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☆ The big change that could come for the economy in September
▼ + stars: | 2024-07-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

Wall Street’s expectations for a September rate cut rose to roughly 93% on Thursday from 73% the day before, according to the CME FedWatch Tool. “A September rate cut should be a done deal at this point,” wrote Ron Temple, chief market strategist at Lazard, in a Thursday note. Some economists worry that if the Fed doesn’t cut rates by then, cracks could begin to deepen in the labor market. A September rate cut “may not be the magic elixir some investors are seeking,” wrote Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management, in a Monday note. On an annual basis, consumer prices are increasing at their slowest pace since June 2023, matching the lowest annual rate since early 2021.

Persons: ”, Ron Temple, Jerome Powell didn’t, Brent Schutte, Alicia Wallace, —, Elisabeth Buchwald, McDonald’s, Read Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Lazard, Northwestern Mutual Wealth Management, Bureau of Labor Statistics ’, Taco Bell Locations: New York, Burger

☆ House Democrat told Biden directly: Time to drop out
▼ + stars: | 2024-07-12 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +1 min

On Friday, Rep. Mike Levin became the 18th House Democrat to call for Biden to drop out. The California Democrat reportedly said it directly to Biden during a call with other lawmakers. Levin issued a statement saying that "the time has come for President Biden to pass the torch." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRep. Mike Levin on Friday became the 18th House Democrat to publicly call on Joe Biden to drop out of the raceThe California congressman said it directly to the president during a Congressional Hispanic Caucus call, according to several media reports.

Persons: Mike Levin, Biden, Levin, —, Joe Biden, he's, Donald Trump Organizations: House Democrat, California Democrat, Biden, Service, Congressional, Caucus Locations: California

☆ Live Updates: Inflation Cooled Further in June
▼ + stars: | 2024-07-11 | by ( Jeanna Smialek | Danielle Kaye | ) www.nytimes.com time to read: +3 min

On a monthly basis, prices fell overall, and the core price index was up just 0.1 percent. Fed officials have been watching for signs that inflation is still coming down as they contemplate when to begin cutting interest rates. And Thursday’s inflation reading is poised to be markedly cooler than the 9.1 percent rate when inflation peaked at in 2022. Fed officials meet in late July, but few economists expect a move that early. Fed policymakers officially target 2 percent annual inflation, and they define that goal using the Personal Consumption Expenditures inflation measure, which is related to Thursday’s Consumer Price Index but released later in the month.

Persons: ” Jerome H, Powell, that’s Organizations: Federal Reserve, Bloomberg, Fed

☆ Treasury, IRS announce 'major milestone' of $1 billion in past-due taxes collected from millionaires
▼ + stars: | 2024-07-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Internal Revenue Service Commissioner Danny Werfel testifies before the House Appropriations Committee on Capitol Hill in Washington, May 7, 2024. The U.S. Department of the Treasury and the IRS on Thursday announced what they called a "major milestone" of collecting more than $1 billion in tax debt from high-income individuals over the past year. "The IRS has collected $1 billion from millionaires and shown that it can successfully launch strategic new initiatives and achieve the greatest return on investment," Treasury Secretary Janet Yellen told reporters during a press call. The infusion of IRS funding, enacted via the Inflation Reduction Act in 2022, still has its critics, however, particularly among congressional Republicans. "During the past decade, the IRS didn't have the resources or staffing to pursue high-income earners who our compliance team knew owed taxes," IRS Commissioner Danny Werfel said during the press call.

Persons: Danny Werfel, Janet Yellen, Biden Organizations: Revenue, Capitol, U.S . Department of, Treasury, IRS, Finance Locations: Washington

☆ Thursday was a historically strange day in the stock market. That may be good news
▼ + stars: | 2024-07-11 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Wall Street saw a dramatic shift in market trends on Thursday, with winning and losing stocks swapping places for a day. The Russell 2000 small-cap index, which has struggled to find its footing all year, jumped more than 3% on Thursday. Thursday was just the second day since 1979 when the Russell 2000 rose more than 3% while the S&P 500 declined. The Nasdaq Composite underperformed the Russell 2000 by more than 5 percentage points in what appears to be biggest daily gap on record. "Today's an important day," Ed Yardeni of Yardeni Research said on CNBC's "Closing Bell.

