DIRS.INFO The most relevant business & tech news

☆ Midterm election results boost Biden 2024 hopes, strategists say
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 9 (Reuters) - Encouraged by better-than-expected midterm results, Democratic strategists on Wednesday predicted U.S. President Joe Biden would run again despite exit polls showing two-thirds of voters, including 43% of Democrats, prefer he not seek re-election. Republicans and pundits alike continue to underestimate him at their own peril,” Jennifer Holdsworth, a Democratic strategist, told Reuters. Another Democratic strategist, Karen Finney, said the midterms result should mean that Biden "gets all the time he wants to decide" on what to do about 2024. Two thirds of midterm voters - including 43% of Democrats - would prefer that Biden not seek re-election in 2024, according to exit polling conducted by Edison Research. Reporting by Steve Holland and Jarrett Renshaw; Editing by Heather Timmons and Howard GollerOur Standards: The Thomson Reuters Trust Principles.

Democrats bucked dire forecasts in national races, clinched governors' races in states seen as crucial to the next election in 2024, and passed left-leaning measures like codifying abortion rights in Michigan. "Amazing," said one stunned Biden aide as results results trickled in at the White House overnight. Donald Trump saw Republicans lose 40 House seats in his first midterms, and Barack Obama more than 60. Aides and allies believe his efforts to cast the election in terms of abortion rights, right-wing political extremism and healthcare staved off a Republican "wave." While Republicans cited high inflation and crime as top voting issues, Democrats said they were more motivated by abortion rights and gun violence, exit polls show.

☆ Biden: Tuesday was a 'good day' for democracy
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] U.S. President Joe Biden discusses the 2022 U.S. midterm election results during a news conference in the State Dining Room at the White House in Washington, U.S., November 9, 2022. REUTERS/Tom BrennerWASHINGTON, Nov 9 (Reuters) - U.S. President Joe Biden, buoyed by midterm elections in which his fellow Democrats fared better than expected, said on Wednesday that Election Day on Tuesday was good for democracy but the results showed that Americans remained frustrated. "It was a good day, I think, for democracy," Biden told reporters at the White House. White House officials have expressed a sense of vindication that Democrats did better than expected after Biden focused his campaign pitch largely on preventing threats to U.S. democracy, securing abortion rights and extolling his economic policies. He said when he returns from a trip to Asia he would invite Democratic and Republican leaders to the White House to discuss priorities going forward.

☆ Some in White House worry abortion message bungled before midterms
▼ + stars: | 2022-11-07 | by ( Nandita Bose | ) www.reuters.com time to read: +4 min

Some White House officials believe they should have linked abortion to economic concerns more, rather than fundamental rights and privacy, three sources with direct knowledge of the matter said. The White House faced a similar situation when trying to expand the child tax credit earlier this year, both sources noted. White House spokesman Kevin Munoz dismissed "any notion of over focus" on reproductive rights and said Biden has addressed multiple issues. The White House has asked the DNC to gather data for an election postmortem to identify what messages worked and what didn't, party sources said. The White House signed executive orders on the issue and met with state legislators, grassroots activists and coalitions to finetune abortion messaging.

☆ Republican takeover of U.S. Congress would mean tax fights are back
▼ + stars: | 2022-11-04 | by ( David Lawder | Gram Slattery | ) www.reuters.com time to read: +6 min

Congressional Republicans' tax strategies and a Democratic White House could ultimately mean a status quo on rates, deductions and credits for the next two years, tax professionals and analysts say. TAX CUTS AND JOBS ACT"We want to make the Tax Cuts and Jobs Act permanent, which will strengthen the economy," a senior House Republican aide told Reuters. That 2017 Republican-passed tax law slashed top-line tax rates on corporations, a permanent feature that Democrats failed to reverse with control of Congress over the last two years. AIMING AT THE IRSOther targets for Republican tax legislation include rolling back a new 15% domestic corporate minimum tax for large companies and $80 billion in new funding for the Internal Revenue Service in Biden's climate and healthcare law. It will be used to fill thousands of IRS positions coming empty due to retirements and budget cuts; Republicans have described the hires as an 'army' aimed at harassing taxpayers.

