DIRS.INFO The most relevant business & tech news

☆ Lawmakers are waking up to the realities of 'gerontocracy.' But don't expect them to do anything about it.
▼ + stars: | 2023-09-20 | by ( Brent D. Griffiths | Bryan Metzger | ) www.businessinsider.com time to read: +8 min

Age limits remain popular, and lawmakers have begun to wake up to the realities of gerontocracy. "I believe everyone deserves the kind of dignity to make their own choices," said Democratic Sen. John Fetterman of Pennsylvania. He also opposes age limits, arguing that people should be able to "choose who they want, no matter how old they are." "Different people age differently, you know, somebody at a younger age may have more impacts due to aging than somebody at an older age. "I don't think it's a problem to be old, I think it's a problem to have a lack of diversity."

Persons: Mitt Romney, Sen, Lindsey Graham, Graham, Romney, Strom Thurmond, Democratic Sen, John Fetterman of, Dianne Feinstein's, Mitch McConnell, Joe Biden, Donald Trump, gerontocracy, Rep, Maxwell Frost, Anna Moneymaker, Gray, Frost, hasn't, Ro Khanna, Khanna, Dianne Feinstein, Saul Loeb, Republican Sen, John Hoeven, Hoeven, Steve Cohen of Tennessee, Marie Gluesenkamp Perez, Gluesenkamp Perez, Feinstein, McConnell, Democratic Sens, Ben Ray Luján, JD Vance Organizations: Service, Utah Republican, Capitol, South Carolina Republican, Democratic, Florida Democrat, Pew Research Service, California, Senate, Getty, Republican, Democratic Rep, Washington, Ohio Locations: Wall, Silicon, John Fetterman of Pennsylvania, Florida, North Dakota, New Mexico

☆ Op-ed: FTC's crackdown against Amazon is necessary for long-term innovation, startup investor argues
▼ + stars: | 2023-09-19 | by ( Bradley Tusk | ) www.cnbc.com time to read: +5 min

The howls will begin the minute the FTC's lawsuit against Amazon hits the clerk's desk. What you don't see on that list is anything that could attempt to compete with Amazon or Meta or Apple or Microsoft or Google . Whenever we look at a startup that would directly compete with a company like Amazon, the answer to the second question is always, "yes, definitely." I think Amazon is a great company. Luckily, as these earlier giants started to falter, companies like Apple and Microsoft took off, and companies like Google, Amazon and Meta came along.

Persons: Lina Khan, Khan, I'm, we're, Bernie Sanders, it's, there's, Bradley Tusk Organizations: Yale Law, Amazon, FTC, Tusk Venture Partners, Apple, Microsoft, IBM, GE, Google, Meta, Department of Justice Locations: Larchmont , New York, Alma, Manhattan

☆ Matt Gaetz can count on some progressives' support as he threatens to force a vote on ousting Kevin McCarthy
▼ + stars: | 2023-09-13 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +5 min

GOP Rep. Matt Gaetz is threatening to force a vote on ousting House Speaker Kevin McCarthy. If that happens, Democrats will get a vote too — and some progressives say they would vote for it. "I mean, if that vote comes up, I'll vote to vacate," said Rep. Maxwell Frost of Florida. Gaetz, for his part, has suggested that Democrats would bail McCarthy out, and he's openly challenging Democrats to support his effort when the time comes. "I think Speaker McCarthy is horrific," said Rep. Robert Garcia of California.

