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☆ Analysis: Biden's IRA climate bill won't cut deficit as expected
▼ + stars: | 2023-06-16 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +8 min

The White House estimated, and independent budget analysts agreed, it could cut the deficit by $300 billion over the next decade. The tax credits have been massively popular with companies, spurring new investments and boosting job growth, environmental benefits -- and the price tag. The bill will add $750 billion to the nation’s deficit over ten years, according to Smetters. White House officials say revenue will outpace original congressional estimates, and they point to the millions of jobs the IRA is expected to create. “We’re going to have more deployment and achieve more emissions reductions than we initially thought,” the White House official said.

Persons: Joe Biden, Biden, ”, Kent Smetters, Goldman Sachs, Joe Manchin, Manchin, we've, Joe Biden’s, Tesla, Smetters, ” Smetters, “ We’re, Merck, Jarrett Renshaw, Heather Timmons, Alistair Bell Organizations: White House, Penn Wharton Budget Model, White, Congressional, Credit Suisse, University of Pennsylvania’s Wharton Business School, U.S, Democrat, Credit, Office, University of Pennsylvania, European Union, EV, Biden, Republicans, CBO, Amazon, Pepsi, Home, Thomson Locations: U.S, Japan

☆ Ticketmaster, others agree to upfront, all-in prices as part of Biden war on junk fees
▼ + stars: | 2023-06-15 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +3 min

June 14 (Reuters) - Ticketmaster and other companies have agreed to offer consumers upfront, all-in pricing, the White House announced as it convened a meeting on Thursday to highlight efforts to crack down on so-called junk fees. President Joe Biden hosted a meeting at the White House of private companies - including Live Nation's (LYV.N) Ticketmaster, SeatGeek and Airbnb (ABNB.O) - which have committed to fully disclose fees to consumers upfront. It is part of Biden's broader effort to crack down on junk fees imposed by ticket companies, banks, airlines and other industries. Biden said he was focused on companies that slapped fees onto purchases at the end of the billing process, after consumers had done their comparison price shopping. Biden has called on Congress to pass legislation that mandates upfront, all-in pricing for all ticket sellers, bans surprise resort fees charged by hotels, eliminates early termination fees charged by cable, internet, and cellphone companies, and bans family seating fees on airlines.

Persons: Joe Biden, Biden, Richard Blumenthal, Jarrett Renshaw, Mary Milliken, Stephen Coates, Jonathan Oatis Organizations: Ticketmaster, White, Ticketmaster Coalition, U.S, Department, Thomson

[1/2] U.S. President Joe Biden delivers remarks at the League of Conservation Voters annual dinner in Washington, U.S., June 14, 2023. REUTERS/Jonathan ErnstWASHINGTON, June 14 (Reuters) - A collection of the nation's leading and biggest spending environmental groups endorsed President Joe Biden's re-election bid on Wednesday, an early sign that he has consolidated their support despite some recent policy moves that angered climate activists. The League of Conservation Voters (LCV) Action Fund, billionaire Tom Steyer's NextGen PAC, NRDC Action Fund and the Sierra Club endorsed Biden during an LCV dinner in Washington. This is the first time the four groups have ever jointly announced a presidential endorsement, according to the Biden campaign. The groups represent the mainstream part of the environmental movement and tend to reflect older voices.

Persons: Joe Biden, Jonathan Ernst WASHINGTON, Joe Biden's, Tom Steyer's NextGen, Biden, we've, Eva Hernandez, Steyer's NextGen, Trevor Hunnicutt, Jarrett Renshaw, Mary Milliken, Lisa Shumaker Organizations: League of Conservation Voters, REUTERS, The, of Conservation Voters, Fund, Tom Steyer's NextGen PAC, Sierra Club, White, Steyer's NextGen PAC, Reuters, Thomson Locations: Washington , U.S, Washington, Alaska, West Virginia, California

NEW YORK, June 13 (Reuters) - The U.S. Environmental Protection Agency is expected to release a final rule on biofuel blending volume mandates for the years 2023-2025 by June 21, after seeking a one-week extension on a deadline for the rule, according to a court document on Tuesday. The EPA was set to issue a final rule by Wednesday under a court-ordered deadline, but has agreed to an extension with industry trade group Growth Energy, the filing showed. The final rule is set to mark a new chapter of the Renewable Fuel Standard (RFS) program, which is more than a decade old. The EPA is expected to abandon that part of the proposal in the final rule, Reuters previously reported, citing sources. It is unclear whether those requirements will change in the final rule.

