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☆ McCarthy's speakership will be over if he passes a clean debt ceiling: Punchbowl's Jake Sherman
▼ + stars: | 2023-05-09 | 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 EmailMcCarthy's speakership will be over if he passes a clean debt ceiling: Punchbowl's Jake ShermanJake Sherman, Punchbowl News founder, joins 'Squawk Box' to discuss the latest in debt ceiling negotiations, including a preview of President Biden's high stakes meeting with top congressional leaders.

☆ 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.

☆ Markets are growing nervous over the prospect of a US default as debt ceiling deadline looms
▼ + stars: | 2023-04-14 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Demand for debt insurance has skyrocketed, while demand for US Treasury bills has fallen off, the FT reported. Meanwhile, the demand for US Treasury bills has fallen off, a sign investors are leaning away from government-issued debt as the impasse over raising the debt ceiling drags on. Prices for Treasury bills that expire in late summer – around the time a debt default could potentially happen – have fallen below those of other, riskier short-term debt instruments, the FT said. Though experts say it is unlikely, a debt default would be potentially catastrophic for markets, with US Treasury Secretary Janet Yellen calling such an event an "unthinkable." But time is running out for policymakers, who are holding out as they spar over possible spending cuts as a condition for raising the debt ceiling.

☆ 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.

☆ Classified documents mishandled by Trump, Biden, and Pence handed over to Congressional 'Gang of Eight'
▼ + stars: | 2023-04-11 | by ( Associated Press | ) www.businessinsider.com time to read: +3 min

Classified documents were found in the possession of former President Donald Trump, President Joe Biden, and former Vice President Mike Pence in the past six months. A group of lawmakers known as the "Gang of Eight" have been asking for access to the docs. That process recently got underway, said the people, who insisted on anonymity to discuss private interactions between the Justice Department and Congress. Another special counsel, Robert Hur, is also investigating the improper retention of documents from Biden's time as vice president that have been located in his Delaware home and his pre-presidential think-tank office. The Justice Department had said that it wanted to be cooperative with the lawmakers' demands within the confines of the ongoing investigations.

☆ Democrats are betting Republicans' defense of Donald Trump's criminal charges will age like milk on the 2024 campaign trail
▼ + stars: | 2023-04-07 | by ( Nicole Gaudiano | ) www.businessinsider.com time to read: +6 min

Republicans facing tough 2024 races are defending Donald Trump against criminal charges. Democrats are betting their defense of Trump will hurt them in competitive 2024 races. Lauren Boebert (@RepBoebert) April 4, 2023Boebert is on House Democrats' list of 31 vulnerable Republicans and two competitive open seats that they are targeting to take back control of the House in 2024. Biden hasn't commented on Trump's charges, and Democrats in Congress are treading carefully. Democrats shouldn't get ahead of the judicial process, said Rodell Mollineau, a cofounder and partner at Rokk Solutions in Washington, DC.

☆ House Republicans in swing districts are so beholden to Trump they're not publicly opposing his pleas to defund law enforcement
▼ + stars: | 2023-04-06 | by ( Madison Hall | ) www.businessinsider.com time to read: +3 min

After his arraignment, Trump called on GOP members of Congress to defund law enforcement. Following this, Punchbowl News reached out to 18 vulnerable House Republicans in swing districts. One day after his arraignment, Trump took to Truth Social in an all-caps tirade to express his desire to defund law enforcement. "REPUBLICANS IN CONGRESS SHOULD DEFUND THE DOJ AND THE FBI UNTIL THEY COME TO THEIR SENSES," Trump wrote. Following the former president's plea on social media, political outlet Punchbowl News asked the 18 Republican representatives in districts where President Joe Biden won in 2020 for comment.

☆ Republicans want to cut $1 trillion in spending — and instead of introducing 1 bill, they've introduced 500 to do just that
▼ + stars: | 2023-03-30 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

GOP lawmakers published over 500 bills on different areas in which they want to cut spending. It comes as Biden has been urging Republicans to put forth a concrete budget. GOP budget chair Jodey Arrington said the budget could take months, and the primary focus should be raising the debt ceiling. Republican lawmakers just made their latest move in the ongoing drama to raise the debt ceiling and cut spending. Now, Republicans have some ideas — or rather, over 500 proposed bills for limiting funding to a slew of federal government programs and agencies.

☆ The Fed's latest move confirms it's trying to thread the needle between cooling inflation and helping banks in turmoil
▼ + stars: | 2023-03-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Federal Reserve raised interest rates by 25 basis points on Wednesday. It's the second interest rate increase this year. It comes on the heels of Silicon Valley Bank's collapse, which prompted some calls to pause the rate hikes. "We expect 2023 to be a year of significant decline in inflation," Powell said in February. So while the committee is slowing interest rate hikes for now, they plan to continue increases this year.

☆ Yellen and Powell sent mixed messages today, spooked the markets
▼ + stars: | 2023-03-22 | 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 EmailYellen and Powell sent mixed messages today, spooked the marketsCNBC's Kayla Tausche, Empire Research's Herb Greenberg and Punchbowl News' Jake Sherman joins Brian Sullivan and 'Last Call' to discuss Yellen's comments today on Capitol Hill and the impact they had on markets at the end of the day.

