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☆ Republicans criticize McCarthy, Biden debt ceiling deal
▼ + stars: | 2023-05-28 | by ( ) www.cnbc.com time to read: +4 min

"We're going to try" to stop it from passing the House, Representative Chip Roy, a prominent member of the hardline House Freedom Caucus, said on Twitter. The deal suspends the debt ceiling until January 2025, after the November 2024 presidential election, in exchange for caps on spending and cuts in government programs. Representative Dan Bishop and other hardline Republicans were sharply critical of early deal details that suggest Biden has pushed back successfully on several cost-cutting demands on Saturday, signaling that McCarthy may have an issue getting votes. Progressive Democrats in both chambers have said they would not support any deal that has additional work requirements. But Republicans and Democrats will need to battle over which ones in the months to come, as the deal doesn't specify them.

☆ Biden, McCarthy reach final deal to prevent default, now must sell to Congress
▼ + stars: | 2023-05-28 | by ( ) www.cnbc.com time to read: +7 min

"Good news," Biden declared Sunday evening at the White House. "The agreement prevents the worst possible crisis, a default, for the first time in our nation's history," he said. Biden told reporters at the White House upon his return from Delaware that he was confident the plan will make it to his desk. Top White House officials were briefing Democratic lawmakers and phoning some directly to try to shore up support. House Democratic leader Hakeem Jeffries of New York said on CBS' "Face the Nation" that he expected there will be Democratic support but he declined to provide a number.

☆ Premarket stocks: Debt ceiling woes could kill Wall Street dealmaking
▼ + stars: | 2023-05-22 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Before the Bell spoke with Mitch Berlin, EY Americas Vice Chair, Strategy and Transactions, to discuss the effect the debt ceiling drama is having on dealmaking:This interview has been slightly edited for clarity. Uncertainty around the debt ceiling is threatening to stall any momentum in the M&A market. If the debt ceiling is not raised within the next few weeks, dealmaking will largely be put on hold and [it] could set M&A dealmaking back to the lows of the early pandemic or worse. Janet Yellen stands by June 1 debt ceiling deadlineUS Treasury Secretary Janet Yellen on Sunday reaffirmed June 1 as the “hard deadline” for the United States to raise the debt ceiling or risk defaulting on its obligations. “There will be hard choices to make if the debt ceiling isn’t raised,” reiterated Yellen after Biden’s warning.

☆ CNBC Daily Open: Debt ceiling detours
▼ + stars: | 2023-05-22 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

The good news: Biden will meet McCarthy in person later today to discuss the debt ceiling, after a pause in negotiations over the weekend. 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. The Writers Guild of America may be on strike now, but we don't lack gripping drama — in the form of the U.S. debt ceiling negotiations. Subscribe here to get this report sent directly to your inbox each morning before markets open.

Section Four of 14th Amendment, adopted after the 1861-1865 Civil War, states that the "validity of the public debt of the United States ... shall not be questioned." WHERE DOES THE WHITE HOUSE STAND ON THE 14TH AMENDMENT? HOW WOULD MARKETS REACT IF BIDEN USES THE 14TH AMENDMENT? Administration officials and economists have said that a default triggered by a debt-ceiling breach would roil the world financial system and plunge the United States into recession. That immediate catastrophe might be avoided if Biden invoked the 14th Amendment.

CNN —Treasury Secretary Janet Yellen reaffirmed June 1 as the “hard deadline” for the US to raise the debt ceiling or risk defaulting on its obligations. So I think that that’s a hard deadline,” Yellen said during an interview on NBC’s “Meet the Press.”Yellen’s warning came hours after President Joe Biden delivered a grim assessment on the state of negotiations during his remaining hours in Japan. Reflecting that shift tone, the treasury secretary reiterated that there will be some bills that go unpaid, if the debt ceiling isn’t raised. “There will be hard choices to make if the debt ceiling isn’t raised,” she said. “My devout hope is that Congress will raise the debt ceiling,” she said.

Lamond, who supervised the Intelligence Branch of the police department's Homeland Security Bureau, also made false and misleading statements to federal law enforcement agents about his communications with Tarrio, the Justice Department said. According to the indictment, Lamond and Tarrio had been in regular contact since 2019. Lamond wrote, "Hey brother, sad, sad news today. Tarrio pleaded guilty to charges in the Black Lives banner case and in 2021 was sentenced to five months in prison. A jury in a separate case this month convicted Tarrio and other members of the Proud Boys of seditious conspiracy involving the Jan. 6, 2021, attack on the U.S. Capitol by Trump supporters.

☆ Finger-Pointing Won’t Save Anyone if Default Leads to Economic Collapse
▼ + stars: | 2023-05-19 | by ( Carl Hulse | ) www.nytimes.com time to read: +1 min

Is it the Biden default? Or the Republican Default on America? Democrats lambaste Republicans for taking the debt ceiling hostage to appease “extreme MAGA” conservatives bent on shrinking government spending. Republicans hit Democrats for waiting too long to open talks and not taking G.O.P. They will flush us all.”Polls have suggested Mr. Graham’s view is correct.

