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"The Republicans have raised the debt limit. McCarthy bridged deep divides among House Republicans to get the bill passed. McCarthy called on Biden to begin negotiations on a debt limit increase and spending-cut bill and for the Senate to either approve the House bill or to pass its own. The House bill would increase Washington's borrowing authority by $1.5 trillion or until March 31, whichever comes first, raising the specter of another round of negotiations during the 2024 presidential campaign. The White House has called on Congress to raise the debt limit without conditions, as it did three times under Biden's Republican predecessor, Donald Trump.

A 2011 standoff led to a downgrade of the government's credit rating, which pushed borrowing costs higher and hammered investments. "The Republicans have raised the debt limit. McCarthy called on Biden to begin negotiations on a debt limit increase and spending-cut bill and for the Senate to either approve the House bill or to pass its own. House Speaker Kevin McCarthy (R-CA) walks following a closed door meeting on Captiol Hill in Washington, U.S., April 26, 2023. The White House has called on Congress to raise the debt limit without conditions, as it did three times under Biden's Republican predecessor, Donald Trump.

☆ Ways & Means Chair Rep. Smith on House GOP debt limit bill: I'm confident we have the votes
▼ + stars: | 2023-04-26 | 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 EmailWays & Means Chair Rep. Smith on House GOP debt limit bill: I'm confident we have the votesHouse Ways & Means Committee Chairman Rep. Jason Smith (R-Mo.) joins 'Squawk Box' to discuss the latest in debt limit showdown, and whether there is enough support for the House GOP proposal.

☆ US House committee votes to repeal Biden solar panel policy
▼ + stars: | 2023-04-19 | by ( Nichola Groom | ) www.reuters.com time to read: +2 min

[1/3] Solar panels are set up in the solar farm at the University of California, Merced, in Merced, California, U.S. August 17, 2022. Biden suspended tariffs last June as part of a key pillar of his clean energy policy. The resolution passed the House Ways and Means committee 26 to 13. "The Ways and Means Committee just took a hammer to business certainty and American energy independence," Solar Energy Industries Association President Abigail Ross Hopper said in a statement. Months later, Commerce issued a preliminary decision to extend existing tariffs on Chinese solar products to goods from those nations.

☆ Kevin McCarthy tells Biden time is running out to negotiate spending cuts to raise the debt ceiling — even as Republicans have yet to put forth a concrete plan
▼ + stars: | 2023-03-28 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

House Speaker Kevin McCarthy sent a letter to President Joe Biden saying it's time to tackle the debt ceiling. The US faces a potentially disastrous default in just a few months, and the GOP wants major spending cuts. Biden has insisted that raising the debt ceiling should be bipartisan and not tied to cuts. On Tuesday, the Republican speaker of the House sent a letter to President Joe Biden urging him to negotiate spending cuts to raise the debt ceiling. Democrats are still waiting for a concrete plan from Republicans on what exactly they want to cut to raise the debt ceiling.

☆ US Trade Rep fires back at GOP House member who said she has 'too nice a smile' to do her job: 'I don't need your pity'
▼ + stars: | 2023-03-24 | by ( Nicole Gaudiano | ) www.businessinsider.com time to read: +3 min

A US House member said the US Trade Representative had "too nice a smile" to do her job. "I don't need your pity. "I don't need your pity. "You don't need his crocodile tears," she added. A member of Biden's Cabinet, Tai is the principal trade advisor, negotiator, and spokesperson on U.S. trade policy.

WASHINGTON, March 16 (Reuters) - The U.S. banking system remains sound and Americans can feel confident that their deposits are safe, Treasury Secretary Janet Yellen said on Thursday, but she denied that emergency actions after two large bank failures mean that a blanket government guarantee now existed for all deposits. "I can reassure the members of the committee that our banking system is sound, and that Americans can feel confident that their deposits will be there when they need them," Yellen said. More than $9.2 trillion of U.S. bank deposits were uninsured at the end of last year, accounting for more than 40% of all deposits, according to U.S. central bank data. Those uninsured deposits are not distributed evenly across the country, FDIC data shows. She also noted the high level of uninsured deposits at Silicon Valley as an aggravating factor.

