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☆ Watch: President Joe Biden holds rare solo press conference
▼ + stars: | 2024-07-11 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: 1 min

Please refresh the page if you do not see a player above at that time.] President Joe Biden is set to hold a solo press conference in Washington on Thursday following a busy day of NATO Summit events. The press conference is an opportunity for the president to prove to voters that he can handle tough questions without a teleprompter following his disastrous debate performance against former President Donald Trump in June. Since that debate flop, Biden has faced escalating pressure to drop out of the presidential race from Democrats concerned about his fitness and ability to beat Trump in November. Just ahead of the Thursday press conference, Biden made an embarrassing blunder at a NATO event honoring Ukraine where he mistakenly introduced Ukraine President Volodymyr Zelenskyy as "President Putin."

Persons: Joe Biden, Donald Trump, Biden, Volodymyr Zelenskyy, Putin Organizations: NATO, Trump, CNBC, YouTube Locations: Washington, Ukraine

☆ Senators strike bipartisan deal for a ban on stock trading by members of Congress
▼ + stars: | 2024-07-10 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

A bipartisan group of senators on Wednesday launched a renewed effort to ban members of Congress from trading stock. "There is no reason why members of Congress ought to be profiting off of the information that only they get." Wednesday's amendment to an existing stock trading ban bill would immediately forbid members of Congress, the president and the vice president from purchasing stocks and other covered investments. The effort to bar members of Congress from trading stocks has been an uphill battle since at least the start of the Biden administration. The then-Speaker had previously written off the trading ban as a misguided effort to prevent lawmakers from participating in the "free market economy."

Persons: Jeff Merkley, Sen, Josh Hawley, Hawley, Jon Ossoff, Gary Peters, Biden, Ossoff, Nancy Pelosi, Paul Pelosi Organizations: U.S . Senate Banking, Housing, Urban Affairs Committee, Holdings, Congressional, U.S, Capitol, Washington , D.C, Wednesday, —, Homeland Security, Governmental, FBI, Democratic Locations: Washington ,, Sens, U.S

☆ Pelosi refuses to say she supports Biden as the Democratic nominee
▼ + stars: | 2024-07-10 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Rep. Nancy Pelosi, D-Calif., talks with reporters in the U.S. Capitol about the presidential debate between President Joe Biden and former President Donald Trump, on Friday, June 28, 2024. Former Democratic House Speaker Nancy Pelosi on Wednesday refused to explicitly endorse President Joe Biden as the party's presidential nominee, and encouraged her colleagues in Congress to pause from making public statements either for or against Biden. The comments were notable because Biden has repeatedly insisted that he will not drop out of the race against former President Donald Trump, and said that his decision is final. So far, Biden's public outings have done little to quell Democrats' concerns about his health. "I absolutely believe that I am the best candidate to beat Donald Trump in 2024."

Persons: Nancy Pelosi, Joe Biden, Donald Trump, Biden, Pelosi, Joe, Pelosi's, Biden's, —, I'm Organizations: U.S, Capitol, Democratic, Wednesday, NATO, Trump Locations: Washington

☆ Biden announces new NATO aid for Ukraine, as his reelection campaign teeters
▼ + stars: | 2024-07-09 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden speaks at a NATO event to commemorate the 75th anniversary of the alliance, in Washington, U.S., July 9, 2024. President Joe Biden announced new commitments to help Ukraine bolster its air defense against Russia in a speech Tuesday commemorating NATO's 75th anniversary. "Putin wants nothing less — nothing less — than Ukraine's total subjugation, to end Ukraine's democracy," Biden said. But make no mistake: Ukraine can and will stop Putin, especially with our full collective support." Speaking from a teleprompter, Biden said that more air defense supplies will be distributed to Ukraine in the coming months.

Persons: Joe Biden, NATO's, Putin, Biden, Vladimir Putin Organizations: NATO, Russia, Patriot, Russian, U.S . Democratic Party Locations: Washington , U.S, Ukraine, U.S, Germany, Romania, Netherlands, Italy

☆ Biden blasts ‘elites’ urging him to exit race in surprise interview
▼ + stars: | 2024-07-08 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

President Joe Biden arrives to speak to supporters and volunteers during a campaign stop at a Biden-Harris campaign election office in Harrisburg, Pennsylvania, on July 7, 2024. President Joe Biden defended his place at the top of the Democratic ticket Monday in a surprise television interview on MSNBC's "Morning Joe," after more lawmakers and donors came forward over the weekend with concerns about his reelection bid. "I'm getting so frustrated by the elites in the party" calling on him to step down, the president fumed. Biden insisted to hosts Joe Scarborough and Mika Brzezinski that the concerns of his wealthy backers would not dictate his political future. "I want their support, but that's not the reason I'm running," Biden said.

