DIRS.INFO The most relevant business & tech news

[1/2] 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. REUTERS/Randall HillWASHINGTON, Feb 5 (Reuters) - The U.S. military said on Sunday it is searching for remnants of the suspected Chinese surveillance balloon it shot down the previous day, in a dramatic spy saga that has further strained American-Chinese relations. A successful recovery could potentially give the United States insight into China's spying capabilities, though U.S. officials have downplayed the balloon's impact on national security. Democrats said Biden's decision to wait to shoot down the balloon until it had passed over the United States protected civilians from debris crashing to Earth. The Pentagon will brief senators on the balloon and Chinese surveillance on Feb. 15, Schumer said.

☆ U.S. military searches for balloon remnants as China urges restraint
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +3 min

A successful recovery could potentially give the United States insight into China's spying capabilities, though U.S. officials have downplayed the balloon's impact on national security. A U.S. fighter jet shot down the balloon in the Atlantic off South Carolina on Saturday, a response China described as an "obvious overreaction". Brokerage ING said in a Monday note that the incident could exacerbate the "tech war" and would have negative near-term impact on China's yuan currency. "This new risk is more of a long-term risk than an imminent one," ING said. China's yuan fell to a low of 6.8077 per dollar in early Monday trading, touching the weakest level in nearly a month.

Beijing condemned the shooting down of the balloon as an "obvious overreaction" and urged Washington to show restraint. Some U.S. Republicans have questioned why the balloon was not shot down before it was allowed to travel across the United States. Senior U.S. officials have offered to brief former Trump administration officials on the details of what the White House said were three China balloon overflights when Donald Trump was president. Chinese foreign ministry spokesperson Mao Ning said China learned its balloon had drifted over the United States after being notified by Washington. On Sunday, Colombia's military said it sighted an airborne object similar to a balloon after the Pentagon said on Friday another Chinese balloon was flying over Latin America.

☆ Factbox: Possible U.S. debt-ceiling workarounds to avoid default
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +4 min

Historians say that aimed to ensure the federal government would not repudiate its debts, as some ex-Confederate states had done. Some experts have suggested that Biden could invoke this amendment to raise the debt ceiling on his own if Congress does not act. That leaves only three possible dates for action in the first half of this year: March 27, May 22 and June 12. Analysts say this would leave Treasury on the hook for higher interest payments and unsettle the market for Treasury bonds, which serve as a bedrock for the global financial system. Attempts to abolish the debt ceiling have gotten no traction in Congress in recent years.

☆ Factbox: U.S. debt ceiling: A straightforward vote is not the usual path
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

CREATION OF THE DEBT CEILINGCongress has always placed restrictions on federal debt as part of its U.S. Congress paired a debt-ceiling hike with broader bipartisan spending packages in 2018 and 2019, for example. The recession-fighting stimulus package of 2009 also included a debt-ceiling hike. Republicans unsuccessfully tried to pair a debt-ceiling hike with spending cuts in 1995 and 1996, leading to two partial government shutdowns. That deal also reversed the usual calculus by allowing the president to raise the debt ceiling unless a majority of Congress voted against it, which they conveniently failed to do.

That is a shift from previous budget negotiations, when Republicans suggested raising the retirement age and partially privatizing Medicare. Social Security accounted for 17% of federal spending in the 2021 fiscal year, while Medicare accounted for 13%, according to the nonpartisan Congressional Budget Office. That would leave another 11% of the federal budget off limits. That would force budget cuts if federal borrowing exceeded a set share of the economy, but he has not said what that limit should be. NO DEBT CEILING INCREASE AT ALLSome hardliners, such as Tim Burchett and Andy Biggs, have said they will vote against raising the debt ceiling, no matter what provisions are attached.

[1/2] U.S. President Joe Biden speaks to the media after his arrival to the White House in Washington, U.S., January 30, 2023. The White House says it will only discuss future spending cuts after the debt ceiling is raised. Biden will call on McCarthy to release a budget plan in the meeting and to commit to support the nation's debt obligations, according to a White House memo seen by Reuters. The White House has said it would release its budget proposal on March 9. House Republicans, meanwhile, will aim to produce their budget proposal in April, said House Republican Leader Steve Scalise.

