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WASHINGTON — The top Democrat in the House slammed Republicans' plan to pass a bill later this month to suspend the debt ceiling for a year and impose broad federal spending cuts, rather than simply raise the $31.4 trillion limit and avoid any risk of potential U.S. debt default. "Even the flirtation with the default is going to hurt everyday Americans," House Minority Leader Hakeem Jeffries told CNBC's "Squawk Box" on Tuesday. "It risks raising car payments, it risks raising home mortgage payments, it risks raising student loan debt payments," he said. The New York Democrat said refusing to raise the debt ceiling for the first time in history would have "catastrophic" consequences. Securities and Exchange Commission Chairman Gary Gensler echoed Jeffries' concerns Tuesday, telling lawmakers that the debt ceiling fight has already affected the markets.

Updating liquidity stress tests to take into account high-speed digital withdrawals, and the ability of social media to spread information among depositors at a much faster pace than ever before. Increasing the frequency of stress tests for mid-sized banks. Several of the proposals the White House endorsed are already under consideration, according to bank regulators who testified this week before two congressional committees. Among these are stricter rules for measuring liquidity in mid-sized banks, those with over $100 billion in combined assets, but under $250 billion. On Wednesday, group of Democratic senators, led by financial regulatory hawk Sen. Elizabeth Warren, D-Mass., sent a letter to bank regulators demanding stronger bank capital requirements.

The suspected Chinese spy balloon drifts to the ocean after being shot down off the coast in Surfside Beach, South Carolina, U.S. February 4, 2023. The U.S. slapped sanctions against six Chinese aerospace companies that it said supported the Beijing's reconnaissance balloon program, adding them to a list of companies the U.S. considers a significant national security threat. We will not hesitate to use the Entity List and our other regulatory and enforcement tools to protect U.S. national security." Last weekend, a high altitude Chinese surveillance balloon was shot down off the coast of South Carolina. "Today's action makes clear that entities that seek to harm U.S. national security and sovereignty will be cut off from accessing U.S.

The chair of the Speaker of the U.S. House of Representatives sits empty as the House embarks on another round of voting for a new House Speaker on the second day of the 118th Congress at the U.S. Capitol in Washington, U.S., January 4, 2023. The longer the infighting on Capitol Hill delays the election of a new House Speaker, the more havoc it will wreak on the federal government. While it doesn't necessarily pose an imminent threat to the U.S. economy, it paralyzes all action on the Hill. Without a speaker, the House can't vote on a rules package governing the new Congress. If the House does not pass rules by Jan. 13, committee staff could start to lose pay, according to guidance sent to those panels reported by Politico.

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