DIRS.INFO The most relevant business & tech news

☆ Hardline Republicans push back on US House speaker's plan to avert shutdown
▼ + stars: | 2023-11-13 | by ( David Morgan | ) www.reuters.com time to read: +6 min

The bill is intended to pressure the House and Senate to agree on spending bills for fiscal 2024 by the assigned dates. Johnson warned Democrats that House Republicans would impose a full-year CR for 2024 "with appropriate adjustments to meet our national security priorities" if Congress fails to reach agreement on full-year spending. Democrats had worried that Republicans would put defense and other party priorities in the first tranche and then let the remaining programs shut down. Failure to hit that benchmark led to McCarthy's ouster, but some House Republicans suggested Johnson deserved more time. The brutal infighting among Republicans this year, including the party's own rejection of three seasoned nominees for House speaker, coincides with falling federal revenues and mounting costs for interest, health and pension outlays.

Persons: Mike Johnson, Elizabeth Frantz, Johnson, Bob Good, Kevin McCarthy, Joe Biden, Johnson's, centrists, Good, Marjorie Taylor Greene, Warren Davidson, Scott Perry, Andrew Clyde, Chip Roy, Republican George Santos, Perry, Chris Murphy, Biden, McCarthy, David Morgan, Scott Malone, Andrea Ricci, Richard Chang Organizations: U.S . House, U.S, Capitol, REUTERS, Rights, . House, Republican, Democratic, Senate, Food and Drug Administration, House, White, Caucus, White House, NBC, Republicans, Social Security, Total U.S, Thomson Locations: Washington , U.S, Washington, Louisiana

☆ New US House speaker tries to muster his Republicans to avert government shutdown
▼ + stars: | 2023-11-13 | by ( David Morgan | ) www.reuters.com time to read: +6 min

[1/2] Newly elected Speaker of the House Mike Johnson (R-LA) addresses the U.S. House of Representatives after he was elected to be the new Speaker at the U.S. Capitol in Washington, U.S., October 25, 2023. Johnson also warned Democrats that House Republicans would impose a full-year CR for 2024 "with appropriate adjustments to meet our national security priorities" if Congress fails to reach agreement. House Republicans are aiming for a Tuesday vote. Failure to hit that benchmark led to McCarthy's ouster, but some House Republicans suggested Johnson deserved more time. The brutal infighting that has characterized Republicans this year, including the party's own rejection of three seasoned nominees for House speaker, coincides with falling federal revenues and mounting costs for interest, health and pension outlays.

Persons: Mike Johnson, Elizabeth Frantz, Johnson's, Kevin McCarthy, Joe Biden, Johnson, centrists, Marjorie Taylor Greene, Warren Davidson, Chris Murphy, Murphy, Tom Cole, Biden, McCarthy, Ken Buck, David Morgan, Scott Malone, Andrea Ricci Organizations: U.S . House, U.S, Capitol, REUTERS, Rights, . House, Republican, Democratic, Senate, Food and Drug Administration, House, White, Firebrand, NBC, Republicans, Social Security, Total U.S, Thomson Locations: Washington , U.S, Washington, Louisiana

LOS ANGELES, Nov 13 (Reuters) - Investigators have determined arson caused the weekend fire that heavily damaged an elevated stretch of a downtown Los Angeles freeway, forcing its indefinite closure and setting the stage for prolonged traffic turmoil, state officials said on Monday. [1/7]Crew members work in the area, where a fire erupted over the weekend, shutting down a heavily trafficked corridor in Los Angeles, California, U.S., November 13, 2023. Newsom identified the leaseholder for state-owned property beneath the freeway that burned as Apex Development Inc, based in Calabasas, California, north of Los Angeles. Newsom on Sunday proclaimed a state of emergency in Los Angeles County in order to expedite repairs to the freeway. Reporting by Steve Gorman in Los Angeles and Daniel Trotta in Carlsbad, California; additional reporting by Rich McKay in Atlanta and Lisa Baertlein in Los Angeles; Editing by Jonathan Oatis and Stephen Coates and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Gavin Newsom, Newsom, Daniel Berlant, Berlant, Karen Bass, Laura Rubio, Rubio, Cornejo, Jorge Garcia, Bass, Steve Gorman, Daniel Trotta, Rich McKay, Lisa Baertlein, Jonathan Oatis, Stephen Coates, Miral Organizations: ANGELES, downtown, Transportation Department, REUTERS, Engineers, Apex Development Inc, Apex, Sunday, Los Angeles Times, Thomson Locations: Los Angeles, California, Santa Monica, downtown L.A, Los Angeles , California, U.S, Calabasas , California, Los Angeles County, Carlsbad , California, Atlanta