☆ China would be among first paid under GOP debt limit plan, Treasury Secretary Yellen says
▼ + stars: | 2023-03-16 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

The GOP plan places a higher priority on making public debt obligations and Social Security payments than other types of government obligations. House Republicans are holding up a bill to raise the U.S. debt ceiling, which hit its $31.4 trillion borrowing limit in January. "If Treasury follows this Republican plan, bearing in mind that China holds about $1 trillion in U.S. debt, who would get paid first?" "I cannot give any assurances about the technical feasibility of such a plan," Yellen told lawmakers. She said lawmakers needed to recognize that "raising the debt ceiling is their responsibility to protect the full faith and credit in the United States."

☆ Tech pressure, Yellen everywhere: How Washington scrambled as SVB collapsed
▼ + stars: | 2023-03-15 | by ( Andrea Shalal | ) www.reuters.com time to read: +7 min

Yellen heads to the White House, Brainard meets with her staff and holds Zoom calls in her wood-paneled office in the West Wing. Treasury staff hustle to get Yellen on CBS News' "Face the Nation" program on Sunday, in an attempt to reassure markets. White House officials draft news releases with various scenarios, uncertain until shortly before 6 p.m. if an acquisition can still happen. As he leaves Delaware to return to the White House, Biden tells reporters he will make a statement on Monday. Treasury and White House officials reach out to members of Congress and their staffs throughout the evening to explain the plan, with discussions continuing into Monday.

☆ Sen. Warren urges Fed Chair Powell to recuse himself from review of Silicon Valley Bank collapse
▼ + stars: | 2023-03-14 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — Sen. Elizabeth Warren on Tuesday pushed Fed Chair Jerome Powell to remove himself from the central bank's review of the Silicon Valley Bank collapse, accusing him of allowing dangerous practices that helped to cause its failure. The Massachusetts Democrat contended Powell's "actions to allow big banks like Silicon Valley Bank to boost their profits by loading up on risk directly contributed to these bank failures." "For the Fed's inquiry to have credibility, Powell must publicly and immediately recuse himself from this internal review," Warren said in a statement. "The events surrounding Silicon Valley Bank demand a thorough, transparent, and swift review by the Federal Reserve," Powell said in a statement Monday. The agency created the Deposit Insurance National Bank of Santa Clara to hold the insured deposits from SVB.

☆ Republicans are preparing to let some bills go unpaid as the debt ceiling crisis looms. Janet Yellen says their plan is just 'default by another name.'
▼ + stars: | 2023-03-13 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Another debt ceiling crisis is looming, and Republicans and Democrats aren't negotiating. "Prioritization is simply not paying all of the government's bills when they come due. This isn't the first time Yellen has slammed GOP plans to address the debt ceiling. "What's critical is that we maintain our commitment to pay the government's bills — all the government's bills — when they come due," Yellen said on Friday. The clock is ticking for Congress to raise the debt ceiling, with the US expected to run out of measures to keep the government funded as soon as July.

☆ Here's what could happen next for Silicon Valley Bank customers
▼ + stars: | 2023-03-12 | by ( Jesse Pound | ) www.cnbc.com time to read: +4 min

A customer stands outside of a shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. Many investors on Wall Street and in Silicon Valley are anticipating additional information to be announced at some point on Sunday. Evelyn Hockstein | ReutersOne potential option could be to use the FDIC's systemic risk exception tool to backstop the uninsured deposits at SVB. Bloomberg News reported on Saturday night that between 30% and 50% of the uninsured deposits could be returned as soon as Monday. That process could take several weeks or more and end with uninsured deposits being restored at less than 100%.

☆ Yellen warns U.S. House members of 'economic collapse' from default
▼ + stars: | 2023-03-10 | by ( David Lawder | ) www.reuters.com time to read: +2 min

WASHINGTON, March 10 (Reuters) - U.S. Treasury Secretary Janet Yellen urged members of the U.S. House of Representatives on Friday to raise the federal debt ceiling without conditions, warning that a default on U.S. debt would cause "economic and financial collapse." Yellen, in budget testimony before the Republican-controlled House Ways and Means Committee, said that failure to increase the $31.4 trillion borrowing cap would threaten the economic progress that the U.S. has made since the COVID-19 pandemic. "In my assessment - and that of economists across the board - a default on our debt would trigger an economic and financial catastrophe," Yellen said. Some Republicans have demanded spending concessions from U.S. President Joe Biden in exchange for raising the debt ceiling. Yellen has refused to negotiate over raising the debt ceiling, arguing that it is about making good on Congress' past spending decisions.

