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☆ US debt limit default could hit in early June to early August -think tank
▼ + stars: | 2023-05-09 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, May 9 (Reuters) - The U.S. government will begin defaulting on its payment obligations between early June and early August without an increase in the federal debt limit, the Bipartisan Policy Center said on Tuesday, flagging pressure from a drop in tax revenue. The Bipartisan Policy Center (BPC), which closely monitors debt limit disputes in Congress, had estimated in February the X-date could come between summer and early fall, but now sees a default hitting much earlier if Congress fails to raise the $31.4 trillion U.S. borrowing cap. "The coming weeks are critical for assessing the strength of government cash flows," Shai Akabas, BPC director of economic policy. The think tank's latest estimate roughly agrees with the Congressional Budget Office's revised assessment that there is now a "significantly greater risk" of an early June default. Later on Tuesday, President Joe Biden is scheduled to meet with U.S. House of Representatives speaker Kevin McCarthy and other congressional leaders to discuss options to resolve the debt limit standoff between Democrats and Republicans.

☆ You don't need a college degree to work for this member of Congress
▼ + stars: | 2023-05-04 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +6 min

College degree requirements lock millions of Americans out of jobs. Persistent labor shortages have caused some states and companies to drop degree requirements. However, persistent labor shortages have helped call such degree requirements into question. Craig said she is the first member of Congress to officially drop degree requirements for congressional staff. "Every job description should consider: Does this job actually need a four-year degree," or is relevant experience sufficient, she said.

☆ ATF broke the law by paying agents millions in wrongful benefits, watchdog tells Biden
▼ + stars: | 2023-05-02 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Bureau of Alcohol, Tobacco, Firearms and Explosives police officers are seen in Uvalde, Texas, May 25, 2022. The U.S. Office of Special Counsel, which disclosed the mismanagement, said it had alerted President Joe Biden and Congress of "substantial waste, mismanagement, and unlawful employment practices" involving high-level jobs at ATF. The Office of Special Counsel said that during a five-year period that officials investigated, 108 ATF employees who worked in non-law-enforcement jobs "were improperly provided Law Enforcement Availability Pay (LEAP) and enhanced retirement benefits." In its official response to OSC, ATF contested claims about the designation of some of the positions being misclassified. OPM later concluded that the ATF's leadership "demonstrated disregard for the rule of law and regulations" governing federal management policies and practices.

House Republicans passed a bill to raise the debt limit last week that includes steep spending cuts which the Democratic-controlled Senate and Biden say they will not approve. Biden has steadfastly said he will not negotiate over the debt ceiling increase, but will discuss budget cuts after a new limit is passed. In 2011, a similar debt ceiling fight took the country to the brink of default and prompted a downgrade of the country's top-notch credit rating. The Republican bill would implement $4.5 trillion in spending cuts - or about 22% - in exchange for a $1.5 trillion increase in the U.S. debt limit. It has no chance of passing the Democrat-controlled Senate and the White House has said Biden would veto the legislation.

☆ Why has Dominic Raab resigned as British deputy prime minister?
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 21 (Reuters) - British Deputy Prime Minister Dominic Raab resigned on Friday following an independent investigation into allegation that he bullied colleagues. Raab told Prime Minister Rishi Sunak in the letter the inquiry had dismissed all but two of the claims levelled against him and that it had set a dangerous precedent for government ministers. 'DANGEROUS PRECEDENT'"In setting the threshold for bullying so low, this inquiry has set a dangerous precedent," Raab said. Raab, who also previously served as Britain's foreign minister, said he would remain supportive of Sunak and the government. He said at the time he had been notified of complaints from when he was foreign minister and justice minister.

☆ UK economy flat in February as strikes and inflation bite — and the IMF delivers reality check
▼ + stars: | 2023-04-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

LONDON — The U.K. economy flatlined in February as widespread industrial action and persistently high inflation stymied activity. Large-scale strike action has been carried out in recent months by teachers, doctors, civil servants and rail workers, among others — members of the sectors that were the largest contributors to the fall in February services output. The independent Office for Budget Responsibility no longer expects the U.K. economy to enter a technical recession in 2023 — defined as two consecutive quarters of contractions. "Industrial strike action was the primary root cause of stagnating growth in the U.K. over the month. Much of the population also remains mired in a cost-of-living crisis, as inflation continues to vastly outpace wage growth, exacerbating the threat of further industrial action.