Persons: Russell, Ed Yardeni, Jerome Powell Organizations: Nvidia, Apple, Nasdaq, Investment Group, Pfizer, Yardeni Research, Federal Reserve

☆ Billionaire Ray Dalio outlines the 3 strategies Democrats could use to deal with Biden, the 'emperor who has no clothes'
▼ + stars: | 2024-07-11 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Dalio, the founder of the world's largest hedge fund, Bridgewater Associates, wrote a column for Time magazine published Tuesday. "To begin, I want to make clear that I respect, like, and empathize with President Biden and I get that Democrats find themselves in a difficult position," Dalio wrote. "I look at this case like the fable of the emperor who has no clothes," Dalio added. First, the party can retain Biden as its nominee, a path Dalio thinks the party has chosen for now — at least publicly. Related storiesThe billionaire then suggested two alternative strategies, including a "mini-primary plan" where a select group of candidates battle it out to succeed Biden.

Persons: —, Ray Dalio, Joe Biden's, Biden, Dalio, straightforwardness, Kamala Harris, Biden didn't, Donald Trump, Nancy Pelosi, Joe Organizations: Service, Democratic Party, Bridgewater Associates, LinkedIn, Business, Biden, Democratic, BI, Trump

☆ Opinion | The Strongest Case for Biden Is His Resilience in the Face of the Onslaught
▼ + stars: | 2024-07-11 | by ( Charles M. Blow | ) www.nytimes.com time to read: +1 min

Joe Biden is still standing, refusing to bow out — he reiterated that once again in a lengthy and mostly successful news conference on Thursday night. Some may view it as selfish and irresponsible. Some may even see it as dangerous. But I see it as remarkable. Despite sending a clear message — in his recent flurry of interviews and rallies, in his stalwart address this week to members of the NATO alliance and in his letter on Monday to congressional Democrats, in which he assured them that “I wouldn’t be running again if I did not absolutely believe I was the best person to beat Donald Trump in 2024” — there’s still a slow drumbeat from luminaries, donors and elected officials trying to write Biden’s political obituary.

Persons: Joe Biden, —, Donald Trump, Ari Emanuel, Rahm Emanuel, Biden “, Stephen King, ” Abigail Disney, Walt Disney, “, Biden Organizations: NATO Locations: Japan

“It’s not like Biden’s inner circle didn’t know this,” one Democratic strategist close to the White House said of the extent of the president’s recent decline. “Expect a drip, drip, drip,” said one former Biden White House official. “Blinders are off and everyone is aware,” one source close to the White House told CNN. “He’s declined,” one House Democratic lawmaker who attended the gala told CNN. She wields influence in the White House and campaign, and sits in on some of the president’s political meetings.

Persons: Joe Biden, George Clooney wasn’t, Biden, “, ”, Barack Obama, Obama, Bill Clinton, “ He’s, –, ’, Camp David, “ It’s, Tom Vilsack –, Andrew Bates, “ Joe Biden, ” Bates, Jens Stoltenberg, Keir Starmer, Jacquelyn Martin, Nancy Pelosi, Lester Holt, Ari Emanuel, Ron Klain, ” Emanuel, Klain, Emanuel, Bates, Brett McGurk, Xi Jinping, Kevin Lamarque, Lady Jill Biden, Hunter Biden’s, Emmanuel Macron, Jill Many, Jill Biden, Chris Kleponis, “ She’s, she’s, Jill Biden’s, Valerie Biden Owens, Jill, Valerie won’t, CNN’s Priscilla Alvarez, Kylie Atwood, Betsy Klein, Arlette Saenz, Phil Mattingly Organizations: CNN, Peacock Theater, Radio City Music Hall, Democrat, White, Democratic, Biden, Camp, Los, “, Biden White House, NATO, British, AP, MSNBC, NBC, White House, Congressional Hispanic Caucus, Economic Cooperation, Getty, Democratic Party Locations: Los Angeles, Italy, California, New York, Washington, Las Vegas, Aspen , Colorado, United States, Filoli, Asia, Woodside , California, Wilmington , Delaware, Paris, France, Wilmington, Pennsylvania, AFP

