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☆ Analysis: Bank failures and looming debt default test American confidence in the economy
▼ + stars: | 2023-05-01 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +7 min

CNN —Two converging crises are testing American confidence in their financial well-being. And there’s a debt crisis, which is becoming more urgent as the US approaches the “X-date” – when it would default – and on which opposing lawmakers aren’t currently talking to each other. First Republic Bank was taken over by the Federal Deposit Insurance Corporation on Monday, and most of its assets were sold to JPMorgan Chase. Maintaining confidenceNone of that means this is a golden chapter for the American financial system. Now, the debt crisis and the X-dateIf only American lawmakers could take a cue from the First Republic saga and get into a room to solve the debt crisis.

☆ The Fight Over the Debt Limit
▼ + stars: | 2023-04-27 | by ( German Lopez | ) www.nytimes.com time to read: +1 min

Since they won a majority in the midterm elections, House Republicans have promised to use a debt-limit bill as leverage to achieve their policy priorities. “We lifted the debt limit; we’ve sent it to the Senate; we’ve done our job,” McCarthy said. If the U.S. breaches the debt limit, it could be forced to default on its debts. A default could set off global economic calamity because U.S. debt, which underpins much of the financial system, would collapse in value (as I’ve explained before). The U.S. hit the debt limit in January, but the Treasury Department has used so-called extraordinary measures to keep the government from defaulting.

☆ ‘It’s not zero.’ Wall Street is pricing in a small but growing risk of a disastrous US default
▼ + stars: | 2023-03-31 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

As politicians sleepwalk toward a potential debt ceiling crisis, financial markets have begun pricing in a small — but growing — chance of a disastrous default. “The probability of default has gone up noticeably,” Andy Sparks, head of portfolio management research at MSCI, told CNN in an interview. Yellen has used unusually strong language for a former central banker to warn Congress against messing with the debt ceiling. Asked about MSCI’s estimate of a 2% implied probability of a default, Valliere said that number is low. But this is not a typical debt ceiling debate.”Fallback optionsThere are some early indicators of concern popping up in the bond market.

☆ Fact Check-Rumors Patrick Mahomes failed drug test after the Super Bowl stem from satire account
▼ + stars: | 2023-02-15 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

Kansas City Chiefs quarterback Patrick Mahomes did not test positive for drugs following his team’s victory at the Super Bowl, contrary to claims online. He said that, under the NFL-NFLPA performance-enhancing substances policy, five players on each team were tested after being randomly chosen. No credible news outlets have reported that Mahomes tested positive for drugs (bit.ly/3IqLFt3). Reuters reported on Feb. 12 that the Kansas City Chiefs beat the Philadelphia Eagles 38-35 to win their third Super Bowl championship in franchise history (here). Patrick Mahomes did not test positive for drugs following the Super Bowl.

WASHINGTON — President Joe Biden will meet with House Speaker Kevin McCarthy, R-Calif., on Wednesday, a White House official confirmed to NBC News, amid Republicans’ debt-ceiling showdown with Democrats. McCarthy first announced that he'll meet Biden this week to discuss the debt ceiling in an interview on CBS’ “Face the Nation” earlier Sunday. The House speaker said Republicans would not allow the U.S. to default and expressed an interest in reaching an agreement with the president. House Republicans have been demanding spending cuts in exchange for lifting the debt ceiling and averting a default on U.S. debt. The White House previously said there won’t be any negotiations, and Congress must allow the government to pay its bills.

As in 2011, the GOP speaker runs a House majority full of ideologically-driven conservatives who want to use the debt limit as leverage to force budget changes on a Democratic-led Senate and White House. “It is possible we will eventually see House Republicans put forth a plan for dealing with both the debt limit and the spending problem. After 2011, the Obama White House drew a hard line when the debt limit deadline came up again in early 2013. Andrew Harnik / APAsked about Biden's position and the GOP criticisms, the White House said the president “takes a backseat to no one” on pursuing bipartisanship, but said that the no-negotiations stance from 2013 onward on the debt limit succeeded. “Everyone seems to have forgotten that there was a debt limit standoff in 2013 where Obama adopted the no-negotiation approach and prevailed with a clean debt limit,” he said.