☆ Veterans of 2011 U.S. debt-ceiling fight see tougher battle ahead
▼ + stars: | 2023-01-31 | by ( Andy Sullivan | ) www.reuters.com time to read: +5 min

As in 2011, Republicans aim to pair this year's debt-ceiling hike with sharp spending cuts to narrow annual budget deficits that have ballooned in recent years due to tax cuts and COVID-19 relief. 2 House Republican spent hours with Biden trying to find a solution, said the president's no-negotiations stance may prove unsustainable. Any agreement that emerges from that chamber will need bipartisan support, which could prove difficult for a Republican House majority to accept. Some House Republicans protested when McConnell in December 2021 cut a deal to raise the debt ceiling and avoid default. "That's what things like the debt ceiling are built for - they're forcing mechanisms that create an artificial deadline," he said.

☆ Explainer: Shutdown? Default? Washington's risky new debt ceiling standoff
▼ + stars: | 2023-01-24 | by ( Andy Sullivan | ) www.reuters.com time to read: +5 min

According to the Congressional Budget Office, the 2018-2019 shutdown reduced economic activity by about $11 billion while it was underway, but much of that lost growth was recovered when government activity resumed. WHAT IS THE DEBT CEILING? This year could see a repeat of 2011, as Republicans who control the House of Representatives say they will not raise the debt ceiling unless Democratic President Joe Biden agrees to limit spending. WHAT HAPPENS IF THE DEBT CEILING IS NOT RAISED? Sources: Congressional Budget Office (CBO), Government Accountability Office, Congressional Research Service, Office of Management and Budget, Social Security AdministrationReporting by Andy Sullivan; Editing by Scott Malone and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

The 12-member jury found Oath Keeper members David Moerschel, Joseph Hackett, Roberto Minuta and Edward Vallejo guilty of seditious conspiracy. Seditious conspiracy is a rarely prosecuted Civil War-era law that prohibits plotting to overthrow or destroy the government and carries up to 20 years in prison. A jury found Oath Keepers founder Stewart Rhodes and another Florida-based leader of the group guilty of seditious conspiracy in a separate trial in November. U.S. District Judge Amit Mehta split the Oath Keepers seditious conspiracy case into two separate trials due to space limitations and the risks of COVID-19 contagion. Jurors heard testimony and evidence in the second Oath Keepers case for several weeks.

☆ Trump warns U.S. House Republicans not to touch Social Security, Medicare
▼ + stars: | 2023-01-20 | by ( David Morgan | ) www.reuters.com time to read: +3 min

"Under no circumstances should Republicans vote to cut a single penny from Medicare or Social Security," Trump said in a two-minute video message posted to social media that could test his influence among Republicans who now control the U.S. House of Representatives. Save Social Security. Trump's call to protect the two single largest federal spending programs could put him at odds with some House Republicans who have said they should not be off the table in budget talks. Trump, who launched his 2024 presidential reelection bid in November, was rebuffed by hard-line conservative House Republicans earlier this month when he urged them to fall in line behind Representative Kevin McCarthy as he sought to lead the chamber. Republicans want to balance the federal budget within a decade, and some have said that changes to Social Security and Medicare should be considered.

The White House said some material was found in a locked garage at Biden's home and an adjacent room, and pledged to cooperate. "People know I take classified documents and classified material seriously," he added. Biden's attorneys said they have found fewer than a dozen classified documents and turned over the relevant papers after finding them. Trump resisted doing so until an August FBI search turned up about 100 classified documents, raising questions about whether Trump or his staff obstructed the investigation. "People know I take classified documents, classified material seriously," Biden told reporters on Thursday.

"We are confident that a thorough review will show that these documents were inadvertently misplaced," White House lawyer Richard Sauber said in a statement. The White House on Monday disclosed that classified documents from Biden's vice presidential days were discovered in November at a think tank in Washington. REUTERS/Jonathan Ernst 1 2 3 4 5"The fact that they called for special counsel for Trump's handling of classified documents, I don't see how they cannot appoint a special counsel with respect to Biden," said Representative James Comer, who will head the House Oversight Committee. Garland named a special counsel, Jack Smith, in November to oversee Justice Department investigations related to Trump, including the Republican former president's handling of classified documents and efforts to overturn the 2020 election. "As I said earlier this week, people know I take classified documents, classified material seriously.

