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☆ The House could vote on censuring George Santos in the next two weeks — and it may actually pass, despite GOP control
▼ + stars: | 2023-07-17 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

House Democrats are likely to force a vote on censuring Rep. George Santos in the next 2 weeks. With Santos refusing to resign, it's the latest effort to tie his cloud of scandal to the rest of the GOP. So Democrats, eager to tie the rest of the Republican Party to Santos' cloud of scandal, are taking advantage. House Democrats are set to introduce a resolution on Monday to censure the New York Republican, and intend to force a vote on the matter in the next two weeks. But given Santos' poor reputation among his Republican colleagues, it's unlikely the congressman would receive the same groundswell of support.

Persons: George Santos, Santos, Kevin McCarthy's, Ritchie Torres, Adam Schiff of, Schiff, who's Organizations: censuring Rep, GOP, Service, Republican Party, Democrats, New York Republican, New York Times, Democratic Rep, New, Republicans, Republican, New York Republicans, Adam Schiff of California, Trump, US Locations: Wall, Silicon, New York, censuring Santos, Russia

☆ Chris Christie blasts Trump's repeated 'irresponsible conduct' after he shared Obama's purported address on social media
▼ + stars: | 2023-07-06 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

Chris Christie slammed Trump for posting the Obamas' purported DC address. "It's like calling the special counsel a 'crackhead,' it's like putting out a former president's address," Christie said. The former New Jersey governor was referencing yet another Truth Social post that the former president posted in regard to special counsel Jack Smith. Federal prosecutors allege that Taylor Taranto reposted Trump's Truth social post, which was a series of screenshots of a 2017 newsletter about Trump's 100 days in office. The newsletter mentioned the Obamas' purported DC address as an example of the "shadow" government that was trying to thwart Trump.

Persons: Chris Christie, Trump, Christie, —, Donald Trump, CNN's Jake Tapper, Jack Smith, Smith, Taylor Taranto, Taranto, Prosecutors, Kevin McCarthy's Organizations: Service, New, House, Prosecutors, DC Locations: New Jersey, Taranto

☆ Prosecutors say a Jan. 6 defendant targeted Obama's DC home after Trump posted its address on Truth social
▼ + stars: | 2023-07-05 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

Prosecutors say a January 6 defendant began live streaming outside of Obama's purported DC residence before his arrest. Prosecutors say Taranto reshared Obama's purported address from a post by Trump. According to prosecutors, Taylor Taranto reshared Trump's post on his own Truth social account. Trump shared Obama's purported address in a post that republished a 2017 newsletter in the late-conservative Phyllis Schlafly's name about Trump's first 100 days in office. After sharing that Trump post, Taranto then began live streaming as he drove through the wealthy Kalorama neighborhood of Washington D.C.

Persons: Taylor Taranto, Prosecutors, Taranto reshared Obama's, —, Barack Obama's, Donald Trump, Taylor Taranto reshared, Trump, Phyllis Schlafly's, Obamas, Taranto, Obama, John Podesta's, Kevin McCarthy's, Jamie Raskin Organizations: Trump, Service, Taylor Taranto reshared Trump's, White, Washington D.C, Prosecutors, White House, Washington , D.C, Maryland Democrat Locations: Obama's, Taranto, DC, Washington, Kalorama, Pasco, Washington State, Washington ,, Maryland

☆ Here are all of Republican elected officials backing Ron DeSantis' 2024 presidential campaign
▼ + stars: | 2023-06-20 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

Ron DeSantis is officially announced his 2024 presidential campaign in May, launching the most formidable challenge yet to former President Donald Trump. In the two months before DeSantis' announcement, Trump locked up the support of most of the Republican House members from Florida — and he's garnered far more endorsements overall than DeSantis. As of June 20, five House members and one governor have announced they're backing DeSantis for the 2024 GOP nomination. Thomas Massie — the Kentucky congressman and outspoken libertarian endorsed DeSantis in April, saying he's been "honored to call Ron DeSantis a friend for over a decade." Rich McCormick — the Georgia congressman endorsed DeSantis in May, saying in a Twitter video that the 2024 "election is about winning" and "who can earn victory in Georgia."