☆ Democrats felt 'gaslit' by the Biden campaign. Are lawmakers returning the favor now?
▼ + stars: | 2024-07-11 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +5 min

"The consensus is that President Biden's our nominee," Khanna said. One day they're like, '100 percent, he's in.' Now, Democrats in Congress — by suggesting that Biden hasn't made his decision after all — sure look like they're returning the favor. After a lull at the beginning of this week, the calls for Biden to step aside from Democratic lawmakers are growing once more. "House Democrats are engaged in conversations with House Democrats at this moment in time.

Persons: Joe Biden's, Ro Khanna, —, Biden's, Khanna, he's, Biden, Nancy Pelosi, Joe, — Pelosi, Pelosi, Donald Trump, Biden hasn't, Hakeem Jeffries, Jeffries, It's, gaslighting Biden, they're, Trump, Jim Clyburn, I'm Organizations: Service, Democrats, Congressional, Caucus, California Democrat, White, Democratic, Rep, Biden, South California Democrat Locations: California

☆ Tractor Supply warned climate change and a lack of diversity would hurt business. Now it’s ignoring those risks
▼ + stars: | 2024-07-11 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +9 min

Hal Lawton, the chief executive of the Brentwood, Tennessee-based company, had said these initiatives “make great business sense for Tractor Supply.”But Tractor Supply has decided that all of those risks are now worth ignoring. By walking away from diversity and climate goals, Tractor Supply has become the latest corporate giant to retreat from progressive initiatives it once promoted, joining Bud Light, Target and others. Tractor Supply declined to comment on these statements. Tractor Supply’s customer base has historically been primarily older men, who lean Republican, but Tractor Supply has increasingly tried to draw Millennials and women, who tend to favor Democrats. Tractor Supply’s reversal could hurt it with these customers, who could be crucial as the company’s historic base ages out of the market.

Persons: Hal Lawton, Bud, ”, Nooshin Warren, “ They’re, ” John Boyd, Steve Helber, Robby Starbuck, “, It’s, ” Boyd, Donald Trump, Joe Biden, ” Lawton, ” Eric Bloem, George Floyd, Bill Ackman, Elon Musk, They’ve, Chick, Bud Light, Jeff Chiu, Bud Light’s, influencer Dylan Mulvaney, CNN’s Eva Rothenberg Organizations: New, New York CNN, Tractor Supply, Supply, Human Rights, Bud Light, University of Arizona, National Black Farmers Association, AP Tractor Supply, Human, Tennessee’s, Congressional District, ”, Black Farmers Association, CNN, “, Tractor, Republican, Pew, Democratic, Disney, Nike, Anheuser, Busch InBev, Target Locations: New York, Brentwood , Tennessee, United States, America, Minneapolis

☆ Key Democrats Chuck Schumer and Nancy Pelosi might just be open to ditching Biden
▼ + stars: | 2024-07-11 | by ( Kwan Wei Kevin Tan | Kelsey Vlamis | ) www.businessinsider.com time to read: +4 min

"As I have made clear repeatedly publicly and privately, I support President Biden and remain committed to ensuring Donald Trump is defeated in November," Schumer said. Related storiesDuring an interview with MSNBC's "Morning Joe," Pelosi declined to give a firm endorsement of Biden staying in the race. A spokesperson for Pelosi later said in a statement to The Washington Post on the same day that the California congresswoman "fully supports whatever President Biden decides to do." AdvertisementRepresentatives for Pelosi and Biden didn't immediately respond to requests for comment from BI sent outside regular business hours. "It's time to come together, move forward as a unified party, and defeat Donald Trump," the letter continued.