[1/3] Proud Boys leader Enrique Tarrio speaks to members of the media as he leaves the D.C. Central Detention Facility where he had been held since September 2021, in Washington, U.S., January 14, 2022. All five Proud Boys defendants have pleaded not guilty and their attorneys will argue that they did not plot to block the peaceful transfer of power. "Dude, we're right in front of the Capitol right now. American citizens are storming the Capitol - taking it back right now," Biggs said on a video he recorded of himself. The indictment said Pezzola used the stolen shield to break a window, allowing members of the mob to enter the Capitol.

☆ Explainer: Washington creeps toward a debt catastrophe, again
▼ + stars: | 2023-01-12 | by ( Jason Lange | ) www.reuters.com time to read: +3 min

WASHINGTON, Jan 12 (Reuters) - An expected showdown between President Joe Biden's Democrats and a newly minted Republican majority in the U.S. House of Representatives over the debt ceiling is threatening to push Washington to the brink of a debt crisis. WHAT'S THE DEBT CEILING? IS THE DEBT CEILING GOOD FOR ANYTHING? Others argue the debt ceiling itself violates the U.S. Constitution. In a 2011 showdown, House Republicans successfully used the debt ceiling to extract sharp limits on discretionary spending from Democratic President Barack Obama.

[1/18] U.S. President Joe Biden speaks with border patrol officers as he walks along the border fence during his visit to the U.S.-Mexico border to assess border enforcement operations, in El Paso, Texas, U.S., January 8, 2023. Biden on Thursday said his administration would tighten immigration enforcement by blocking Cuban, Haitian and Nicaraguan migrants at the border, expanding the nationalities of those who can be expelled back to Mexico. But that has not impressed Republicans like Texas Governor Greg Abbott, who accused him of failing to enforce immigration laws. Biden told reporters he had not yet read the letter. On the ground in El Paso, migrants greeted the new policy with trepidation.

The last time the House failed to elect a speaker on the first ballot was in 1923, during a contest that took nine ballots to resolve. Possibilities include number two House Republican Steve Scalise and Representative Jim Jordan - who received 20 votes when nominated on Tuesday. But House Democratic Leader Hakeem Jeffries told reporters that Republicans have not reached out to discuss that option. Well, I am not going to surrender," Republican Representative Trent Kelly said at a news conference on Wednesday evening. Wednesday's three failed votes - following three failed votes on Tuesday - also served as a rebuke to Trump, who had urged Republicans to unite behind McCarthy.

☆ Following Trump tax revelations, U.S. House passes bill to boost oversight
▼ + stars: | 2022-12-22 | by ( Andy Sullivan | ) www.reuters.com time to read: +2 min

Trump's tax records show that his income and tax liability fluctuated dramatically between 2015 and 2020, during his first presidential bid and subsequent term in office. They show that Trump and his wife Melanie minimized their tax liability through large deductions and losses and paid little or no income tax in several of those years. Though the IRS is supposed to audit presidents' tax returns each year, it did not do so until Democrats pressed for action in 2019. The legislation passed by the House would require the IRS to examine presidential tax returns each year and report on the status of those audits. Ways and Means Committee Chairman Richard Neal, a Democrat, said the legislation aimed to strengthen presidential oversight, not target Trump.

WASHINGTON, Dec 20 (Reuters) - A U.S. House of Representatives committee voted on Tuesday to release partially redacted tax filings from former President Donald Trump and said tax authorities had failed to properly scrutinize his returns while he was in office. The House Ways and Means Committee voted to release a summary of Trump's tax returns between 2015 and 2021, the years when he was running for president and serving in the White House, panel members said. Committee chairman Richard Neal, a Democrat, said a redacted summary of Trump's tax returns would be released within days. Trump has said that he cannot release his tax returns because they were being examined by the IRS. Another House committee on Monday asked federal prosecutors to prosecute Trump for sparking the deadly Capitol attack on Jan. 6, 2021.