Persons: Ron DeSantis, —, Donald Trump, DeSantis, Trump, he's, Republican Sen, Cynthia Lummis of, dislodging Trump, Kevin Stitt —, Joe Biden, Bob Good —, Kevin McCarthy's speakership, Laurel Lee, Thomas Massie —, Rich McCormick —, Chip Roy — Organizations: Florida Gov, Trump, Service, Gov, Capitol, Republican House, Capitol Hill, Republican, GOP, Republicans, Five, State, Caucus Locations: Florida, Cynthia Lummis of Wyoming, Oklahoma, Virginia, Kentucky, Georgia, Texas

☆ GOP burns for another culture war fight, pushing bills to 'save' gas stoves
▼ + stars: | 2023-06-14 | by ( Matthew Daly | Associated Press | ) www.businessinsider.com time to read: +6 min

The House GOP passed a bill to bar federal regulation of gas stoves. Some cities have banned new gas stoves over climate change and attempts to reduce energy use. The White House said the administration "has been clear that it does not support any attempt to ban the use of gas stoves,″ but GOP lawmakers say rules on gas stoves represent classic government overreach. New York state approved a law last month banning natural gas stoves and furnaces in most new buildings. The proposed Energy Department rule would save consumers up to $1.7 billion and cut down on emission that are dangerous to children's health, she added.

Persons: —, ″, Tom Cole, Joe Biden, Kevin McCarthy's, McCarthy, Cathy McMorris Rodgers, McMorris Rodgers, Mary Gay Scanlon, Scanlon Organizations: GOP, Service, Republican, Energy Department, Biden, Green, Democratic, Caucus, Consumer Product Safety, The Energy Department, House Energy, Commerce, DOE, embroil Locations: San Francisco, Berkeley , California, New York, United States, Washington

☆ Kevin McCarthy's fragile control over the House GOP looks shaky as hardline Republicans go into open rebellion
▼ + stars: | 2023-06-08 | by ( Jake Swearingen | ) www.businessinsider.com time to read: +4 min

Hardline Republicans blocked Speaker McCarthy's attempt to bring bills to the floor. The move is seen as payback for McCarthy's deal with Biden last week to raise the debt ceiling. The stalemate resulted in the House adjourning until next Monday and scrapping the remainder of the week's votes. House Minority Leader Hakeem Jeffries called the dissenting Republicans "team chaos, team dysfunction, and team extreme" in a press conference Thursday morning . In order to win his position as Speaker of the House, McCarthy was forced to strike a deal with Freedom Caucus members in January after 14 failed votes.

Persons: —, Kevin McCarthy, McCarthy, Biden, Steve Womack, aren't, I'm, Andrew Garbarino, Axios, what's, Hakeem Jeffries, Jeffries, There's Organizations: Biden, Service, Washington Post, Republicans, Freedom Caucus, Fox News, Democrats, House GOP, GOP, House Republicans, Milwaukee Journal Sentinel Locations: Arkansas, House

☆ US House conservatives revolt against leadership, block gas stove bill
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, June 6 (Reuters) - A group of about a dozen Republicans in the U.S. House of Representatives on Tuesday staged a revolt against their leadership by blocking consideration of a bill related to the regulation of gas-fueled stoves. The move was in retaliation for Speaker Kevin McCarthy's deal with Democratic President Joe Biden on raising the U.S. debt limit, according to some Republican lawmakers. Reporting by Richard Cowan and Moira Warburton; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Kevin McCarthy's, Joe Biden, Richard Cowan, Moira Warburton, Leslie Adler Organizations: U.S . House, Democratic, Thomson Locations: U.S

☆ Far-right House Republicans just sent gas stove bills up in flames — and it's a warning shot at Kevin McCarthy
▼ + stars: | 2023-06-06 | by ( Sarah Gray | ) www.businessinsider.com time to read: +4 min

Far-right House members are not pleased with House Speaker Kevin McCarthy's debt ceiling compromise. Eleven conservative GOP members nuked McCarthy's bans on banning gas stoves, sending his plans up in flames. The Gas Stove Protection and Freedom Act would have barred the Consumer Product Safety Commission from using federal funds to regulate gas stoves or issue safety guidance that would ban them or make them more expensive. To peel back the layers here: The folks who have championed gas stoves versus induction stoves in the culture wars voted against H.Res. 463 — a procedural vote to establish rules on a floor vote for two gas stove-related bills — to punish McCarthy.