Persons: Matt Gaetz, Kevin McCarthy, McCarthy, Kevin McCarthy's, Joe Biden, McCarthy's, We've, Hakeem Jeffries, Maxwell Frost of Florida, Ilhan Omar, Ilhan Omar of Minnesota, Joaquin Castro, Joaquin Castro of Texas, Frost, Greg Casar of, hadn't, Casar, he's, weren't, Ro Khanna, California, Jeffries, Khanna, Jamaal Bowman, Bowman, Steve Cohen, Axios, it's, Robert Garcia of California, Omar Organizations: Service, Republican, Caucus, Republicans, Congressional Progressive Caucus, Democratic Party, Tennessee Locations: Wall, Silicon, Florida, Ilhan Omar of, Joaquin Castro of, —, Greg Casar of Texas, New York

☆ Red carpets without actors have repercussions for ‘glam squads’
▼ + stars: | 2023-09-06 | by ( Samantha Tse | ) edition.cnn.com time to read: +7 min

CNN —Last week, the 80th edition of the Venice Film Festival opened amid the actors’ strike that has Hollywood at a standstill, rendering the usually glitzy red carpet a more muted affair. Neil Mockford/GC Images/Getty ImagesThe impact of these reduced red carpets extends far beyond the movie business. Scheduled to work at the Venice Film Festival this season, her plans changed when the strike was announced. Lady Gaga in Valentino Haute Couture for the "A Star Is Born" screening at the 2018 Venice Film Festival. With many actors in need of new outlets to fulfil any brand commitments during the strike, we can expect the upcoming fashion month (which starts tomorrow in New York) to offer actors a useful alternative to film festival red carpets.

Persons: it’s, Valentino Haute Couture, Writers Guild of America —, —, ”, Issa Rae, Neil Mockford, Rachel Goodwin, Emma Stone, haven’t, “, hairstylist Nai’vasha, Tracee Ellis Ross, Lupita Nyong’o, Nicole Ari Parker —, Lady Gaga, Valentino, Daniele Venturelli, Kerrie Urban, can’t, Urban, “ Barbie ”, “ Oppenheimer, Ro Morgan, hairstylist, Naomi Campbell, Venus Williams, Ayo Edebiri, he’s, “ I’m, ” Morgan, Morgan, Brad Pitt, Guy Ritchie, Shi Tang, Nai’vasha, It’s, ” Goodwin, Barbie Organizations: CNN, Venice Film, Hollywood, “, Balmain, WGA, Writers Guild of America, Screen Actors Guild, American Federation of Television, Radio Artists, Wimbledon Tennis, Urban, Warner Bros ., Warner Bros, Wimbledon, Toronto Locations: Venice, London, Valentino Haute, Milan, Paris, New York, America

☆ 8 of the world’s best new theme parks
▼ + stars: | 2023-08-18 | by ( Kate Springer | ) edition.cnn.com time to read: +13 min

Peppa Pig Theme Park, FloridaFlorida's Peppa Pig Theme Park opened in 2022. Peppa Pig Theme ParkThe world’s first Peppa Pig Theme Park opened last year in Winter Haven, Florida, and has been delighting children with wholesome fun ever since. Look out for another Peppa Pig Theme Park, opening in Dallas, Texas, next year. Peppa Pig Theme Park. Genting SkyWorlds Theme Park, MalaysiaMalaysia's Genting SkyWorlds Theme Park offers 26 attractions across nine themed areas.

Persons: we’re, Katmandu, Kilgore Goode, Kyle Grillot, Peach’s, Mount Beanpole, Mario, Bowser, Bowser Jr, Tomohiro Ohsumi, Miyazaki’s, There’s, LEGOLAND, gil, Aquaverse, there’s, Chang, Potato’s, Grandad, Wynter, ” Organizations: CNN, Northern, Columbia Pictures, Super Nintendo, California Mario Kart, Universal Studios Hollywood, Bloomberg, Universal Studios Japan, Mushroom Kingdom, Toadstool, Nintendo, Universal City Plaza, Universal, Ghibli, Ghibli Park, South Korea LEGOLAND, LEGOLAND, Thailand Columbia Pictures, Columbia, Lotte, Adventure, South Korea Lotte, Adventure Busan Lotte, Tinker, Potato’s Showtime, Genting, Andromeda Base, Plaza, Genting SkyWorlds Locations: Japan, Thailand, Punta Cana, Dominican Republic, Caribbean, Nepal, Av, Alemania, California, Bowser’s, Mount, Universal City , CA, Nagoya, Nagakute, Aichi, Korea, South Korea, York, Legoland, LEGOLAND Korea, Chuncheon, Seoul, Gangwon, Asia, Pattaya, Bangkok, Transylvania, Chon, Adventure Busan, Tinker Falls, “ Queen, “, Busan, Florida, Winter Haven , Florida, Dallas , Texas, Wynter Haven , Florida, Malaysia, Resorts, Kuala Lumpur, Rio, Liberty Lane, Central Park, Genting, Genting Highlands, Pahang