☆ Factbox: The struggle for power in Sudan
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +5 min

The following outlines the struggle for power in Sudan in recent years:WHO HAS BEEN IN CHARGE IN SUDAN? Sudan began its halting transition towards democracy after military generals ousted long-ruling autocrat Omar al-Bashir amid a popular uprising in April 2019. Under an August 2019 agreement, the military agreed to share power with civilians ahead of elections. That arrangement was abruptly halted by the 2021 coup, which triggered a new campaign of mass pro-democracy rallies across Sudan. The military has been a dominant force in Sudan since independence in 1956, staging coups, fighting internal wars, and amassing economic holdings.

☆ France to ban TikTok on work phones of civil servants -minister
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: 1 min

PARIS, March 24 (Reuters) - France will ban the use of Chinese-owned video-sharing app TikTok on the work phones of civil servants, Civil Service Minister Stanislas Guerini said on his Twitter account. "In order to guaratne the cybersecurity of our administrations and civil servants, the government has decided to ban recreational applications such as TikTok on the professional phones of civil servants," he said in a statement. Reporting by GV De Clercq Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Obama wants companies to strip degree requirements from more six-figure jobs to address the labor shortage
▼ + stars: | 2023-03-20 | by ( Jason Lalljee | Ethan Dodd | ) www.businessinsider.com time to read: +5 min

Former President Barack Obama said more states should drop degree requirements for government jobs. It's an example of "a smart policy that gets rid of unnecessary college degree requirements and reduces barriers to good paying jobs," Obama said on Twitter. In recent years, states have eliminated four-year degree requirements to shore up their understaffed governments, and Republican governors have led the way. Arizona and Oregon have temporarily loosened degree requirements to address a teacher shortage. Georgia and Alaska are considering dropping degree requirements to fill government vacancies as well.

☆ Analysis: Sudan paramilitary leader jostles for role ahead of civilian handover
▼ + stars: | 2023-03-19 | by ( Khalid Abdelaziz | ) www.reuters.com time to read: +7 min

General Mohamed Hamdan Dagalo commands tens of thousands of fighters in the paramilitary Rapid Support Forces (RSF) and has amassed considerable mineral wealth. He is also deputy leader of Sudan's ruling council, which took power in a coup more than a year ago. Hemedti and other military men are unlikely to be able to stand for election in the short term. The main signatories to the outline agreement are Burhan's military and Hemedti's RSF on one side and the civilian Forces for Freedom and Change (FFC) coalition on the other. Any final transition agreement would likely bar Hemedti and Burhan from standing in the first post-deal elections, one international diplomat said.

☆ 8 million Chinese youths sat for a test in the style of an 'imperial examination' — all for a job that pays about $7,000 a year
▼ + stars: | 2023-03-17 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +6 min

A record 7.7 million Chinese youths sat for an intense test to try to secure one of 200,000 government jobs. The modern-day civil service tests are not far off the mark from their ancient iterations. In spite of the tough tests required to secure these jobs, civil service jobs are not high paying. "In general, civil service jobs could bring with them benefits for the whole family, like connections to positions of power," Wu said. For those who want to be active participants in the workforce, civil service jobs continue to be a solid option.

According to CNBC analysis of state media reports, 7.7 million people took the civil service exam in the 2023 application round, vying for more than 200,000 government jobs at the national and provincial level. Qilai Shen | Corbis Historical | Getty ImagesA record number of people in China took the civil service exam this year, as unemployment among young people soared. According to CNBC analysis of state media reports, 7.7 million people took the civil service exam in the 2023 application round, vying for more than 200,000 government jobs at the national and provincial level. China's National Civil Service Administration could not be reached for comment despite multiple attempts by CNBC. However, Xi and other senior leaders did not need to take the civil service exam to gain their current roles.