☆ Morning Bid: Sidestepping Moody's rating twist
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. It's the last of the three major rating agencies to maintain a top rating for the U.S. Treasury as Fitch lowered its rating in August and S&P removed its AAA in 2011. On one level, there's some relief the AAA rating was maintained despite the darker outlook. And that would at least keep the Federal Reserve at bay despite its warnings last week that another rate hike was still on the table. Line chart with data from LSEG Eikon show the U.S. consumer price index inflation, core CPI inflation and federal funds target rate from Jan. 2019 to Sep. 2023.

Persons: Brendan McDermid, Mike Dolan, Fitch, William Foster, Mike Johnson, China's, Joe Biden, Xi Jinping, Suella Braverman, David Cameron, Lisa Cook, Bank of England policymaker Catherine Mann, Tyson, Henry Schein Organizations: New York Stock Exchange, REUTERS, U.S . Treasury, AAA, Reuters, . House, Republican, Treasury, Federal Reserve, Tyson Foods, Walmart, Bank of England, Moody's, U.S . AAA, Thomson Locations: New York City, U.S, Wall St, San Francisco, New York

☆ Stock futures are little changed after Moody’s downgrades U.S. outlook: Live updates
▼ + stars: | 2023-11-12 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock exchange during morning trading on November 10, 2023 in New York City. U.S. stock futures inched down Sunday night after Moody's Investors Service lowered its U.S. credit rating outlook to negative from stable. Moody's on Friday underscored the U.S.' "very large" fiscal deficits and partisan gridlock in Washington as contributing factors for the downgrade. The ratings agency reaffirmed America's credit rating at AAA, the highest level. The S&P 500 rose 1.3% the previous week, while the Dow and Nasdaq gained about 0.7% and 2.4%, respectively.

Persons: Moody's, Fitch, Jay Hatfield, That's, Lisa Cook Organizations: New York Stock, Moody's Investors Service, Dow Jones Industrial, Nasdaq, AAA, U.S, Infrastructure Capital Management, Federal Reserve Bank of New, Dow Locations: New York City . U.S, Washington, Hatfield

☆ 20 US cities where home prices are expected to take off due to affordability and tax advantages — plus where mortgage rates could be by the end of 2024, according to a property-data firm
▼ + stars: | 2023-11-09 | by ( Laila Maidan | ) www.businessinsider.com time to read: +3 min

Contagion from spiking yields quickly trickled into real estate, lifting the average 30-year fixed mortgage rate above 8%. "Even before mortgage rates went up to 8%, we saw significant slowing in home sales activity, and some recent reports pointed to a 12-to-13-year low." But where mortgage rates will be depends on the fed funds rate. Following this trend, CoreLogic indicators forecast that mortgage rates could be at about 6.3% by year-end. Forecasts are based on multiple metrics including home prices, the unemployment rate, real disposable income per capita, and population growth.

Persons: Selma Hepp, Hepp Organizations: Reserve Locations: California

☆ Liquidity gridlock worsens in US commercial real estate sector
▼ + stars: | 2023-11-08 | by ( Shankar Ramakrishnan | Thomson Reuters | Shankar Ramakrishnan Has Nearly Years Of Financial Journalism Experience In Writing | ) www.reuters.com time to read: +5 min

And those workouts are becoming mathematically untenable even for private lenders. Borrowing costs for the CRE market have risen more than income, a situation prompted by the steepest jump in interest rates in decades. NO REAL OPTIONRising caution among private lenders will worsen the paucity of liquidity for property owners who have no real exit option. Some private lenders faced the risk of ending up paring their portfolios that were expensive to manage, he added. But the firm's head of commercial real estate economics Thomas LaSalvia said probability of a contagion effect was low.

