DIRS.INFO The most relevant business & tech news

☆ Justice Elena Kagan publicly contradicts Alito, says Congress can pass SCOTUS ethics reforms
▼ + stars: | 2023-08-04 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

Justice Elena Kagan appeared to publicly contradict Justice Samuel Alito on congressional power. Alito previously suggested Congress doesn't have the power to regulate the Supreme Court. Kagan, an Obama appointee, said there are clearly examples of Congress' ability to regulate the court. "Of course, Congress can regulate various aspects of what the Supreme Court does," she said. "Congress funds the Supreme Court.

Persons: Elena Kagan, Samuel Alito, Alito, doesn't, We're, Kagan, Samuel Alito's, George W, Bush, John Roberts, Clarence Thomas, Harlan Crow, Paul Singer, Roberts, we've Organizations: Service, Circuit Judicial, Politico, Wall, Washington Post, Republicans, Democrat, Committee, Journal, CNN Locations: Wall, Silicon

☆ US House rebuffs bid by Republican hardliners to end some sanctions
▼ + stars: | 2023-07-18 | by ( David Morgan | ) www.reuters.com time to read: +4 min

WASHINGTON, July 18 (Reuters) - The Republican-controlled U.S. House of Representatives on Tuesday turned back a bid by hardline conservatives to end five presidential emergency declarations that allow for sanctions against America's enemies in the Middle East and Africa. Trump, a hero to Republican hardliners, did use a 2019 national emergency declaration to fund construction of a wall at the U.S.-Mexico border over the opposition of congressional Democrats. "Trump was probably the first president to use the National Emergency Act and national emergency declarations for the express purpose of getting around Congress on a question of long term policy," Goitein said. Both Republicans and Democrats said they agreed with the objective of improving the national emergency system. "While I understand my colleagues' desire to reform the national emergency process, empowering terrorists, corrupt officials and war criminals is not the answer.

Persons: Lauren Boebert, Matt Gaetz, Paul Gosar, Eli Crane, Republican George W, Bush, Barack Obama, Donald Trump's, Biden, Hardliner, Kevin McCarthy, Joe Biden, somebody's, Gosar, Elizabeth Goitein, Trump, Goitein, Mike Lawler, David Morgan, Scott Malone, Lincoln Organizations: Republican, House, Four Republican, Democratic, Republicans, Democrats, Washington, Colorado firebrand, Hardliner Republicans, Freedom Caucus, Brennan Center for Justice, New York University, Trump, Emergency, Thomson Locations: East, Africa, Syria, Yemen, Iraq, Libya, Democratic Republic of Congo, Colorado, Iran, U.S, Mexico

☆ The Treasury Department plans to sell $123 billion in T-bills right on the X-date, but there's a catch
▼ + stars: | 2023-06-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The Treasury announced a "tentative" T-bill auction for Monday, based on whether the debt limit is lifted. If Congress acts in time, $65 billion in 3-month bills and $58 billion in 6-month bills would be sold. For now, Treasury plans to sell $65 billion in 3-month bills and $58 billion in 6-month bills on Monday and settle them on June 8. However, this week it indicated that such an auction was "tentative," and "conditional on enactment of the debt limit suspension." As of Tuesday, the Treasury General Account held about $37 billion, having held $140 billion in mid-May.

Persons: —, doesn't, That's, Janet Yellen, Kevin McCarthy, Joe Biden Organizations: Treasury, Service, Treasury Department, Republican, Bloomberg

☆ How the debt ceiling became a game of political chicken that continues to threaten our economy
▼ + stars: | 2023-05-31 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +2 min

Congress originally created the debt ceiling to control military spending. Since the 1990s, Democrats and Republicans have leveraged the risk of a debt default to control the budget. 2023 has seen a debt ceiling standoff between President Joe Biden and Speaker Kevin McCarthy. That economic crisis could arrive as early as June 5, if Congress doesn't raise or suspend the debt ceiling. Congress created the debt ceiling in 1917 to control military spending as the US took on debt to enter World War I.

