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Search resuls for: "Madeline Marshall"


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☆ GOP, Democrats Draw Red Lines Ahead of Biden Debt-Ceiling Meeting
  + stars: | 2023-05-16 | by ( Natalie Andrews | Andrew Restuccia | Lindsay Wise | ) www.wsj.com   time to read: 1 min
WSJ explains why U.S. debt has become the center of the economy. Photo Illustration: Madeline MarshallWASHINGTON—Negotiators appeared far from an agreement to raise the debt ceiling and trim spending ahead of a Tuesday meeting between President Biden and top lawmakers, as progressive Democrats signaled opposition to several proposals and Republicans demanded new work requirements for beneficiaries of government programs. White House and congressional staff have been meeting behind closed doors for several days, and people briefed on the discussions said they were making incremental progress. But Tuesday’s meeting between Mr. Biden and the congressional leaders will be a significant test of whether the staff-level work can win broader buy-in, amid mounting signs that progressive Democrats are opposed to some of the proposals under discussion.
☆ Yellen Says Treasury Still Expects U.S. Could Default as Soon as June 1
  + stars: | 2023-05-16 | by ( Andrew Duehren | ) www.wsj.com   time to read: 1 min
As Democrats and Republicans debate raising the debt ceiling, they both agree that a default would be disastrous for the economy. WSJ explains why U.S. debt has become the center of the economy. Photo Illustration: Madeline MarshallWASHINGTON—Treasury Secretary Janet Yellen again said the U.S. could become unable to pay its bills on time as soon as June 1 if Congress doesn’t first raise the debt limit. The new forecast from Ms. Yellen doesn’t change the timeline for negotiators trying to find an agreement to raise the roughly $31.4 trillion debt ceiling. The Treasury chief had previously warned that the U.S. could default on its debt as soon as June 1.
☆ World Leaders Warily Watch U.S. Debt-Limit Standoff
  + stars: | 2023-05-15 | by ( Andrew Duehren | ) www.wsj.com   time to read: 1 min
As Democrats and Republicans debate raising the debt ceiling, they both agree that a default would be disastrous for the economy. WSJ explains why U.S. debt has become the center of the economy. Photo Illustration: Madeline MarshallNIIGATA, Japan—World leaders, already struggling with inflation and rising interest rates, now face the battle over raising the U.S. debt limit as the latest risk to their economic outlook. The impasse in Washington over raising the roughly $31.4 trillion borrowing limit is looming over a series of meetings of the Group of Seven advanced democracies this month. At a gathering of G-7 finance ministers along the Sea of Japan last week, officials discussed the prospects for a debt-limit deal between President Biden and House Speaker Kevin McCarthy (R., Calif.) alongside other global topics such as sanctions on Russia and ways to counter China.
☆ Turkish Presidential Election Heads to Second Round Runoff
  + stars: | 2023-05-15 | by ( Wall Street Journal | ) www.wsj.com   time to read: 1 min
Bonds Are the Core of the U.S. Economy; Why a Default Would Be ‘Catastrophic’ As Democrats and Republicans debate raising the debt ceiling, they both agree that a default would be disastrous for the economy. WSJ explains why U.S. debt has become the center of the economy. Photo Illustration: Madeline Marshall
☆ Turkey’s General Election: What You Need to Know
  + stars: | 2023-05-15 | by ( Wall Street Journal | ) www.wsj.com   time to read: 1 min
Bonds Are the Core of the U.S. Economy; Why a Default Would Be ‘Catastrophic’ As Democrats and Republicans debate raising the debt ceiling, they both agree that a default would be disastrous for the economy. WSJ explains why U.S. debt has become the center of the economy. Photo Illustration: Madeline Marshall
☆ A Debt-Ceiling Catch-22 for Investors
  + stars: | 2023-05-15 | by ( Justin Lahart | ) www.wsj.com   time to read: 1 min
As Democrats and Republicans debate raising the debt ceiling, they both agree that a default would be disastrous for the economy. Photo Illustration: Madeline MarshallNothing focuses politicians’ minds on cutting deals like cratering financial markets. And nothing stays investors’ hands from hitting the sell button like a belief that an 11th hour deal will be struck. This paradox is part of what makes the debt-ceiling negotiations so precarious.
