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CNN —Senators are racing the clock to pass a bill to suspend the nation’s debt limit through January 1, 2025 – but it’s not yet clear when a final vote will take place as the threat of default looms. Once the Senate passes the measure, it can be sent to President Joe Biden to be signed into law. Suspending the debt limit through 2025 would take the threat of default off table until after the presidential election. In addition to addressing the debt limit, the bill caps non-defense spending, expands work requirements for some food stamp recipients and claws back some Covid-19 relief funds, among other policy provisions. There were 149 Republicans and 165 Democrats who voted for the bill and 71 Republicans and 46 Democrats who voted against it.

Persons: Joe Biden, Chuck Schumer, Mitch McConnell, Schumer, Sen, Bernie Sanders, Democratic Sen, Jeff Merkley Organizations: CNN, Senators, Senate, Republican, Treasury Department, Republicans, Democratic Locations: Vermont, Oregon

WASHINGTON, May 31 (Reuters) - A bill to suspend the U.S. government's $31.4 trillion debt ceiling and avert a disastrous default cleared a key procedural hurdle in the House of Representatives on Wednesday, setting the stage for an vote on the bipartisan debt deal itself. The procedural vote, which allows for the start of debate and then a vote on the bill itself, passed by a vote of 241-187, with 52 Democrats needed to overcome the opposition of 29 Republicans. [1/6] U.S. House Speaker Kevin McCarthy (R-CA) returns to his office from the House floor at the U.S. Capitol ahead of an expected vote in the U.S. House of Representatives on a bill raising the federal government's $31.4 trillion debt ceiling, in Washington, U.S., May 31, 2023. "I cannot, in good conscience, vote for the debt ceiling deal," Sanders said on Twitter. White House Budget Director Shalanda Young, who was one of Biden's lead negotiators, urged Congress to pass the bill.

Persons: Kevin McCarthy's, Joe Biden's, McCarthy, Biden, Chuck Schumer, Mitch McConnell, Schumer, Chip Roy, Roy, Kevin McCarthy, Julia Nikhinson, Rand Paul, Bernie Sanders, Sanders, Shalanda Young, Biden's, Young, White, David Morgan, Richard Cowan, Moira Warburton, Julio, Cesar Chavez, Kanishka Singh, Scott Malone, Rosalba O'Brien, Alistair Bell Organizations: Kevin McCarthy's Republicans, Senate, Treasury, Republican, Office, ., U.S, Capitol, U.S . House, REUTERS, Twitter, White, Republicans, Internal Revenue Service, Democratic, Thomson Locations: U.S, Washington , U.S, Washington

☆ Bernie Sanders vows to vote against Biden and McCarthy's 'totally unnecessary' debt-ceiling deal, saying that the best thing about the bill is 'it could have been much worse'
▼ + stars: | 2023-05-31 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Sen. Bernie Sanders said on Wednesday he will vote against the debt-ceiling bill. He said he cannot support legislation that harms student-loan borrowers and restricts nutritional benefits. "The best thing to be said about the current deal on the debt ceiling is that it could have been much worse," Sanders said in the statement. "President Biden and Speaker McCarthy's agreement will protect the economy and eliminate the threat of a catastrophic default. McConnell also wrote that McCarthy "and House Republicans secured a crucial first step toward bringing Washington Democrats' reckless spending to heel.

Persons: Sen, Bernie Sanders, —, Vermont Sen, Kevin McCarthy, Joe Biden's, McCarthy, Biden, Sanders, Chuck Schumer, Mitch McConnell, Schumer, McConnell Organizations: Service, Vermont, Congressional, Office, SNAP, Twitter, House Republicans, Washington Democrats

☆ House Democrats reintroduce bill targeting stock buybacks
▼ + stars: | 2023-05-25 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — House Democrats on Thursday reintroduced a bill that would ban open-market stock buybacks, weeks after the Securities and Exchange Commission released stringent buyback disclosure rules. "Stock buybacks allow corporations to purchase shares of their own stock price at the expense of workers, consumers and the U.S. economy," Garcia said. U.S. corporate stock buybacks grew from a total of $950 billion in 2021 to over $1.25 trillion last year, SEC Chairman Gary Gensler said earlier this month. Last month, the board of Google parent Alphabet announced it had approved $70 billion in stock buybacks this year, matching its 2022 rate. "And banning the stock buybacks is a good place to start."