Persons: Stephanie Kelly, Jarrett Renshaw, Paul Simao, Barbara Lewis Organizations: YORK, Environmental Protection Agency, EPA, Growth Energy, Reuters, U.S, District of Columbia, Renewable, Thomson

☆ Analysis: EV charger makers guardedly look to adopt Tesla standard
▼ + stars: | 2023-06-12 | by ( Abhirup Roy | ) www.reuters.com time to read: +5 min

The White House said on Friday that EV charging stations that offer Tesla plugs would be eligible for billions of dollars in federal subsidies as long as they included CCS connectivity. The White House aims to spur deployment of hundreds of thousands of chargers, which it sees as integral to EV adoption. The person, who now works for a charging company, is not authorized to speak to the media and declined to be named. The company that is developing CCS chargers, is "reviewing" its strategy because of the Tesla-GM deal. Logvinov, who is also chief executive of EV charging parts supplier IoTecha, said CCS was worth backing because it had worked for more than a decade with multiple vendors.

Persons: Biden, Tesla, Asaf Nagler, Ashley Horvat, BLNK.O, Jonathan Levy, Aatish Patel, Patel, Superchargers, Oleg Logvinov, Abhirup Roy, Hyunjoo Jin, Jarrett Renshaw, Sayantani Ghosh, Jonathan Oatis Organizations: Ford, GM, Tesla Inc, Tesla's, EVgo Inc, ABB, America, ABB Ltd, Schneider, EV, Ford Motor Co, General Motors Co, ChargePoint Holdings, Reuters, Tesla, CharIN, Logvinov, IoTecha, Thomson Locations: U.S, Swiss, America, CharIN North America, San Francisco, Philadelphia

☆ Philadelphia I-95 highway collapse may snarl morning commutes
▼ + stars: | 2023-06-12 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +2 min

[1/4] A view of the aftermath of the collapse of a part of I-95 highway after a fuel tanker exploded beneath it, in Philadelphia, U.S. June 11, 2023 in this still image obtained from a social media video. Courtesy of Billy Kyle/via REUTERSPHILADELPHIA, June 12 (Reuters) - Philadelphia residents were bracing for a brutal morning commute on Monday after a tanker truck fire caused an overpass to collapse on Interstate 95. The major highway is closed in both directions in Philadelphia after the tanker trunk carrying gasoline caught fire for reasons that were not yet clear. The U.S. National Transportation Safety Board (NTSB) said the tanker was carrying gasoline and that it had sent a team to investigate. "I mean, they're looking to maintain the basic safety of the bridges due to deterioration," he said.

Persons: Billy Kyle, Leslie Richards, Josh Shapiro, Andy Herrmann, Herrmann, Jarrett Renshaw, Brad Brooks, Andrea Shalal, Donna Bryson, Raju Gopalakrishnan Organizations: REUTERS, Southeastern Pennsylvania Transportation Authority, Pennsylvania, U.S . National Transportation Safety Board, American Society of Civil Engineers, Thomson Locations: Philadelphia , U.S, REUTERS PHILADELPHIA, Philadelphia, East Coast, Miami, Maine, U.S, Lubbock , Texas, Washington

☆ Philadelphia highway collapses after vehicle engulfed by fire
▼ + stars: | 2023-06-11 | by ( ) www.reuters.com time to read: +2 min

PHILADELPHIA, June 11 (Reuters) - A portion of a major U.S. highway collapsed in Philadelphia after a vehicle caught fire underneath it, city officials said on Sunday. Video showed emergency vehicles and workers gathered in the area. Traffic in both directions of the eight-lane highway was halted due to concerns about the structural integrity of the remaining southbound lanes. This stretch of the I-95 corridor sits in the dense northeast section of Philadelphia and connects the city to its northern suburbs, like Bucks County. Firefighters battled a large fire coming from a vehicle, Philadelphia Fire Battalion Chief Derek Bowmer told reporters.