Here are the known and unknowns so far:WHO'S IN THE PRICE CAP COALITION? Britain said Thursday it could ban countries from using its services to transport Russian oil purchased for a price exceeding the cap. WHAT WILL THE PRICE CAP LEVEL BE? Moscow could end up cutting production as a result, which would apply upward pressure on global oil prices. Worries about potential sanctions, even if unfounded, can cause traders to avoid deals, another factor that can boost oil prices.

☆ Biden appeals to young voters in U.S. West as midterms near
▼ + stars: | 2022-11-03 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +4 min

[1/2] U.S. President Joe Biden delivers remarks on "student debt relief" during a campaign stop at Central New Mexico Community College (CNM) Student Resource Center in Albuquerque, New Mexico, U.S., November 3, 2022. Biden and other Democratic speakers made no mention of high consumer prices that analysts say are overshadowing abortion and other social issues in the election. Biden heads to California on Thursday evening and Illinois on Friday before traveling to Pennsylvania on Saturday for a rally with former President Barack Obama. He plans to contrast his economic plan with a Republican push to roll back loan forgiveness, the White House said. Opposition parties historically fare better in midterm elections, providing a balance for new presidents in the second half of their terms.

☆ Biden heads to U.S. West on campaign as midterms close in
▼ + stars: | 2022-11-03 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +2 min

Biden's three-day campaign swing will take him to New Mexico, California and Illinois and will conclude in Pennsylvania on Saturday. He will appear at a rally in Maryland on Monday ahead of Tuesday's congressional elections. Opposition parties historically fare better in midterm elections, providing a balance for new presidents in the second half of their terms. He will move on to San Diego, California, to participate in an event for Democratic congressional candidate Mike Levin. On Friday and Saturday he will spend time in Chicago before campaigning for Democrats in Philadelphia with former President Barack Obama.

If the Democrats lose badly, I think you may see a fairly strong push for Biden to take himself out of 2024." None of the three would run against Biden in a primary, and they may defer to Harris, too, the sources said. A senior Democrat said Newsom "has told people he won't run against Biden" or Harris. Any Democratic primary contest would weaken the party's financial firepower in 2024, which could see spending jump again, campaign finance experts believe. "I think the Democratic party and the White House should not presume you need to run the same presidential candidate again to hold the White House," Suri said.

REUTERS/Wolfgang Rattay/PoolWASHINGTON/LONDON, Nov 3 (Reuters) - The Group of Seven rich nations and Australia have agreed to set a fixed price when they finalize a price cap on Russian oil later this month, rather than adopting a floating rate, sources said on Thursday. “The Coalition has agreed the price cap will be a fixed price that will be reviewed regularly rather than a discount to an index," said a coalition source, who was not authorized to speak publicly. Coalition partners agreed to regularly review the fixed price and revise it as needed, the source said, without disclosing further details. The downside of the agreed fixed price system is that it will require more meetings of the coalition and bureaucracy to review it regularly, the source said. Russia has said it will refuse to ship oil to countries that set price caps.

If the Democrats lose badly, I think you may see a fairly strong push for Biden to take himself out of 2024." None of the three would run against Biden in a primary, and they may defer to Harris, too, sources say. A senior Democrat said Newsom "has told people he won’t run against Biden" or Harris. Any Democratic primary contest would weaken the party's financial firepower in 2024, which could seen spending jump again, campaign finance experts believe. “I think the Democratic party and the White House should not presume you need to run the same presidential candidate again to hold the White House,” Suri said.

☆ U.S. is not in recession, White House not preparing for one - officials
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

[1/2] A view shows the exterior of the White House in Washington, D.C., U.S., February 6, 2022. REUTERS/Al DragoWASHINGTON, Nov 3 (Reuters) - The United States is not in a recession, White House chief of staff Ron Klain said on Thursday, adding that economic data showed the nation's economy was solid. "We are not in a recession," U.S. President Joe Biden's top aide told MSNBC in an interview following the release of weekly U.S. jobless data earlier on Thursday. The global economy is approaching a recession, a Reuters poll of economists shows, and some U.S. CEOs, including Goldman Sachs', have recently expressed concerns the U.S. could tip into recession next year. Press Secretary Karine Jean-Pierre told MSNBC earlier Friday "We are not -- there are no meetings or anything happening like that in preparing for a recession because...look, what we're seeing right now is a strong labor market."