Persons: —, Joe Biden, Biden, Donald Trump, Chuck Schumer, Nancy Pelosi, Axios, Schumer, Gavin Newsom, Kamala Harris, Pelosi — unmoored, Pelosi, Biden didn't, @SpeakerPelosi, @Morning_Joe, Alexandria Ocasio, Cortez, Vermont Sen, Bernie Sanders, HuffPost Organizations: Service, Business, New York, Democratic, Gov, Schumer, Washington Post, California congresswoman, BI, New York Rep Locations: California, Alexandria, Vermont

☆ Live Updates: Inflation Likely Cooled Further in June
▼ + stars: | 2024-07-11 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +3 min

Overall inflation was probably 3.1 percent in June on an annual basis, down from 3.3 percent in May and the coolest reading since January, based on Bloomberg economist forecasts. Economists forecast just 0.2 percent core inflation on a monthly basis, which would match the reading for May. Fed officials have been watching for evidence that inflation is still coming down as they contemplate when to begin cutting interest rates. And Thursday’s inflation reading is poised to be markedly cooler than the 9.1 percent rate when inflation peaked at in 2022. Fed officials meet in late July, but few economists expect a move that early.

Persons: ” Jerome H, Powell, that’s, “, ” Organizations: Federal Reserve, Bloomberg, Fed

☆ The calls for Biden to step down are now coming from inside the White House
▼ + stars: | 2024-07-11 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

Read previewPresident Joe Biden may have to convince some of his own White House officials that he's still their best hope of defeating former President Donald Trump. The White House strongly denied the report. "Unequivocally, this is not true," White House spokesperson Andrew Bates told The Times, a statement he reiterated to Business Insider. Earlier this week, it looked like the White House had successfully frozen most of Capitol Hill not to pressure the president. Biden is set to speak to White House reporters at length Thursday night in his first extensive news conference in months.

Persons: —, Joe Biden, he's, Donald Trump, Biden, Andrew Bates, Biden's, Nancy Pelosi, Sen, Peter Welch of, Jen O'Malley Dillon, Julie Chavez Rodriguez, we've Organizations: Service, White, The New York Times, Times, Business, The Times, Democratic Party, House, Capitol, Democrats, Peter Welch of Vermont, NBC News, Trump, Biden, NBC, White House, The Associated Press, BI, Electoral, Nebraska, Congressional District Locations: Pennsylvania, Wisconsin, Michigan, Nevada , Georgia, Arizona, Omaha

☆ Opinion | The Nomination Crisis Is Far From Over
▼ + stars: | 2024-07-11 | by ( Ezra Klein | ) www.nytimes.com time to read: +2 min

What I am hearing from congressional Democrats about President Biden is this: He has done little to nothing to allay their fears. The caucus meetings House and Senate Democrats held this week were an airing of grievances and despair, but they didn’t chart a path forward. What they need is a process through which they can gather the information they need to make a final decision. There are two main camps among congressional Democrats. Representative Jerry Nadler, the top Democrat on the House Judiciary Committee, is among those who told his colleagues that Biden should step aside.

Persons: Biden, —, they’ve, “, Donald Trump, ”, Biden won’t, Jerry Nadler, ” Nadler, “ He’s, Nancy Pelosi Organizations: Democrats Locations: House

☆ Trump claims not to know who is behind Project 2025. A CNN review found at least 140 people who worked for him are involved
▼ + stars: | 2024-07-11 | by ( Steve Contorno | ) edition.cnn.com time to read: +12 min

In addition to people who worked directly for Trump, others who participated in Project 2025 were appointed by the former president to independent positions. Several people involved in Project 2025 didn’t serve in the Trump administration but were influential in shaping his first term. Both Trump and Project 2025 have called for eliminating the Department of Education. Vast network of Trump alliesHowever, Trump’s attempts to distance himself from Project 2025 have already encountered credibility challenges. Shortly after Trump’s Truth Social post last week, Democrats noted a recruitment video for Project 2025 features a Trump campaign spokeswoman.