Persons: Kevin, —, Kevin McCarthy, nuked, McCarthy, Matt Gaetz, Chip Roy, Matt Rosendale, Rob Bishop, Ken Buck, Lauren Boebert, Eli Crane, Andy Biggs, Tim Burchett, Ralph Norman, Bob Good, Steve Scalise, Caucus —, Gaetz, Farnoush Amiri Organizations: Service, Caucus, Gas, Protection, Product Safety, US Department of Energy, Biden White, H.Res, NBC, North Carolina Rep, Colorado, Colorado Rep, Arizona, Tennessee, South Carolina Rep, House Republicans, Gaetz Locations: Florida, Texas, Montana, Arizona, Virginia

☆ Some Democrats don't like Biden and McCarthy's debt-ceiling bill — but they'll vote for it because 'the macro alternative is absolutely indigestible'
▼ + stars: | 2023-06-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Many Democratic lawmakers are unhappy with the debt-ceiling bill that just passed the House. But some of them will vote for the bill anyway because they say a default would be far worse. "The macro alternative is absolutely indigestible," Rep. Jamie Raskin told Politico. On Wednesday night, the House easily passed Biden and McCarthy's Fiscal Responsibility Act with a bipartisan vote of 314-117. Other Democrats feel the same — but fear a default on the nation's debt would be worse than signing the bipartisan debt-ceiling bill into law.

Persons: Jamie Raskin, —, Joe Biden's, Kevin McCarthy's, they'll, Biden, Vermont Sen, Bernie Sanders, Politico, Sen, Elizabeth Warren of, she's, Janet Yellen, McCarthy, Alexandria Ocasio, Ro Khanna, Chuck Schumer, Nobody's Organizations: Democratic, Service, Congressional, Office, SNAP, Elizabeth Warren of Massachusetts, Politico, Republicans, Social Security, Medicare, Congressional Progressive Caucus, Caucus, Twitter Locations: Vermont, Alexandria, Cortez

☆ The Senate passes the bipartisan debt ceiling bill, sending it to Biden's desk just days before the US defaults
▼ + stars: | 2023-06-02 | by ( Lauren Steussy | Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The Senate made surprising progress Thursday night on the debt ceiling bill, passing it 63 to 36. The bill now heads to President Joe Biden's desk, where it will be signed into law. Leading up to the votes, a number of Democratic senators were unhappy with a range of provisions in the bill. And while other Democratic lawmakers agreed with Sanders' points, they felt a default on the nations' debt would be worse than passing the bill. Now the legislation heads to Biden's desk, where he will sign the bill into law to suspend the debt ceiling through January 2025.

Persons: Joe Biden's, Monday, —, Joe Biden, Kevin, McCarthy, Biden, Chuck Schumer, Sen, Bernie Sanders, Sanders, Elizabeth Warren Organizations: Service, Congressional, SNAP, Twitter, Politico, Republicans

☆ The House just passed McCarthy and Biden's debt-ceiling deal, bringing the US one step closer to avoiding a default in a matter of days
▼ + stars: | 2023-06-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The House voted to pass Biden and McCarthy's bill to raise the debt ceiling by a vote of 314-117. On Wednesday night, the House passed President Joe Biden and Speaker of the House Kevin McCarthy's bill — the Fiscal Responsibility Act — to suspend the debt ceiling through January 1, 2025 by a vote of 314-117. For months, Biden and McCarthy had been at odds over the best approach to address the debt-ceiling crisis. "President Biden and Speaker McCarthy's agreement will protect the economy and eliminate the threat of a catastrophic default. McConnell also wrote that McCarthy "and House Republicans secured a crucial first step toward bringing Washington Democrats' reckless spending to heel.

Persons: Biden, —, Joe Biden, Kevin McCarthy's, McCarthy, Massachusetts Sen, Elizabeth Warren, Mitch McConnell, Chuck Schumer, Schumer, McConnell Organizations: Senate, Service, Congressional, Office, SNAP, Social Security, Medicare, Democratic, Twitter, House Republicans, Washington Democrats, Senators Locations: Massachusetts

☆ From Wall Street to Washington: Which finance execs would make the best public servants?
▼ + stars: | 2023-06-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

There has long been speculation that America's most-famous banker has plans to run for some sort of public office. The path from Wall Street to Washington is well worn, with plenty of high-profile executives taking up positions in the government. When most Wall Street executives were still afraid of the public cloud, she was ready to embrace it with open arms. Jon Gray — Treasury SecretaryBlackstone's president and chief operating officer has already had a brush with public office. The idea of him holding public office doesn't seem far-fetched.