☆ House Democrats, looking to renew plan to expand Social Security, say debt ceiling fight 'hurts seniors the most'
▼ + stars: | 2023-05-23 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Social Security already faces funding risksIn order to prevent a Social Security funding shortfall, congressional Democrats and Republicans must agree on a solution. The Social Security 2100 Act that was introduced in the last Congress had broad support among House Democrats. Changes in the Social Security 2100 Actzimmytws | iStock | Getty ImagesThe Social Security 2100 Act aims to extend the program's solvency, though estimates are not yet available for how long it could prolong the program's funding. Social Security 2100 also calls for adding an additional 12.4% net investment income tax for taxpayers making more than $400,000. Max Richtman president and CEO of the National Committee to Preserve Social Security and Medicare

☆ Why some Democrats think Biden shouldn't worry about legal challenges that would come from getting rid of the debt ceiling forever
▼ + stars: | 2023-05-23 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

A US default could be days away, and Congress still doesn't have a debt ceiling deal. Some Democrats think Biden should use the 14th Amendment to address the crisis. On Monday evening, McCarthy and Biden met once again to attempt to reach an agreement on raising the debt ceiling and avoiding an unprecedented default. Experts and lawmakers have said that this clause makes a default, and therefore the debt ceiling, unconstitutional, getting rid of the issue forever. Anna Moneymaker/Getty ImagesWhy Biden shouldn't worry about legal challengesNo president has ever invoked the 14th Amendment to address the debt ceiling.

☆ Tim Scott's campaign kicks off with more cash than his rivals
▼ + stars: | 2023-05-22 | by ( Bridget Bowman | Bridget Bowman Is A Deputy Editor For Nbc'S Political Unit. | ) www.nbcnews.com time to read: +1 min

Sen. Tim Scott, R-S.C., may not have the highest poll numbers, but he kicks off his presidential campaign flush with another precious campaign resource: money. Scott is likely entering the 2024 race with more cash than his GOP rivals. The senator's federal campaign committee had $21.9 million in its account as of March 31, according to campaign finance reports filed with the Federal Election. Former President Donald Trump's campaign had $13.9 million in its account, while biotech entrepreneur Vivek Ramaswamy, who has largely self-funded his campaign, had $9.4 million on hand. Those senators had between $2.2 million (Graham) and $4.1 million (Rubio) in their presidential or Senate campaign accounts before launching their runs for the White House.

☆ Congress could have as little as 10 days to solve the debt ceiling crisis before Americans might start losing federal benefits and retirement savings
▼ + stars: | 2023-05-22 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

If the US were to breach the debt ceiling, millions of Americans could lose jobs and retirement savings. A breach would also hit Americans in their wallets: A Joint Economic Committee analysis previously found that failure to lift the debt ceiling could cost workers $20,000 in retirement savings. "I think we can solve some of these problems if he understands what we're looking at," McCarthy told reporters on Sunday. Another option that's been gaining steam in Congress is invoking a clause in the 14th Amendment that would declare the debt ceiling unconstitutional, getting rid of the problem forever. But even with potential litigation, some Democratic lawmakers think Biden should do whatever it takes to ensure the US does not default on its debt.

☆ Opinion | Liberals Are Persuading Themselves of a Debt Ceiling Plan That Won’t Work
▼ + stars: | 2023-05-21 | by ( Ezra Klein | ) www.nytimes.com time to read: +2 min

On Friday, 66 progressive Congressional Democrats sent the president their own letter making a similar case. In remarks after a meeting with House Speaker Kevin McCarthy, Biden said he was “considering” the argument that the debt ceiling is unconstitutional. The legality of the debt ceiling or a trillion-dollar platinum coin doesn’t depend on how liberals read the Constitution or the Coinage Act. “For the United States to fail to pay interest or principal on its debt would be financially catastrophic, but it would not affect the validity of the debt,” he wrote. “When borrowers fail to make payments on lawfully incurred debt, this does not question the validity of those debts; their debts are just as valid as before.