After oil prices soared following Russia's invasion of Ukraine, European governments already have imposed windfall taxes on their oil industries. But most U.S. lawmakers show little appetite to reverse that trend after oil companies like Exxon Mobil Corp and Chevron Corp <CVX.N. Senator Sheldon Whitehouse and Representative Ro Khanna, both Democrats, are among legislators who have already introduced bills to tax excess oil company profits. Democratic Senators Kyrsten Sinema from Arizona and Joe Manchin from West Virginia would likely oppose a windfall profits tax, dimming its prospects, congressional sources and research groups said. Administration officials conceded privately that it may be difficult to enact a federal windfall profits tax, and said no deadline has been set for a next step.

☆ Biden to suggest oil and gas companies pay U.S. windfall tax
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 31 (Reuters) - U.S. President Joe Biden on Monday will call on oil and gas companies to use their record profits to lower costs for Americans and increase production, or pay a higher tax rate, as he battles high pump prices with elections coming in a week. A White House official said Biden will again call on oil and gas companies to "invest their record profits in lowering costs for American families and increasing production." "And if they don’t, he will call on Congress to consider requiring oil companies to pay tax penalties and face other restrictions," the official said. Whether Democrats or Republicans take control of Congress, passing a law taxing energy companies for excess profits would likely be difficult, energy experts believe. The White House for months has been considering congressional proposals that could tax oil and gas producers' profits as consumers struggling with higher energy prices.

☆ Hate speech, online extremism fed Pelosi attack, terror experts believe
▼ + stars: | 2022-10-29 | by ( Heather Timmons | ) www.reuters.com time to read: +4 min

WASHINGTON, Oct 29 (Reuters) - The frequent targeting of U.S. House Speaker Nancy Pelosi by online extremists and political opponents likely contributed to the violent attack on her husband Paul, terrorism and extremism experts said. before assaulting Paul Pelosi with a hammer, according to a person briefed on the incident. Pelosi has been demonized online and in public by both far right and far left-leaning political websites and figures. Those theories and people who espouse them are sometimes promoted by more mainstream public figures, amplifying the threats, experts say. Site said the Pelosi attack was being celebrated online by far-right supporters.

SYRACUSE, N.Y., Oct 27 (Reuters) - President Joe Biden contrasted his economic plan with Republicans' on Thursday in a last-ditch effort days before U.S. midterm elections to convince voters that Democrats are best equipped to battle inflation and create jobs. "The previous president made a string of broken promises in places like Wisconsin, Indiana and Ohio," Biden said. "I would argue it's reckless and irresponsible and will make inflation worse, if they succeed," Biden said. His trip comes at a time when the White House optimism that Democrats could buck history and retain control of one or both houses of Congress has waned. Voters identify rising prices as their biggest concern amid inflation that has hit four-decade highs.

☆ Biden compares Republican economic plans to Britain's Truss
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Oct 26 (Reuters) - U.S. President Joe Biden on Wednesday compared Republican plans on taxes and spending if they take control of Congress in November to the economic plan rolled out by Britain's former Prime Minister Liz Truss, warning of similar results. "You read about what happened in England recently, and the last Prime Minister, she wanted to cut taxes for the super wealthy," Biden said during a fundraising call for Michigan lawmaker Cynthia Axne. And they want to make that tax cut permanent — that $2 trillion," Biden said. Truss introduced a tax cut on Britain's richest that sparked turmoil in the financial markets and rebellion in her party, and was forced to resign after 44 days. Reporting by Eric Beech, Writing by Heather Timmons; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

However, the first two years of Biden's presidency proved one-party control of Congress and the White House does not mean the president gets what he wants. Any impeachment would then progress to a trial in the Senate, where a Democratic majority is likely to shut it down. The Senate Majority Leader, picked from the party that holds a majority of the Senate's 100 seats, decides what the chamber votes on, or never considers. Republicans likely would push hard for deep domestic spending cuts and making some tax cuts from the 2017 tax bill set to expire at the end of 2025 permanent. Whether a House Biden impeachment process proceeds to a Senate trial would rest on the shoulders of the Senate Majority Leader, likely to be Kentucky's Mitch McConnell.