Persons: Mike Comparato, Jeff Holzmann, Razmig Boladian, Claudia Faust, Alex Horn, Horn, Jay Hiemenz, Thomas LaSalvia, Shankar Ramakrishnan, Anna Driver Organizations: Realty Trust, RREAF Holdings, Rubicon Point Partners, Hawkeye Partners, Thomson Locations: Franklin, Texas

U.S. officials visiting South Africa this week to meet African trade ministers will face calls to reauthorise the African Growth and Opportunity Act (AGOA) which expires in 2025. Apparel companies and industry insiders warn that Africa risks a once-in-a-generation shift away from Chinese manufacturing passing it by, with an estimated 240,000 to 290,000 jobs such as Nasimiyu's under threat. Apparel has been the standout success story of AGOA, which launched in 2000 to help develop African economies and foster democracy. African apparel exports under the programme reached nearly $1.4 billion last year, double the amount pre-AGOA. "We've been struck by how open the opportunity is now for us," South African Trade Minister Ebrahim Patel said last week.

Persons: Norah Nasimiyu, Thomas Mukoya, Pankaj Bedi, Norah Nasimiyu's, We've, Ebrahim Patel, Stephen Lamar, Michael Walsh, Constance Hamilton, Biden, Greg Poole, Bedi, Joe Bavier, Duncan Miriri, Alexander Smith Organizations: United Aryan, Processing, The U.S, REUTERS, U.S . Congress, AFRICA Industry, African Trade, United States Fashion Industry Association, American Apparel and Footwear Association, Congress, Research, U.S . International Trade Commission, GSP, UAL, Thomson Locations: Ruaraka district, Nairobi, Kenya, China, NAIROBI, U.S, South Africa, Africa, Philadelphia, Moscow, Beijing, Russia, Lesotho, Madagascar, Ethiopia, AGOA, gridlock, United States, Johannesburg

☆ Republican Reps. Kay Granger, Ken Buck announce they won't seek reelection
▼ + stars: | 2023-11-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Rep. Ken Buck, R-Colo., talks with reporters before a procedural vote on the debt limit bill in the U.S. Capitol on Wednesday, May 31, 2023. Republican Rep. Ken Buck of Colorado on Wednesday announced he will not seek reelection next year, saying he was "disappointed" in his party, and disillusioned by political gridlock in Congress. Buck's announcement came just hours after another veteran House Republican, Rep. Kay Granger of Texas, the powerful chair of the House Appropriations Committee, confirmed she would not seek reelection next year either. Buck, 64, said he was leaving Congress in large part because he was frustrated with the direction he saw the Republican Party moving in. "Too many Republican leaders are lying to America," he said in a video announcing his retirement.

Persons: Ken Buck, Ken Buck of Colorado, gridlock, Kay Granger, Granger Organizations: U.S, Capitol, Republican, Wednesday, Republicans, Republican Party Locations: Ken Buck of, Congress, Kay Granger of Texas, Fort Worth, Buck, America

NEW YORK (AP) — U.S. labor unions are once again flexing the muscles in the national spotlight. UNION RATES HAVE BEEN FALLING FOR DECADES. Only 6% of U.S. private-sector workers belong to unions today, a sliver of the 35% that were union members in 1953. The National Labor Relations Act of 1935 granted private-sector employees the right to unionize. That means that what worked in auto workers' labor campaign, for example, may not be possible for other industries.