☆ US Chamber of Commerce argues invoking 14th Amendment would be as ‘economically calamitous’ as a default
▼ + stars: | 2023-05-19 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

Bernie Sanders, Elizabeth Warren and other progressives to urge the White House to use the 14th Amendment to avoid a disastrous default. Bradley argued that invoking the 14th Amendment would send Treasury rates spiking, lifting the cost of borrowing for families and businesses. Experts have warned that invoking the 14th Amendment would likely spark a constitutional crisis and Treasury Secretary Janet Yellen recently cast doubt on the idea. US markets turned negative on Friday on news that debt ceiling negotiations between the White House and House Republicans have hit a snag. “If the rhetoric is dark next week, markets will start to react.

☆ AOC says Biden should 'absolutely' consider bypassing the GOP to solve the debt ceiling crisis: 'It's a question of saving our economy from potential disaster'
▼ + stars: | 2023-05-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Rep. Alexandria Ocasio-Cortez told Politico Biden should be considering the 14th Amendment to address the debt ceiling. The 14th Amendment could declare the debt ceiling unconstitutional and allow Biden to bypass Congress. That's why a growing number of Democratic lawmakers are urging Biden to invoke a clause in the 14th Amendment which experts have said would declare the debt ceiling unconstitutional, getting rid of the problem forever. Ocasio-Cortez told Politico that "the president should absolutely have this on the table." Invoking that clause would mean that a default caused by the debt ceiling is unconstitutional, and it would allow Biden to bypass congressional debate on the issue.

☆ Democratic senators urge Biden to use 14th Amendment to avoid debt default
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, May 18 (Reuters) - A group of U.S. Senate Democrats called on President Joe Biden to prepare to invoke the U.S. Constitution's 14th Amendment to avoid a debt default if negotiations with Republicans fail, according to a letter released on Thursday. Led by independent Bernie Sanders, who caucuses with the Democrats, the 11 lawmakers said while they appreciated Biden's efforts to find a bipartisan deal to lift the debt ceiling, Republicans in Congress were "not acting in good faith." "Using this authority would allow the United States to continue to pay its bills on-time, without delay, preventing a global catastrophe," they said. The periodic lifting of the federal government's borrowing limit allows the government to pay for spending Congress has already authorized. Reporting by Jasper Ward and Paul Grant; Editing by Doina ChiacuOur Standards: The Thomson Reuters Trust Principles.

☆ Passing the GOP debt ceiling bill would be 'equally disastrous' as a default, Bernie Sanders says — and he's joining 10 of his Democratic colleagues in urging Biden to bypass Congress and permanently
▼ + stars: | 2023-05-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Bernie Sanders joined 10 Democratic colleagues in urging Biden to use the 14th Amendment to address the debt ceiling. The 14th Amendment would declare the debt ceiling unconstitutional, getting rid of it forever. During Thursday remarks vouching for the 14th Amendment, Sanders bashed McCarthy's bill and the potential economic fallout it would cause. "The entire GOP debt ceiling negotiation is a sad charade, and it's exactly what's wrong with Washington. "This is the whole reason why the 14th Amendment exists, and we need to be prepared to use it.

☆ Senate Democrats are asking Biden to stop negotiating with Republicans on a debt ceiling solution and take a route that would get rid of the problem forever
▼ + stars: | 2023-05-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Senate Democrats are asking Biden to prepare to use the 14th amendment to solve the debt ceiling crisis. The 14th amendment would allow Biden to bypass Congress and declare the debt ceiling unconstitutional. On Wednesday, The Washington Post first reported that five Democratic senators have spearheaded an effort to urge Biden to invoke a clause in the 14th amendment to address the debt ceiling. Rep. Jamie Raskin, for example, told Insider in a Wednesday interview that the 14th amendment "provides the whole structure for resolving the conflict." He said that he doesn't think the 14th amendment "solves our problem now.