☆ Kim Kardashian's Skims may be the hero the IPO market needs
▼ + stars: | 2023-07-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

This latest round was led by Wellington Management, a firm known for taking companies public. Jens Grede, Skim’s CEO, recently told Dealbook that stock investors have shown an increased interest in consumer-oriented businesses like Skims and that an IPO is something the company wants. “At some point in the future, Skims deserves to be a public company,” he said. If a Skims IPO were to succeed, “companies, CFOs and investors in general will see this as a very positive sign,” said Sokhi. Netflix posted nearly $8.19 billion in revenue for the quarter, compared to the $8.3 billion Wall Street had projected.

Persons: Kim Kardashian, Goldman Sachs, ”, David Solomon, Ro Sokhi, Cava, “ There’s, Skims, Andy Muir, Jens Grede, Megan Penick, Robinson, Kardashian, we’re, “, ” Adam Hodge, Volodymyr Zelensky, Russia “, Tesla, Chris Isidore, Refinitiv, Clare Duffy, Samantha Delouya Organizations: CNN Business, Bell, New York CNN, Wellington Management, Nike, US National Security Council, Russian Defense Ministry, Wednesday, Netflix Locations: New York, Cava, Skims, Russia, Ukraine, Europe, Odesa’s

☆ Meet the $1 billion water-recycling startup helping the likes of Coca-Cola, BMW, and TSMC curb their usage and clamp down on pollution
▼ + stars: | 2023-07-18 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +8 min

The water-recycling firm Gradiant became one of the first in the space to be valued at $1 billion. Bajpayee's Gradiant helps industrial businesses get this under control by treating and recycling used water. Gradiant has raised over $400 million from investors to date and counts BMW, Coca-Cola, Pfizer, and Taiwan Semiconductor Manufacturing Co. as customers. "If you think about it, ever since the industrial revolution, we've just been taking water from nature," Bajpayee told Insider. Bajpayee added that the company used fewer and, "in some cases," no chemicals in its treatments.

Persons: Gradiant, Anurag Bajpayee, we've, Bajpayee, MIT spinout, Iris, Extantia, Leonardo DiCaprio, Lindsey Higgins, Higgins Organizations: BMW, Cola, Pfizer, Taiwan Semiconductor Manufacturing, MIT, Synthesis Locations: Microsoft's, South America

WASHINGTON, July 12 (Reuters) - Billionaire Elon Musk said on Wednesday he thinks China is interested in a cooperative international framework on artificial intelligence, from conversations he had when he visited China a few weeks ago. Musk made the remarks in a Twitter Space event with two U.S. congressmen, Democrat Ro Khanna and Republican Mike Gallagher. "China is definitely interested in working in a cooperative international framework for AI regulation," Musk said. He added that he has advocated for artificial intelligence regulations and oversight, including in his meetings in China. After meeting with officials during his China trip, Musk last month said the Chinese government would seek to initiate artificial intelligence regulations in China.

Persons: Billionaire Elon Musk, Musk, Ro Khanna, Mike Gallagher, Tesla, Ding Xuexiang, Kanishka Singh, Anna Tong, Sandra Maler, Leslie Adler Organizations: Billionaire, Regulators, Thomson Locations: China, Shanghai, Beijing, ChatGPT

☆ Elon Musk says he told China's leaders that if a 'digital superintelligence' is created, it could take charge of the country
▼ + stars: | 2023-07-13 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Elon Musk's warning for China: superintelligent AI could take control of the country. The billionaire said he told senior leaders about the potential threat during a recent China trip. Elon Musk says he told senior leaders in China that the creation of an AI-led "digital superintelligence" could usurp the Chinese Communist Party and take control of the country. Musk has raised several alarms about the potential dangers of AI becoming a kind of "superintelligence" with some capabilities that humans have. During his trip to China, Musk was treated like royalty, meeting senior government officials and business leaders to discuss popular topics such as AI.