WASHINGTON — A top Republican who negotiated the bipartisan gun law that passed last year said he doesn't expect to see new legislative action on gun violence despite the recent mass shootings in California. Asked whether the House intends to take up legislation to combat mass shootings, House Speaker Kevin McCarthy, R-Calif., gave no indication that it would. Biden negotiated the assault weapons ban of 1994, which expired in 2004. “It’s time we pass an assault weapons ban in this country. I’m the author of the assault weapons ban in 1994.

☆ McCarthy says Santos will be removed from Congress if Ethics Committee finds he broke the law
▼ + stars: | 2023-01-25 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Summer-Concepcion-Byline-Jm.Jpg | Summer Concepcion | ) www.nbcnews.com time to read: +3 min

House Speaker Kevin McCarthy said Tuesday that while he stands by Rep. George Santos, the freshman congressman from New York would be removed from office if the Ethics Committee finds he broke the law after he admitted fabricating parts of his background. Asked whether he is standing by Santos because his resignation would cut into the House Republicans' narrow majority, McCarthy pushed back. “If for some way when we go through Ethics that he has broken the law, then we will remove him, but it’s not my role,” McCarthy said. The voters elected him to serve,” McCarthy said earlier this month. “If there is a concern, he has to go through the Ethics [Committee]; let him move through that.

McCarthy made good on his promise to block former House Intelligence chair Adam Schiff and Rep. Eric Swalwell — both California Democrats — from serving on that panel. In addition to keeping Schiff and Swalwell off the Intelligence Committee, McCarthy previously said he intended to remove Rep. Ilhan Omar, D-Minn., from the Foreign Affairs Committee. Rep. Thomas Massie, R-Ky., who backed McCarthy but has caused headaches for GOP leadership in the past, also got a slot on the panel. The coronavirus committeeRep. Brad Wenstrup, R-Ohio, will chair the special committee investigating the spread of the coronavirus. Last week, McCarthy named GOP members to a third select committee, focused on competition between the U.S. and the Chinese Communist Party.

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.

WASHINGTON — The U.S. government is hitting its statutory debt limit on Thursday, requiring the Treasury Department to begin resorting to "extraordinary measures" to pay the bills. It is therefore critical that Congress act in a timely manner to increase or suspend the debt limit," Yellen wrote. But the White House has made clear what President Joe Biden's offer to lift the debt ceiling is: nothing. There should be no political brinkmanship with the debt limit. "We cannot raise the debt ceiling," Rep. Andy Biggs, R-Ariz., said Tuesday on Twitter.

WASHINGTON — House Republicans on Tuesday awarded embattled Rep. George Santos, R-N.Y., seats on two House committees, even as he faces federal, state and local investigations and fellow Republicans demand that he resign. Asked if Santos would be a distraction to his committee, Williams replied: "It's only going to be a distraction to those who want to distract." If they think [Santos's controversy] is going to be the main thing that comes out of the committee, they're going to really miss the boat." On Tuesday, McCarthy said the decision to grant Santos committee slots was made by the Steering Committee, and that he did not make that decision alone. When asked why Santos was given two committee assignments, McCarthy said that was standard protocol.

☆ New York Democrats ask Republican leaders to ‘forthrightly cooperate’ with Santos investigations
▼ + stars: | 2023-01-15 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Summer-Concepcion-Byline-Jm.Jpg | Summer Concepcion | ) www.nbcnews.com time to read: +3 min

Two Democratic lawmakers from New York called on GOP leaders Sunday to “forthrightly cooperate” with all the investigations into freshman Rep. George Santos, the Republican who confessed to having fabricated large parts of his résumé. The letter points to a recent New York Times report that detailed GOP leaders’ awareness of Santos’ false claims before the November midterms election. The report expanded "upon the degree to which each of you had at least some foreknowledge of Mr. Santos’s lies," Goldman and Torres wrote. "But it is altogether something else if the top levels of Republican leadership knew about Mr. Santos’s lies during the campaign and chose to be complicit." House Republicans’ calls for Santos to resign have grown in the past week after state GOP leaders and lawmakers in New York said he should step aside.