☆ Sen. Bernie Sanders renews push for Medicare for All to end 'totally broken' health-care system
▼ + stars: | 2023-05-17 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

This week, Sen. Bernie Sanders, I-Vt., is renewing his push for a new approach — Medicare for All — that he touted as a presidential candidate. "The current health-care system in the United States is totally broken," Sanders said Tuesday at a Capitol Hill event. Medicare for All would create a single-payer program, which would allow one source to collect all health-care fees and pay all health-care costs. "It is long overdue for us to end the international embarrassment of the United States being the only major country on earth that does not guarantee health care to all of its people," Sanders said. "Now is the time for a Medicare for All single-payer program."

On top of the GOP gubernatorial primary in Kentucky, there are other contests taking place on Tuesday that could provide some clues about 2024 — even though it’s hard to draw too many lessons from individual races. Voters are also heading to the polls in Pennsylvania, which is hosting a crowded Democratic primary for Philadelphia mayor. Two races will also provide some insight into voter attitudes in two key counties in two crucial battlegrounds. In other Pence news, he will attend Iowa GOP Sen. Joni Ernst’s “Roast and Ride” event next month, per Fox News (former United Nations Ambassador Nikki Haley is also attending). Jumping in: Former state Rep. Leslie Love jumped into the Democratic Senate primary in Michigan on Monday.

☆ Bernie Sanders doubled his income last year by writing a best-selling book that condemns capitalism
▼ + stars: | 2023-05-12 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

Sen. Bernie Sanders wrote a book called "It's OK to Be Angry About Capitalism." Per new disclosures, he made $170,000 in book royalties in 2022, nearly as much as his $174,000 salary. Coupled with another $170,000 royalties payment from publisher Penguin Random House in 2020, Sanders has so far made $340,000 from the book. Sanders, a two-time runner-up for the Democratic presidential nomination and a proponent of Democratic Socialism, has long drawn scrutiny for the wealth he's managed to amass while in office. Democratic Sen. Elizabeth Warren of Massachusetts, a fellow progressive and 2020 presidential candidate, made even more than Sanders in book royalties in 2022, according to her own recently-filed financial disclosures.

Both sides blame each other for high drug prices. Senator Bernie Sanders, who chairs the Senate Health, Education, Labor, and Pensions (HELP) Committee, is a fierce critic of both industries and will likely grill the executives. Optum Rx CEO Heather Cianfrocco will say manufacturers alone set the drug prices and abuse patent protections to stifle competition, her written testimony shows. Lilly, Novo Nordisk, and Sanofi all said in March they were cutting list prices by more than 70% for some insulin products. Uninsured people often have to pay full list prices, an average of $900 a month, forcing many to ration or skip doses.

☆ Eli Lilly CEO vows not to raise insulin prices again, while Novo Nordisk and Sanofi hedge
▼ + stars: | 2023-05-10 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Sen. Bernie Sanders, the committee's chair, asked Ricks and the CEOs of Novo Nordisk and Sanofi to commit to "never increase the price of any insulin drug again." Meanwhile, Novo Nordisk CEO Lars Fruergaard Jørgensen said the Danish company is committed to limiting price increases to "single digits." Net price refers to the amount insurers pay for an insulin drug after discounts and rebates. Sanofi said it plans to cut the price of its most popular insulin drug, Lantus, by 78% and reduce the list price of its short-acting insulin, Apidra, by 70%. At the hearing, Sanders called those actions "good news" and a result of public pressure.

☆ Joe Biden’s dreadful poll
▼ + stars: | 2023-05-10 | by ( Opinion Geoff Duncan | ) edition.cnn.com time to read: +7 min

CNN —There’s no other way to slice it: Donald Trump is the clear GOP White House frontrunner for 2024. His reelection is not out of the question, given President Joe Biden’s dreadful showing in recent opinion polls. Geoff Duncan — APThe political world was rocked by the recent Washington Post/ABC News poll pegging Biden’s approval rating at a jaw-dropping 36%, a new low point for his presidency. Even polls that haven’t been quite as dire for Biden, like CNN’s Poll of Polls, showed his average approval at 40%, with 55% disapproving. The 2022 election results proved that the GOP cannot simply rely on Biden’s vulnerabilities while ignoring Trump’s.