Persons: Joe Biden, Harris, I'm, Biden, Donald Trump, fumed, Joe Scarborough, Mika Brzezinski, that's, Hakeem Jeffries, Adam Smith, Jerry Nadler, Mark Takano, Joe Morelle, Angie Craig, Nancy Pelosi, Jim Clyburn, Chuck Schumer, George Stephanopoulos, Sen, Chris Murphy, Conn Organizations: Biden, Democratic, Democrats, NBC News, N.Y, Trump, ABC News, NATO, Democratic Party Locations: Harrisburg , Pennsylvania, New York, Calif, Washington, D, Ukraine

☆ Democratic power players are circulating a proposal for Biden to exit, launch 'blitz primary'
▼ + stars: | 2024-07-07 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Two Democrats with a powerful network of friends are circulating a proposal for President Joe Biden to bow out of the 2024 race and launch an expedited Democratic primary to choose a new nominee before the August convention. The proposal comes as pressure builds on Biden to exit the race following his stumbling debate on June 27 against former President Donald Trump. "Overnight, Biden is hailed as a modern-day George Washington, not an octogenarian clinging to power with a 37% approval rating," the proposal reads. The next phase of the plan is a "blitz primary," where prospective Democratic candidates submit their bids and delegates of the Democratic National Convention ultimately narrow down the list to six contenders. The Biden campaign did not immediately respond to a request for comment on the proposal.

Persons: Joe Biden, Rosa Brooks, Obama, Clinton, Ted Dintersmith, Semafor, Donald Trump, Brooks, Dintersmith, Biden, George Washington, Oprah Winfrey, Taylor Swift, Stephen Colbert Organizations: Cross, White, Georgetown University, Democratic, CNBC, Biden, Trump, Democratic National Convention, DNC Locations: Washington , DC, America

☆ Biden faces a 'vital week' to convince voters he can beat Trump, Sen. Murphy says
▼ + stars: | 2024-07-07 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Republican presidential candidate former U.S. President Donald Trump and Democratic Party presidential candidate U.S. President Joe Biden speak during a presidential debate in Atlanta, Georgia, U.S., June 27, 2024 in a combination photo. President Joe Biden is entering a decisive week where he must assure voters that he can defeat President Donald Trump in the November election, Sen. Chris Murphy, D-Conn., said Sunday. "The clock is ticking," Murphy, a close ally of the president, said on CNN's "State of the Union." "This is going to be a really important and vital week for the country and for the President." On Sunday, Biden was in Pennsylvania holding several other campaign events, looking to quiet the Democratic panic.

Persons: Donald Trump, Joe Biden, Sen, Chris Murphy, Conn, Murphy, Biden Organizations: Democratic Party, U.S, Democratic, Trump, Five, Democrats, Capitol Hill, ABC News, Sunday Locations: Atlanta , Georgia, U.S, Wisconsin, Pennsylvania

☆ Biden's TV interview fails to quell re-election concerns among lawmakers, donors and strategists
▼ + stars: | 2024-07-06 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

President Joe Biden speaks to supporters during a campaign rally at Sherman Middle School on July 05, 2024 in Madison, Wisconsin. On Saturday, House Rep. Angie Craig, D-Minn., officially called on Biden to bow out of the presidential race. Rep. Mike Quigley, D-Il., made his own announcement during an MSNBC interview Friday, just before the full ABC News 22-minute interview aired. They join a growing choir of Democratic lawmakers, donors and strategists losing faith in Biden's ability to wage a successful campaign against Trump. Earlier this week, former Democratic House Speaker Nancy Pelosi and Rep. Jim Clyburn, D-S.C., some of Biden's closest allies, publicly validated concerns about Biden's fitness for reelection.

Persons: Joe Biden, Donald Trump, Angie Craig, Biden, Craig, Mike Quigley, Lloyd Doggett, Grijalva, Seth Moulton, David Axelrod, Barack Obama, Nancy Pelosi, Jim Clyburn, Pelosi, Clyburn Organizations: Sherman Middle School, ABC, Democratic, Democrat, Biden, Trump, Reps Locations: Madison , Wisconsin

☆ Biden tries to calm Democrats as 2024 drop-out pressure mounts: 'I'm not leaving'
▼ + stars: | 2024-07-03 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +5 min

U.S. President Joe Biden delivers remarks on the Middle East in the State Dining room at the White House in Washington, U.S., May 31, 2024. For likely voters, Trump led Biden by a slightly smaller 6-point margin, though that was 3 points higher than before the debate. The New York Times poll surveyed 1,532 registered voters across the country from June 28 to July 2. While Biden's campaign continues its blitz, pressure mounts for the president to consider bowing out of the 2024 race. In response, the White House and the Biden campaign have rolled out a slate of events for the coming week to reassure the public.