Rep. Judy Chu, D-Calif., the chair of the Congressional Asian Pacific American Caucus (CAPAC), said she has personally spoken to Jeffries and recommended that Rep. Andy Kim, D-N.J., should be the ranking member. “The Republicans made it very clear that the committee is primarily focused on … counter intelligence and economic espionage issues which have been the focus of my own work, especially on the Intelligence Committee,” Krishnamoorthi said in an interview. Rep. Elissa Slotkin, D-Mich., a former CIA analyst who is eyeing a possible Senate bid in 2024, has also expressed interest in the top role on the China panel. But while CAPAC is divided, its members agree that the ranking member of the new panel should be Asian American. Think about that," said one CAPAC member.

WASHINGTON — House Republicans' calls for Rep. George Santos to resign are growing after state GOP leaders in New York said he should step aside over a slew of lies and fabrications in the biography he ran on in the 2022 midterm election. Rep. Mike Lawler, R-N.Y., also starting his first term, dropped his earlier hedging and unequivocally said Thursday that Santos should resign. “It is clear that George Santos has lost the confidence and support of his party, his constituents, and his colleagues. Santos insisted Thursday he won't resign "until those same 142,000 people" in New York who elected him "tell me they don’t want me." “I don’t think he should be here, that’s for sure.

☆ NY Republican leaders and lawmakers call on GOP Rep. George Santos to resign over campaign lies
▼ + stars: | 2023-01-11 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Summer-Concepcion-Byline-Jm.Jpg | Summer Concepcion | ) www.nbcnews.com time to read: +8 min

“George Santos’ campaign last year was a campaign of deceit, lies and fabrication,” Nassau County GOP Chairman Joe Cairo said at a news conference with other party officials. But House Speaker Kevin McCarthy, R-Calif., said that Cairo’s call for Santos’ resignation doesn’t affect his thinking on the issue. The New York State Conservative party said it stands with the Nassau County GOP in calling for Santos’ resignation in a statement. It will work itself out in the end.”Nassau County GOP officials initially endorsed Santos in the 2022 election cycle. Wednesday's announcement from Nassau County officials also comes amid several investigations into Santos' campaign and other calls for him to resign.

“I’m not telling you we have an agreement,” McCarthy said at one point, according to two people. Share this -Link copiedReporters appear to be live tweeting the GOP conference call Members of the Capitol press corps were live-tweeting what was being said on the House GOP Conference call Friday morning. Share this -Link copied‘I’m not even a congressman’: House lawmakers and staffers can’t function while speaker fight drags on WASHINGTON — There is no speaker of the House. And because of the GOP’s new razor-thin majority, McCarthy can only afford four GOP defections on any speaker vote. If members are not present for votes, it would lower the threshold McCarthy, of California, needs to win a majority and become House speaker.

WASHINGTON — House Republican leader Kevin McCarthy and his conservative detractors on Wednesday night inched closer to a deal designed to flip some no votes to the yes column. And because of the GOP’s new razor-thin majority, McCarthy can only afford four GOP defections on any speaker vote. “We have zero trust in Kevin McCarthy. “We’ll see,” said Rep. Chip Roy, R-Texas, one of the 20 defectors, when asked if McCarthy will be speaker. “If it takes till tomorrow, it takes till tomorrow; if it takes till the 4th of July, it takes till the 4th of July,” said Rep.

Democrats will wield an expanded 51-seat Senate majority and control the presidency. We need to be cutting spending,” McCarthy told reporters after a meeting with Senate Republicans on Dec. 21. There’s so much discombobulation and disunity on different sides of the Republican caucus,” Senate Majority Leader Chuck Schumer, D-N.Y., told reporters before the holiday recess. Conservative lawmakers say a GOP House should block a debt limit increase without major policy changes to rein in spending. Some House Republicans are already calling to impeach Homeland Security Secretary Alejandro Mayorkas over his department's handling of immigration policy.