☆ Amazon Labor Union's vice president, Derrick Palmer, resigns after assault charges become public
▼ + stars: | 2023-05-09 | by ( Katherine Long | Jack Newsham | ) www.businessinsider.com time to read: +4 min

Amazon Labor Union vice president Derrick Palmer was charged with two counts of assault last year. The ALU has struggled with internal tensions after it led the first successful Amazon union drive. The union's president, Chris Smalls, was seen fighting another employee in December. Amazon Labor Union president Chris Smalls sent an email to the union members late Monday: "Dear Brothers & Sisters, Amazon Labor Union, Vice President Derrick Palmer has submitted his resignation as Vice President of ALU effective immediately. Due to the matter being before the court the Amazon Labor Union has no comment at this time."

☆ Buffalo Starbucks workers helped spark the chain's labor union movement. Now, one of the stores has filed to decertify its union.
▼ + stars: | 2023-05-09 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Workers at a Buffalo Starbucks store have filed a petition to decertify their union. The store, located in downtown Buffalo, New York, would remove Workers United as its representative in negotiations with Starbucks, Bloomberg Law reported. It was among the first Starbucks stores in the country where employees voted to have union representation. A spokesperson for Workers United told TV station WGRZ that Starbucks had launched an "illegal union-busting campaign" at the store. According to Workers United, about 300 Starbucks stores around the US have voted to unionize.

☆ Opinion | Why Joe Biden Needs a Primary Challenger
▼ + stars: | 2023-05-08 | by ( Peter Beinart | ) www.nytimes.com time to read: +2 min

To understand why progressives should challenge Joe Biden in the upcoming Democratic presidential primary, remember what happened during the last one. Mr. Sanders’s supporters joined Mr. Biden’s allies in working groups that crafted a common agenda on the economy, education, health care, criminal justice, immigration and climate change. From those task forces came what Barack Obama called “the most progressive platform of any major-party nominee in history.” And that progressivism continued into Mr. Biden’s presidency. With rare exceptions, Mr. Biden hasn’t challenged the hawkish conventional wisdom that permeates Washington; he’s embodied it. America’s new cold war against Beijing may enjoy bipartisan support in Washington, but it doesn’t enjoy bipartisan support in the United States.

☆ $7.25 federal minimum wage is a 'national disgrace,' says Sen. Bernie Sanders, backing push for $17/hour
▼ + stars: | 2023-05-08 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Sen. Bernie Sanders, I-Vt., speaks on raising the federal minimum wage outside the U.S. Capitol on May 4, 2023. Anna Moneymaker | Getty Images News | Getty Images13 states have approved a $15 minimum wageToday, 13 states have approved a $15 minimum wage, Sanders said. Sen. Bernie Sanders Independent U.S. senator from VermontDemocrats had pursued raising the federal minimum wage in recent years, though those efforts stalled. When President Joe Biden took office, he promised to address the federal minimum wage in his first 100 days, Blalock recalled. 'A weak minimum wage is bad for the overall economy'Opponents to raising the minimum wage cite the higher costs those increases would put on businesses.

A group of mostly Democratic senators pressured Tesla CEO Elon Musk to end the company's use of forced arbitration clauses in employee and customer contracts, in a letter on Monday. Forced arbitration clauses in consumer contracts have similarly obscured important details about Tesla's vehicle safety and business practices from the public, the lawmakers wrote. They asked for the same details about sexual harassment complaints from Tesla workers. However, Tesla makes and sells its cars direct to consumers so its forced arbitration clauses cover more than the norm where auto sales are concerned. Tesla uses arbitration clauses as a tactic to shunt people into a forum that's pretty rigged for the corporation."

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