Persons: Gridlock, ” Alexander Colvin, ”, Eunice Han, Cathy Creighton, Shawn Fain “, ” Creighton, Joe Biden, Todd Vachon, Taft, Hartley, Vachon, Ronald Reagan, “, haven't, John F, Kennedy, ” Vachon, Han, Colvin, ” Colvin, Creighton Organizations: —, United Auto Workers, Big, Cornell University's School of Industrial and Labor Relations, Associated Press, Labor, University of Utah, Cornell University’s Industrial, Labor Relations Buffalo Co, NLRB, Motors, Ford, Facebook, Rutgers School of Management, Labor Relations, Bureau of Labor Statistics, National Labor Relations, Starbucks, Gallup Locations: Las Vegas , Detroit, Southern California, U.S, United States, Midwest

☆ Hurricane Norma makes landfall near resorts of Los Cabos on Mexico’s Baja California peninsula
▼ + stars: | 2023-10-21 | by ( ) www.cnbc.com time to read: +6 min

Strong waves caused by hurricane Norma hits a beach in San Jose del Cabo, Mexico, on Saturday, Oct. 21, 2023. Hurricane Norma has made landfall near the resorts of Los Cabos at the southern tip of Mexico's Baja California Peninsula. Hotels in Los Cabos remained about three-quarters full of tourists, but shelters were set up at schools in the resorts. Residents of Los Cabos resorts rushed to prepare as Norma approached, while in the Atlantic, Hurricane Tammy threatened to batter the islands of the Lesser Antilles. The Los Cabos Civil Defense agency urged residents to stay indoors all day as winds and rain increased.

Persons: Norma, Todos Santos, Hurricane Tammy, Cabo San Lucas, San Jose del Cabo, Maribel Collins, José, Homero Blanco, Tammy, Tropical Storm Phillippe, Hurricane Irma, Philippe, Gaston Browne Organizations: U.S, National Hurricane Center, Lesser Antilles, Saturday, Civil Defense, Police, National Guard, Guard, Hurricane, Tropical, Residents, St Locations: San Jose del Cabo, Mexico, Cabos, Mexico's Baja California, Todos, Cortez, of California, Baja, Sinaloa, Los Cabos, Los, Hurricane, Lesser, Cabo San, Pacific, Baja California, Baja California Sur, San Jose, Cabo San Lucas, San Jose del, Guadeloupe, Antigua, Barbuda, Montserrat, St, Kitts, Nevis, Caribbean, Martinique, St John's

☆ Rep. Jim Jordans loses third vote to become House speaker
▼ + stars: | 2023-10-20 | 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 EmailRep. Jim Jordans loses third vote to become House speakerCNBC's Emily Wilkens joins 'Halftime Report' to discuss Representative Jim Jordan losing his third vote for speaker, a growing number of Republicans pulling back their support for Rep. Jordan, and the gridlock in the House adding uncertainty to President Biden's aid package.

Persons: Jim Jordans, Emily Wilkens, Jim Jordan, Biden's Organizations: Rep

☆ America’s Debt Crisis Burns While Congress Fiddles
▼ + stars: | 2023-10-20 | by ( Tim Smart | ) www.usnews.com time to read: +9 min

Last month, the Penn Wharton Budget Model from the University of Pennsylvania came out with an analysis of the debt crisis entitled “When Does Federal Debt Reach Unsustainable Levels?”Their answer? The concern is that punting the problem into the future, continuing to raise debt even as interest rates rise further or hold at higher levels for longer, the debt will grow even faster in a “snowball” scenario. Similar proposals have been offered over the years but at the same time they seem to lack political support – indeed, Republicans have recently voiced the idea of cutting Social Security. The debt crisis is rapidly worsening at a time when the bond market is having its own set of problems. A recent government auction of debt, an occurrence that is becoming more common as the U.S. borrows more, saw weak demand.

Persons: Dick Cheney, Richard Neal, Democrats –, Blu Putnam, Alan Greenspan, Ben Bernanke, Jerome Powell, ”, Gene Steuerle, Richard B, Fisher, probity, Kevin McCarthy, Kent Smetters, Boettner, Smetters, Richard Robis, Donald Trump Organizations: Capitol, Democratic, Massachusetts, The New York Times, Federal Reserve, Partisans, Democrats, Fed, CME Group, Social Security, Medicare, Urban Institute, California Rep, Penn Wharton Budget, University of Pennsylvania, University of Pennsylvania's Wharton School, Wharton, Social, Republicans, Treasury, Hamas, BCA Research, White House Locations: U.S, United States, Washington, China, Japan, Israel

House Republicans appear to be warming to a novel proposal that would empower the speaker pro tempore, given their inability to elect a leader. The idea appears particularly popular among Republicans who opposed Jordan on the initial ballot. But the move would require the backing of a majority of the chamber, likely necessitating the support of Democrats. House Minority Leader Hakeem Jeffries has made clear that Democrats are open to a bipartisan path forward. “I have respect for Patrick McHenry, I think he is respected on our side of the aisle,” Jeffries said when asked about the possibility of empowering the North Carolina Republican.