Persons: Joe Biden, Kevin McCarthy, —, it's Organizations: Republicans, Service, Department of, Treasury Locations: Congress

☆ Get ready to see millions of Americans lose their jobs if Congress doesn't raise the debt ceiling in the next few days
▼ + stars: | 2023-05-29 | by ( Madison Hoff | Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

The US could default on its debt as soon as June 5 if the debt ceiling isn't raised by then. That would translate to "7.8 million jobs lost from peak to trough," Yaros said. Other industries would see over half a million jobs lost in this scenario, including construction. "It's something closer to the 2001 recession that we had after the dot-com bubble, and you get about 1.5 million jobs lost from peak to trough," Yaros said. And 1.5 million jobs lost — that's still a huge human toll that was unnecessarily incurred."

☆ Social Security benefits could be the first to go in a matter of days if the US defaults — and retirees will 'really suffer' if Congress doesn't raise the debt ceiling by then
▼ + stars: | 2023-05-27 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The US could default on its debt as soon as June 5 if the debt ceiling isn't raised by then. Social Security, Medicaid, and SNAP could be among the first programs to go unpaid. At the top of the list are Social Security, Medicare, Medicaid, and SNAP, along with Supplemental Security Income (SSI) payments — all programs that retirees heavily rely upon. Social Security is the biggest federal program, with over 67 million Americans relying on payments. So even if it is possible to prioritize Social Security benefits, we can't insulate Social Security beneficiaries from some serious harm."

☆ The White House does not 'have a plan B' if lawmakers fail to raise the debt ceiling — and Biden will not solve the crisis without Congress, the Deputy Treasury Secretary says
▼ + stars: | 2023-05-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The White House doesn't have a backup plan if Congress doesn't raise the debt ceiling, Deputy Treasury Secretary Wally Adeyemo said. He added that Biden will not consider using the 14th Amendment to address the crisis. Still, Democrats want Biden to prepare to go that route with a default possible in as soon as six days. "The 14th Amendment can't solve our challenges," Adeyemo said on CNN on Friday morning. And Rep. Alexandria Ocasio-Cortez recently told Politico that the 14th Amendment is an option where "the president should absolutely have this on the table."

☆ Veterans benefits, Social Security and Medicare payments, and SNAP could be among the first federal programs at risk if the US defaults in 10 days, a new analysis says
▼ + stars: | 2023-05-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The US could default on its debt in as soon as ten days if Congress doesn't raise the debt ceiling. The Bipartisan Policy Center estimated which federal programs would be at risk in the days following a default. Social Security and Medicare payments, veterans benefits, and SNAP could be among the first to go. In the first ten days of June, the government could be unable to afford the following programs:Bipartisan Policy Center analysis of federal programs impacted by potential debt default. "If the debt ceiling isn't raised, there will be some hard choices to make about what bills go unpaid," Yellen said.

☆ Medicare is prohibited from paying for weight-loss drugs. These are the 3 potential ways to change that.
▼ + stars: | 2023-05-22 | by ( ) www.businessinsider.com time to read: +6 min

There are three routes lawmakers and regulators could use to add coverage for weight-loss drugs. Older Americans hoping to get their hands on powerful weight-loss drugs such as Ozempic and Wegovy may find it impossible to access them. Should Medicare cover weight loss medication, it could also unlock access for people who have private coverage. "A decision by Medicare to cover weight-loss drugs would put pressure on employers and other private insurers to cover weight-loss drugs too," said Tricia Neuman, a senior vice president at KFF who co-authored a recent brief on the subject. There are three potential strategies that could be used to expand Medicare coverage to weight-loss drugs.

☆ Explainer: What happens if Washington falls behind on its bills?
▼ + stars: | 2023-05-18 | by ( Jason Lange | ) www.reuters.com time to read: +4 min

The day's $26 billion in tax revenues would not be enough to cover about $101 billion in spending obligations promised by Congress. Pensioners and other Social Security beneficiaries wouldn't get $25 billion owed them. JUNE 6Weapons manufacturers and other companies supplying the U.S. military wouldn't collect $2 billion owed them. But more bills would keep coming due, and Americans expecting tax refund deposits on June 7 wouldn't get about $1 billion owed them. But revenues wouldn't cover all the other bills due June 15, such as military salaries.

☆ 'Severe hardship to American families' is inching closer and closer as Congress fails to find a debt ceiling solution, Janet Yellen warns
▼ + stars: | 2023-05-15 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +3 min

Janet Yellen reminded Kevin McCarthy on Tuesday that the US could default on its debt in early June. If the debt ceiling is not raised by then, Americans could experience "severe hardship," Yellen warned. In a new letter to House Speaker Kevin McCarthy, Yellen reiterated that the country might run out of money to pay its debts as soon as June 1 if Congress doesn't step in. And, right now, with Democrats and Republicans still squabbling over how to approach a debt ceiling increase, Congress is running out of time to avert a crisis. The Washington Post reported on Monday, for example, that GOP staff refused the White House's request to close tax loopholes in debt ceiling talks.