☆ Plunging Tax Revenue Accelerates Debt-Ceiling Deadline
  + stars: | 2023-05-13 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
As Democrats and Republicans debate raising the debt ceiling, they both agree that a default would be disastrous for the economy. WSJ explains why U.S. debt has become the center of the economy. That crunch came months sooner than expected, raising the specter of a default on federal obligations unless Congress increases the debt ceiling. The reason: the expected annual gusher of tax-season payments didn’t flood into the Treasury. When the Congressional Budget Office analyzed tax collections for the current fiscal year through April, the tally fell about $250 billion short of predictions from just a few months ago.
☆ What Happens to Social Security Benefits if the U.S. Hits the Debt Limit?
  + stars: | 2023-05-10 | by ( Anne Tergesen | ) www.wsj.com   time to read: 1 min
As Democrats and Republicans debate raising the debt ceiling, they both agree that a default would be disastrous for the economy. WSJ explains why U.S. debt has become the center of the economy. Photo Illustration: Madeline MarshallMillions of Americans will probably get their Social Security checks even if Congress fails to reach a deal to raise the U.S. debt limit, economists and policy advocates say. Still, there is a chance the checks many retirees rely on to pay the bills could be delayed or temporarily reduced should the government default on its obligations for the first time since the U.S. Treasury was established in 1789. If the checks are held up, the federal debt ceiling crisis could trigger household financial crises.
☆ ‘Stop Printing Money.’ How Voters Would Solve the Debt-Ceiling Standoff
  + stars: | 2023-05-10 | by ( Annie Linskey | Aaron Zitner | ) www.wsj.com   time to read: 1 min
As Democrats and Republicans debate raising the debt ceiling, they both agree that a default would be disastrous for the economy. WSJ explains why U.S. debt has become the center of the economy. Photo Illustration: Madeline MarshallJohn Houck, a 63-year-old Republican who lives near Phoenix, doesn’t want the U.S. to ruin its credit by failing to pay its bills. But he worries that cutting the military could threaten border security, and that reductions to Medicare and Social Security amount to an unkept promise to Americans who paid into those systems. “I want them to stop printing money,” Mr. Houck said.
☆ Bonds Are the Core of the U.S. Economy; Why a Default Would Be ‘Catastrophic’
  + stars: | 2023-05-09 | by ( Wall Street Journal | ) www.wsj.com   time to read: 1 min
Bonds Are the Core of the U.S. Economy; Why a Default Would Be ‘Catastrophic’ The U.S. doesn’t just have to default to wreak havoc on the economyBy Wall Street Journal May 09, 2023 9:30 am As Democrats and Republicans debate raising the debt ceiling, they both agree that a default would be disastrous for the economy. WSJ explains why U.S. debt has become the center of the economy. Photo Illustration: Madeline Marshall
☆ When Is the Debt Ceiling Deadline and What Happens if the Limit Isn’t Raised?
  + stars: | 2023-05-09 | by ( Andrew Duehren | Amara Omeokwe | ) www.wsj.com   time to read: 1 min
As Democrats and Republicans debate raising the debt ceiling, they both agree that a default would be disastrous for the economy. WSJ explains why U.S. debt has become the center of the economy. Photo Illustration: Madeline MarshallThe federal government could run out of money to pay its bills soon, putting Congress on the clock to again raise or suspend the federal borrowing limit. The Treasury Department said in January that the U.S. was bumping up against the current $31.4 trillion borrowing limit, prompting it to begin implementing so-called extraordinary measures to manage the government’s cash flow through the spring.
☆ Biden, GOP Lawmakers Not Budging as Debt-Ceiling Meeting Convenes
  + stars: | 2023-05-09 | by ( Andrew Restuccia | Natalie Andrews | ) www.wsj.com   time to read: +1 min
As Democrats and Republicans debate raising the debt ceiling, they both agree that a default would be disastrous for the economy. WSJ explains why U.S. debt has become the center of the economy. House Republicans have demanded deep spending cuts in exchange for raising the debt ceiling and criticized Mr. Biden for not starting talks earlier. But Mr. Biden and Democrats in Congress maintain that the federal borrowing limit should be raised without preconditions and have called the GOP stance irresponsible. Neither side has presented a path forward that could win enough support to pass both chambers of Congress.
☆ A Debt Deal Could Help Solve the Country’s Inflation Problem
  + stars: | 2023-05-04 | by ( Greg Ip | ) www.wsj.com   time to read: 1 min
The U.S. relies on debt for much of its spending—but what would spending cuts look like? Photo illustration: Madeline MarshallThe Federal Reserve has a problem with stubborn inflation and fragile banks. Congress and President Biden have a problem with a looming deadline to raise the debt ceiling. There might be a way to address all these problems at once.