Persons: it’s, Derek Bowmer, Crews, Bowmer, Dominick Mireles, Jarrett Renshaw, Maria Caspani, Njuwa, Lisa Shumaker Organizations: PHILADELPHIA, Washington . Firefighters, Philadelphia Fire Battalion, Emergency Management, Thomson Locations: U.S, Philadelphia, East Coast ., Bucks County, Jersey Shore, Boston, Baltimore, Washington, Delaware, New York

June 9 (Reuters) - The White House on Friday said electric-vehicle charging stations using Tesla (TSLA.O) standard plugs would be eligible for billions of dollars in federal subsidies as long as they included the U.S. charging standard connection, CCS, as well. The statement follows separate announcements by U.S. automakers Ford Motor (F.N) and General Motors (GM.N) that they were adopting the Tesla model of charging, known as the North American Charging Standard (NACS). Tesla shares rose 4.1%. Some of them said on Friday that they would work to adapt to the Tesla standard. [1/2] Tesla charging stations are pictured in a parking lot in Shanghai, China March 13, 2021.

Persons: Biden, Tesla, Robyn Patterson, Patterson, Tesla's, Oleg Logvinov, Aly, Logvinov, Sam Houston, Danni Hewson, AJ Bell, Blink, Jonathan Levy, We've, They've, Asaf Nagler, ChargePoint, Jarrett Renshaw, Abhirup Roy, Hyunjoo Jin, Chavi Mehta, Bhanvi, Sayantani Ghosh, David Gaffen, Peter Henderson, Matthew Lewis Organizations: U.S, Ford Motor, General Motors, American, CCS, Analysts, Ford, GM, EV, Reuters, Volkswagen, Hyundai Motor, Kia, IoTecha, REUTERS, CharIN, Union of Concerned, Tesla, ABB, America, Thomson Locations: United States, Shanghai, China, CharIN North America, Swiss, Philadelphia, San Francisco, Bengaluru

☆ White House welcomes Tesla to take advantage of federal dollars
▼ + stars: | 2023-06-09 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +5 min

June 9 (Reuters) - The White House on Friday said electric-vehicle charging stations using Tesla (TSLA.O) standard plugs would be eligible for billions of dollars in federal subsidies as long as they included the U.S. charging standard connection, CCS, as well. Tesla shares rose as much as 7.5% on Friday but pared gains to close 4.1% higher at $244.40. Analysts said the Ford and GM news was a big win that could make Tesla Superchargers an industry standard in the United States. GM and Ford shares closed up 1.1% and 1.3%, respectively. Musk on Friday said in a tweet it would be "ideal" for Tesla chargers to need only CCS adapters to meet federal charging standards.

Persons: Biden, Tesla, Robyn Patterson, Patterson, Tesla's, Sam Houston, Danni Hewson, AJ Bell, Blink, Jonathan Levy, ChargePoint, Musk, Jarrett Renshaw, Hyunjoo Jin, Abhirup Roy, Chavi Mehta, Bhanvi, Sayantani Ghosh, David Gaffen, Peter Henderson, Matthew Lewis Organizations: U.S, Ford Motor, General Motors, American, CCS, Ford, GM, EV, Reuters, Volkswagen, Hyundai Motor, Kia, Union of Concerned, Tesla, Elon, Thomson Locations: United States, Philadelphia, San Francisco, Bengaluru

Republican hopefuls have alleged, without evidence, that the investigation into Trump, who is running to unseat Biden from the White House in 2024, is politically motivated. As the charges against Trump were unsealed, Biden was in North Carolina, where he was discussing his economic agenda and had plans to meet with military members. BIDEN, TRUMP IN SWING STATENorth Carolina is a key political swing state that Republicans are courting this weekend during a state convention. North Carolina, with 15 electoral votes, is an important political swing state that Trump won, though only with a slim margin, in 2020. He leads the North Carolina Republican field with 44% of the vote, followed by DeSantis at 22%, the poll shows.