Persons: Dan DeFrancesco, TikTok, I'm, we've, nabbing, Joe Biden's, Kevin McCarthy's, Jamie Dimon, Larry Downing, hasn't shied, Dimon, Dimon's, Bill Ackman, Kenneth Chenault —, Kathy Hochul, she's, Chenault, He's, Larry Fink —, We've, Larry, Fink, Adena Friedman, Friedman, Jon Gray —, Gray, Donald Trump, Gray's, Wall, Sen, Elizabeth Warren, Ken Griffin, Griffin, hasn't, Griffin hasn't, Ron DeSantis, he'll, Brian Moynihan —, Moynihan, Dan Schulman —, PayPal — he's, Taylor Swift, Kevin Mazur, Larry Fink, Franklin Templeton, It's, Rockefeller, Stephen Schwarzman, Warren Buffett, Cliff Asness, that's, Here's, Jeffrey Cane, Nathan Rennolds Organizations: JPMorgan, REUTERS, Bloomberg, American Express, Catalyst, Washington Post, BlackRock, SEC, CFTC, OCC, Nasdaq, Wall, Democrat, GOP, Florida Gov, Commerce, PayPal, Express, Virgin Mobile, Rockefeller Capital Management, Putnam Investments, Blackstone, Credit Suisse, UBS, Reuters, LinkedIn Locations: NYC, Washington, New York, Florida, Chicago, Miami, Ohio, Swiss, London

WASHINGTON, May 31 (Reuters) - A bill to suspend the U.S. government's $31.4 trillion debt ceiling and avert a disastrous default cleared a key procedural hurdle in the House of Representatives on Wednesday, setting the stage for an vote on the bipartisan debt deal itself. The procedural vote, which allows for the start of debate and then a vote on the bill itself, passed by a vote of 241-187, with 52 Democrats needed to overcome the opposition of 29 Republicans. [1/6] U.S. House Speaker Kevin McCarthy (R-CA) returns to his office from the House floor at the U.S. Capitol ahead of an expected vote in the U.S. House of Representatives on a bill raising the federal government's $31.4 trillion debt ceiling, in Washington, U.S., May 31, 2023. "I cannot, in good conscience, vote for the debt ceiling deal," Sanders said on Twitter. White House Budget Director Shalanda Young, who was one of Biden's lead negotiators, urged Congress to pass the bill.

Persons: Kevin McCarthy's, Joe Biden's, McCarthy, Biden, Chuck Schumer, Mitch McConnell, Schumer, Chip Roy, Roy, Kevin McCarthy, Julia Nikhinson, Rand Paul, Bernie Sanders, Sanders, Shalanda Young, Biden's, Young, White, David Morgan, Richard Cowan, Moira Warburton, Julio, Cesar Chavez, Kanishka Singh, Scott Malone, Rosalba O'Brien, Alistair Bell Organizations: Kevin McCarthy's Republicans, Senate, Treasury, Republican, Office, ., U.S, Capitol, U.S . House, REUTERS, Twitter, White, Republicans, Internal Revenue Service, Democratic, Thomson Locations: U.S, Washington , U.S, Washington

The House Rules Committee late on Tuesday, in the first procedural vote on the contentious legislation, cleared the measure for debate in the full House on Wednesday. The solid Democratic opposition is not necessarily indicative of how the party would vote on the bill itself. "We are certainly punching above our weight," she told her fellow House Republicans. [1/4] U.S. House Speaker Kevin McCarthy (R-CA) returns to his office from the House floor at the U.S. Capitol ahead of an expected vote in the U.S. House of Representatives on a bill raising the federal government's $31.4 trillion debt ceiling, in Washington, U.S., May 31, 2023. White House Budget Director Shalanda Young, who was one of Biden's lead negotiators, urged Congress to pass the bill.

Persons: Kevin McCarthy's, Joe Biden's, McCarthy, Biden, Chip Roy, Roy, Erin Houchin, Kevin McCarthy, Julia Nikhinson, Republican Mitt Romney, Dick Durbin, Shalanda Young, Biden's, Young, White, David Morgan, Richard Cowan, Moira Warburton, Julio, Cesar Chavez, Scott Malone, Rosalba O'Brien, Alistair Bell Organizations: U.S . House, Kevin McCarthy's Republicans, Twitter, Democratic, Treasury, Republican, White, Senate, Republicans, Office, ., U.S, Capitol, REUTERS, Senators, National Institutes of Health, Internal Revenue Service, Thomson Locations: U.S, Washington , U.S, Washington

The House Rules Committee late on Tuesday, in the first procedural vote on the contentious legislation, cleared the measure for debate in the full House on Wednesday. The solid Democratic opposition is not necessarily indicative of how the party would vote on the bill itself. "We are certainly punching above our weight," she told her fellow House Republicans. A successful House vote would send the bill to the Senate, where debate and voting could stretch into the weekend, especially if any one of the 100 senators try to slow its passage. White House Budget Director Shalanda Young, who was one of Biden's lead negotiators, urged Congress to pass the bill.