Persons: Jim Jordan, Patrick McHenry, Jordan, Lori Chavez, Biden, Pro Tempore McHenry, Carlos Gimenez, Newt Gingrich, McHenry, John Boehner, chimed, “, Hakeem Jeffries, ” Jeffries, ” Organizations: Republicans, Republican, Republican Conference, Pro Tempore, ”, Florida Republican, North Carolina Republican Locations: Oregon, Florida

☆ The Debate Over How Dangerous Trump Rages On - The New York Times
▼ + stars: | 2023-10-18 | by ( Thomas B. Edsall | ) www.nytimes.com time to read: +4 min

As the parties have grown racially, religiously, and socially distant from one another, a new kind of social discord has been growing. The increasing political divide has allowed political, public, electoral, and national norms to be broken with little to no consequence. Institutions that empower partisan minorities can become instruments of minority rule. And they are especially dangerous when they are in the hands of extremist or antidemocratic partisan minorities. Its political system spreads power out very broadly, in ways that give many individual players the power to stop things.

Persons: Lilliana Mason, Johns Hopkins, Trump, ”, Steven Levitsky, Daniel Ziblatt, “ Vetocracy, ” Francis Fukuyama, Stanford’s, Fukuyama, ” Fukuyama Organizations: American, Harvard, Constitution, Global, Politics Today, Stanford’s Freeman Spogli Institute for International Studies, House Republicans Locations: America, U.S

☆ The world has to add or replace 50 million miles of transmission lines by 2040, IEA says
▼ + stars: | 2023-10-17 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +4 min

That amount is roughly equivalent to the total number of miles of electric grid that currently exists in the world currently, according to the IEA. It will also require changes in how the electric grid in each country is operated and regulated. The consequences of falling further behind in building transmission lines is dire, the IEA says. Building new transmission lines takes between five and 15 years, with planning and permitting included. Building transmission lines globally needs to be an issue of international cooperation, the IEA says.

Persons: Clark, Fatih Birol, what's, Birol, Bill Gates Organizations: International Energy Agency, IEA, Microsoft Locations: Primm , Nevada, Paris

“We are in uncharted waters, but it’s also very clear that we do not want to have a speaker pro tem who is leading policy. “That's the goal,” McHenry said earlier Thursday when asked if he would put a vote for speaker on the House floor. House Republicans are gridlocked with no end in sight, a war is escalating in Israel and Palestine and the U.S. government is ticking closer to a shutdown. McHenry was named to the role of speaker pro tempore by McCarthy as part of a process established in the aftermath of the Sept. 11, 2001, terrorist attacks. It's an argument that may catch on in the House as lawmakers grow restless with their inability to act.

Persons: Patrick McHenry, gavel, Kevin McCarthy, McHenry, it’s, That’s, ”, Zach Nunn, Steve Scalise, Marc Molinaro, “, ” McHenry, McCarthy, Israel —, Michael McCaul, shouldn't, David Joyce, Joyce, Jim McGovern, Josh Chafetz, Scalise, Jen Kiggans, Kevin Freking, Farnoush Amiri, Lisa Mascaro Organizations: WASHINGTON, North Carolina Republican, Republicans, U.S, Republican, House Foreign Relations, Israel, GOP, Ohio Republican, Capitol, Georgetown Law School, Virginia Republican, Associated Press Locations: McHenry, Iowa, Israel, Palestine, Virginia

And others, still, cited grievances with Scalise’s record or with maintaining the status quo by elevating the No. By Thursday afternoon, even lawmakers Scalise had previously flipped changed their minds, and his backing began deteriorating. And in a razor-thin GOP majority, Scalise needs the support of all but four of his conference to secure the gavel if every Democrat casts a ballot. “I love Steve Scalise,” Rep. Andy Ogles of Tennessee said heading into the conference meeting to determine the next steps. “I think we need to start voting.”Others said the disagreement should be fleshed out in private before proceeding to a floor vote.