Persons: ROCKY, Joe Biden, General Merrick Garland, Department's, Donald Trump, I’m, Biden, White, Olivia Dalton, Garland, Jack Smith, Trump, BIDEN, Jill, Ron DeSantis, DeSantis, Nandita Bose, Jeff Mason, Sarah Lynch, Jarrett Renshaw, Heather Timmons, Alistair Bell, Daniel Wallis, Diane Craft Organizations: Trump, White House, DOJ, Air Force, FBI, TRUMP, Nash Community College, Fort Liberty, Diagnostics, North Carolina Republican, White, Liberty, Thomson Locations: N.C, North Carolina, Carolina, Rocky Mount, Florida, Philadelphia . North Carolina, Fort Bragg

NEW YORK, June 6 (Reuters) - The Biden administration will abandon a scheme to include the electric vehicle industry in the nation's biofuel blending program and will remove nearly 2 billion credits the ambitious expansion was expected to generate in a final rule set to be released later this month, three sources familiar with the matter told Reuters. The EV program would have been a boost to President Joe Biden's goal of electrifying the motor vehicle industry to fight climate change. The White House declined to comment, and the Environmental Protection Agency, which administers the RFS, did not respond to requests for comment. The White House is currently reviewing a final rule on biofuel blending mandates for the years 2023, 2024 and 2025. Reporting by Stephanie Kelly and Jarrett RenshawOur Standards: The Thomson Reuters Trust Principles.

Persons: Biden, Joe Biden's, Stephanie Kelly, Jarrett Renshaw Organizations: YORK, Reuters, U.S . Renewable, Tesla Inc, Environmental Protection Agency, Thomson

The deal, announced last month, would open more than 12,000 Tesla Superchargers to drivers of Ford vehicles in North America starting in 2024. SS&C has invested in such charging companies as ChargePoint Holdings Inc (CHPT.N), EVgo Inc (EVGO.O) and Blink Charging Co (BLNK.O). The Ford deal was a boost to Tesla's more widespread, reliable North American Charging Standard (NACS) and dented the value of smaller players offering the rival Combined Charging System (CCS). Complaints about other charging companies' software bugs or broken charging hardware only opens the door to greater access for Tesla's standard, however, industry officials said. Under its new deal, Ford will distribute Tesla adapters to customers and starting in 2025 will equip future EVs with NACS.

Persons: Joe Biden, Paul Baiocchi, Ford, Elon Musk, Tesla's, Biden, Pete Buttigieg, Tesla, Lazard, Mohit Kohli, Chris Harto, Arcady Sosinov, Chris Anthony, Sosinov, Abhirup Roy, Hyunjoo Jin, David Shepardson, Jarrett Renshaw, Ben Klayman, Matthew Lewis Organizations: FRANCISCO, Ford, North America, U.S, SS, C ALPS Advisors, ChargePoint Holdings, EVgo Inc, CNBC, CCS, EVs, Volta, Volkswagen AG, General Motors Co, BMW, Consumer, Aptera, Thomson Locations: U.S, North, Europe, San Francisco, Washington

☆ Bombing of herders highlights deadly air attacks by Nigerian military
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +19 min

The letter said the Nigerian Air Force is committed to human rights and “further deliberations” on the issue, according to the report. “The absence of details raises the question of whether the air force carried out the air strike based on mere suspicion,” Human Rights Watch said. The U.S. State Department and the Pentagon had no immediate comment about the airstrike or the U.S. relationship with the Nigerian Air Force. Before now, neither the Nigerian government nor the military had provided any public explanation for what happened on Jan. 24. ACLED data show Nigerian Air Force strikes continued to claim the lives of noncombatants, inside and outside the northeast.

Persons: Ibrahim Muazu, “, ACLED, D.D, Pwajok, ”, Sara Jacobs, herdsmen, Oladayo Amao, Amao, “ miscreants, Muhammadu Buhari, Bola Tinubu, Jan, Muazu, Lamido, Nigeria’s, Sanusi, Buhari, Rand Paul, Cory Booker, Rex Tillerson, Lai Mohammed, Jacobs, Jim Risch, Chris Smith, Antony Blinken, Biden, Risch, brazenly “, ” Abubakar Bello Rukubi, ” “, Yemi Osinbajo, cc’d, Samuel Ortom, herder, ” Muazu, Humeyra Pamuk, Daphne Psaledakis, Idrees Ali, Jarrett Renshaw, David Lewis, Reade Levinson, Simon Newman, Catherine Tai Design, Eve Watling, Julie Marquis, Alexandra Zavis Organizations: herder, Reuters, Air Force, Nigerian Air Force, Human Rights Watch, Air, Rights Watch, Ministry of Defence, Nigerian Air, House Foreign Affairs, ” Reuters, ACLED, Planet Labs PBC, U.S . State Department, Pentagon, ”, Muazu, Congress, San Frontieres, Republican, Punch, UK, Nigeria –, Systems, U.S, Super, International, Development, Rights Initiative, Benue State Livestock Guards, Human Rights, Daily Trust, Nigeria’s Locations: Nigerian, Nasarawa, Akwanaja, United States, U.S, Nigeria, California, Kano, Rann, Cameroonian, Zamfara, “, Benue, ” Benue, London, Makurdi, Naka, Washington, Philadelphia