☆ Yellen defends request for $29 bln increase in IRS enforcement funds
▼ + stars: | 2023-03-10 | by ( David Lawder | ) www.reuters.com time to read: +2 min

WASHINGTON, March 10 (Reuters) - U.S. Treasury Secretary Janet Yellen on Friday defended a Biden administration budget request for an additional $29.1 billion in IRS enforcement funds as Republicans in Congress pressed her to explain how $80 billion funds approved last year would be spent. The budget proposal aimed at boosting tax enforcement and collections comes on top of a fiscal 2024 appropriations request of $14.1 billion, marking an increase of $1.8 billion, or 15% over the 2023 IRS budget. "You already got $80 billion for the IRS. The additional $29.1 billion in long-term enforcement investments would add two more years to the $80 billion program for 2032 and 2033, according to the budget. Yellen also said that the "vast majority" of hiring at the agency from the $80 billion would go towards replacing retiring employees over the next decade.

☆ Silicon Valley Bank is shut down by regulators in biggest bank failure since global financial crisis
▼ + stars: | 2023-03-10 | by ( Jesse Pound | ) www.cnbc.com time to read: +3 min

Financial regulators have closed Silicon Valley Bank and taken control of its deposits, the Federal Deposit Insurance Corp. announced Friday, in what is the largest U.S. bank failure since the global financial crisis more than a decade ago. According to press releases from regulators, the California Department of Financial Protection and Innovation closed SVB and named the FDIC as the receiver. The FDIC in turn has created the Deposit Insurance National Bank of Santa Clara, which now holds the insured deposits from SVB. The last U.S. bank failure of this size was Washington Mutual in 2008, which had $307 billion in assets. The shares of parent company SVB Financial Group fell 60% on Thursday, and dropped another 60% in premarket trading on Friday before being halted.

☆ House conservatives issue new list of demands that could upend debt ceiling talks
▼ + stars: | 2023-03-10 | by ( Christina Wilkie | ) www.cnbc.com time to read: +4 min

WASHINGTON — A powerful bloc of U.S. House conservatives on Friday issued new demands that they said must be met before they would agree to vote to raise the debt ceiling. The demands go well beyond what other House Republicans have said they want, and threaten to upend talks later this year on a vote to raise the debt ceiling, currently set at $31.4 trillion. But he has left open the possibility of winning support in the House for a debt ceiling hike through negotiations on next year's federal budget. The 182-page document is widely viewed as the White House's opening salvo in the debate with House Republicans. House Budget Committee Chairman Rep. Jody Arrington, R-Texas, said Friday at the Ways and Means hearing that his committee's budget process had been delayed by the administration's timing.

☆ US Treasury's Yellen expressed confidence in regulators after meeting on SVB
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 10 (Reuters) - U.S. Treasury Secretary Janet Yellen met with banking regulators on Friday to discuss the collapse of SVB Financial Group (SIVB.O) and expressed "full confidence" in their abilities to respond to the situation and that the U.S. banking system remains resilient, the Treasury Department said. REUTERS/Evelyn Hockstein"Secretary Yellen expressed full confidence in banking regulators to take appropriate actions in response and noted that the banking system remains resilient and regulators have effective tools to address this type of event," the Treasury said. California banking regulators on Friday closed SVB, appointing the FDIC as receiver to protect depositors at the startup-focused lender. And when banks experience financial losses, it is and should be a matter of concern." Reporting by Paul Grant; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Yellen delivers in-person warning to US House members on debt ceiling
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 10 (Reuters) - U.S. Treasury Secretary Janet Yellen urged members of the U.S. House of Representatives on Friday to raise the federal debt ceiling without conditions, warning that a default on U.S. debt would cause an "economic and financial catastrophe." "In my assessment - and that of economists across the board - a default on our debt would trigger an economic and financial catastrophe," Yellen said in prepared remarks. "I urge all members of Congress to come together to address the debt limit – without conditions and without waiting until the last minute. Some Republicans have demanded spending concessions from U.S. President Joe Biden in exchange for raising the debt ceiling. Yellen has refused to negotiate over raising the debt ceiling, arguing that it is about making good on Congress' past spending decisions.