Persons: Donald Trump, “, Trump, Mark Meadows, Stephen Miller, Jay Sekulow, Cleta Mitchell, John Eastman, Brendan Carr, Lisa Correnti, Brett Tolman, Charles Kushner, Trump’s, Tolman, Joe Biden, Danielle Alvarez, “ Team Biden, ” Alvarez, Kevin Roberts, Roberts, ”, Susie Wiles, Chris LaCivita, Paul Dans, Biden, Miller, Russ Vought, Ben Carson, Christopher Miller, John Ratcliffe, Steven Bradbury, Patrick Pizzella –, Mark Morgan, Tom Homan –, –, Kathy Nuebel Kovarik, Ken Cuccinelli, Peter Navarro, Michael Pack, Frank Wuco, Barack Obama’s, David Legates, Mari Stull, President’s, ” Roberts Organizations: CNN, Republican, White, Trump, Heritage Foundation, Mandate, Leadership, Federal Communications, United Nations Commission, Republican Party, “ Team, Democratic, Committee, Heritage, American, Foundation, Department of Education, Affordable, National Weather Service, Trump Administration, America, Center, Management, “ Mandate, Leadership ”, Urban, National Intelligence, Labor, Customs, Border Protection, Immigration, of Homeland Security, US Agency for Global Media, NOAA, State Department, ” “ Conservatives Locations: Trump, Washington, Texas , Alabama, Mississippi, America

☆ Here’s how Biden would actually be replaced
▼ + stars: | 2024-07-11 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +10 min

The president noted he overwhelmingly won Democratic primaries, which is why nearly all of the convention delegates are currently considered to be pledged to him. Biden is correct that the Democrats’ rules allow delegates to vote for the candidate of their choice. She told me how the process of replacing Biden would work considering nearly all of the 3,949 pledged convention delegates are currently pledged to support him. Sort of legally, according to party rules, he could be replaced anytime up to the roll call at the convention. Party leaders may yet carry on with the plan as a way to squash questions about Biden.

Persons: Joe Biden, “, ” Biden, It’s, Biden, Elaine Kamarck, Kamarck, it’s, Jimmy, Carter, Sen, Edward Kennedy, They’ve, Michigan’s Gretchen Whitmer, Maryland’s Wes Moore, California’s Gavin Newsom, Kamala Harris, energize, Shelby Tauber, That’s, she’s, they’re, They’re, who’s, they’ve, ”, ” It’s, ’, We’ve, Kennedy, Reagan, Ford, Hur, you’re, Read, CNN’s Arit John, Ethan Cohen Organizations: CNN, Democratic National Convention, Democratic, Brookings Institution, Democratic Party, LBJ, Biden, Brookings, Republicans, Democrats Locations: New Hampshire, Alabama, Maine, Utah, Dallas , Texas, Chicago, Ohio

☆ Democrats go public with fears of GOP ‘landslide’ that could jeopardize US democracy
▼ + stars: | 2024-07-10 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +8 min

CNN —President Joe Biden and his advisers keep issuing unequivocal declarations that he’s staying in the 2024 race, but Democrats aren’t hearing it. “Speaker Pelosi fully supports whatever President Biden decides to do,” a spokesperson said in a subsequent statement. “Donald Trump is on track, I think, to win this election, and maybe win it by a landslide, and take with him the Senate and the House,” he told CNN’s Kaitlan Collins. Trump is currently aheadCNN’s Road to 270 assessment of the electoral map shows Trump in position to win the election. “Donald Trump and the Republicans have loved every minute of watching this discussion,” Rep. Debbie Dingell, who represents the battleground state of Michigan, told CNN’s Jessica Dean.

