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CNN —President-elect Donald Trump and Elon Musk have big ambitions for making the federal government leaner and more efficient by reviewing its budget and operations from top to bottom. Details about how the new Department of Government Efficiency, or DOGE, will operate – and how Musk and his co-leader Vivek Ramaswamy will avoid conflicts of interest – remain scarce. Musk also took aim at the Department of Education, a frequent target of Trump and Republicans, criticizing the agency for allegedly indoctrinating kids with left-wing propaganda and other failings. Slashing that much from the federal budget – which totaled roughly $6.8 trillion in fiscal 2024 – would require cutting every program by roughly one-third, said Bobby Kogan, senior director of federal budget policy at the left-leaning Center for American Progress. “Trump’s ‘Department of Government Efficiency’ will not be an actual department.

Persons: Donald Trump, Elon Musk, Vivek Ramaswamy, Trump, ” Musk, Ramaswamy, Musk, ”, “, ” Ramaswamy, Stephen Moore, Elon, Vivek, Moore, Larry Summers, Clinton, Glenn Hubbard, George W, Bush, Bobby Kogan, ” Kogan, Brian Riedl, Riedl, GOP Sen, Rob Portman, Sharon Parrott, Ronald Reagan, Reagan, William Hoagland, Peter G, Peterson, –, Jon Greenbaum, ’ that’s, Harry Sandick Organizations: CNN, Elon, Department of Government, Trump, Republican, White House, SpaceX, Department of Education, of Defense, Veterans Affairs and Homeland Security, Education Department, Labor Department, FBI, Nuclear Regulatory Commission, Heritage Foundation, US, of Economic, American, Security, Social Security, Manhattan Institute, GOP, ‘ Department, Government, White, White House & Congress, Congressional Republicans, Children’s Health Insurance, Affordable, Budget, Republicans, Grace, Center, Elon Musk, Federal Advisory Committee, Democratic Locations: Rob Portman of Ohio

☆ JD Vance said a dinner with elite CEOs made him realize he might end up hating what he'd become
▼ + stars: | 2024-07-16 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Vance told the outlet that in 2018, he was invited to an event hosted by the Business Roundtable, a nonprofit lobbyist group made up of CEOs. Vance told the Times the CEO then turned to him and said, "Well, you understand this as well as anybody. "Trump is much more economically populist, anti-free trade than traditional Republicans, and Vance has pushed hard to support this new populist economics in the GOP." The outlet reported that some business leaders and major GOP donors were against Trump picking Vance as a running mate.

Persons: —, Donald Trump, Sen, JD Vance, Ohio Republican —, Vance, we've, I've, Trump, Brian Riedl, Hitler, Trumper Organizations: Service, Ohio Republican, Trump, The New York Times, Business, Times, Republicans, GOP, Manhattan Institute Locations: Ohio

☆ Opinion: Trump and the upside-down world
▼ + stars: | 2023-10-01 | by ( Richard Galant | ) edition.cnn.com time to read: +17 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. CNN —The title on the cover of Cass R. Sunstein’s 2021 book, “This is not normal,” is printed upside down. The beginning of a Trump-backed House Republican inquiry into impeaching President Joe Biden with no clear evidence of his wrongdoing. A last-ditch move Saturday kept federal agencies funded for 45 days while putting more aid to Ukraine in jeopardy. Bill Bramhall/Tribune Content AgencyOn Monday, a New York judge found Trump and his adult sons liable for insurance and bank fraud and canceled the Trump Organization’s business certification.

Persons: Cass R, ” Sunstein, Ronald Reagan, “ Donald Duck, Donald Trump, Joe Biden, Trump, “, ”, Kevin McCarthy’s, Clay Jones, Mike Lawler, Rosa Cruz, Rob Rosenthal, Brian Riedl, Walt Handelsman, Biden, MAGA, John Avlon, ’, Bill Bramhall, Frida Ghitis, —, Ghitis, Phil Hands, Julian Zelizer, Steven Lubet, Judge Chutkan, Dean Obeidallah, Menendez, Hal Boyd, Sen, Tim Scott, Ron DeSantis, Scott, ” Scott, Lyndon, “ you’ve, ” Jeff Yang, Chris Christie’s, ‘, Donald Duck ’, Mike Pence’s, Walter Mondale, Nikki Haley’s, South Carolina Sen, Vivek Ramaswamy, TikTok, whittling, Haley, ” Sophia Nelson, ” Lisa Benson, GoComics.com, James Antle III, Todd Graham, David Axelrod, Musa al, Republicans –, –, Nick Anderson, Agency Cassidy, Evelyn Hockstein, Cassidy Hutchinson, Nicole Hemmer, Hutchinson, …, Alyssa Farah Griffin, Liz Cheney, Alexander Butterfield, Melissa S, Jason L, Riley, Jill Filipovic’s, Robert F, Kennedy Jr, Peter Bergen, Kennedy, Vladimir Putin, Brian Bowen Smith, ABC Gerry Turner, Deborah Carr, Gerry Turner, Turner, ” Don’t, Jill Filipovic, Dianne Feinstein, Matthew F, West Point Vincent, David A, Adam Larson, Michael D, Smith, Travis, Taylor Dana Summers, Taylor Swift, Travis Kelce, ” Rick Reilly, Colgate, Tay, Frankie de la, it’s Organizations: CNN, Republican, Ronald Reagan Presidential, Trump, Chiefs, Department of Labor, Wesleyan University, Agency, MAGA Republican, Pew Research Center, NBC, Republicans, GOP, “, Florida Gov, New, New Jersey Gov, Democratic, UAW, Tribune, White House, Legislative Affairs, White, Street, ” RFK, ABC, Chicago, Corps, Kansas City Chiefs, New York Jets, Washington Post, NFL Locations: Milwaukee, Simi Valley , California, Ukraine, New York, Washington, Tempe , Arizona, New Jersey, Cupp, South Carolina, Florida, Michigan, Michigan , Pennsylvania, Wisconsin, Gharbi, West Point

