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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.

☆ US government CDS spreads decline as debt ceiling negotiations progress
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, May 16 (Reuters) - A measure of the cost to insure exposure to U.S. government debt declined on Tuesday as Democratic President Joe Biden and top congressional Republican Kevin McCarthy edged closer to a deal to avoid a debt default. Spreads on U.S. one-year credit default swaps, market-based gauges of the risk of a default, declined to 155 basis points from 164 basis points on Monday, according to S&P Global Market Intelligence data. Spreads on five-year CDS decreased to 69 basis points from 72 bps on Monday. Investor jitters around a possible U.S. default have intensified in recent weeks as the deadline to raise the government's borrowing cap looms closer than what many in the market had anticipated. Reporting by Davide Barbuscia; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

But some areas of potential compromise emerged after a White House meeting on Tuesday. Deep disagreements remained over competing pressures for spending cuts versus tax increases. Meanwhile, the White House reiterated its backing for legislation speeding government permitting of energy projects by setting maximum timelines. House and Senate Republicans, meanwhile, have said they will not authorize any additional borrowing without an agreement to cut future spending. The last time the nation got this close to default was in 2011 - also with a Democratic president and Senate with a Republican-led House.

Time is tight to avoid a historic, economically destabilizing default, which the Treasury Department has warned could come as soon as June 1, but some areas of potential compromise emerged after a Tuesday White House meeting. Deep disagreements remained over competing pressures for spending cuts versus tax increases. Meanwhile, the White House reiterated its backing for legislation speeding government permitting of energy projects by setting maximum timelines. A White House fact sheet distributed on Wednesday said the administration "supports the important reforms" contained in a bill by Democratic Senator Joe Manchin. House and Senate Republicans, meanwhile, have said they will not authorize any additional borrowing without an agreement to cut spending.

Biden signaled an openness to Republicans' demand to claw back some unused money for COVID relief, which is less than $80 billion. House of Representatives Speaker McCarthy told reporters that Biden also indicated a willingness to work on speeding up permitting for energy projects, a goal that went unmet in 2022. "Default is not an option," Biden told reporters after Tuesday's meeting. House and Senate Republicans, meanwhile, have said they will not authorize any additional borrowing without an agreement to cut spending. The last time the nation got this close to default was in 2011 - also with a Democratic president and Senate with a Republican-led House.

☆ Nikki Haley on Republicans' tepid midterms: The party 'looked like chaos'
▼ + stars: | 2023-03-02 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +4 min

Republicans came across as chaotic during the midterms, Nikki Haley said. And from an independent standpoint it looked like chaos, and they didn't want to be a part of that." Democrats have also singled out Republican Rep. Marjorie Taylor Green of Georgia as representative of the party. In preliminary exit polls following the midterms, about equal proportions of voters said both Republicans and Democrats were "too extreme." Despite Republican disappointment over the midterms, the party did secure a narrow majority in the US House.

☆ Biden vows "to protect" country in State of the Union speech, refers to China balloon
▼ + stars: | 2023-02-08 | by ( Patricia Zengerle | ) www.reuters.com time to read: +3 min

"I'm committed to work with China where we can advance American interests and benefit the world," Biden said. "But make no mistake about it: as we made clear last week, if China threatens our sovereignty, we will act to protect our country. Investing in American innovation, in industries that will define the future, that China intends to be dominating," Biden said. Democrats have joined Republicans in demanding more information about the balloon and the Biden administration's policy toward the government in Beijing. We built a global coalition," Biden said, vowing to stand with Ukraine "as long as it takes."

☆ General Dynamics forecasts weak 2023 as supply, labor challenges persist
▼ + stars: | 2023-01-25 | by ( Nathan Gomes | ) www.reuters.com time to read: +2 min

[1/2] A General Dynamics NASSCO ship yard entrance is shown in San Diego, California, U.S., June 17, 2019. REUTERS/Mike Blake/File PhotoJan 25 (Reuters) - U.S. defense contractor General Dynamics Corp (GD.N) on Wednesday forecast lower-than-expected 2023 results, as the industry struggles with labor and supply shortages, though strong demand for weapons helped it beat quarterly estimates. An "abnormally high retirement" of workers has impacted General Dynamics' electric boat unit, which assembles nuclear-powered submarines, company executives said on an investor call. General Dynamics said it was working with the U.S. Navy to mitigate the effect of worker shortages, which plagued the defense industry in 2022. "We're seeing demand signals resulting from the war in Ukraine, but we've only just begun to see that manifest in our backlog," General Dynamics Chief Executive Phebe Novakovic said.