☆ U.S. House Financial Services chair urges confidence, says financial agencies acting within law
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +3 min

The FDIC is doing what the FDIC is supposed to do in conformance with the law," Representative Patrick McHenry told CNBC, adding Americans should "have confidence in their financial system." "You have the decisions of the institution, and you have decisions of the supervisors," the Republican committee chairman told Punchbowl late on Monday after briefing Republicans on the matter. His administration stepped in over the weekend to shore up the banks, with the FDIC taking over receivership. Biden also vowed new bank rules after regulations enacted after the 2008 financial crisis were rolled back under former Republican President Donald Trump. The panel's ranking Democrat, Maxine Waters, on Monday urged bipartisan work to ensure the stability of the financial system.

☆ U.S. House Financial Services chair to seek documents, hold hearing amid bank collapses -report
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, March 14 (Reuters) - The head of the U.S. House Financial Services Committee said he would request documents and hold a hearing after the collapse of two U.S. banks raised concerns about the banking sector and roiled world markets, according to a media report on Tuesday. McHenry spoke after briefing Republicans, who control the House of Representatives, about the weekend collapse of Silicon Valley Bank and Signature Bank, which continued to weigh on investors on Tuesday. "They currently have the tools, and they‘ve used them appropriately to resolve two banks," McHenry said. Biden also vowed new bank rules after regulations enacted after the 2008 financial crisis were rolled back under former Republican President Donald Trump. The panel's ranking Democrat, Maxine Waters, on Monday urged bipartisan work to ensure the stability of the financial system.

☆ Senate GOP Leader Mitch McConnell has been hospitalized after a fall at a hotel in Washington, D.C.
▼ + stars: | 2023-03-09 | by ( Matthew Loh | ) www.businessinsider.com time to read: +1 min

Senate Minority Leader Mitch McConnell was hospitalized after a fall on Wednesday evening. McConnell was at the Waldorf Astoria when he tripped and fell, per Punchbowl News' John Bresnahan. "This evening, Leader McConnell tripped at a local hotel during a private dinner. The GOP leader in 2019 fractured his shoulder after tripping on the patio of his Kentucky residence. McConnell was born in February 1942, and is one of the oldest lawmakers in the US Senate.

☆ Senate Minority Leader Mitch McConnell hospitalized after falling
▼ + stars: | 2023-03-09 | by ( Liz Brown-Kaiser | ) www.cnbc.com time to read: +1 min

Sen. Joni Ernst (R-IA) and Sen. John Thune (R-SD) look on as Senate Minority Leader Mitch McConnell (R-KY) speaks during a news conference following a closed-door lunch meeting with Senate Republicans at the U.S. Capitol January 31, 2023 in Washington, DC. Senate Minority Leader Mitch McConnell, R-Ky., was hospitalized after tripping at a hotel, a spokesperson said Wednesday. "This evening, Leader McConnell tripped at a local hotel during a private dinner. He was Senate majority leader until early 2021. He was Senate majority leader from 2015 until early 2021, when Democrats took over in the majority after the 2020 elections.

☆ Democrats are venting over Biden's 'very infuriating' position on DC crime law
▼ + stars: | 2023-03-03 | by ( Nicole Gaudiano | ) www.businessinsider.com time to read: +4 min

Democrats are "disappointed" and angry with Biden's position on a GOP move to block a DC crime law. "If the President supports DC statehood, he should govern like it," tweeted Rep. Alexandria Ocasio Cortez. "If the President supports DC statehood, he should govern like it," she tweeted. The resolution's passage would mark the first time the federal government has voted to overrule DC legislation in decades and undermines the campaign for DC statehood. Asked about Biden's decision, Bowman said police unions are powerful.

☆ Biden fires Trump-appointed Architect of the Capitol Brett Blanton after alleged misconduct, White House says
▼ + stars: | 2023-02-13 | by ( Nicole Gaudiano | ) www.businessinsider.com time to read: +3 min

President Joe Biden fired the Architect of the Capitol, the White House said Monday. "After doing our due diligence, Mr. Blanton's appointment as Architect of the Capitol was terminated at the President's direction," the official said in a statement. Blanton's dismissal follows a report from the Inspector General's office accusing Blanton of misusing a government vehicle and impersonating a police officer. In a February 13 letter to Blanton obtained by Punchbowl News, a White House official wrote that Blanton's appointment would be terminated by 5 p.m. at Biden's direction. The Architect of the Capitol is responsible for facilities, maintenance, and operation of the US Capitol, among other things.

WASHINGTON — House Speaker Kevin McCarthy said he had a "very good discussion" with President Joe Biden at the White House on Wednesday about the looming debt ceiling and federal spending. The White House readout of the meeting reflected McCarthy's sentiments, stating the two had a "frank and straightforward dialogue" as part of an ongoing conversation. "It is their shared duty not to allow an unprecedented and economically catastrophic default," the White House statement read. The House speaker later said the meeting had gone better than he expected. The White House said the president agrees that addressing the national debt is a priority, but it should be a separate conversation.