☆ Biden will get 'boxed in' if Congress doesn't raise debt ceiling, says Laurence Tribe
▼ + stars: | 2023-05-15 | 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 EmailBiden will get 'boxed in' if Congress doesn't raise debt ceiling, says Laurence TribeLaurence Tribe, Harvard Law School professor emeritus, joins 'Squawk on the Street' to discuss if Tribe's op-ed piece made any waves in the debt ceiling conversations, the 'only way' out of the debt limit debacle and more.

☆ Fears of a US debt default are mounting as the deadline to lift the borrowing limit looms. Here's what Elon Musk, Paul Krugman and Jamie Dimon have warned.
▼ + stars: | 2023-05-14 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +5 min

Fears of a US debt default are mounting as a deadline to raise the government's borrowing limit draws near. Investors anxiety over the risk of a US debt default is mounting rapidly as a months-long political deadlock over the government's borrowing limit continues. Here's what six prominent figures have said about the ongoing political standoff over the debt ceiling. "You might ask how we're supposed to enforce a debt ceiling if the government can play games with the definition of debt. He said he doesn't expect the US to experience a debt default, but the deadline to reach a deal is soon approaching.

☆ House lawmakers to host bipartisan dinner with OpenAI CEO Sam Altman
▼ + stars: | 2023-05-10 | by ( Scott Wong | ) www.cnbc.com time to read: +2 min

OpenAI CEO Sam Altman arrive to the White House for a meeting with Vice President Kamala Harris on artificial intelligence, Thursday, May 4, 2023, in Washington. WASHINGTON — House Democrats and Republicans will hold a dinner at the Capitol next week with Sam Altman, the CEO of OpenAI, which developed the popular artificial intelligence chatbot ChatGPT, according to an invitation obtained by NBC News. The goal of the Altman dinner is to "educate members," said Lieu, who shared the invitation with NBC News. The dinner will be one of several appearances on Capitol Hill for Altman. And top lawmakers are warning that if Congress doesn't act soon, the U.S. will fall behind China, which is already moving ahead with proposed regulations for AI.

☆ Biden finally met with top lawmakers to discuss a debt ceiling solution — but McCarthy says there wasn't 'any new movement' as a catastrophic default inches closer
▼ + stars: | 2023-05-09 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Biden met with congressional leaders on Tuesday to discuss raising the debt ceiling. The US could default on its debt as soon as June 1 if Congress doesn't act. "I didn't see any new movement," McCarthy told reporters following the meeting. In the hours leading up to the meetings, McCarthy told Punchbowl News that "we should just get in the room and solve this thing. If Congress fails to raise the debt ceiling, Americans could experience devastating consequences.

☆ CNBC Daily Open: In the eye of the storm
▼ + stars: | 2023-05-09 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Indeed, the SPDR S&P Regional Banking ETF (KRE) fell by 2%. We might just be in the eye of a storm. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ CNBC Daily Open: A deceptive calmness
▼ + stars: | 2023-05-09 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Indeed, the SPDR S&P Regional Banking ETF (KRE) fell by 2%. April's consumer price index report, expected Wednesday, and the producer price index on Thursday will either reinforce or dispel some of those fears. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ Confused about the debt ceiling? Here's what you need to know
▼ + stars: | 2023-05-09 | by ( Emma Kinery | ) www.cnbc.com time to read: +6 min

What is the debt ceiling? Unlike a credit card, though, the expenses were already approved by Congress, so the debt ceiling does not pertain to new spending. The debt ceiling was last raised in December 2021 by $2.5 trillion, capping the limit at $31.381 trillion. If Congress does not agree to lift the debt ceiling, the government will not have money to pay its bills and will default on its debt. The White House has remained steadfast that it is Congress's responsibility to raise the debt ceiling without conditions, as was done three times under the Trump administration.

