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☆ Kevin McCarthy says he is still 'far apart' on a debt ceiling solution with Biden, warning they need a deal by the end of this week to avoid an economic catastrophe
▼ + stars: | 2023-05-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Kevin McCarthy said on Monday he thinks he is "far apart" on a debt ceiling solution with Biden. McCarthy said he thinks a deal needs to be reached by this weekend to avoid a default. McCarthy doesn't feel the same, telling reporters on Monday that he thinks both sides are "far apart" from reaching a deal. Biden and McCarthy are expected to meet again on Tuesday to move forward with discussions on a debt ceiling solution. "Default should be avoided, period," GOP Sen. Cynthia Lummis told Axios, adding that Biden and McCarthy "are going to have to negotiate through this."

☆ The government's main budget experts confirmed that the US could risk economic catastrophe as soon as early June
▼ + stars: | 2023-05-12 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The nonpartisan Congressional Budget Office projected the US could run out of money in early June. That projection tracks with Treasury Secretary Janet Yellen's warnings on when the US could default. Congress can step in and prevent the crisis, but so far Republicans and Democrats are still sparring. So far, though, Congress seems to be running up the clock as Republicans and Democrats spar over how to avert a preventable catastrophe. The top lawmakers were expected to meet with Biden again on Friday to discuss the debt ceiling, but the meeting was reportedly postponed to give staffers more time to chat on potential areas of compromise.

The US could breach the debt ceiling and run out of money to pay its debts as soon as June 1. A White House official previously told Insider that Biden would stress that Congress "must take action to avoid default without conditions." Additionally, Wall Street's response to the debt-ceiling crisis is different this time around. Even so, he added, this debt-ceiling crisis "seems much more dangerous" than the ones from the Obama years. Biden has options to avoid a debt-ceiling crisis that don't involve CongressTuesday's meeting between Biden and congressional leadership aims to break through the logjam.

☆ 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.

☆ Americans could be on track for a stream of job losses, big cuts to retirement savings, and a surge in student-loan payments in less than a month. It's completely preventable.
▼ + stars: | 2023-05-02 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

That could all be avoided if Congress passes a bill to raise the debt ceiling this month. Republicans see the debt ceiling as a tool for making wide-ranging spending cuts, a long-held GOP priority. Moody's Analytics recently found that McCarthy's plan to raise the debt ceiling attached to spending cuts could cost the country 780,000 jobs. "President Biden invited the four leaders to the White House to discuss the urgency of preventing default," a White House official said in a statement to Insider. But Democratic Sen. Jon Tester told CNN that it would be a "big mistake" for the White House to reach a deal with Republicans that include spending cuts.

☆ Exclusive: German govt to slightly raise 2023 GDP forecast - sources
▼ + stars: | 2023-04-20 | by ( Holger Hansen | ) www.reuters.com time to read: +1 min

BERLIN, April 20 (Reuters) - The German government is set to slightly raise its economic growth forecast for this year to 0.4% from its previously predicted 0.2%, two sources told Reuters on Thursday. For 2024, the government will slightly lower its prediction, to 1.6% from the 1.8% foreseen in January, the sources said. An Economy Ministry spokesperson did not comment and said Economy Minister Robert Habeck would present the spring economic projections next Wednesday. With the new projections, the government is slightly more optimistic than the five economic institutes that prepare the Joint Economic Forecasts, which foresee 2023 economic growth of 0.3%. In the Joint Economic Forecasts, which are incorporated into the ministry's forecasts, the institutes predict inflation of 6.0% in 2023, before slowing to 2.4% in 2024.

☆ House Republicans want to ban student-loan forgiveness and immediately end the payment pause in their new debt ceiling bill
▼ + stars: | 2023-04-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

House Republicans unveiled their bill to raise the debt ceiling on Wednesday. On Wednesday, House Republicans unveiled a bill to raise the debt ceiling through March 2024, and alongside increasing the limit, they have 320 pages worth of proposed spending cuts alongside it. Since Biden took office, many GOP lawmakers have slammed the president's debt relief plans, saying they are an overreach of authority and costly to taxpayers. In the meantime, Democratic lawmakers and advocates have been urging Congress to raise the debt ceiling and avoid a financially catastrophic default. "Everyone in the House and Senate must reject the Speakers and GOP efforts to repeal student loan relief, changes to PSLF + IDR, and preventing future relief," she said.