Principal Deputy IRS Commissioner Daniel Werfel testifies before the House Small Business Committee at a hearing on "The Internal Revenue Service And Small Businesses: Ensuring Fair Treatment" in Washington, July 17, 2013. One of Werfel's priorities at the IRS will be ensuring that the wealthiest Americans pay their full tax bills. President Joe Biden's pick to lead the IRS won the support of nearly every Senate Democrat, plus a handful of Republicans. "Confirming someone as qualified as Mr. Werfel as IRS Commissioner is crucial to making sure Americans take full advantage of all the tax credits we approved last year," Senate Majority Leader Chuck Schumer said Monday on the Senate floor. He later served as acting IRS commissioner in 2013.

☆ House Republicans are reportedly getting ready for the US to default as the debt ceiling draws closer
▼ + stars: | 2023-03-08 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

House Republicans are reportedly preparing for how to prioritize debt in the case of a default. Currently, the country is creeping ever closer to a catastrophic debt ceiling default over the summer. But neither party is negotiating, as Democrats demand Republicans' plan to prevent default. If the debt ceiling is not raised, it could be financially catastrophic, Yellen has said. The debt ceiling X Date is fast approaching.

With the way cable news talking heads describe debt ceiling negotiations, one might think America is headed for an extinction-level event. Left-wing pundits argue that anything but a "clean raise" in the debt ceiling – extending America's credit card limit with no conditions – will bring about an economic apocalypse. As the chairman of the House Ways and Means Committee with jurisdiction over the debt ceiling, Social Security, and Medicare, no debt ceiling legislation that passes through my committee will include cuts to these vital programs. Debt ceiling negotiations are something Democrats – and even then-Senator Biden – have agreed to multiple times in our nation's history. For Washington Democrats to engage in politics as usual is manifesting the very crisis they claim they want to avoid.

☆ Lousy Tippers Are Just Misunderstood
▼ + stars: | 2023-02-22 | by ( Spencer Jakab | ) www.wsj.com time to read: 1 min

Photo: Rachel Woolf for The Wall Street JournalAn IRS proposal would reduce cumbersome reporting requirements for tipped employees, such as those who work at restaurants. Tips have always been a touchy subject. Now, they have entered the culture wars. “Joe Biden’s radical war on the working class just expanded to tipped workers,” reads a recent memo from the Republican-controlled House Ways and Means Committee. A conservative outlet’s news coverage last year of Toast’s Restaurant Trends Report that showed residents of the Golden State being America’s worst tippers said: “While California has its fair share of high rollers, not everyone is willing to share the wealth.”

☆ House, Senate to renew fight pitting child tax credit vs. corporate cash
▼ + stars: | 2023-02-15 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +9 min

The fate of that corporate tax policy, supported by many Democrats, had been linked to the Democratic Party's desire for a deal on the child tax credit . But House and Senate members are getting ready to reintroduce legislation on the R&D tax credit. Indexing the child tax credit to inflation would also be a matter of tax policy that both parties might agree on as a way to enshrine future increases in law. But there's still the divide on the corporate tax priorities and child tax credit, and at a basic level, getting a bipartisan tax bill through the House and Senate and to the White House is always challenging. Many companies were surprised that the R&D tax credit did not get extended in the late year legislative package because it had so much bipartisan support.

☆ House Tax Leader Denounces International Plan to Raise Minimum Corporate Tax
▼ + stars: | 2023-02-10 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

Rep. Jason Smith said ‘Republicans will not tolerate’ changes that could let other countries collect more taxes from U.S. companies. WASHINGTON—The House’s top tax legislator criticized an international agreement to raise minimum taxes on corporations, saying Republicans in Congress wouldn’t accept the deal reached by the Biden administration and more than 130 countries. Rep. Jason Smith (R., Mo. ), who became chairman of the House Ways and Means Committee last month, said the agreement would help China gain a competitive advantage and hurt the U.S.

☆ Seniors urge Congress to protect Social Security, Medicare ahead of State of the Union
▼ + stars: | 2023-02-07 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

President Joe Biden speaks about protecting Social Security, Medicare, and lowering prescription drug costs, during a visit to OB Johnson Park and Community Center, in Hallandale Beach, Florida, on Nov. 1, 2022. Kevin Lamarque | ReutersSocial Security and the debt ceiling debateThe future of Social Security and Medicare have increasingly come up in the debate around the debt ceiling. Both Biden and House Speaker Kevin McCarthy have vowed to keep changes to Social Security and Medicare off the table. That would include Social Security's pension and disability, Medicare Part A and highway trust funds. Social Security changes require bipartisan support

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