Congress is sparring again over raising the debt ceiling, and time is running out to avoid a default. Here's what the debt ceiling is and why it's so dangerous for the US economy. If that sounds familiar, you already know a fair deal about the "debt ceiling." The debt ceiling was introduced in 1917 to encourage the government to slow its borrowing. McCarthy and his GOP colleagues have been adamant that any debt ceiling raise should be tied to their own priorities, particularly in the form of spending cuts.

☆ A former IMF official says it's 'very likely' US home prices fall 15-20% as a credit crunch creates a lose-lose scenario for the housing sector and the debt ceiling standoff threatens a substantial re
▼ + stars: | 2023-05-02 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

A credit crunch, an already-slowing economy, and the debt-ceiling standoff risk a downturn. If these smaller institutions are loaning out less money, this further hurts demand in the housing market, meaning home prices have to fall accordingly. On the other hand, a credit crunch puts the US economy at significant risk of a recession, Lachman said. "Housing gets hit by tighter credit conditions, but then it also gets hit if the economy goes into recession." KPMG's Yelena Maleyev believes prices could fall as much as 20%, while Interactive Brokers' José Torres sees 15% downside.

☆ Millions of student-loan borrowers will face 'catastrophic consequences' like delays in debt relief if Congress doesn't give Biden's Education Department more money, 17 Democratic lawmakers say
▼ + stars: | 2023-04-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Seventeen Democrats wrote a letter to lawmakers asking them to increase Federal Student Aid funding. The Democrats said lack of funding is "catastrophic" for millions of borrowers relying on relief. Congress didn't increase FSA funding last year, causing delays in repayment reforms. They called on the subcommittee to provide $2.7 billion in funding for FSA in fiscal year 2024, consistent with President Joe Biden's budget request. "The lack of adequate resources creates more barriers for students to continue their education," the lawmakers wrote.

☆ Secret negotiations and a 'hostage' situation: Republicans and Democrats still can't agree on a plan to save Americans from a debt ceiling catastrophe in just a few months
▼ + stars: | 2023-04-04 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

The US could default on its debt this summer if Congress doesn't raise the debt ceiling. But Democrats are accusing the GOP of holding the debt ceiling "hostage," as they have yet to put forth a concrete plan. Republicans have floated a range of areas in which they would support cutting spending to raise the debt ceiling. "Republicans are STILL holding the debt ceiling hostage," Congressional Progressive Caucus Chair Pramila Jayapal wrote on Twitter. Democratic lawmakers have previously highlighted the catastrophe for Americans that will likely result should Congress fail to raise the debt ceiling.

☆ Here's why IRS tax audits have declined over the past decade
▼ + stars: | 2023-04-01 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +2 min

Tax season is upon us, and along with it comes the ensuing bout of paranoia about the dreaded IRS audit. In 2022, the IRS audited 3.8 out of every 1,000 income tax returns. The GAO report concludes that a drop in IRS funding was a main contributor to the decline in audits. Janet Holtzblatt senior fellow at the Urban-Brookings Tax Policy CenterAbout 70% of the IRS's overall budget is spent on labor. "Someone who's three years out of college isn't going to be doing the technical work on the ExxonMobil tax return.

☆ 2.6 million Americans could lose their jobs if the GOP cuts spending in a debt ceiling deal, a new report says
▼ + stars: | 2023-03-07 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

A Moody's analysis said GOP spending cuts in a debt ceiling increase could cost Americans 2.6 million jobs. Negotiations to raise the debt ceiling aren't making much progress, with a default potentially as soon as 4 months away. "In fact, the economic impact would be so great, that it would result in even more job losses than a short-lived debt ceiling breach, in both the short- and long-term." If there were to be a default, Moody's sees two scenarios. As Insider previously reported, Republican lawmakers have yet to detail where exactly they want to cut spending in a debt ceiling deal, but they have floated some ideas.

☆ Trump bashes the GOP lawmakers who want to 'destroy our great Social Security' by raising the retirement age to 70
▼ + stars: | 2023-03-06 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Some GOP lawmakers are reportedly eyeing raising the retirement age for Social Security to 70. Trump has previously called out Republicans for considering cuts to the program in debt ceiling talks. Independent Sen. Angus King and Republican Sen. Bill Cassidy are reportedly eyeing raising the retirement age to 70 as part of their plan to reform Social Security. Save Social Security, don't destroy it." As Trump referenced, some Republican lawmakers had previously expressed the intent to cut Medicare and Social Security as a way to cut spending overall.

Search resuls for: "Congress doesn't"

25 mentions found