☆ Americans could see their student debt, car, and mortgage payments surge because of Republicans' 'flirtation with the default,' top Democrat Hakeem Jeffries says
▼ + stars: | 2023-04-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Rep. Hakeem Jeffries said a default on the US debt could cause student debt, car, and mortgage payments to surge. Republicans plan to bring a debt ceiling bill to the House floor next week, but it's unclear if it will get enough support. Biden has refused to meet with Republicans over debt ceiling negotiations. "Even the flirtation with the default is going to hurt everyday Americans," Jeffries said. "It risks raising car payments, it risks raising home mortgage payments, it risks raising student loan debt payments," he continued.

☆ Biden will threaten Social Security and Medicare and 'bumble into the first default in our nation's history' if he doesn't negotiate raising the debt ceiling with Republicans, Kevin McCarthy says
▼ + stars: | 2023-04-17 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

House Speaker Kevin McCarthy said a debt ceiling vote will come in weeks in Monday remarks. McCarthy said if Biden doesn't come to an agreement with the GOP, it could lead to the first default. Republicans want to attach spending cuts to a debt ceiling package, while Biden wants a clean raise. Independent analysis from Moody's shows congressional Republicans' budget cuts could throw 720,000 to over 2.5 million Americans out of work. "President Biden must hold firm on behalf of working families, and insist Republicans raise the debt limit swiftly and cleanly as they did time and time again under President Trump."

☆ German economy expected to skirt recession - economy ministry report
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

BERLIN, April 14 (Reuters) - Germany is expected to narrowly escape recession and post modest growth in the first quarter of the year, according to an economy ministry report published on Friday. "A technical recession of two negative quarters in a row appears to have been averted," the ministry said. "Consumer sentiment is expected to continue its recovery in the coming months, although inflation-related losses in purchasing power continue to weigh on the economy," the report said. Inflation rates are expected to continue to ease in the coming months, although remaining at a high level. The economy ministry sees risks to its economic outlook, such as weak private consumption, a deterioration of conditions in construction, recent problems in financial institutions and geopolitical uncertainty due to the war in Ukraine.

☆ Republicans reportedly want to ban student loan forgiveness and make it harder to get food stamps in a debt ceiling deal — and they seem to want to do it all over again next year
▼ + stars: | 2023-04-13 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Republicans are finally reportedly ready to share their debt ceiling demands as a package. Their package would only raise the debt ceiling for a year, setting up another fight in the middle of the next election. The US is potentially mere months away from breaching the debt ceiling, meaning it'll be unable to pay for the spending that Congress has already authorized. Congress passed a clean debt ceiling raise three times under former President Donald Trump. "I'm very concerned about the debt ceiling," he said.

☆ Opinion: Don't count DeSantis out yet
▼ + stars: | 2023-04-11 | by ( Patrick T. Brown | ) edition.cnn.com time to read: +7 min

A third Trump presidential nomination would indicate that Republican primary voters may prefer style over substance. But if they are serious about not just making liberals mad but advancing actual policy, GOP voters should consider other names, starting with the Florida governor. Recognizing key figures and institutions on the right in this way suggests a DeSantis administration would be serious about delivering on conservative principles. In short, DeSantis offers Republicans a glimpse into what a successful conservative approach to governing could look like. If GOP voters decide their primary operating principle is to enrage the media and “own the libs,” they will nominate Trump.

☆ 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.

The so-called Joint Economic Forecasts, to be presented in Berlin on Wednesday, expect a 0.1% expansion in gross domestic product in the first quarter. The five economic institutes which prepare the Joint Economic Forecasts predict GDP growth in Germany of 0.3% in 2023, up from a predicted contraction of 0.4% in the autumn, two sources familiar with the data told Reuters. The economics ministry will update its forecasts incorporating the results of the Joint Economic Forecasts this spring. The economic institutes predict inflation of 6.0% in 2023, before slowing to 2.4% in 2024. The Joint Economic Forecasts are prepared by the Ifo Institute, the Halle Institute for Economic Research, the Kiel Institute for the World Economy, the RWI – Leibniz Institute for Economic Research and the Austrian Institute of Economic Research.

