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“She’s well respected by both sides,” McCarthy said of the former longtime House Appropriations Committee staffer, according to White House officials. “Asking me about the communication (with the White House) implies there was communication,” one House Democrat said. For the White House negotiators, that meant late nights and early mornings. The White House negotiators left Capitol Hill abruptly and for hours, it was unclear when the conversations would resume. Quietly, White House negotiators had never actually stopped talking to their Republican counterparts.
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A series of upcoming challenges, from the ongoing war in Ukraine to a still-uncertain economy, could provide hurdles to Biden’s reelection. The Washington beltway event may be indicative of what’s to come for the Biden reelection campaign strategy. “Just like four years ago—I’m off to teach and Joe’s launched his (re-election) campaign! Obama held his first reelection campaign rally in May 2012, 13 months after announcing his bid for a second term. The wait for a Biden reelection rally could be just as long.
Biden’s plan to run for reelection has been an open, if not officially announced, reality inside the West Wing for months. Biden said last week he had completed his “calculus” about mounting a reelection bid and would announce his intentions shortly. We’ll announce it relatively soon,” Biden said as he departed Ireland. “The trip here just reinforced my sense of optimism about what can be done,” the president told reporters. Biden’s aides have been quietly putting an infrastructure in place for a reelection campaign for months.
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The GOP’s plan for a one-year debt limit increase, said McCarthy, would roll back domestic, non-defense spending to 2022 levels. Through his speech, McCarthy urged Wall Street to pressure the Biden administration to accept spending cuts. He also said that he wasn’t monitoring stock market conditions as he headed into debt ceiling negotiations. McCarthy expressed concern over these developments on Monday but said the Republican debt ceiling plan could solve some of those problems. “You can utilize the debt ceiling as the opportunity to do it,” he added.
Hong Kong/Atlanta/London CNN —Oil prices spiked Monday after OPEC+ producers unexpectedly announced that they would cut output. Brent crude, the global benchmark, jumped 5.31% to $84.13 a barrel, while WTI, the US benchmark, rose 5.48% to $79.83. With oil prices now rising, inflation could remain higher for longer, adding pressure to a hot-button issue for consumers around the world. Saudi Arabia now says it will cut oil production by another half a million barrels a day. “We’re focused on prices for American consumers, not barrels.”In October, OPEC+’s decision to cut production had already rankled the White House.
CNN Business —President Joe Biden will sit down Friday with business executives and labor leaders to highlight recent progress in combating inflation and steadying the economy, a White House official told CNN. “Thanks to the President’s economic plan, the U.S. economy has created 10 million jobs—including 700,000 manufacturing jobs—since the start of the Biden-Harris Administration,” a White House official said. “We are seeing initial signs that inflation is coming down: the October Consumer Price Index showed moderation in inflation, as did the October Producer Price Index released this week. Biden’s sit-down with the business and labor executives comes two days after he returned from a week-long trip to several global conferences. The Consumer Price Index slowed to a 7.7% annual gain last month, a slower pace than the 8% that economists had been expecting.
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