☆ Republican hardliners, George Santos shun White House welcome for new Congress
▼ + stars: | 2023-01-25 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +2 min

WASHINGTON (Reuters) - Embattled Republican freshman U.S. Representative George Santos skipped his invitation to a White House reception on Tuesday evening and appears to have been joined by several hardline newcomers in snubbing President Joe Biden. “Everyone is invited who is part of the new Congress,” said White House spokesperson Karine Jean-Pierre on Monday. Many Republicans in the House have instead promised to block government spending and investigate Biden’s family and use of office. Biden’s fellow Democrats have narrow control of the Senate, while Republicans won a slim majority in the House during the 2022 midterm elections. McCarthy was elected as speaker only after agreeing to a demand by hardliners that any lawmaker be able call for his removal at any time.

☆ Defense firms set to post higher sales, McCarthy's election clouds outlook
▼ + stars: | 2023-01-23 | by ( Nathan Gomes | ) www.reuters.com time to read: +3 min

** Raytheon is expected to post quarterly revenue of $18.15 billion and a profit of 92 cents a share. ** General Dynamics is estimated to report quarterly revenue of $10.69 billion and a profit of $3.55 per share. ** Northrop is expected to report quarterly revenue of $9.66 billion and a profit of $6.58 per share. Median 12-month price target is $495. Median 12-month price target is $566.

Speaking to reporters in Senegal, Yellen warned that Washington could spur a global financial crisis and undermine the role of the dollar if it does not raise the $31.4 trillion debt limit. McCarthy said on Twitter he would meet Biden to "discuss a responsible debt ceiling increase to address irresponsible government spending." The U.S. government hit its $31.4 trillion borrowing limit on Thursday, a figure that reflects money already spent by the government. But the percolating battle over the U.S. debt limit later this year already is rattling markets and investors. Yellen noted the debt ceiling needs to be raised to cover borrowing on spending already authorized by Congress.

WASHINGTON, Jan 11 (Reuters) - Embattled U.S. Representative George Santos said he had no plans to heed fellow New York Republicans' calls to step down, a plea they made on Wednesday due to what they called "lie after lie after lie" about his career and history. The New York Republicans made their plea at a news conference two days after a nonpartisan watchdog accused Santos of breaking campaign finance laws in a filing with the Federal Election Commission. "It's just lie after lie after lie. Republican Representative Nick Langworthy from western New York and Representative Anthony D'Esposito, who represents a district next to that of Santos, were also among those calling on the first-term congressman to step down. During the news conference, officials said they would direct Santos' constituents to Representative D'Esposito in some cases, who had agreed to help residents of Santos' district.

"I think that this is going to be the most contentious debt ceiling debate in memory," Winograd said. "It would suggest that there's some type of premium being allocated to bills in that space where the risk of the debt ceiling starts to grow," Norris said. Some investors also believe lawmakers will be able to reach a deal on raising the debt ceiling without severely unsettling markets. Edward Al Hussainy, senior interest rate and currency analyst at Columbia Threadneedle, thinks any debt ceiling tensions would eventually be resolved, calling the issue "a well rehearsed storyline." However, the heightened concerns about the debt ceiling are "an extra little justification on top" for the firm's positioning, Pride said.

☆ Coming of Age Day celebrations in Tokyo
▼ + stars: | 2023-01-09 | by ( Dave Lucas | ) www.reuters.com time to read: 1 min

Republican Kevin McCarthy was elected speaker of the U.S. House of Representatives early on Saturday, after making extensive concessions to right-wing hardliners that raised questions about the party's ability to govern.

☆ Watch: Thousands of Bolsonaro Supporters Storm Brazil’s Congress Buildings
▼ + stars: | 2023-01-09 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Watch: McCarthy Cites Progress as House Speaker Bid Fails for Third Day Republican Kevin McCarthy says he’s not putting any timeline on his bid for House speaker after losing the 11th vote to lead the GOP-controlled chamber. Despite offering new concessions, he failed to win support from detractors within his party. Photo: Julio Cortez/AP

☆ Kevin McCarthy Wins Election as House Speaker After Days of Grueling Negotiations
▼ + stars: | 2023-01-07 | by ( Natalie Andrews | Eliza Collins | ) www.wsj.com time to read: 1 min

WASHINGTON—Republican Kevin McCarthy won election as House speaker on the 15th ballot after days of grueling negotiations that turned detractors in his favor for the chamber’s top job, and forced leadership to make concessions to the party’s far-right members up to the last moment of sometimes-heated discussions on the House floor. The victory marked a personal achievement for Mr. McCarthy, 57, who had failed to secure the speakership more than seven years ago, and clawed his way to a win early Saturday morning after four days of repeated rejections.