☆ Here's every country that has banned TikTok as the US threatens a nationwide ban. Montana is the first state to pass a total ban.
▼ + stars: | 2023-05-18 | by ( Aaron Mcdade | Sarah Jackson | ) www.businessinsider.com time to read: +2 min

Anna Moneymaker/Getty ImagesPresident Joe Biden's administration has supported bills introduced in Congress that would give the president greater authority to ban apps like TikTok. Last month, Montana became the first state where lawmakers approved a bill banning the app. TikTok previously pledged to challenge it if it was enacted into law, and has called the bill "censorship" and a violation of the First Amendment. The current plan is to fine app store owners like Apple and Google, along with TikTok itself, $10,000 per day the app can be accessed by users in the state. TikTok users in the state will not be punished under the current plan.

☆ Biden Says He Is Confident America Will Not Default on Its Debts
▼ + stars: | 2023-05-17 | by ( Zolan Kanno-Youngs | ) www.nytimes.com time to read: +1 min

Mr. Biden decided to cut the trip to Asia short to be back for what he called “final negotiations” over the ceiling, the statutory cap on how much the government can borrow to finance its obligations. He is scheduled to return to Washington on Sunday, skipping planned visits to Papua New Guinea and Australia. Mr. Biden echoed the optimism offered by both Democratic and Republican leaders after Tuesday’s meeting. “We narrowed the group to meet and hammer out our differences,” Mr. Biden said, adding that the negotiating teams met on Tuesday night and will meet again on Wednesday. The government reached the $31.4 trillion debt limit on Jan. 19, and the Treasury Department has been using a series of accounting maneuvers to keep paying its bills.

☆ President Joe Biden on debt ceiling: We will not default
▼ + stars: | 2023-05-17 | 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 EmailPresident Joe Biden on debt ceiling: We will not defaultPresident Joe Biden delivers remarks on the latest in debt ceiling negotiations.

WSJ explains why U.S. debt has become the center of the economy. Photo Illustration: Madeline MarshallWASHINGTON—The outlines of a possible deal to raise the debt ceiling and limit spending are starting to emerge, but negotiators are far from an agreement as President Biden and top lawmakers are set to meet at the White House on Tuesday afternoon. 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.

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.

But attendees said they made progress, including through an agreement to turn the multilateral debt limit negotiations into direct one-to-one talks between a close ally of House Speaker Kevin McCarthy and two White House aides, on Biden's behalf. The White House said Biden "directed staff to continue to meet daily on outstanding issues. It was "a good and productive meeting," said Senate Majority Leader Chuck Schumer, D-N.Y., who noted that it was "more cordial" than a previous meeting last week. The White House also said Tuesday that it would cancel the second leg of the president's upcoming international trip, given the delicate state of the debt ceiling negotiations. His return will set up a critical stretch in the efforts to avoid a first-ever default on U.S. debt and prevent major economic damage.

☆ Russia was trying to kill a Patriot when the US-made weapon took out the Kinzhal missile Putin claimed was unstoppable
▼ + stars: | 2023-05-13 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

Ukrainians last week said they'd shot down a Russian hypersonic missile using a US Patriot system. Officials told CNN Friday the Patriot defense system was the target of the advanced missile attack. Putin had previously claimed the deadly Kinzhal missiles were unstoppable. But officials on Friday told CNN the defense system itself was the target of the attack — and the Patriot expertly defended itself. Representatives for Ukraine's Ministry of Defense and the Government of the Russian Federation did not immediately respond to Insider's requests for comment.

☆ Republicans defiant after Biden debt limit meeting
▼ + stars: | 2023-05-10 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsRepublicans defiant after Biden debt limit meetingPostedPresident Joe Biden and top lawmakers met face-to-face on Tuesday as a deadlock over raising the $31.4 trillion U.S. debt limit threatened to push the country into an unprecedented default in as soon as three weeks if Congress does not act. This report produced by Chris Dignam and Ryan Chang.

The U.S. Department of Transportation did not specify how much cash it aims to require airlines to pay passengers for significant delays. But it asked carriers last year whether they would agree to pay at least $100 for delays of at least three hours caused by airlines. A July 2021 proposal to require airlines to refund consumers fees for baggage that is delayed, or onboard service like Wi-Fi that do not work, are still not finalized. The Transportation Department said it plans to write regulations that will require airlines to cover expenses such as meals and hotels if carriers are responsible for stranding passengers. In October, Reuters first reported major U.S. airlines opposed Transportation Department plans to update its dashboard to show whether carriers would voluntarily compensate passengers for lengthy delays within airlines' control.

☆ President Biden says his son Hunter has done 'nothing wrong' as federal prosecutors weigh seeking charges
▼ + stars: | 2023-05-06 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +2 min

President Biden said that his son Hunter has done "nothing wrong" as a possible indictment looms. Federal prosecutors are expected to decide soon whether to indict him on tax and gun-related charges. "First of all, my son has done nothing wrong," Biden told MSNBC. When asked how the charges could impact his presidency, Biden said he would continue to stand by Hunter. Federal prosecutors are reportedly close to deciding whether to indict Hunter after a nearly four-year-long probe, according to The Washington Post.