Share this -Link copied'It's too much for me': Zelenskyy begins speech by thanking U.S. Zelenskyy began his remarks before a joint meeting of Congress at 7:40 p.m. "I think we share the exact same vision, that of a free, independent and prosperous Ukraine," Biden said. The Ukrainian president added that the soldier told him that "many (of) his brothers, this system saved." President Joe Biden holds a medal presented to him by Ukrainian President Volodymyr Zelenskyy in the Oval Office. Share this -Link copiedPhoto: Zelenskyy shakes hands with Biden as he arrives President Joe Biden welcomes Ukrainian President Volodymyr Zelenskyy to the White House.

☆ What could GOP control of the House mean for U.S.-China tensions?
▼ + stars: | 2022-12-18 | by ( Megan Lebowitz | ) www.nbcnews.com time to read: +10 min

McCarthy also says he plans to create a House select committee on China, the first since the late 1990s. House Republicans will also investigate the origins of the coronavirus and “the CCP’s role in the spread,” the blog post said, although it is unclear whether that investigation would be part of the select committee. Tensions were further inflamed in August by Pelosi’s Taiwan visit, the first by a sitting U.S. House speaker since 1997. The most volatile issue in U.S.-China relations is the status of Taiwan, which Beijing has not ruled out seizing by force. Speaker of the House Nancy Pelosi speaks with Taiwan's President Tsai Ing-wen in Taipei, Taiwan on Aug. 3, 2022.

☆ Kevin McCarthy's impossible GOP math
▼ + stars: | 2022-12-14 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

Republican leader Kevin McCarthy is far from assured of winning sufficient support in his party to become House speaker next month. The tiny GOP House majority that takes over in January, after a disappointing midterm performance, would mean a fragile governing mandate for any party at any point in American history. McCarthy’s impossible mathFrom a broader political perspective, it might be in McCarthy’s interest to stand up to the most extreme members of his conference. The path to the GOP majority went through comparatively moderate seats in places like New York that will be most at risk in the 2024 election. But it also reflected Greene’s growing personal power, after she broke with some radical GOP members and lined up to support McCarthy’s speakership.

☆ Matt Hill: White House aide leaving to be communications director for newly established CHIPS program office
▼ + stars: | 2022-12-14 | by ( Jeremy Diamond | ) edition.cnn.com time to read: +2 min

CNN —Matt Hill, a longtime communications aide to President Joe Biden, is leaving the White House for the Department of Commerce to steer communications for the implementation of the administration’s multi-billion-dollar investment in the semiconductor industry. Hill will serve as the communications director for the newly established CHIPS program office, which is responsible for implementing the $50 billion investment in semiconductor manufacturing authorized by the CHIPS and Science Act. “Matt has been a backbone of President Biden’s communications team since the very first day of the campaign,” said White House communications director Kate Bedingfield. Hill also advised Biden’s infrastructure czar Mitch Landrieu and Gina McCarthy, who served as Biden’s national climate adviser until earlier this year. “During my time in the White House, Matt proved himself to be a smart, savvy communications expert who helped transform the climate change narrative in ways that generated excitement, built hope and expanded engagement,” McCarthy said.

CNN —House GOP Leader Kevin McCarthy took to Fox News primetime last week and dinged his counterpart across the Capitol: Senate GOP Leader Mitch McConnell. In the new Congress, McConnell will lead a 49-seat Senate minority while McCarthy will have 222 Republican seats in the House. That’s because McCarthy, like many other House Republicans, doesn’t want to deal with the threat of a government shutdown immediately upon entering their new majority. One Republican lawmaker pointed out that McConnell and McCarthy are dealing with different conferences and political dynamics, which explains their sometimes conflicting approaches. “Mitch McConnell and Kevin McCarthy are gonna be just fine.”

☆ Effort to impeach Alejandro Mayorkas will only complicate the immigration puzzle
▼ + stars: | 2022-12-13 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +6 min

They want the incoming Republican-controlled House Judiciary Committee to launch an impeachment investigation of Mayorkas ASAP in early January. While their alleged crimes are very different, any impeachment effort against Mayorkas would likely end similarly: Belknap was acquitted in a Senate trial. Democrats, controlling the Senate majority, would surely do the same if Republicans could even muster the majority needed to impeach Mayorkas. McCarthy would rather just see Mayorkas resign, although there’s no indication Mayorkas will. “If Secretary Mayorkas does not resign, House Republicans will investigate every order, every action and every failure.

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