Persons: Elon, Musk, Elon Musk, xAI, OpenAI, Ro Khanna, Mike Gallagher, Gallagher Organizations: Morning, Communist Party Locations: China

☆ Musk discusses his new company xAI, 'superintelligence,' and China
▼ + stars: | 2023-07-13 | by ( Lauren Feiner | ) www.cnbc.com time to read: +7 min

The event was billed as a conversation about the future of AI and came on a day that Musk launched his own new AI company, xAI. "I think a maximally curious AI, one that is just trying to sort of understand the universe is, I think, going to be pro-humanity," Musk said. He said the idea that a "digital superintelligence" could supplant the Chinese Communist Party itself seemed to resonate. Musk even said he believes the Chinese government would be open to collaborating on an international framework around AI regulation. Musk acknowledged he has "some vested interest in China" but ultimately believes "China is underrated" and that "the people of China are really awesome."

Persons: Elon Musk, Porte, Musk, Ro Khanna, Mike Gallagher, Gallagher, Xi Jinping, China's, Janet Yellen, John Kerry, he's Organizations: SpaceX, Tesla, Twitter, Viva Technology, Porte de, Chesnot, U.S, House Armed Services Committee, Chinese Communist Party, xAI, Motion, Communist Party, CCP, optimist, Netflix, CNBC, YouTube Locations: Paris, France, China, Taiwan, United States, West

☆ FTC's main concern with A.I. is confirming what is and isn't authentic communication: Rep. Ro Khanna
▼ + stars: | 2023-07-13 | 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 EmailFTC's main concern with A.I. is confirming what is and isn't authentic communication: Rep. Ro KhannaRep. Ro Khanna (D-California) joins 'Last Call' to talk the FTC's investigation into ChatGPT, misinformation on A.I. chatbots and more.

Persons: Ro Khanna Locations: California

☆ Meet a student-loan borrower with $101,000 in debt who doesn't have 'any hope' with Biden's new plan for loan forgiveness: 'I'm never going to be able to pay it down'
▼ + stars: | 2023-07-09 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Jarrett, 38, has $101,000 in student debt and was hopeful for Joe Biden's loan forgiveness. He told Insider he didn't think Biden's new plan for relief would deliver for borrowers. For years after graduating, he struggled to find steady employment and placed his initial student-loan balance of about $60,000 on forbearance. "I'm never going to be able to pay it down," Jarrett told Insider. And I certainly don't think that what he's doing now is going to address the issue either."

Persons: Jarrett, Joe Biden's, Jarrett —, —, doesn't, I'm, I've, Biden, Jarrett isn't, Alexandria Ocasio, Ro Khanna, he's Organizations: Service, Education Department, Higher, Democratic, CNN, Biden Locations: Wall, Silicon, Alexandria, Cortez

☆ AOC says student-loan borrowers 'should not be incurring interest' for at least a year after payments resume as she calls on Biden to 'consider' altering his plan
▼ + stars: | 2023-07-05 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

"I would like to see interest payments suspended during this time, especially during that 12-month ramp-up period," Ocasio-Cortez said. People should not be incurring interest during this 12-month on-ramp period, so I highly urge the administration to consider suspending those interest payments." "Of course, we still believe in pursuing student-loan cancellation and acting faster than that 12-month period wherever possible," she added. Biden has not yet commented on those requests, but the Education Department recommends borrowers make payments because interest is set to accrue a month before payments begin again in October. "However, the Secretary has directed his staff to explore policy options for debt relief that will help as many people as possible."