Persons: Kevin McCarthy's, Joe Biden's, McCarthy, Biden, Chip Roy, Roy, Erin Houchin, Republican Mitt Romney, Dick Durbin, Shalanda Young, Biden's, Young, White, David Morgan, Richard Cowan, Moira Warburton, Julio, Cesar Chavez, Scott Malone, Himani Sarkar, Rosalba O'Brien Organizations: U.S . House, Kevin McCarthy's Republicans, Twitter, Democratic, Treasury, Republican, White, Senate, Republicans, Office, Senators, National Institutes of Health, Internal Revenue Service, Thomson Locations: U.S, Washington

The solid Democratic opposition is not necessarily indicative of how the 213-member party caucus would vote on the bill itself. But reflecting party divisions, Representative Erin Houchin countered that despite Democratic control of the White House and Senate, the bill would achieve significant Republican spending cuts. "We are certainly punching above our weight," she told her fellow House Republicans. White House Budget Director Shalanda Young, who was one of Biden's lead negotiators, urged Congress to pass the bill. A successful House vote would send the bill to the Senate, where debate and voting could stretch into the weekend, especially if any one of the 100 senators try to slow its passage.

Persons: Kevin McCarthy's, Joe Biden's, Biden, Chip Roy, Roy, Erin Houchin, Republican Mitt Romney, McCarthy, Dick Durbin, Shalanda Young, Biden's, Young, White, Richard Cowan, Moira Warburton, David Morgan, Scott Malone, Himani Organizations: U.S . House, Kevin McCarthy's Republicans, Democratic, Treasury, Republican, White, Senate, Republicans, Office, National Institutes of Health, Internal Revenue Service, Thomson Locations: U.S, Washington

☆ Investors await crucial US debt ceiling vote
▼ + stars: | 2023-05-31 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

The S&P 500 closed down 0.6% on Wednesday in a decline some analysts pinned partly on remaining uncertainty over the vote. Debt ceiling concerns periodically weighed on stock markets over the last week, although most investors expected an 11th-hour agreement. Investors have viewed the possibility of a U.S. default as an unlikely but potentially catastrophic event for global markets. "Investors do think it's going to pass. McCarthy predicted that the vote, expected around 8:30 p.m. (0030 GMT), would succeed, telling reporters, "It's going to become law."

Persons: Alan B, ”, Brad McMillan, Kevin McCarthy's, Joe Biden's, Quincy Krosby, it's, McCarthy, Caroline Valetkevitch, Ira Iosebashvili, David Gregorio Our Organizations: U.S . House, Lancz, Associates Inc, Commonwealth Financial Network, Treasury, White, House Republicans, Kevin McCarthy's Republicans, Investors, Senate, LPL, Thomson Locations: U.S, “

☆ A top progressive lawmaker is 'extremely concerned' about what the debt-ceiling deal means for student-loan borrowers, saying it constrains the time Biden has to get 'debt repayment plans up and runni
▼ + stars: | 2023-05-30 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Biden and McCarthy's debt-ceiling deal codifies the end of the student-loan payment pause. She said it could constrain the time Biden might need to implement new repayment plans. Congressional Progressive Caucus Chair Pramila Jayapal said during a Tuesday press call that she's "extremely concerned" with that provision. It also allows the administration to implement another payment pause in the future if another emergency warrants it, but bars Biden from doing so again this year. It also creates a major political problem for President Biden, who has tarnished his sterling legacy as a champion for working people with student debt."

Persons: Biden, Pramila Jayapal, —, isn't, Joe Biden, Kevin McCarthy's, McCarthy, — McCarthy, Jayapal, Mike Pierce, Miguel Cardona Organizations: Service, SNAP, Congressional, Protection, Twitter, Progressives

☆ GOP lawmaker says Kevin McCarthy is 'emasculating himself' by striking a debt ceiling deal with Biden and calls for his removal as House speaker
▼ + stars: | 2023-05-30 | by ( Sonam Sheth | ) www.businessinsider.com time to read: +3 min

GOP Rep. Dan Bishop called for Kevin McCarthy's removal as House speaker after he struck a debt ceiling compromise with Biden. "All you're hearing from the mainstream media is Kevin McCarthy is an adult. Kevin McCarthy is a leader. Kevin McCarthy is responsible," Bannon said. Biden announced the debt ceiling deal on Sunday, saying it would take the threat of a "catastrophic default off the table."