☆ Kevin McCarthy tells Biden time is running out to negotiate spending cuts to raise the debt ceiling — even as Republicans have yet to put forth a concrete plan
▼ + stars: | 2023-03-28 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

House Speaker Kevin McCarthy sent a letter to President Joe Biden saying it's time to tackle the debt ceiling. The US faces a potentially disastrous default in just a few months, and the GOP wants major spending cuts. Biden has insisted that raising the debt ceiling should be bipartisan and not tied to cuts. On Tuesday, the Republican speaker of the House sent a letter to President Joe Biden urging him to negotiate spending cuts to raise the debt ceiling. Democrats are still waiting for a concrete plan from Republicans on what exactly they want to cut to raise the debt ceiling.

☆ Americans could lose $20,000 in retirement savings and private student-loan borrowers could see their payments surge if Republicans don't raise the debt ceiling, a new report says
▼ + stars: | 2023-03-25 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Joint Economic Committee released a report on the consequences of failing to raise the debt ceiling. Republicans have floated a range of spending cuts to raise the debt ceiling that Democrats have rejected. On Thursday, the Joint Economic Committee (JEC) — a congressional group that reviews economic policy — released a report analyzing the consequences of failing to raise the debt ceiling. Republicans are gambling with Americans' savings, benefits, and lives, all to play a political game." That's why Biden and Democratic lawmakers have been insisting that raising the debt ceiling be bipartisan, without any negotiations.

☆ Giving babies $1,000 at birth is an 'unprecedented opportunity for financial security,' Ayanna Pressley and Cory Booker say
▼ + stars: | 2023-03-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Rep. Ayanna Pressley and Sen. Cory Booker urged the Treasury Department to support their "Baby Bonds" legislation. "This policy would provide every child in America with unprecedented opportunity for financial security," Pressley and Booker wrote in their letter. They cited reports from Columbia University and Morningstar that found Baby Bonds would "substantially" close the racial wealth gap. When we introduce baby bonds, this gap narrows to 71% for Black families and 67% for Hispanic families." Along with Pressley and Booker, other Democratic lawmakers have been stressing the benefits of Baby Bonds over the past year.

☆ Stocks week ahead: It's hell week on Wall Street
▼ + stars: | 2023-03-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

The unflinching resilience of the US labor market is one of — if not the — greatest source of tension in today’s economy. That means the Fed’s already painful rate hikes are likely to continue until the job market simmers. In just one year, the Federal Reserve has raised interest rates from nearly zero to a range of 4.5% to 4.75% to cool the economy. The labor market is stronger than ever: The US added a shocking 517,000 jobs in January and knocked unemployment down to its lowest level since 1969. If the labor market remains strong, more Fed-induced pain lies ahead.

☆ John Fetterman's picture-taking, buddy-making, convention-breaking first month on Capitol Hill
▼ + stars: | 2023-02-04 | by ( Warren Rojas | ) www.businessinsider.com time to read: +11 min

Delegation-mate Sen. Bob Casey told Insider that Fetterman is “off to a great start.”Top editors give you the stories you want — delivered right to your inbox each weekday. Insider spoke to Fetterman's colleagues, his staff, and congressional reporters about the newcomer's first month in Washington, and what to expect from him as Congress gets rolling. "I know Sen. Fetterman is interested in nutrition, and I share his concerns there, so I look forward to collaborating to get things done for folks in Pennsylvania and Vermont," Welch said. Food issues definitely fall under their purview as newly minted members of the Senate Committee on Agriculture, Nutrition, and Forestry. 'Off to a great start'Sen. Casey told Insider that Fetterman has already hit the ground running.

☆ UK Labour leader Starmer slams PM's Davos no-show, touts new 'inverse OPEC' alliance
▼ + stars: | 2023-01-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

DAVOS, Switzerland - Jan. 19, 2023: Keir Starmer, leader of the Labour Party, during a CNBC panel session on day three of the World Economic Forum (WEF). Stefan Wermuth/Bloomberg via Getty ImagesU.K. opposition Labour Party leader Keir Starmer on Thursday hit out at Prime Minister Rishi Sunak for opting not to attend the World Economic Forum in Davos, Switzerland. On a CNBC-moderated panel in Davos, Starmer said he had been meeting with business leaders and policymakers to promote the idea of a Clean Power Alliance should Labour win the next general election in 2024. "I think our prime minister should have showed up — I absolutely do. 'Inverse OPEC' Labour holds a massive polling lead over Sunak's ruling Conservative Party ahead of the next general election slated for 2024.