Persons: Joe Biden, “, Nancy Pelosi, ”, Biden, Pelosi, Vermont Sen, Peter Welch, —, Colorado Sen, Michael Bennet, “ Donald Trump, CNN’s Kaitlan Collins, Adam Smith, ” Smith, Trump, CNN’s Wolf, Ritchie Torres —, Biden —, Clooney, George Clooney, cohosted, “ Joe Biden, ” Clooney, He’s, Rob Reiner, Michael Douglas, ABC’s George Stephanopoulos, doesn’t, Lester Holt, ’ Bennet, Sens, Sherrod Brown, Jon Tester, ” Bennet, Donald Trump, CNN’s, Ronald Brownstein, Clarence Thomas, Samuel Alito, Harry Enten, CNN’s Jim Acosta, Hakeem Jeffries, Annie Grayer, Manu Raju, Jeffries, Debbie Dingell, CNN’s Jessica Dean Organizations: CNN, Democratic, Democrat, New York Rep, Congressional Black Caucus, The New York Times, Democrats, Trump, Biden, Hollywood, Democratic National Convention, NATO, NBC, Colorado Democrat, Senate, Republicans, White, House Democratic Caucus, ” Locations: Vermont, Washington, Los Angeles, California, Chicago, Russia, New York City, Georgia , Michigan, Nevada, Michigan

☆ U.S. lawmakers push to fund chips jobs
▼ + stars: | 2024-07-10 | 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 EmailU.S. lawmakers push to fund chips jobsCNBC's Emily Wilkins joins 'Power Lunch' to discuss the congressional push to fill jobs at chip factories.

Persons: Emily Wilkins Organizations: U.S

☆ Vermont’s Peter Welch becomes first Democratic senator to call for Biden to step aside
▼ + stars: | 2024-07-10 | by ( Morgan Rimmer | ) edition.cnn.com time to read: +2 min

CNN —Vermont Sen. Peter Welch on Wednesday became the first Democratic senator to call on President Joe Biden to step aside as the party’s presidential nominee. “I understand why President Biden wants to run. He saved us from Donald Trump once and wants to do it again,” Welch continued. “Vermont loves Joe Biden,” Welch wrote. “President Biden and Vice President Harris received a larger vote percentage here than in any other state.

Persons: Vermont Sen, Peter Welch, Joe Biden, Biden’s, ” Welch, ”, “, Biden, Donald Trump, Kamala Harris “, House . Colorado Sen, Michael Bennet, doesn’t, “ Donald Trump, ” Bennet, CNN’s Kaitlan Collins, — Montana’s Jon Tester, Ohio’s Sherrod Brown, —, Welch, Harris, Trump Organizations: CNN, Vermont, Wednesday, Democratic, House . Colorado, Senate Democratic Locations: Washington, ”, Vermont, House

☆ 'Fait accompli': Inside Democratic lawmakers' paralysis over Biden
▼ + stars: | 2024-07-10 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +11 min

One by one, Democratic members of Congress began to stream out of the Democratic National Committee's headquarters on Tuesday morning. House Democrats had convened to discuss Biden's future. The number of Democratic lawmakers publicly calling for Biden to withdraw remains in the single digits. Rep. Summer Lee wears headphones as she departs House Democrats' meeting at the DNC on Tuesday. On Tuesday afternoon, hours after House Democrats' DNC meeting, Rep. Mikie Sherill of New Jersey became the seventh to call for Biden to step down.