The deal to suspend the $31.4 trillion debt ceiling until January 2025 holds non-defense discretionary spending largely flat this year, with a 1% increase in fiscal 2024. SOCIAL SECURITY, MEDICARE OFF LIMITSIn their debt limit negotiations, both President Joe Biden and House of Representatives Speaker Kevin McCarthy vowed not to touch the main driver of U.S. debt: rising Social Security pension and Medicare health benefit costs. Debt-ceiling negotiations spared cuts to mandatory spending like Medicare, Medicaid and Social Security even though these programs cost more than discretionary spending. CBO projects the government will spend $6 trillion on mandatory spending programs in the 2033 fiscal year, up from $4.1 trillion this year. But the plan failed when then-president Barack Obama declined to endorse it, setting up Congress for the debt ceiling battle of 2011.

Persons: Joe Biden, Kevin McCarthy, Julia Nikhinson, Dennis Ippolito, you've, Nigel Chalk, Biden, Brian Riedl, Linda Bilmes, Bowles, Barack Obama, Bilmes, David Lawder, Andy Sullivan, Heather Timmons, Nick Zieminski Organizations: White, REUTERS, WASHINGTON, Republicans, Defense, Southern Methodist University, Congressional Budget Office, Security, Social Security, CBO, International Monetary Fund, Reuters, Democratic, Western Hemisphere Department, IMF, Manhattan Institute, Harvard Kennedy School, Commerce Department, Simpson, Thomson Locations: United States, Washington , U.S, U.S, Washington

Though the showdown unnerved investors and prompted threats of a second U.S. debt downgrade in a little over a decade, proposals to abolish the debt ceiling have gained little traction in Congress in recent years. But Democrats did not try to abolish the debt ceiling when they controlled the White House and both chambers of Congress in 2021 and 2022. 'OUTLIVED ITS USEFULNESS'Some budget hawks who previously supported the debt ceiling now argue that the growing dysfunction in Washington has made the risk of default too great. Absent those reforms, many budget experts say the debt ceiling is the only way to force some sort of fiscal restraint. "I would never just drop the debt ceiling and do nothing else in its stead.

Persons: we've, Mike Rounds, Janet Yellen, Steve Ellis, We're, Bill Foster, Barack Obama, Brian Riedl, Riedl, MacGuineas, Andy Sullivan, David Morgan, Scott Malone, Chizu Organizations: Republicans, Democratic, White, Republican, Taxpayers, Democrats, Congress, Biden, Manhattan Institute, Center, Budget, Thomson Locations: U.S, Washington, United States, Denmark

☆ Obama agreed to spending cuts to end the 2011 debt ceiling crisis. Here's what happened next
▼ + stars: | 2023-05-30 | by ( Tami Luhby | ) edition.cnn.com time to read: +4 min

What happened after the 2011 deal was signedThe joint committee in 2011 was tasked with finding additional deficit reduction measures to offset a $1.2 trillion increase in the debt ceiling. The committee did not accomplish its goal, which triggered the spending caps, known as sequestration. In the end, spending was curtailed by about $1.5 trillion out of the total $2.1 trillion agreed to in the 2011 deal, Riedl said. One of the major sticking points to ending the debt ceiling impasse was the depth of the spending cuts. “People were operating under the presumption that the spending caps would never actually happen,” Payne said.

The White House has not ruled out the annual spending caps that Republicans say must accompany any increase in the nation's $31.4 trillion debt limit. Republicans, who control the House, have said they will not vote to raise the debt ceiling unless Democrats agree to sharp spending cuts. BUDGET TALKSBiden has insisted that Congress must increase the country's borrowing capacity without conditions, but the White House says it is also willing to discuss budget matters with House Republicans. House Republicans passed legislation in April that pairs a $1.5 trillion debt-ceiling hike with $4.8 trillion in spending cuts, largely achieved by cutting annual discretionary spending by 8% next year and capping growth in the years to come. The White House and Republicans may agree to ease permitting requirements for pipelines and other energy infrastructure - though that would require time to draft into legislation, said Brian Riedl, a fellow at the conservative Manhattan Institute.