☆ Strikes at German regional airports ground majority of flights
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 27 (Reuters) - The majority of flights at Germany's Duesseldorf and Cologne Bonn regional airports were grounded by a 24-hour strike by the Verdi trade union on Monday, the airports said. Of Monday's usual 136 daily passenger flights scheduled for Cologne Bonn airport, only two were set to operate as scheduled. The union brought air traffic to a standstill earlier this month with one-day strikes at seven major airports, including the Frankfurt and Munich hubs, affecting nearly 300,000 passengers. Cities across the western state of North Rhine Westphalia, including Cologne, Leverkusen and Bonn, were also affected by public service worker strikes on Monday. Verdi and the German Civil Service Association are demanding 10.5% more pay for state employees, or at least 500 euros ($527.75) more a month.

Here are some key moments in the months ahead:FEB. 1The Treasury Department will release a quarterly document next week laying out how it plans to fund the government over the next three months. The document, which includes information on debt the Treasury will issue, could shed light on the timing of a possible default. Data regarding government income could be an important factor in determining the so-called "X date," or the day when the government will stop paying its bills. Normally, these funds would be reinvested, but the Treasury Department has said it could use the proceeds to help make needed payments. JULY-OCTOBERMost analysts see the true X date occurring somewhere between July and October.

☆ Factbox: The U.S. Treasury's tools to avoid breaching debt limit
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +5 min

Here's a rundown of the Treasury's tools to keep borrowing under the limit. Slugs issues, which count against the debt limit, have recently averaged $6 billion per month, but monthly volumes vary. Savings bond sales increased the federal debt by just $5.7 billion since the start of the 2023 fiscal year last October. SWAP FEDERAL FINANCING BANK DEBTThe Federal Financing Bank can issue up to $15 billion in debt on behalf of other government agencies that is not subject to the debt limit. So the Treasury could exchange FFB debt for other debt to reduce the total amount subject to the limit.

☆ Zelenskyy fired 9 top officials after reports that members of his government went on vacation to Spain and France and took bribes during the war
▼ + stars: | 2023-01-25 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Ukraine's Volodymyr Zelenskyy fired a slew of senior officials on Tuesday. In December, Symonenko went on holiday to Spain using a Mercedes owned by a prominent Ukrainian businessman, The Guardian reported. "Of course, now the main focus is the issue of defense, this is the issue of foreign policy, this is the issue of war," he said. On Monday, Zelenskyy banned officials from traveling abroad until the end of the war, except for when performing government duties. Zelenskyy's press office and Ukraine's Defense Ministry did not immediately respond to Insider's requests for comment.

☆ Treasury tells Congress it will suspend some federal retirement funding after debt limit breach
▼ + stars: | 2023-01-24 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

The U.S. Treasury will suspend full funding of a federal retirement program, the latest in a string of actions it has taken to prevent default after the government hit its debt ceiling, Treasury Secretary Janet Yellen told congressional leaders Tuesday. The Treasury is taking so-called extraordinary measures to keep paying its bills after it breached its $31.4 trillion borrowing limit Thursday. Lawmakers are trying to strike a deal to lift the U.S. borrowing limit and prevent a first-ever default on U.S. debt. Some members of the new Republican House majority have pushed to tie spending cuts to an increase in the borrowing limit. Yellen on Tuesday said interest-bearing securities for the Government Securities Investment Fund, or the so-called "G Fund," will be underfunded until the debt limit is increased or suspended.

☆ Here’s what will happen to the economy as the debt ceiling drama deepens
▼ + stars: | 2023-01-22 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

Minneapolis CNN —After the United States hit its debt ceiling on Thursday, the Treasury Department is now undertaking “extraordinary measures” to keep paying the government’s bills. And Americans — many people — would lose their jobs and certainly their borrowing costs would rise.”Dire warnings of debt ceiling trouble aren’t new. “2011 was the first time in a long time that we came close to a debt ceiling breach,” he said. “I think you would be hard pressed to say [the debt ceiling debacle] was a positive thing,” he said. Considering the potential consequences in the United States and abroad, Sheiner believes the debt ceiling will be lifted or suspended — eventually.

☆ The U.S. hit the debt ceiling — here's what that means for your money
▼ + stars: | 2023-01-21 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

The U.S. hit the debt ceiling on Thursday, which forced the Treasury Department to begin taking so-called "extraordinary measures" to continue paying the government's bills. Read on for the answers to the most relevant questions about the debt ceiling, and why, as a long-term investor, you shouldn't be paying too much attention to the headlines. Remind me — what's the debt ceiling again? Where does the debt ceiling stand now? Aside from stock market volatility, you'd see ramifications across the economy.