[1/3] U.S. President Joe Biden hosts debt limit talks with U.S. House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, U.S., May 22, 2023. Here's what we know so far:A CAP ON DISCRETIONARY SPENDINGThe deal would suspend the $31.4 trillion debt ceiling until January of 2025, allowing the U.S. government to pay its bills. Republicans have told their members that non-defense discretionary spending would be cut to 2022 levels, apart from veterans' healthcare, which would remain fully funded. The U.S. government will spend $936 billion on non-defense discretionary spending in 2023. However, other sources say the deal codifies relief from student loan payments while Biden's executive action providing up to $20,000 of debt relief per borrower is under review by the Supreme Court.

[1/3] U.S. President Joe Biden hosts debt limit talks with U.S. House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, U.S., May 22, 2023. REUTERS/Leah MillisWASHINGTON, May 27 (Reuters) - U.S. President Joe Biden and House Republican Speaker Kevin McCarthy on Saturday reached an agreement in principle to lift the debt ceiling that would trim some U.S. federal spending. Here's what we know so far:A CAP ON DISCRETIONARY SPENDINGThe deal would suspend the $31.4 trillion debt ceiling until January of 2025, allowing the U.S. government to pay its bills. In exchange, non-defense discretionary spending would be capped at current year levels in 2024 and increased by only 1% in 2025. INCREASED DEFENSE SPENDINGThe deal is expected to boost defense spending to around $885 billion, in line with Biden's 2024 budget spending proposal.

"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.

☆ Factbox: What's in the debt ceiling deal Biden, McCarthy are negotiating?
▼ + stars: | 2023-05-26 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +4 min

WASHINGTON, May 26 (Reuters) - U.S. President Joe Biden and House Republican Speaker Kevin McCarthy are nearing a deal to lift the debt ceiling that would trim some U.S. federal spending. Here's what we know so far:A CAP ON DISCRETIONARY SPENDINGThe deal under consideration would lift the debt ceiling in exchange for holding non-defense discretionary spending around current year levels. INCREASED DEFENSE SPENDINGThe deal under consideration could boost defense spending to around $885 billion, in line with Biden's 2024 budget spending proposal. COVID CLAWBACKBiden and McCarthy are expected to agree to clawback unused COVID relief funds as part of the budget deal, including funding that had been set aside for vaccine research and disaster relief. ENERGY PERMITTINGA plan to make it easier for energy projects - including fossil-fuel based ones - is expected to be part of any budget deal.

Here's the latest:ELECTRIC VEHICLE FRICTIONBiden's domestic policy is embodied in working to electrify roadways across the United States. Getting more electric vehicles on the roads is central to his climate change agenda, ensuring the vehicles are "Made in America" is part of his commitment to restore manufacturing jobs. But the IRA's consumer tax credits are tightly linked to the cars' and batteries being made in the U.S., roiling allies in Europe and Asia whose companies sell into U.S. markets. Instead, Japanese and U.S. officials struck a trade deal on electric vehicle battery minerals that expands eligibility for the $7,500 per vehicle EV tax credits in the IRA. NEW RACE FOR SUBSIDIESThe promise of corporate tax credits has renewed interest in investing in the U.S., and Europe has responded with subsidies of their own.

Democrats were not as positive about a quick time frame, but the White House called the meetings "productive and direct." Republicans have refused to vote to lift the debt ceiling past its $31.3 trillion limit unless Biden and his Democrats agree to spending cuts in the federal budget. Going forward, the talks will be narrowed for more engagement between House Republicans and the White House, McCarthy said. White House adviser Steve Ricchetti and budget director Shalanda Young will lead discussions for the administration. "We can raise the debt ceiling if we limit what we're going to spend in the future," McCarthy told reporters.