Persons: Steve Cohen, Tennessee, We're, Summer Lee, Mike Quigley of, Biden, Adam Schiff of, Joe Biden's, Mike Quigley, Bryan Metzger, he's, John McDonnell, He's, —, Greg Landsman, Ohio, Landsman, Dean Phillips, Phillips, Mike Mansfield, Lyndon B, they're, it's, Chuck Schumer, Patty Murray, Maria Cantwell, Schumer, Alex Wong, Rachel Scott, Scott, I've, Joe, CNN's Manu Raju, Murray, Jon Tester, Sherrod Brown of, Michael Bennet of, Bennet, Sen, Amy Klobuchar, Tom Williams, Kamala Harris, Mikie, Democrats aren't, Nancy Pelosi, It's, Tim Kaine, Virginia, Kaine, I'm Organizations: Service, Democratic, Democratic National, Democrats, DNC, Capitol, Capitol ., Democrat, Congressional Black Caucus, AP, House Democrat, Biden, White, NATO, Trump, Montana, Civil, Republican, CNN, Getty, Democratic Party, Monday, MSNBC Locations: Pennsylvania, Mike Quigley of Illinois, Adam Schiff of California, Washington ,, Minnesota, Ohio, Sens, Washington, Sherrod Brown of Ohio, Michael Bennet of Colorado, New Jersey, Richmond

☆ Biden’s political position is rapidly deteriorating as critical news conference looms
▼ + stars: | 2024-07-10 | by ( Stephen Collinson | ) edition.cnn.com time to read: +9 min

CNN —A staggering 24 hours that cracked the political foundation of Joe Biden’s reelection bid leave him facing the most high-pressure presidential news conference in modern history on Thursday. The stakes for Biden’s solo appearance at the conclusion of the NATO summit multiplied by the hour as his political position unraveled at a dignity-sapping rate. In another danger sign for Biden’s candidacy, one Democratic strategist told CNN, “Everything is frozen because no one knows what’s going to happen. The deepening crisis gripping the Democratic Party is not simply damaging Biden’s chances of clinging to the nomination. But as Biden’s political standing continues to rapidly deteriorate, the question is becoming how much longer he can insist he’s the only Democrat who can beat Trump.

Persons: Joe Biden’s, Nancy Pelosi, Donald Trump, —, Biden, seared, Pelosi, ”, “, “ I’m, Ritchie Torres —, Biden —, Pat Ryan, “ Trump, Joe Biden, Vermont Sen, Peter Welch, ” Welch, Colorado Sen, Michael Bennet, Trump, Sen, Chris Coons, CNN’s Kaitlan Collins, ” Sen, John Fetterman, CNN’s Erin Burnett, Hakeem Jeffries, George Clooney, Luck, Joe ‘, ’ Biden, ” Clooney, Clooney, Lester Holt, Elissa Slotkin, he’s, Keisha Lance Bottoms Organizations: CNN, NATO, Hollywood, Capitol, GOP, White, California Democrat, Democratic, Congressional Black Caucus, Yorker, Trump, ”, Biden, Democratic National Convention, New York Times, NBC “, Democratic Party, Republicans, House, Former Atlanta Locations: Ukraine, Washington, California, Vermont, Colorado, Chris Coons of Delaware, United States, Pennsylvania, Michigan, Trump

☆ Biden buys time but every day tests his capacity to keep his campaign alive
▼ + stars: | 2024-07-10 | by ( Stephen Collinson | ) edition.cnn.com time to read: +11 min

But the president’s abject debate performance and defiance in the aftermath have badly weakened his standing in a party already unenthusiastic about his campaign. Any slip ups or confusion would rip off the fragile patch Biden has fixed on the dam of Democratic Party support. Biden needs one of his classic comebacks more than everStill, it’s too early to count Biden out. “We concluded that Joe Biden is old; we found out, and the polling came back that he’s old,” Fetterman told CNN. Many of the CBC’s members are in solid blue districts and may be under less pressure than frontline Democrats who have criticized the president’s debate performance.