Persons: Steve Scalise, “ We’re, Scalise, it’s, Jim Jordan of, Jordan, Kevin McCarthy, Max Miller of, Marjorie Taylor Greene, Thomas Massie of, Chip Roy, Nancy Mace, Carlos Gimenez, Lauren Boebert, Bob Good, Michael Cloud of, Barry Moore of, Lloyd Smucker, George Santos, George Santos of New York –, McCarthy, Matt Gaetz, speakership, Scalise’s speakership, ”, hasn’t, “ We’ve, Michael McCaul, “, Andy Ogles, I’m, Steve, ” Greene, Ralph Norman of, Donald Trump – Organizations: Louisiana Republican, Scalise, – Rep, Max Miller of Ohio, George Santos of New York, speakership, Rep, Republican, ” Locations: mended, Jim Jordan of Ohio, Marjorie Taylor Greene of Georgia, Texas, South Carolina, Carlos Gimenez of Florida, Colorado, Virginia, Michael Cloud of Texas, Barry Moore of Alabama, Pennsylvania, George Santos of, Florida, California, George Santos of New York, Israel, Tennessee, Ralph Norman of South Carolina

☆ U.S. Grapples With Political Gridlock as Crises Mount
▼ + stars: | 2023-10-11 | by ( Aaron Zitner | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/politics/national-security/u-s-grapples-with-political-gridlock-as-crises-mount-be179aca

Persons: Dow Jones

[1/3] Rep. Steve Scalise (R-LA) and Rep. Jim Jordan (R-OH) speak to reporters on Capitol Hill in Washington, U.S., October 29, 2019. Buck said Jordan and Scalise provided unsatisfactory answers on the question of reining in spending on Tuesday night. Scalise and Jordan have both racked up several dozen endorsements, but neither has a clear path to success. Some moderates, for example, have warned that Jordan becoming speaker would give Democrats plenty of ammunition for next year's congressional elections. "I think Jim Jordan will end up getting it, and if not, Scalise would be fine," said Representative Ralph Norman, who supports Jordan.

Persons: Steve Scalise, Jim Jordan, Erin Scott, Kevin McCarthy, McCarthy, Patrick McHenry, Tom Cole, Scalise, Jordan, Ben Cline, Ken Buck, Buck, Ralph Norman, David Morgan, Moira Warburton, Richard Cowan, Andy Sullivan, Scott Malone, Gerry Doyle, Jonathan Oatis, Deepa Babington Organizations: Capitol, REUTERS, Rights, U.S . House, Republicans, Republican, Reuters, Jordan, Thomson Locations: Washington , U.S, U.S, Jordan, Israel, Ukraine, Wednesday's, Washington

Butler, a Democratic insider and former labor leader, had never held public office before joining the Senate. Under California election rules, the two candidates who receive the most votes advance to the November general election, regardless of party. But to Democratic consultant Garry South, who has run six statewide campaigns in California, including for former Gov. Then, on the campaign side, Butler could talk about Democratic legislative wins and building on Feinstein’s legacy. National Democratic fundraising could pose a challenge in 2024, since the California Senate seat is expected to stay in Democratic hands when control of the chamber will be decided elsewhere.

Persons: Sen, Dianne Feinstein, Laphonza Butler, Gavin Newsom, Butler, Feinstein, Katie Porter, Adam Schiff, Barbara Lee —, Steve Garvey, coy, she’s, I’m, ”, “ It's, Schiff, Nancy Pelosi, Newsom, “, Rebecca Pearcey, Elizabeth Warren’s, “ It’s, Garry South, Gray Davis, ’, ” Newsom, Kamala Harris ’, Newsom’s, Lee, ” Schiff, Porter, Pearcey, ” Pearcey, Washington gridlock, Butler “, she'll Organizations: ANGELES, Democratic, Senate, Democratic House, Associated Press, ., Gov, Airbnb, Capitol, Democratic Party, National Democratic, California Senate Locations: U.S, California, Washington, Laguna Niguel, Los Angeles