☆ Biden, while defending a presidential reelection bid in his 80s, says he's 'acquired a hell of a lot of wisdom' and knows 'more than the vast majority of people'
▼ + stars: | 2023-05-06 | by ( John L. Dorman | ) www.businessinsider.com time to read: +3 min

President Biden defended his 2024 reelection bid during an interview with MSNBC's Stephanie Ruhle. "I have acquired a hell of a lot of wisdom and know more than the vast majority of people," he said. Biden, who's now 80, would be 82 at the start of a second presidential term in 2025. Ruhle asked: "Why would a 82-year-old Joe Biden be the right person for the most important job in the world?" "I have acquired a hell of a lot of wisdom and know more than the vast majority of people," he told Ruhle.

☆ Biden defends son Hunter ahead of possible federal tax, gun charges
▼ + stars: | 2023-05-06 | by ( Katherine Doyle | ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden (L) and his son Hunter Biden attend the annual Easter Egg Roll on the South Lawn of the White House on April 10, 2023 in Washington, DC. WASHINGTON — President Joe Biden defended his son Hunter as federal prosecutors are said to be nearing a decision on whether to charge the president's son with tax and firearms violations after a four-year criminal investigation. Asked how charges against his son could impact his presidency, Biden said he stands by Hunter. Hunter Biden has said he has since reconciled delinquent tax filings. Aides insist that Biden has not been involved and that the president stands by his promise not to politicize the Justice Department.

[1/3] U.S. President Joe Biden delivers remarks during an event marking National Small Business Week, in the Rose Garden of the White House in Washington, U.S., May 1, 2023. REUTERS/Leah Millis/File PhotoWASHINGTON, May 2 (Reuters) - The chief executives of Alphabet Inc's Google (GOOGL.O), Microsoft (MSFT.O), OpenAI and Anthropic will meet with Vice President Kamala Harris and top White House officials to discuss key artificial intelligence (AI) issues on Thursday, said a White House official on Tuesday. Concerns about fast-growing AI technology include privacy violations, bias and worries it could proliferate scams and misinformation. In April, the Biden administration said it was seeking public comments on proposed accountability measures for AI systems, as concerns grow about its impact on national security and education. The meeting will emphasize the importance of driving innovation "with safeguards that mitigate risks and potential harms," the official said.

☆ Factbox: U.S. debt ceiling standoff: Platinum coins, the 14th Amendment could be paths out
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +5 min

14TH AMENDMENTSection Four of 14th Amendment to the U.S. Constitution, adopted after the 1861-1865 Civil War, states that the "validity of the public debt of the United States ... shall not be questioned." Some experts have suggested that Biden could invoke this amendment to raise the debt ceiling on his own if Congress does not act. BYPASS REPUBLICAN LEADERSHIPDemocrats and rank-and-file Republican allies in the House could bypass McCarthy and force a vote on a "clean" debt ceiling increase, free of spending cuts or other conditions. GET RID OF ITCongress could vote to abolish the debt ceiling entirely, which would eliminate the need to vote on the issue periodically but also erode Congress's authority on fiscal matters. Attempts to abolish the debt ceiling have gotten no traction in Congress in recent years.

☆ Biden might have already lost the Iowa and New Hampshire primaries. Here's why.
▼ + stars: | 2023-04-29 | by ( Katie Balevic | ) www.businessinsider.com time to read: +2 min

President Joe Biden might be forced to forfeit primary contests in Iowa and New Hampshire. New DNC rules championed by Biden demoted Iowa and New Hampshire on the primary calendar. The DNC rules prohibit candidates from adding their names to ballots in states that don't adhere to the calendar. The new primary calendar ratified by the Democratic National Committee – at Biden's request – downgraded Iowa and New Hampshire from their longstanding positions as the first electoral hoorahs of the primary season. Both Iowa and New Hampshire, who have long enjoyed outsized influence as early-voting states, plan to buck the DNC rules and hold their contests early anyway.

☆ Why Joe Biden Decided to Run Again
▼ + stars: | 2023-04-27 | by ( Ken Thomas | Catherine Lucey | ) www.wsj.com time to read: 1 min

Photo Illustration: Ryan TrefesWASHINGTON—By the time Ronald Reagan turned 80, he was a former president, watching the end of the Cold War unfold from his home in California. At the same age, Jimmy Carter was deep into his postpresidential work promoting democracy around the globe, while George H.W. Bush was months away from seeing his son win a second term as president. Now 80, President Biden is embarking on a path with no precedent in American political history, as he is running for a second term. He is driven to stay in one of the world’s most challenging jobs at a moment when many Americans are years into their retirement—and as polls show majorities of voters, including many Democrats, don’t believe he should run again.

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