Persons: Alexandria Ocasio, Cortez, Biden, —, Joe Biden's, Cortez isn't, Ro Khanna, it's Organizations: Service, Supreme Court, CNN, ABC News, Higher, Education, Department, Federal Locations: Rep, Alexandria, California

☆ Student-loan borrowers who qualified for the first debt relief plan are not yet guaranteed relief under Biden's new route
▼ + stars: | 2023-07-03 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Biden is planning to cancel student debt under a new law after the Supreme Court struck down his first plan. He'll use the Higher Education Act, which requires hearings and public comment. The Higher Education Act states that the Education Department can "enforce, pay, compromise, waive, or release any right, title, claim, lien, or demand" related to federal student debt. Given the new standards surrounding the Higher Education Act, it's not yet guaranteed that the same borrowers who benefitted from Biden's first proposal will qualify for the president's new plan. "However, the Secretary has directed his staff to explore policy options for debt relief that will help as many people as possible."

Persons: Biden, —, Joe Biden's, It's, Miguel Cardona, it's, Bharat Ramamurti, Cardona, Alexandria Ocasio, Cortez, Ro Khanna, SCOTUS, Khanna Organizations: Service, Higher, Education Department, Education, National Economic Council, New York Rep, CNN, Twitter Locations: Biden's, Alexandria

☆ The Supreme Court strikes down Biden's student-loan forgiveness plan, blocking debt relief for millions of borrowers
▼ + stars: | 2023-06-30 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The Supreme Court struck down Biden's student-loan forgiveness plan. It ruled that the relief under Biden's current plan is illegal and cannot move forward. In November, two conservative-backed lawsuits succeeded in pausing the implementation of Biden's debt relief plan, just one month after applications for the loan forgiveness opened up. "Resuming student debt payments in the middle of an affordability crisis is unconscionable. President Biden needs to deliver on his promise to cancel student debt," Khanna wrote on Twitter.

Persons: —, Joe Biden's, Pell Grant, Biden, Brown, Miguel Cardona, Ro Khanna, Alexandria Ocasio, Cortez, Khanna, We're Organizations: Service, Republican, US Department of Education, Department of Education, . Nebraska, Democratic, —, The Education Department, Education, Supreme, Twitter, Politico, Higher Locations: . Nebraska, ., Alexandria

☆ A $7 billion startup wanted to build patient-friendly healthcare. Its bet on buzzy weight-loss drugs is testing that vision.
▼ + stars: | 2023-06-29 | by ( Blake Dodge | Rebecca Torrence | ) www.businessinsider.com time to read: +12 min

Patient complaints go beyond the Wegovy shortageKaitlyn's complaints echo an array of issues faced by other Ro patients seeking weight-loss drugs. The patients Insider interviewed asked to be identified by their first names to protect their privacy. In this chat log, a Ro weight-loss patient sends messages to the startup asking to cancel the program. Reitano told Insider that around 90% of Ro patients got a response within 24 hours. "Until these DTC companies generally start getting into the muck of healthcare, they're not going to have a material impact," Parker told Insider.

Persons: Ro, Zachariah Reitano, Reitano, Li Ran, Robyn Phelps, Kaitlyn, She'd, didn't, she's, couldn't, Max Kerwick, drugstores, Max, Ro's, aren't, hasn't, Florian Gaertner, it's, TJ Parker, they're, Parker Organizations: New York, Getty, Better Business Bureau, Nordisk, Better Business, CareMetx, Ro, TechCrunch Locations: Xinhua, New York, New York City

☆ 10 Things in Tech: Shopify's midlife crisis, how to land deals with brands, and Microsoft's former human resources vice president shares advice
▼ + stars: | 2023-06-29 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Also, please let me know what you want to see in Insider Today. Startup studios like Fractal think of startup ideas, then hire founders to execute the vision. But multiple Fractal founders say their businesses are on life support. Many of them think it's because of how startup studios structure terms and conditions for investing — they take a massive chunk of ownership. Investors also prefer when startup founders create the ideas themselves.