☆ U.S. Treasury launches debt limit cash management measures
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Jan 19 (Reuters) - The U.S. Treasury Department on Thursday began using extraordinary cash management measures to continue borrowing under the federal debt limit, Treasury Secretary Janet Yellen told congressional leaders. She said she took similar measures for the Postal Service Retiree Health Benefits Fund. "As I stated in my January 13 letter, the period of time that extraordinary measures may last is subject to considerable uncertainty, including the challenges of forecasting the payments and receipts of the U.S. Government months into the future. I respectfully urge Congress to act promptly to protect the full faith and credit of the United States." Reporting by David Lawder; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ Yellen says Treasury is taking extraordinary measures to avoid default as U.S. hits debt limit
▼ + stars: | 2023-01-19 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen holds a news conference in the Cash Room at the U.S. Treasury Department in Washington, U.S. July 28, 2022. The Treasury Department started taking so-called extraordinary measures to keep paying the federal government's bills as the U.S. hit its debt limit Thursday, Treasury Secretary Janet Yellen said. The Treasury secretary told lawmakers Friday that she believes the extraordinary steps could allow the government to pay its obligations until early June. The Treasury secretary warned last week that the U.S. government would hit the statutory debt ceiling on Thursday, after which extraordinary measures would be taken to keep the government from defaulting on its debt obligations. The U.S. government has not defaulted on its debt, but the debt ceiling has been raised 22 times from 1997 to 2022, according to the Government Accountability Office.

CNN —The Department of Energy official responsible for nuclear fuel and radioactive waste is no longer employed by the federal agency after two alleged airport baggage theft incidents, according to local reports and court records. Sam Brinton, the former deputy assistant secretary for spent fuel and waste disposition in the Office of Nuclear Energy, was charged in December for grand larceny in Nevada. Brinton was accused of stealing luggage from Harry Reid International Airport, according to a report from KLAS. By law, the Department of Energy cannot comment further on personnel matters,” a department spokesperson said. Prior to joining the Department of Energy, Brinton served in roles at several think tanks, including the Bipartisan Policy Center, the Breakthrough Institute and Third Way.

☆ Factbox: What is happening in Sudan?
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +4 min

Under an August 2019 agreement, the military agreed to share power with officials appointed by civilian political groups ahead of elections. But that arrangement was abruptly halted by a military coup in October 2021, which triggered a campaign of frequent pro-democracy mass rallies across Sudan. Another is an investigation into the killings of pro-democracy protesters on June 3, 2019, in which military forces are implicated. Several of its neighbours, including Ethiopia, Chad and South Sudan have been affected by political upheavals and conflict. Talks stalled and Ethiopia started filling the reservoir behind the dam, which Sudan says could put its citizens, dams and water facilities at risk.

☆ Analysis: As economy stutters, China's youth seek safety of civil service
▼ + stars: | 2022-12-01 | by ( Eduardo Baptista | ) www.reuters.com time to read: +6 min

The wishes of Lau's parents that she had a "safe" civil service career suddenly made more sense. Alicia Garcia-Herrero, chief economist for Asia Pacific at Natixis, says the preference for civil servant jobs has surged. On social media, young Chinese refer to the civil service as "the end of the universe," meaning the safest place around in such an environment. "Being a civil servant gives you a lot of stability," she said. “The present state of the job market has definitely increased my desire to become a civil servant," she said.

☆ Atlanta to pay $1M to Rayshard Brooks’ family after deadly police shooting
▼ + stars: | 2022-11-22 | by ( Chantal Da Silva | The Associated Press | Chantal Da Silva Is A Breaking News Editor For Nbc News Digital Based In London. | ) www.nbcnews.com time to read: +3 min

Brooks was fatally shot by an officer amid national unrest over police brutality after a Minneapolis police officer murdered George Floyd. Two officers located Brooks and bodycam footage showed they had a calm conversation with him for almost 40 minutes. In the footage, Brooks could be seen holding a stun gun he had grabbed from an officer as he ran away. “While we are disappointed that prosecutors didn’t pursue a criminal case against the officers involved in Mr. Brooks’ death, we continue to hold out hope that the Dept. of Justice will intervene in this matter,” Brooks' family's attorneys said on Monday, according to WXIA.

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