☆ Scrambling to Avoid Default, White House Weighs Debt-Limit Fallback Options
  + stars: | 2023-05-04 | by ( Andrew Duehren | Annie Linskey | ) www.wsj.com   time to read: 1 min
WSJ explains how much the Treasury relies on debt, where it goes and what happens when the Treasury hits the debt ceiling. Photo illustration: Madeline MarshallWASHINGTON—The Biden administration and Capitol Hill leaders are scrambling to avoid a first-ever government default that could arrive as soon as June 1, taking potential alternative strategies more seriously after months of deadlock over raising the country’s borrowing limit. Publicly, both Republicans and Democrats are still sticking to their demands as the clock ticks. GOP lawmakers are seeking to force cuts to federal spending in exchange for supporting raising the debt limit, while Democrats continue to call for a debt-limit increase without any other policy conditions.
☆ Denied a Gun License Over School Threat, Accused Leaker Jack Teixeira Later Got Top-Secret Clearance
  + stars: | 2023-04-28 | by ( Nancy A. Youssef | Sadie Gurman | ) www.wsj.com   time to read: 1 min
Photo Illustration: Madeline MarshallAs a high-school student, the Air National Guardsman charged with leaking classified intelligence documents admitted he made violent threats that prevented him from getting a firearms license. Two years later, however, he secured a top-secret security clearance.
☆ Why No Buyer Has Emerged for First Republic
  + stars: | 2023-04-27 | by ( Telis Demos | ) www.wsj.com   time to read: 1 min
The Federal Deposit Insurance Corporation is doing what it was designed to do when banks like Silicon Valley and Signature Banks go under: cover insured deposits. Photo illustration: Madeline MarshallIf another bank bought First Republic Bank for a single dollar, it could still end up costing that buyer tens of billions. For many years, First Republic had a sterling reputation as a fast-growth lender focused on a very desirable clientele—the affluent. One might think that such a franchise would fit well with any number of banks looking to grow businesses like wealth management. Yet with the bank’s market value now hovering at around $1 billion, down about 95% from the start of the year, no buyer has emerged.
☆ Jack Teixeira’s Defense Team Faces Off With Prosecutors Over Detention
  + stars: | 2023-04-27 | by ( Jon Kamp In Worcester | Mass. | Sadie Gurman In Washington | ) www.wsj.com   time to read: 1 min
Photo Illustration: Madeline MarshallFederal prosecutors and the defense team representing a Massachusetts Air National Guardsman charged with taking and sharing highly classified intelligence documents argued ahead of a high-profile court hearing Thursday over whether he should remain in custody while his criminal case proceeds. Prosecutors are seeking Airman First Class Jack Teixeira’s continued detention, saying he might still have access to sensitive material that could aid foreign adversaries. He has been jailed since his arrest earlier this month.
☆ Jack Teixeira Could Still Have Access to Classified Documents, Prosecutors Say
  + stars: | 2023-04-27 | by ( Sadie Gurman | Jon Kamp | ) www.wsj.com   time to read: 1 min
Photo Illustration: Madeline MarshallThe Massachusetts Air National Guardsman charged with taking and sharing highly classified intelligence documents might still have access to sensitive material that could aid foreign adversaries, federal prosecutors said Wednesday in court filings seeking his continued detention. Airman First Class Jack Teixeira, who has been jailed since his arrest earlier this month, “accessed and may still have access to a trove of classified information that would be of tremendous value to hostile nation states that could offer him safe harbor and attempt to facilitate his escape from the United States,” prosecutors said late Wednesday in a filing.
☆ Judge Considers Whether Accused Leaker Jack Teixeira Must Stay in Detention
  + stars: | 2023-04-27 | by ( Jon Kamp In Worcester | Mass. | Sadie Gurman In Washington | ) www.wsj.com   time to read: 1 min
Photo Illustration: Madeline MarshallA judge was considering Thursday whether to further detain Airman First Class Jack Teixeira, the Massachusetts Air National Guardsman charged with taking and sharing highly classified intelligence documents, after prosecutors argued he would obstruct their probe if he were freed. “I’m going to take the matter under advisement,” Magistrate Judge David H. Hennessy said after nearly an hour and a half of arguments from both sides.