☆ The Fed slows down its interest rate hikes again as inflation continues to cool and recession fears loom
▼ + stars: | 2023-02-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Federal Reserve raised interest rates 25 basis points on Wednesday. This announcement comes on the heels of data showing inflation cooling down in the country. On Wednesday, the Federal Reserve announced it is raising interest rates by 25 basis points, marking a slowdown from its December hike of 50 basis points. The Fed's continued actions to slow its interest rate hikes is a promising sign for those concerned about a recession this year. But some Democratic lawmakers have been cautioning Powell on the risks of continuing to raise interest rates because it could lead to a recession.

As speaker, McCarthy has the authority to choose a chairman and Republican members of the panel. Jeffries, as minority leader, can nominate Democrats to serve on the panel, but McCarthy has the power to reject them. He has specifically targeted Schiff and Swalwell who played a major role in the impeachments of former President Donald Trump. Those actions angered McCarthy and for months he has vowed to block Schiff and Swalwell from the Intelligence panel. As recently as Jan. 12, McCarthy told reporters he would not seat Schiff and Swalwell who regularly antagonize McCarthy during cable news appearances.

☆ Hakeem Jeffries tells Kevin McCarthy that it's a 'double standard' if 'serial fraudster' George Santos serves on committees but Schiff and Swalwell get kicked off of the intelligence committee
▼ + stars: | 2023-01-23 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

Hakeem Jeffries is arguing that Reps. Schiff and Swalwell should be kept on the intelligence committee. The House Democratic leader sent a letter to Speaker Kevin McCarthy on Saturday making the case. He pointed out that George Santos has been "welcomed" by the GOP despite being a "serial fraudster." "The apparent double standard risks undermining the spirit of bipartisan cooperation that is so desperately needed in Congress." "It does not serve as precedent or justification for the removal of Representatives Schiff and Swalwell, given that they have never exhibited violent thoughts or behavior," he wrote.

☆ McConnell says he's 'got better things to do with my time' than pay attention to Trump criticizing him
▼ + stars: | 2023-01-17 | by ( Oma Seddiq | ) www.businessinsider.com time to read: +3 min

"I've got better things to do with my time," McConnell told a local radio station. "I've got better things to do with my time," McConnell told Kentucky local news radio 840 WHAS, according to Punchbowl News' Andrew Desiderio. Trump recently decried McConnell over his support for a bill that would keep the government funded through September. "Actually, it's quite an honor," McConnell once said of Trump's "Old Crow" insult. McConnell on Tuesday told the local radio station, "I hope we nominate someone who can win."

☆ Alexandria Ocasio-Cortez says Democrats would 'all be unconscious' if they took shots every time Kevin McCarthy lost a Republican vote for speaker
▼ + stars: | 2023-01-04 | by ( Nicole Gaudiano | ) www.businessinsider.com time to read: +2 min

GOP Rep. Kat Cammack suggested Democrats were drinking as Republicans struggled to elect a speaker. "If Dems took a shot every time McCarthy lost a Republican, we'd all be unconscious by now," she tweeted. "If Dems took a shot every time McCarthy lost a Republican, we'd all be unconscious by now." Ocasio-Cortez was responding to a tweet from Punchbowl News' Jake Sherman about a comment from GOP Rep. Kat Cammack, of Florida, who nominated Republican Leader Kevin McCarthy for House speaker. Neither do actual members of the House of Representatives, until a House speaker can be elected and the members then sworn into office.

☆ Miami Mayor Francis Suarez voted for DeSantis in 2022 after supporting his Democratic opponent 4 years ago and not voting for Trump in 2020
▼ + stars: | 2022-12-29 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +5 min

Miami Mayor Francis Suarez voted for DeSantis for governor after supporting his challenger in 2018. Ron DeSantis' victory in Miami-Dade County included support from at least one high-profile politician who didn't vote for him four years ago: Miami Mayor Francis Suarez. In 2018, Suarez, a Republican, voted for DeSantis' Democratic challenger, then-Tallahassee Mayor Andrew Gillum. Miami mayor Francis Suarez Lynne Sladky/APSuarez has been forthcoming about certain areas in which he and DeSantis disagree. Suarez told Punchbowl News in October that he'd consider a presidential run, but told Insider on Wednesday that he wasn't close to making a decision.

☆ Privacy and crypto will likely lead tech policy under split Congress as hope for passing ambitious antitrust reforms dwindles
▼ + stars: | 2022-12-27 | by ( Lauren Feiner | ) www.cnbc.com time to read: +9 min

After what started as a hopeful year for tech policy, the 117th Congress is about to close out its term with many key efforts tabled. That's the case with privacy legislation, where a bill proposed this year gained bipartisan support, passing out of a House committee with a near-unanimous vote. The pair blamed the bills' failure to advance on intense lobbying efforts by the tech industry against them. One prominent bipartisan bill in the Senate would put the CFTC in charge. "But the importance of tech policy issues will still be strong."

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