Persons: Dan Bishop, Kevin McCarthy's, Biden, it's, Bishop, McCarthy, emasculating, —, Joe Biden, who's, excoriated McCarthy, Steve Bannon, Donald Trump's, Kevin McCarthy, Bannon, they're, Biden White, overreach Organizations: Republicans, Service, North Carolina Rep, Caucus, Republican, GOP, Democratic, North, White, Biden Locations: North Carolina

☆ Negotiation of a debt ceiling deal is in itself a win for the Republicans, research firm says
▼ + stars: | 2023-05-29 | 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 EmailNegotiation of a debt ceiling deal is in itself a win for the Republicans, research firm saysSteve Pavlick of Renaissance Macro Research discusses U.S. President Joe Biden and House Speaker Kevin McCarthy's final agreement on a deal to raise the nation's debt ceiling.

"Things are looking good," Biden told reporters. "I'm hopeful," said McHenry, one of House of Representatives Speaker Kevin McCarthy's lead negotiators with the White House. Negotiators are discussing a deal that would lift the limit for two years, but remain at odds over whether to stiffen work requirements for some anti-poverty programs. WORK REQUIREMENTS IN DISPUTEThe safety-net programs remained a sticking point. Biden in particular has resisted the work requirements for Medicaid, which covered 85 million Americans as of January.

☆ Kevin McCarthy's proposed spending cuts would cost his home state 68,500 preschool slots and nearly 7 million Californians would have to wait longer for Social Security and Medicare help, White House
▼ + stars: | 2023-05-23 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The White House finds those cuts could hit thousands in Kevin McCarthy's home state of California. Currently, the US is hurtling towards a potential default as soon as June 1, as both sides negotiate a deal. According to a new White House fact sheet, the bills House Republicans have put forward to reign in spending as part of a debt ceiling increase could have "devastating impacts" for Californians. If the cuts were to go through, that would mean 68,500 fewer preschool and childcare slots, and 107,000 Californians losing help with rent, according to the White House. It's 10 days out from him defaulting on the debt," McCarthy wrote on Twitter on Monday.

☆ As debt ceiling negotiations go down to the wire, an economic disaster looms that could affect everything from student loans to mortgage payments
▼ + stars: | 2023-05-21 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +4 min

The deadline for the US to come to an agreement on the debt ceiling is looming. A default on the national debt would result in economic catastrophe, but even uncertainty ahead of the deadline could trigger an economic downfall. The 2011 debt ceiling debate is an example of a near miss that ended up briefly tanking the economy. After months of heated disagreement, a compromise was reached by lawmakers to raise the debt ceiling and implement spending cuts. "2011 was a very different situation — we were in recovery mode from the global financial crisis," Kroszner told the Times.

WASHINGTON, May 18 (Reuters) - Vice President Kamala Harris and top White House economic adviser Lael Brainard said on Thursday that a default on the U.S. debt of $31.4 trillion would throw the American economy into a recession. In a conference call for Democratic activists, Harris and Brainard urged them to contact lawmakers to express opposition to a debt default that could be less than two weeks away. "A debt default could trigger a recession," she said. Negotiators for the White House and congressional Republicans met again on Capitol Hill to discuss their search for common ground on lifting the $31.4 trillion debt ceiling, and plan to meet again on Friday, a White House official said. Brainard said the administration's goal, in its talks with House Speaker Kevin McCarthy's team, is to work toward a reasonable, bipartisan budget agreement.

☆ US stocks move higher, dollar gains as debt limit talks inch forward
▼ + stars: | 2023-05-17 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, May 15, 2023. REUTERS/StaffSINGAPORE, May 17 (Reuters) - Wall Street was modestly higher on Wednesday and the dollar advanced as regional banks surged and negotiations in Washington over raising the debt ceiling inched forward. Debt ceiling negotiations preoccupied market participants, who took heart from Republican House of Representatives Speaker Kevin McCarthy's vow to avoid what would be a catastrophic default. The dollar gained ground against a basket of world currencies, the greenback benefiting from its safe-haven status as debt ceiling talks grind on. The dollar index rose 0.4%, with the euro down 0.31% to $1.0827.

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