☆ Congress may revisit the expanded child tax credit in the lame duck session. But terms may not be as generous as in 2021
▼ + stars: | 2022-12-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

House and Senate champions and impacted families appear at a Dec. 7 Washington, D.C., event for expanding the child tax credit during the lame duck session. Millions of children were lifted out of poverty in 2021, thanks to a more generous child tax credit that included monthly checks sent out to more families. Now, the lame duck session of Congress offers a last chance this year to renew the expanded child tax credit that lapsed in December 2021. As the end of year approaches, many Democrats on Capitol Hill have raised their voices in support of reinstating the more generous child tax credit. The child tax credit was increased in 2021 from $2,000 per child to up to $3,600 per child under 6 and up to $3,000 for children ages 6 through 17.

☆ Giving babies a government trust fund at birth could help get rid of student debt and build wealth, report says
▼ + stars: | 2022-12-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Democrats released a report highlighting the benefits of "Baby Bonds," which are trust funds given to kids at birth. The report said that the funds would help Americans build wealth over a lifetime. It could help reduce the need for students to take on excessive debt to go to college. On Wednesday, the Joint Economic Committee — led by Democratic Rep. Don Beyer — released a report on the benefits of "Baby Bonds." Baby Bonds could be a part of that.

☆ Russia deploys defense missile system on Kuril island near Japan
▼ + stars: | 2022-12-06 | by ( ) edition.cnn.com time to read: +2 min

Russia’s defense ministry said Monday it has deployed mobile coastal defense missile systems on a northern Kuril island, part of a strategically located chain of islands that stretch between Japan and the Russian Kamchatka Peninsula. Japan lays claim to the Russian-held southern Kuril islands, which Tokyo calls the Northern Territories, a territorial row that dates to the end of World War Two, when Soviet troops seized them from Japan. The Russian Bastion systems, which have missiles with a flight range of up to 500 km (310 miles), were deployed on the island of Paramushir, the Russian defense ministry said Monday. The Bastion coastal missile system went on duty on the Kuril island or Paramushir. Russia withdrew from peace treaty talks with Japan and froze joint economic projects related to the disputed Kuril Islands because of Japanese sanctions over Russia’s invasion of Ukraine.

☆ Russia deploys defence missile system on Kuril island near Japan
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +2 min

Russian Defence Ministry/Handout via REUTERSDec 6 (Reuters) - Russia's defence ministry has said it has deployed mobile coastal defence missile systems on a northern Kuril island - part of a strategically located chain of islands that stretch between Japan and the Russian Kamchatka Peninsula. Japan lays claim to the Russian-held southern Kuril islands that Tokyo calls the Northern Territories, a territorial row that dates back to the end of World War Two when Soviet troops seized them from Japan. The Russian Bastion missile systems, which have missiles with a flight range of up to 500 km (310 miles), were deployed on the island of Paramushir in the northern portion of the Kuril Islands, the Russian defence ministry said on Monday. This deployment comes a year after Russia set up the Bastion systems on the island of Matua, in the central part of the Kuril ridge, the ministry said in a statement. Russia withdrew from peace treaty talks with Japan and froze joint economic projects related to the disputed Kuril Islands because of Japanese sanctions over Russia's invasion of Ukraine.

Rep. David Trone is running against Republican Neil Parrott in Maryland's 6th Congressional District in a rematch. The 6th District is located in the western region of the state. Democratic Rep. David Trone once again faces off against Republican Neil Parrott in Maryland's 6th Congressional District in a rematch. 2022 General EmbedsMaryland's 6th Congressional District candidatesTrone, first elected in 2018, serves on the House Appropriations and Veterans' Affairs Committees and the Joint Economic Committee. Voting history for Maryland's 6th Congressional DistrictMaryland's 6th Congressional District covers all of Frederick County.

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