Persons: I'm, Siu, Chelsea Jia Feng, Melia Russell, Stephanie Palazzolo, Tyler Le, Shopify's, Chris Williams, Lindsay Noah, Vermillion, Jim Vermillion, Diamond Naga Siu, Alistair Barr, Hallam Bullock Organizations: Startup, Investors, Nike, Abercrombie, Amazon, OpenAI, Syracuse Land Bank, Leasing, Galactic, Space Station, Computing, Intel, Microsoft, MIT Locations: Tech, Syracuse , New York, Syracuse, New York, San Francisco, San Diego, Silicon Valley, London

☆ Student-loan payments are resuming in 3 months — and borrowers might not be ready for the 'sizeable shock' to their wallets
▼ + stars: | 2023-06-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Student-loan payments are set to resume in October. Bank of America and Morgan Stanley highlighted the strain borrowers will face. 34% of surveyed borrowers don't think they can afford the payments at all, Morgan Stanley said. Morgan Stanley survey on student-loan payments. Morgan StanleyAnd a Monday note from Morgan Stanley researchers said that just 29% of federal student-loan borrowers are confident they'll be able to afford payments without adjusting spending in other areas.

Persons: Morgan Stanley, —, Joe Biden's, Donald Trump, Biden, Ethan Harris, Harris, Marshall Steinbaum, Miguel Cardona, Cardona, Ro Khanna Organizations: Bank of America, Service, Joe Biden's Education Department, " Bank of, Family Institute, University of Utah, Senate, Twitter Locations: California

☆ A key driver behind ballooning student-loan balances is about to come back after a 3-year pause
▼ + stars: | 2023-06-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Student-loan payments, and interest, have been on pause for over three years. Interest has been a key driver of surging student-loan balances due to capitalization. "I feel like I've actually been responsible, and I've paid a considerable amount of money on my student loans," Wise said. "The only policy that has ever ended this debt cycle is the repayment pause, and the cycle is all but guaranteed to restart once the repayment pause comes to an end." "It would be political malpractice to have students repay student loans under Biden when Trump provided the relief," California Rep. Ro Khanna told The Washington Post.

Persons: —, David Wise, I've, Wise, Miguel Cardona, Joe Biden, Biden, " Cardona, Trump, Ro Khanna Organizations: Service, Education Department, Supreme, Jain, Institute, Federal Student Aid, Congress, Democratic, Biden, Washington Post Locations: California

☆ We need a manufacturing renaissance here in the U.S., says Rep. Ro Khanna
▼ + stars: | 2023-06-16 | 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 EmailWe need a manufacturing renaissance here in the U.S., says Rep. Ro KhannaRep. Ro Khanna (D-Calif.) joins 'Squawk Box' to discuss Khanna's recent movements, the congressman's focus on onshoring manufacturing jobs, and much more.

Persons: Ro Khanna Locations: U.S

☆ Student-loan borrowers will begin making payments in October — and they'll be notified 'well before' their first bill is due, Biden's Education Department says
▼ + stars: | 2023-06-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Student-loan borrowers will resume payments in October, the Education Department confirmed. Borrowers are awaiting a Supreme Court decision on Biden's broad debt relief in the coming weeks. Per the documents, the department was preparing to resume interest accrual on borrowers' student loans in September, and they would not be hit with a bill until October. A Supreme Court decision could come on Friday or the next two Thursdays of June, and additional days could be added to the calendar. "Our concern is only heightened by the prospect of an unfavorable ruling in coming days framed by a conservative, right-wing majority of the Supreme Court.

Persons: —, Joe Biden's, Biden, Ayanna Pressley, Ro Khanna, Trump, Derrick Johnson, Wisdom Cole Organizations: Education Department, Service, Politico, Biden, An Education Department, Democratic, Supreme Court, Massachusetts, Washington Post, NAACP, Youth and College Locations: California

☆ Messi's decision is great for the MLS and U.S. soccer, says fmr. Nike Soccer brand manager Ro Vega
▼ + stars: | 2023-06-08 | 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 EmailMessi's decision is great for the MLS and U.S. soccer, says fmr. Nike Soccer brand manager Ro VegaRo Vega, former North America brand manager for Nike Soccer, joins 'Squawk Box' to discuss Lionel Messi's decision to join Inter Miami FC, the implications for Major League Soccer and the sport in the U.S., and more.