☆ Congress is in shambles and failing America when it needs it to function most
▼ + stars: | 2023-10-11 | by ( Madison Hall | ) www.businessinsider.com time to read: +7 min

War broke out in the Middle East with one of the US' closest allies, but Congress can't do a thing. Without a House speaker, very little additional aid can be approved to aid Israel or even Ukraine. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementThe United States Congress is tragically failing when the world — not just the country — needs it to function most. While President Joe Biden said on Tuesday that some aid has already been sent, sending more will likely depend on the cooperation of Congress.

Persons: —, gridlock, Kevin McCarthy, Joe Biden, Israel isn't, there's, McCarthy, Steve Scalise, Jim Jordan, George Santos, Santos, Matt Gaetz, Tommy Tuberville, Justin Sullivan, Sen, Bob Menendez, he's, GOP Sen, Chuck Schumer, Democratic Sen, Dick Durbin, Republican Sen, Ted Cruz, Biden, Cruz isn't Organizations: Service, United, United States Congress, Democratic Caucus, Hamas, Republican Party, Republicans, Representatives, GOP, Biden, Foreign Relations, Democratic, Senate, Republican, Counterterrorism, Politico, Biden White House Locations: Israel, Ukraine, United States, New York, Minden, Oman, Kuwait, Lebanon

☆ North Carolina Republicans override governor's vetoes of sweeping elections bills
▼ + stars: | 2023-10-10 | by ( Jane C. Timm | ) www.cnbc.com time to read: +3 min

North Carolina Republican lawmakers voted to override the Democratic governor's vetoes on two election bills on Tuesday, giving themselves new power over election administration and shortening a key voting deadline ahead of the 2024 election. Currently, all election boards in the state are controlled by the governor's party, with nominations made by state parties and appointments made by the governor. "The legislative takeover of state and local elections boards could doom our state's elections to gridlock and severely limit early voting," Cooper said when he vetoed the bill. If county or state election boards do not approve early voting sites and schedules in accordance with state law, early voting can only take place at the county board of elections office. In populous counties, that could leave hundreds of thousands of voters with just one early voting option.

Persons: Roy Cooper, Bill, Cooper, That's, Megan Bellamy Organizations: North Carolina Gov, Emergency, Center, North Carolina Republican, Democratic, Republicans, Republican Locations: Raleigh, N.C, gridlock

☆ The US housing market is so expensive that incomes would have to spike 55% for it to be considered affordable, industry exec says
▼ + stars: | 2023-10-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The housing market is so unaffordable that only three extreme scenarios would return it to pre-pandemic affordability. US incomes would have to spike 55% to consider the current market affordable, an industry executive said. Other scenarios would have to see home prices crash 35% or mortgage rates drop four percentage points. He told CNBC in an interview this week that one of those hypotheticals would be a sharp spike in US incomes. Walden added that the latest housing data was "red-hot" coming into August, and buying power remains down about 6%.

Persons: —, Andy Walden, Walden, We're Organizations: Service, CNBC

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. A near-miss on a debt ceiling showdown in the Spring led to the loss of another Triple-A sovereign credit rating. A fiscal adjustment akin to the one enacted in 1993 would be enough to do that again over 5 years. "However, this looks unlikely anytime soon given congressional gridlock, a lack of political attention to deficit reduction and the upcoming 2024 election," it concluded. On current poll readings at least, next year's election will do nothing to end the fiscal war.

Persons: Brendan McDermid, it's, Donald Trump, Democrat Joe Biden, Erik Nielsen, what's, Stephen Jen, Jen, Trump, Biden, Goldman Sachs, Goldman, William Maclean Organizations: New York Stock Exchange, REUTERS, U.S, Presidential, AAA, Democrat, Biden, Trump, Congress, Ukraine, Treasury, Republican, Reuters, GRIDLOCK, Thomson Locations: New York City, U.S, loggerheads, Russia, Ukraine, United States

Search resuls for: "gridlock"

25 mentions found