicans are closing in on a deal to raise the debt limit and avert a government default. According to reports, a compromise could come as soon as Friday, paving the way for Congress to vote as soon as Tuesday. Negotiators have narrowed their differences and are just $70 billion in spending cuts away from a deal, according to Reuters. In a win for Republicans, Congress would take back $10 billion of the $80 billion it had allocated to the I.R.S. On the left, Representative Pramila Jayapal, the Washington Democrat who leads the 101-member House Progressive Caucus, predicted “a huge backlash” if the White House caved to Republican demands.

☆ Republicans are holding the American economy 'hostage' over the debt ceiling after rejecting Biden's offer of $3 trillion in deficit cut proposals, House Progressive Caucus says
▼ + stars: | 2023-05-24 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +4 min

Republicans have refused to raise the debt ceiling without reducing the deficit. The US could default on its debt in less than a week unless Congress raises the debt ceiling. House Democrats blame this "reckless hostage taking" on Republicans. House Democrats have flipped the switch. House Democrats are blaming their Republican colleagues for rejecting Democratic proposals to reduce the deficit.

☆ 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.

☆ 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.

☆ Biden's Education Department just released its 'strongest-ever' plan to ensure student-loan borrowers don't graduate with unaffordable debt
▼ + stars: | 2023-05-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The Education Department released its new proposal for a strengthened gainful employment rule. The rule would place safeguards for borrowers to ensure they don't take on more student debt than they can afford. "Ever since the Trump Administration illegally repealed the 2014 Gainful Employment rule, students have been left unprotected from predatory higher ed profiteers," Ament said. The gainful employment rule has drawn criticism from for-profit schools in the past who have argued that they were being targeted by the strengthened regulations. Democratic lawmakers have previously pushed for a strengthened gainful employment rule.

☆ AOC says Biden choosing to compromise with the GOP on a debt ceiling deal would be 'profoundly destructive,' and the White House should 'expect pushback on nearly any significant concession'
▼ + stars: | 2023-05-16 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Biden is set to meet with top lawmakers on Tuesday to discuss a potential debt ceiling agreement. McCarthy passed a bill in the House that would raise the debt ceiling through March of next year, and it was accompanied by over $4.5 trillion in spending cuts. Even so, some progressive lawmakers have warned the president that he should not bend on Democratic priorities to raise the debt ceiling. Multiple reports have suggested that the White House was considering compromising on rescinding unspent pandemic funding and energy permitting reform in a debt ceiling deal. Democrats – including President Biden – have been clear: these dangerous proposals are not going anywhere.

☆ The Federal Reserve just hiked interest rates for the 10th time in a row. It could be the last.
▼ + stars: | 2023-05-03 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Federal Reserve raised interest rates by 25 basis points on Wednesday. On Wednesday, the Federal Open Market Committee (FOMC) announced it is raising interest rates by 25 basis points for the third time this year. Fed Chair Jerome Powell has indicated he wants to see wage growth cool off before considering a pause on interest rate hikes. Still, while the Fed didn't see the necessary data to pause interest rate hikes this time around, there's a possibility it could happen in June. "How much further will depend on incoming data on inflation, the real economy and the extent of tightening credit conditions."

Sen. Bernie Sanders is introducing a bill on Thursday to raise the minimum wage to $17 an hour. The federal minimum wage is $7.25, and it's remained unchanged since 2008. Sanders has long pushed for a higher federal minimum wage, although he's been more recently stymied by centrist Democrats. Scott said in a statement at the time that even before the pandemic, "the $7.25 federal minimum wage was economically and morally indefensible." Mandating a $15 minimum wage would put many of them out of business."

☆ Hakeem Jeffries is enjoying an early honeymoon leading House Democrats. But one day, he'll have to make 'hard commitments.'
▼ + stars: | 2023-05-01 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +16 min

House Democrats say Hakeem Jeffries is a better listener and is more consensus-oriented than Pelosi. There's one big reason for it: House Democrats can't pass any of their own bills right now. Pelosi and Jeffries on the House floor after she announced she would step down from party leadership on November 17, 2022. 'He gets it'Jeffries, 52, has enjoyed a rapid ascent to the top of the Democratic caucus. "There were always very different views within the Democratic caucus on people who voted their district," said Slotkin.

☆ Alexandria Ocasio-Cortez says Marjorie Taylor Greene is the Republican who's really in charge of the party and McCarthy is doing her bidding
▼ + stars: | 2023-04-24 | by ( Tom Porter | ) www.businessinsider.com time to read: +2 min

She said that Greene was actually more powerful than House Speaker Kevin McCarthy. "Every time something irks her, she communicates that McCarthy is doing her bidding," said Ocasio-Cortez of Greene. "Speaker McCarthy, in order to become Speaker, had to cut some deals we still don't know the details on. "I think you've got Marjorie Taylor Greene running the caucus." I think that Speaker McCarthy is stuck between having to please the most racist and heinous elements of his party with having to maintain a majority.

Search resuls for: "Progressive Caucus"

25 mentions found