Persons: Ro Vega Ro Vega, Lionel Messi's Organizations: MLS, Nike Soccer, Inter Miami FC, Major League Soccer Locations: North America, U.S

☆ Student-loan borrowers are about to be thrown back into repayment, and the economy will suffer — especially if Biden's debt cancellation is struck down
▼ + stars: | 2023-06-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Education Secretary Miguel Cardona has confirmed student-loan payments will resume this year. In March 2020, former President Donald Trump first implemented the student-loan payment pause to give borrowers financial relief during the pandemic. 'We're looking at a pretty severe fiscal contraction'Steinbaum previously told Insider that the economy has been "more than fine" without borrowers' student-loan payments. But they're a weight, it's about 20 million student-loan borrowers that haven't been paying, they'll have to begin paying more or less in September," Zandi said. Democratic lawmakers have been sounding the alarm on the harmful impacts a payment resumption would have without Biden's broad debt relief.

Persons: Miguel Cardona, —, It's, Donald Trump, Trump, Joe Biden, — Biden, We're, Cardona, Biden, Kevin McCarthy, Marshall Steinbaum, Steinbaum, Mark Zandi, haven't, Zandi, that's, it's, Ayanna Pressley, Countess, Ro Khanna Organizations: Supreme, Service, Education, Family Institute, University of Utah, Education Department, Moody's, CNBC, Relief, Getty, Democratic, Massachusetts, Twitter Locations: Washington ,

☆ Some Democrats don't like Biden and McCarthy's debt-ceiling bill — but they'll vote for it because 'the macro alternative is absolutely indigestible'
▼ + stars: | 2023-06-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Many Democratic lawmakers are unhappy with the debt-ceiling bill that just passed the House. But some of them will vote for the bill anyway because they say a default would be far worse. "The macro alternative is absolutely indigestible," Rep. Jamie Raskin told Politico. On Wednesday night, the House easily passed Biden and McCarthy's Fiscal Responsibility Act with a bipartisan vote of 314-117. Other Democrats feel the same — but fear a default on the nation's debt would be worse than signing the bipartisan debt-ceiling bill into law.

Persons: Jamie Raskin, —, Joe Biden's, Kevin McCarthy's, they'll, Biden, Vermont Sen, Bernie Sanders, Politico, Sen, Elizabeth Warren of, she's, Janet Yellen, McCarthy, Alexandria Ocasio, Ro Khanna, Chuck Schumer, Nobody's Organizations: Democratic, Service, Congressional, Office, SNAP, Elizabeth Warren of Massachusetts, Politico, Republicans, Social Security, Medicare, Congressional Progressive Caucus, Caucus, Twitter Locations: Vermont, Alexandria, Cortez

“Why would Biden say what a good deal it is before the vote?” he asked reporters at one point, referring to himself in the third person. From the start of the clash with Mr. McCarthy’s Republicans, Mr. Biden has followed the instincts he has developed through long, hard and sometimes painful experience. The agreement crafted by Mr. Biden and Mr. McCarthy in the end was a whittled-down version of the original proposals on the table. Image The agreement crafted by Mr. Biden and Mr. McCarthy in the end was a whittled-down version of the original proposals on the table. Even as his allies and even his own White House issued incendiary statements, Mr. Biden acted like the person who has been there before.

Persons: Biden, ”, reticence, Kevin McCarthy, McCarthy, McCarthy’s, Mr, Jamaal Bowman, Kenny Holston, Biden’s, Ro Khanna, shrugged, —, “, Doug Mills, “ I’ve Organizations: Capitol, White, Democratic, McCarthy’s Republicans, Republicans, Republican Party, ”, New York Times, Congressional, Internal, Service, Twitter Locations: Washington, New York, reining, California

Search resuls for: "Ro"

25 mentions found