Biden sat down in the Oval Office with House of Representatives Speaker McCarthy, Senate Majority Leader Chuck Schumer, House Democratic leader Hakeem Jeffries and Senate Republican leader Mitch McConnell. "We're just getting started," Biden told reporters just after 3 p.m. EDT (2000 GMT), before ushering them out the door so the meeting could begin. Biden is trying to reach a debt ceiling deal by June 1 to lift the threat of economic calamity. The White House announced Biden may be forced to skip a stop in Australia during an Asia trip due to the debt limit drama. "We can raise the debt ceiling if we limit what we're going to spend in the future," McCarthy told reporters.

☆ Tighter work requirements for welfare programs on table in debt ceiling talks - sources
▼ + stars: | 2023-05-16 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +2 min

The federal SNAP program helped 41.2 million Americans pay for food and groceries in 2022, costing taxpayers $119.4 billion, according to government data. The TANF program helps fewer than a 1 million families and costs about $16.5 billion a year, federal data shows. "The President has also been clear that he will not accept policies that push Americans into poverty. He will evaluate whatever proposals Republicans bring to the table based on those principles," White House spokesman Michael Kikukawa said in an email on Tuesday. Reporting by Jarrett Renshaw; Editing by Heather Timmons and Doina Chiacu;Our Standards: The Thomson Reuters Trust Principles.

WASHINGTON, May 16 (Reuters) - Democratic President Joe Biden and top congressional Republican Kevin McCarthy are expected to discuss new work requirements for benefits programs for low-income Americans during Tuesday's debt ceiling negotiations, sources familiar with the talks said. Expanding the work requirements has been a key demand of Republicans, who are also pushing for spending cuts in exchange for their votes to raise the debt limit. "We can raise the debt ceiling if we limit what we're going to spend in the future," McCarthy told reporters. The current deadlock has rattled investors, sending the cost of insuring exposure to U.S. government debt to record highs. 2 Senate Republican John Thune told reporters the talks appear to have "too many cooks."

WASHINGTON, May 16 (Reuters) - Democratic President Joe Biden and top congressional Republican Kevin McCarthy will sit down on Tuesday to try to make progress on a deal to raise the U.S. government's $31.4 trillion debt ceiling and avert an economically catastrophic default. House of Representatives Speaker McCarthy on Tuesday told reporters that his party, which controls the chamber by a 222-213 margin, would only agree to a deal that cuts spending. "We can raise the debt ceiling if we limit what we're going to spend in the future," McCarthy told reporters. Tuesday's White House meeting, which will include Biden, McCarthy, Democratic Senate Majority Leader Chuck Schumer, top Senate Republican Mitch McConnell and top House Democrat Hakeem Jeffries, is due to begin at 3 p.m. EDT (1900 GMT). 2 Senate Republican John Thune told reporters that the talks appear to have "too many cooks."

White House officials have described the talks as constructive, but McCarthy on Monday warned that he believed little progress had been made. Democrats including Senate Majority Leader Chuck Schumer, who is also expected to attend Tuesday's White House meeting, said that talks were proceeding in a "serious way." 'TOO MANY COOKS'Some observers have raised concerns that the five-party talks -- featuring Biden, McCarthy, Schumer, top Senate Republican Mitch McConnell and top House Democrat Hakeem Jeffries -- are too unwieldy to make progress. 2 Senate Republican John Thune told reporters that the talks appear to have "too many cooks." "As we've said all along, it is Biden and McCarthy," Thune said.

☆ Debt ceiling worries deepen as early June U.S. default reinforced
▼ + stars: | 2023-05-12 | by ( Richard Cowan | ) www.reuters.com time to read: +6 min

The U.S. Congressional Budget Office report, issued Friday morning, confirms Treasury Secretary Janet Yellen's earlier warnings that a default could come as early as June 1. Congress' budget scorekeeper also noted that the federal government's debt payments "will remain uncertain throughout May, even if the Treasury ultimately runs out of funds in early June." She also said she remained optimistic that the debt limit problem would be resolved. A senior Treasury official told Reuters she would do that with board members of the Bank Policy Institute lobby group. Democratic Representative Abigail Spanberger said members of the U.S. Congress ought to have their paychecks withheld until the debt limit problem is resolved.

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