☆ Biden to warn Republicans will boost inflation in Syracuse
▼ + stars: | 2022-10-27 | by ( Nandita Bose | ) www.reuters.com time to read: +2 min

Biden will visit Syracuse, New York, where Micron Technology plans to invest up to $100 billion in computer chip manufacturing, part of tens of billions in new factory spending announced after Biden signed the CHIPS Act subsidizing the industry in August. In Syracuse, Biden will lay out his efforts to rebuild the American middle class and bring manufacturing jobs back to upstate New York, and contrast them with what he has called Republicans' "mega MAGA trickle down agenda." Senior administration officials said Wednesday he will say the Republican economic plans will benefit the super wealthy and increase inflation. Earlier this week, Biden warned Republicans would cause 'chaos' in the world's largest economy. Syracuse's surrounding Onondaga County voted nearly 60% for Biden in the 2020 presidential election.

One person familiar with the thinking inside the White House said Democratic chances of keeping control of the Senate were seen as 50-50. The White House, while realistic, has stuck publicly to that message of hope. Former and current advisers say the White House is preparing for any obstruction or probes that could be coming. "The White House is clear-eyed for what Republican control could look like," said Eric Schultz, a Democratic strategist with close ties to the White House. White House officials and Democratic strategists Reuters spoke to acknowledge the overall shift from midterms optimism, but were not ready to give up.

☆ Biden says Republicans would cause 'chaos' in U.S. economy
▼ + stars: | 2022-10-24 | by ( Steve Holland | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 24 (Reuters) - Under pressure over his handling of inflation, U.S. President Joe Biden took aim on Monday at opposition Republicans, warning their economic plans would cause chaos in the world's largest economy if they won control of Congress in Nov. 8 elections. "Republicans are determined to hold the economy hostage," said Biden. "There is nothing that would create more chaos ... Republicans are going to crash the economy. Biden added he would not approve any Republican attempts to cut entitlement spending programs like Social Security benefits for retirees. "Let me be clear: I will not cut Social Security," he said.

☆ Biden predicts midterms will shift back toward Democrats
▼ + stars: | 2022-10-21 | by ( Jeff Mason | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 21 (Reuters) - President Joe Biden expressed confidence on Friday that momentum would shift back in favor of Democrats for the November midterm elections, despite polls favoring Republicans in races that will determine which party controls the U.S. Congress. Fresh from a trip to Pennsylvania on Thursday to boost John Fetterman, the state's lieutenant governor and Democratic candidate for the U.S. Senate, Biden said legislative wins and economic trends would push Democrats towards a win. "The polls have been all over the place," Biden told reporters at the White House after speaking about the U.S. budget deficit. "I think that we're going to see one more shift back to our side in the closing days." Biden said such policies would lead to more riches for the very wealthy and higher inflation for the middle class.

☆ Inflation is not becoming 'embedded' in economy, Yellen says
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

"I don't believe it's becoming embedded in the U.S. economy," she said, when asked about recent consumer and producer price reports which showed persistent price gains. "The way inflation would become embedded is if you saw expectations of inflation over the medium term rising to levels that are inconsistent with 2% inflation, and then those higher inflation expectations being built into wages and prices." Yellen said while recent data showed more needs to be done to bring inflation down, she did not believe it was entrenched. That was one of the reasons why she "continues to believe that there is a path to lowering inflation while maintaining a strong labor market," she said. Yellen added that she saw some costs, including production and shipping costs, coming down.

Biden blamed Russian President Vladimir Putin’s invasion of Ukraine for higher crude and gasoline prices, while noting prices had fallen 30% from their peak earlier this year. “Families are hurting,” and gasoline prices are squeezing their budgets, he added. Retail gasoline prices have fallen from a high in June, but remain above historical averages, and are a major contributor to inflation. Biden said oil companies should feel more confident about investing in production with the new SPR repurchase pledge, and stop pushing stock buybacks. So you can act now to increase oil production," he said.

Search resuls for: "Heather Timmons"

25 mentions found