☆ Chaos in the House: McCarthy's plea, and begging for votes
▼ + stars: | 2023-01-07 | by ( Mary Clare Jalonick | ) www.cnbc.com time to read: +6 min

It was nearing midnight, and he had already lost 13 votes for speaker over four long days. U.S. Rep.-elect Matt Gaetz (R-FL) (L) talks to House Republican Leader Kevin McCarthy (R-CA) in the House Chamber during the fourth day of elections for Speaker of the House at the U.S. Capitol Building on January 06, 2023 in Washington, DC. Anna Moneymaker | Getty Images News | Getty ImagesGaetz, who had hurled personal insults at McCarthy just hours earlier on the House floor, said no. Anna Moneymaker | Getty Images NewsThe chaos on the House floor came exactly two years after the Jan. 6, 2021, Capitol insurrection. US Representative Kevin McCarthy (R-CA) speaks to US Representative Matt Gaetz (R-FL) in the House Chamber at the US Capitol in Washington, DC, on January 6, 2023.

☆ Kevin McCarthy wins House Speaker bid on 15th try
▼ + stars: | 2023-01-07 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsKevin McCarthy wins House Speaker bid on 15th tryPostedRepublican Kevin McCarthy was elected speaker of the U.S. House of Representatives early on Saturday, after making extensive concessions to a group of right-wing hardliners that raised questions about the party's ability to govern. Lauren Anthony reports.

JOSH BRECHEEN - FLIPPEDThe Oklahoman freshman went for McCarthy on Friday afternoon, saying a deal "will allow conservatives to rein in out-of-control spending." ANDREW CLYDE - FLIPPEDClyde of Georgia is a member of the hard-right House Freedom Caucus, which is driving opposition to McCarthy. He moved to support McCarthy on Friday. ANDY BIGGS - OPPOSEDThe Arizona lawyer ran against McCarthy in the first round of voting for speaker. MATT ROSENDALE - OPPOSEDThe lone congressman from Montana has remained opposed to McCarthy, voting repeatedly for fellow Republican Kevin Hern instead.

☆ Palm Springs Film Festival
▼ + stars: | 2023-01-06 | by ( Anuja Jaiman | ) www.reuters.com time to read: 1 min

The U.S. House of Representatives, mired in a chaotic leadership battle, rejected Republican Kevin McCarthy's bid to lead the chamber two more times on Wednesday as a small group of holdouts in the party defied former President Donald Trump's call for unity.

☆ McCarthy loses 13th House speaker vote, gains momentum
▼ + stars: | 2023-01-06 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsMcCarthy loses 13th House speaker vote, gains momentumPostedRepublican Kevin McCarthy on Friday picked up support from right-wing hardliners in the U.S. House of Representatives who had blocked his speakership bid, but it was not enough to end the deepest congressional dysfunction in more than 150 years. This report produced by Tamara Lindstrom.

WASHINGTON, Jan 6 (Reuters) - Republican Kevin McCarthy's perilous quest to become speaker of the U.S. House of Representatives entered the fourth day on Friday, with a scale of congressional dysfunction not seen since before the U.S. Civil War. This week's 11 failed votes marked the highest number of ballots for the speakership since the late 1850s. But the holdouts want a deal that would make it easier to oust the speaker and give them greater influence within the House Republican caucus and on congressional committees. Some Republicans believed the agreement under discussion might give McCarthy as many as 10 additional votes. Some of McCarthy's opponents showed no sign of yielding.

☆ U.S. House rejects McCarthy a sixth time
▼ + stars: | 2023-01-05 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsU.S. House rejects McCarthy a sixth timePostedThe U.S. House of Representatives, mired in a chaotic leadership battle, again rejected Republican Kevin McCarthy's bid to lead the chamber on Wednesday as a small group of holdouts in the party defied former President Donald Trump's call for unity. Tamara Lindstrom produced this report.

REUTERS/Jonathan ErnstWASHINGTON, Jan 5 (Reuters) - About 20 hardline Republicans in the U.S. House of Representatives have voted against California Republican Kevin McCarthy in his bid to become the next Speaker of the House in successive rounds of voting this week. That has stopped the House from starting their work and exposed the sharp rifts that have developed within the Republican party. Here are some of McCarthy's most prominent opponents:SCOTT PERRYPerry is the chair of the House Freedom Caucus, the furthest right ideological grouping in the House and the home of almost all McCarthy opponents. Boebert is one of the top fundraisers among House Republicans and brought in more than $7 million for her reelection bid, to eke out one of the closest wins of the November midterms. Like others who voted against McCarthy, he was a prominent opponent of measures designed to stop the spread of COVID-19.

☆ McCarthy Falls Short of Majority in Three Rounds of Vote for Speaker
▼ + stars: | 2023-01-04 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Watch: McCarthy Calls for Unity After Failing to Secure Votes for Speaker Republican Kevin McCarthy urged House representatives to work out their differences, after he failed to win the speaker’s gavel. The House adjourned after three rounds of voting amid a revolt from conservative Republicans about the direction of the party. Photo: Michael Brochstein/Zuma Press

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