☆ Banking Problems May Be Tip of Debt Iceberg
  + stars: | 2023-04-26 | by ( Greg Ip | ) www.wsj.com   time to read: 1 min
Photo illustration: Madeline MarshallThe biggest question facing the economy lately has been: How bad will the banking turmoil be? Though two U.S. banks failed a month ago, and a third is still struggling, emergency lending by the Federal Reserve seems to have prevented broader harm. The next question should be: Will it spread beyond the banks? That is because the collapse of Silicon Valley Bank a month ago, which touched off this bout of turmoil, was a symptom, not a cause, of broader forces at work in the financial system and the economy.
☆ GOP’s Debt-Ceiling Proposal: Where Do Republicans Want to Cut Spending?
  + stars: | 2023-04-26 | by ( Siobhan Hughes | ) www.wsj.com   time to read: 1 min
Photo illustration: Madeline MarshallThe House is set to vote this week on a Republican bill that would raise the nation’s $31.4 trillion borrowing limit in exchange for deep cuts to government spending. While the bill has no chance of passing the Democratic-controlled Senate, it marks the opening bid from the GOP in what are expected to be down-to-the-wire talks to raise the debt limit, ahead of a summer deadline. If no deal is reached, the U.S. could default on debt payments and other obligations.
☆ Republicans Tweak Debt-Ceiling Bill Ahead of Possible Vote Later Wednesday
  + stars: | 2023-04-26 | by ( Lindsay Wise | Siobhan Hughes | ) www.wsj.com   time to read: 1 min
Photo illustration: Madeline MarshallWASHINGTON—House Republican leaders projected confidence Wednesday that they would pass their bill raising the nation’s $31.4 trillion borrowing limit in exchange for deep cuts in government spending, saying a final vote could occur soon. “We can vote as early as today on this,” said House Majority Leader Steve Scalise (R., La.). “We want to get this done as soon as possible.” In a closed–door House Republican conference meeting, House Speaker Kevin McCarthy (R., Calif.) said that he wanted to pass the bill on Wednesday, according to a person in the room.
☆ Republicans Pass Debt-Ceiling Bill Aiming to Spark Talks With Biden
  + stars: | 2023-04-26 | by ( Lindsay Wise | Siobhan Hughes | ) www.wsj.com   time to read: 1 min
Photo illustration: Madeline MarshallWASHINGTON—House Republicans passed a bill proposing to raise the nation’s $31.4 trillion borrowing limit in exchange for deep cuts in government spending, aiming to jump-start talks with President Biden ahead of an approaching deadline for the federal government to avoid default. The vote was 217-215, with all Democrats voting no. Four Republicans opposed the bill, after House Speaker Kevin McCarthy (R., Calif.) made last-minute changes and promises in order to keep his fractious conference mostly united. The razor-thin margin underscored the complicated politics that are expected to roil the debt-ceiling debate.
☆ Republicans Advance Debt-Ceiling Bill Aiming to Spark Talks With Biden
  + stars: | 2023-04-26 | by ( Lindsay Wise | Siobhan Hughes | ) www.wsj.com   time to read: 1 min
Photo illustration: Madeline MarshallWASHINGTON—House Republicans’ bill raising the nation’s $31.4 trillion borrowing limit in exchange for deep cuts in government spending cleared an initial hurdle, as the GOP moved to jump-start talks with President Biden ahead of an approaching deadline for the federal government to avoid default. The measure advanced Wednesday afternoon in a 219-210 procedural vote along party lines, setting up final passage as soon as later in the day.
☆ Shopping for Insurance Against a Debt-Ceiling Debacle? Buyer Beware
  + stars: | 2023-04-21 | by ( Josh Zumbrun | ) www.wsj.com   time to read: 1 min
Photo illustration: Madeline MarshallAs the U.S. government nears yet another debt-ceiling crisis, an obscure Wall Street instrument is gaining attention for the first time in 10 years. It is basically an insurance contract known as a credit-default swap, whose price is commonly interpreted as the probability the U.S. will default on its Treasury debt. As of April 19, investors were willing to pay $9,600 a year to insure $1 million in U.S. Treasury debt, up from $1,400 at the start of the year. That is even more than during major budget fights in 2011 and 2013 when, like now, Republicans in Congress were refusing to raise the statutory ceiling on how much Treasury could borrow unless a Democratic president agreed to reduce spending.
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