Persons: Joe Biden’s, Donald Trump, Biden’s, “, –, Biden, Trump, Karine Jean, Pierre, ”, America’s, CNN’s Kayla Tausche, it’s, CNN’s Dana Bash, — Michael Bennet of Colorado, Sherrod Brown of, Jon Tester, ” Bennet, CNN’s Kaitlan Collins, “ Donald Trump, ” Sen, Angus King, King, Pennsylvania Sen, John Fetterman, Joe Biden, ” Fetterman, Chuck Schumer, Joe, Jerrold Nadler, he’d, “ I’m, He’s, I’m, ” Nadler, Marc Veasey, ” Veasey, CNN’s Manu Raju, he’s, Mikie Sherrill, Pete Aguilar, Kamala Harris, stokes, ” Harris, Harris Organizations: CNN, Democratic, Republican, party’s, NATO, Biden, Democratic Party, Russia, Republican National Convention, Trump, Montana, Pennsylvania, New York Rep, New, Democrat, Congressional Black Caucus, House Democratic Caucus, Texas, “, Office, California Democrat Locations: Florida, Washington, Ukraine, Milwaukee, Sherrod Brown of Ohio, Maine, Mikie Sherrill of New Jersey, California, Las Vegas, United States

☆ Senators strike bipartisan deal for a ban on stock trading by members of Congress
▼ + stars: | 2024-07-10 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

A bipartisan group of senators on Wednesday launched a renewed effort to ban members of Congress from trading stock. "There is no reason why members of Congress ought to be profiting off of the information that only they get." Wednesday's amendment to an existing stock trading ban bill would immediately forbid members of Congress, the president and the vice president from purchasing stocks and other covered investments. The effort to bar members of Congress from trading stocks has been an uphill battle since at least the start of the Biden administration. The then-Speaker had previously written off the trading ban as a misguided effort to prevent lawmakers from participating in the "free market economy."

Persons: Jeff Merkley, Sen, Josh Hawley, Hawley, Jon Ossoff, Gary Peters, Biden, Ossoff, Nancy Pelosi, Paul Pelosi Organizations: U.S . Senate Banking, Housing, Urban Affairs Committee, Holdings, Congressional, U.S, Capitol, Washington , D.C, Wednesday, —, Homeland Security, Governmental, FBI, Democratic Locations: Washington ,, Sens, U.S

☆ George Clooney says Biden should drop out, can't win in November
▼ + stars: | 2024-07-10 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

Read previewGeorge Clooney on Wednesday called on President Joe Biden to drop out of the 2024 race just weeks after co-hosting a star-studded fundraiser for the president's campaign. "He wasn't even the Joe Biden of 2020. I'm proud of what my party represents and what it stands for," Clooney wrote. AdvertisementIn his Times column, Clooney added that he help put on, "some of the biggest fund-raisers in my party's history. Joe Biden in 2020."

Persons: —, George Clooney, Joe Biden, Joe, Biden, Clooney, Reed Hastings, Barry Diller, Clooney's, Rob Reiner, Reiner, …, @robreiner, he's, Nancy Pelosi, lister, Julia Roberts, Barbra Streisand, Barack Obama, Steve Ricchetti, Amal Clooney, Hillary Clinton Organizations: Service, The New York Times, Business, Hollywood, Netflix, IAC, MSNBC, Seven House Democrats, Academy, The Washington Post, Democrats Locations: Washington, Hague

Many young conservatives also support student loan cancellation, with 49% of Gen Z and millennial Republicans surveyed saying some or all outstanding education debt should be erased. As president, Trump called for the elimination of the U.S. Department of Education's existing loan relief programs, including the popular Public Service Loan Forgiveness initiative. He also wanted to slash the department's budget, and his administration halted a regulation aimed at providing loan forgiveness to those defrauded by their schools. He has repeatedly attacked Biden's loan relief policies, and he said in a campaign video in late 2023 that he wants to close the Education Department altogether. For critics of broad student loan forgiveness, Biden's new plan looks a lot like his first.

Persons: Joe Biden's, Ryan Walker, Walker, Gen, Z, Trump, Biden's, Biden, Andrew Bailey, Bailey Organizations: Republican, Bloomberg, Getty, Biden, Heritage Action, America, U.S . Department, Public, Education Department, Supreme Locations: Kansas, Missouri, SocialSphere, U.S, . Missouri, Arkansas , Iowa , Kansas , Nebraska, South Carolina

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