WASHINGTON, Dec 20 (Reuters) - A U.S. House of Representatives committee voted on Tuesday to release partially redacted tax filings from former President Donald Trump, which could lead to more unwelcome scrutiny for the former president as he mounts another White House bid. The House Ways and Means Committee voted to release a summary of Trump's tax returns between 2015 and 2021, the years when he was running for president and serving in the White House, panel members said. Like other committee Republicans, he voted against their release on the grounds that it could set a bad precedent. REUTERS/Jonathan ErnstCandidates are not required by law to release their tax returns, but previous presidential hopefuls of both parties have voluntarily done so for several decades. Another House committee on Monday asked federal prosecutors to prosecute Trump for sparking the deadly Capitol attack on Jan. 6, 2021.

The Senate voted 70-25 to proceed to debate of the bill, with some Republican senators hoping to offer amendments. A handful of conservative Senate Republicans on Tuesday said they objected to the bill, but would not try to stop its passage. Top Senate Republican Mitch McConnell said most of his caucus supports it: "We're moving toward completing the business for the year. And I think in a highly productive way from the point of view of the vast majority of Senate Republicans." Among the most significant add-ons to the spending bill is the bipartisan Electoral Count Act, which overhauls and clarifies Congress' certification process for presidential elections.

☆ Trump paid no income tax in 2020, reported losses in office, records show
▼ + stars: | 2022-12-21 | by ( Andy Sullivan | ) www.reuters.com time to read: +3 min

WASHINGTON, Dec 21 (Reuters) - Donald Trump paid no income tax during the final full year of his presidency as he reported a loss from his sprawling business interests, according to tax figures released by a congressional panel. Democrats on the panel said their review found that tax authorities did not properly scrutinize Trump's complex tax returns to ensure accuracy. In 2017, Trump and his wife reported adjusted gross income of negative $12.9 million, leading to a net income tax of $750, the records showed. They reported adjusted gross income of $24.3 million in 2018 and paid a net tax of $1 million, while in 2019 they reported $4.4 million of income in 2019 and paid $134,000 in taxes. In 2020, they reported a loss of $4.8 million and paid no net income tax.

WASHINGTON, Dec 20 (Reuters) - Conservative Republicans in the U.S. Senate on Tuesday expressed outrage at a $1.66 trillion government funding bill, but signaled that they did not intend to significantly delay the measure, which could lead to a weekend partial government shutdown. Fellow Republican Senator Mike Braun said the group will intensify its budget reform efforts next year, when Republicans take control of the House of Representatives. Top Senate Republican Mitch McConnell said most of his caucus supports it: "We're moving toward completing the business for the year. And I think in a highly productive way from the point of view of the vast majority of Senate Republicans." Among the most significant add-ons to the spending bill is the bipartisan Electoral Count Act, which overhauls and clarifies Congress' certification process for presidential elections.

WASHINGTON, Dec 20 (Reuters) - A Democratic-led U.S. House of Representatives committee met on Tuesday to decide whether to release publicly details of Donald Trump's tax returns, which could lead to more unwelcome scrutiny for the former president as he mounts another White House bid. Democrats have little time to act, as Trump's Republicans are due to take control of the House in January. Candidates are not required by law to release their tax returns, but previous presidential hopefuls of both parties have voluntarily done so for several decades. Trump's tax returns are still subject to confidentiality restrictions, but Democrats who control the committee could vote to make some details public. Another House committee on Monday asked federal prosecutors to prosecute Trump for sparking the deadly Capitol attack on Jan. 6, 2021.

WASHINGTON, Dec 20 (Reuters) - The U.S. Senate planned to take its first vote on a $1.66 trillion government funding bill on Tuesday, as lawmakers scrambled to pass the measure and avert a possible partial government shutdown beginning on Saturday. The total funding proposed by the sweeping bill, is up from the approximately $1.5 trillion the previous year. It also includes funding to prepare for and respond to potential nuclear and radiological incidents in Ukraine. On the non-defense side of the ledger, the bill's negotiators have set funding at $800 billion, a $68 billion increase over the previous year. This was the second year in a row Congress included funding for hundreds of largely unrelated projects requested by individual lawmakers.

Search resuls for: "Andy Sullivan"

25 mentions found