The White House has not ruled out the annual spending caps that Republicans say must accompany any increase in the nation's $31.4 trillion debt limit. Republicans, who control the House, for their part, are not insisting on other conditions that the White House has deemed off limits, such as a repeal of the green-energy incentives in Biden's Inflation Reduction Act of 2022. Biden told reporters on Sunday that he thought both sides wanted to reach a deal. "I still think we're far apart," McCarthy told reporters. BUDGET TALKSBiden has insisted that Congress must increase the country's borrowing capacity without conditions, but the White House says it is also willing to discuss budget matters with House Republicans.

Biden told reporters on Sunday that he thought both sides wanted to reach a deal. Staff from the two camps met through the weekend for talks that White House officials described as constructive. Republicans say there is plenty of time. Biden has insisted that Congress must increase the country's borrowing capacity without conditions, but the White House says it is also willing to discuss budget matters with Republicans who control the House of Representatives. The longer the two sides take to reach a deal, the smaller it is likely to be, he said.

The US could breach the debt ceiling and run out of money to pay its debts as soon as June 1. A White House official previously told Insider that Biden would stress that Congress "must take action to avoid default without conditions." Additionally, Wall Street's response to the debt-ceiling crisis is different this time around. Even so, he added, this debt-ceiling crisis "seems much more dangerous" than the ones from the Obama years. Biden has options to avoid a debt-ceiling crisis that don't involve CongressTuesday's meeting between Biden and congressional leadership aims to break through the logjam.

The United States could run out of money to pay its bills as soon as June 1 if Congress does not raise its self-imposed $31.4 trillion debt ceiling, according to Treasury Secretary Janet Yellen. Democrats say they might try to pass a "clean" debt ceiling hike, but that would be unlikely to win enough Republican votes for passage. The centerpiece of the House Republican plan would scale back a wide swath of annual government spending to last year's levels, a cut of about 8%, and cap its growth by 1% each year after that. The Republican plan does not specify how individual programs would fare. Democrats have argued that domestic spending would take the biggest hit, as Republicans would try to protect military and veterans programs.

☆ The White House warned that a debt ceiling crisis could be just as bad as the Great Recession — and there'd be no way for the government to help anyone out
▼ + stars: | 2023-05-04 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The US could run out of money to pay its obligations as soon as June 1, as the debt ceiling looms. The White House is warning that a protracted default could be as bad as the Great Recession. Even though Speaker of the House Kevin McCarthy's bill passed the House last week, it faces a highly likely rejection in the Democratic-controlled Senate and White House. As Insider previously reported, there are some options on the table to avert a debt ceiling crisis while avoiding congressional drama. Another option would be invoking a clause in the 14th amendment that would declare the debt ceiling unconstitutional.

☆ A $1 trillion platinum coin could save the US from economic catastrophe in less than a month. It would be fast, legal, and no bigger than a regular coin.
▼ + stars: | 2023-05-03 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

One potential solution: Minting a trillion-dollar platinum coin to pay off debts and avert disaster. Some economists say that means it's time for a break-the-glass option: A trillion-dollar coin. The coin — which doesn't need to be bigger than your average purse change, and can be made quickly — is part of a potential debt ceiling loophole. Yes, a trillion-dollar coin is silly, but would Biden "rather not look silly and hurt seniors and hurt Medicare than the other way around?" Yellen has been critical of that route as well, saying in 2021 that she believes it is Congress' job to raise the debt ceiling.

McCarthy told reporters in the U.S. Capitol. Biden said Congress must raise the debt ceiling without conditions, as it did three times under Republican President Donald Trump. It could be difficult for Congress to raise the debt ceiling before then if House Republicans are unable to unite behind a proposal, analysts say. Treasury Secretary Janet Yellen warned on Tuesday that a failure to raise the debt ceiling would trigger a "financial catastrophe" that would sharply raise the cost of borrowing money. Manhattan Institute senior fellow Brian Riedl gives House Republicans a 50-50 chance of passing the legislation this week.

☆ Republicans pitched an economic solution. Now they'll have to deliver.
▼ + stars: | 2022-11-19 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Shannon-Pettypiece-Circle-Byline-Template.Jpg | Shannon Pettypiece | ) www.nbcnews.com time to read: +6 min

While Republicans sought to seize on that economic anxiety during the campaign, most candidates provided few specifics. “The GOP still doesn’t know what its economic policy is in a post-Trump world,” said Brian Riedl, who worked for six years as chief economist for Republican Sen. Biden said he has no plans to change his approach to the economy, despite voters’ sentiments, making a shift toward a compromise with Republicans on economic policy seemingly unlikely. “That means there will be a lot less economic policy. “Republicans are going to need to deliver on the economy, especially if the economy is worsening and inflation is worsening,” said Riedl.

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