Persons: Joe Biden, Biden, Donald Trump, Kamala Harris, Nancy Pelosi, Chuck Schumer, Jim Clyburn, Hakeem Jeffries, Sen, Chris Coons, Earl Ingram, Andrea, Sanders, Karine Jean, Pierre, Trump, Pelosi, Clyburn, Lloyd Doggett, Jared Golden, Jean Organizations: White, White House, Democratic, NBC, Capitol Hill, Civic Media Network, WURD Radio, NBC News, Trump, New York Times, Siena, Biden, CNN, ABC, Democrat, ABC News, NATO Locations: Washington , U.S, D, U.S, Texas, Wisconsin, Pennsylvania

☆ Supreme Court dissents take a 'darker tone' on Trump immunity ruling
▼ + stars: | 2024-07-01 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Supreme Court Justices Sonia Sotomayor, Ketanji Brown Jackson and Elena Kagan laid out grim visions of U.S. democracy in their joint written dissents to the court's Monday decision on former President Donald Trump's claim of presidential immunity from criminal prosecution. "In every use of official power, the President is now a king above the law," Sotomayor wrote. It's more of a warning," LaCroix told CNBC in an interview about the three dissents, written by the only three justices nominated to the court by Democratic presidents. The immediate effect was to send special counsel Jack Smith's criminal election fraud case against Trump back to U.S. District Judge Tanya Chutkan. She will have to rule on whether the criminal charges pertain to official acts Trump carried out as president, granting him immunity, or his private conduct.

Persons: Sonia Sotomayor, Ketanji Brown Jackson, Elena Kagan, Donald Trump's, Sotomayor, Jackson, Alison LaCroix, LaCroix, Jack, Tanya Chutkan, Trump Organizations: University of Chicago, CNBC, Democratic, Trump, Republicans Locations: U.S

☆ 'Preparation overload': Democrats defend Biden after debate flop as voter support flinches
▼ + stars: | 2024-06-30 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

Democrat candidate, U.S. President Joe Biden, and Republican candidate, former U.S. President Donald Trump, attend a presidential debate in Atlanta, Georgia, U.S., June 27, 2024. "Yes, it was a bad performance," South Carolina's Democratic Rep. Jim Clyburn, a close Biden ally, said on CNN's "State of the Union." Biden and Trump are scheduled for a second debate on Sept. 10, though it is unclear whether both candidates will follow through. In the meantime, the Biden campaign has been raking in large fundraising hauls in the wake of the debate. As of Sunday morning, the campaign had raised $33 million since Thursday, $26 million of which came from grassroots donors, according to Biden campaign spokesperson Kevin Munoz.

Persons: Joe Biden, Donald Trump, cringing, Jim Clyburn, Biden, Trump, Clyburn, Barack Obama, Bill Clinton, Hakeem Jeffries, Sen, Chris Coons, Raphael Warnock, Nancy Pelosi, we've, David, Kevin Munoz, Munoz Organizations: Republican, Sunday, Carolina's Democratic, South, South Carolina Democrat, Biden, ., Democratic, CBS, Voters, Trump, Convention, NBC News Locations: Atlanta , Georgia, U.S, South Carolina, East Hampton, N.Y

☆ Obama, Clinton excuse Biden's debate performance to fend off Democratic meltdown: 'Bad debate nights happen'
▼ + stars: | 2024-06-29 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Former Presidents Barack Obama and Bill Clinton on Friday tried to do some damage control following President Joe Biden's debate fumble against his November election opponent, former President Donald Trump. The messaging from Obama and Clinton marks a shift in strategy for Democrats as they try to course-correct after Thursday's flop. The comments from Obama and Clinton represent a new tact: Acknowledge the debate disaster and then tell the public not to focus on it. But I know what I do know: I know how to tell the truth." The Biden campaign has so far rejected that proposal.

Persons: Barack Obama, Bill Clinton, Joe Biden, Joe Biden's, Donald Trump, Obama, Clinton, Biden, Mitch Landrieu Organizations: Radio City Music Hall, Obama, NBC, Trump, Democratic, Biden Locations: New York City, North Carolina

☆ Biden campaign fundraises $27 million after first debate
▼ + stars: | 2024-06-29 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

US President Joe Biden speaks at the Stonewall National Monument Visitor Center grand opening ceremony in New York on June 28, 2024. The Biden campaign has raised $27 million starting from the day of the first presidential debate through Friday evening, a campaign spokesperson announced on Saturday. The Biden campaign, the Democratic National Convention, and Biden PACs and committees jointly raised $85 million in May, lagging behind Trump's $141 million haul in the same month that the former president was convicted on 34 felony charges. The Biden campaign did not immediately respond to a request for comment about how much of this new fundraising came from grassroots donors online versus higher-dollar donors. Biden supporters, including former Presidents Barack Obama and Bill Clinton have tried to spin the debate by recognizing, rather than ignoring the president's debate blunders while also asking voters to look past them.

Persons: Joe Biden, Biden, Joe Biden's, Donald Trump's, Camp David, Barack Obama, Bill Clinton Organizations: Stonewall, Monument Visitor, Democratic National Convention, Biden, Democratic, Trump, Monument Visitor Center, Pride, Camp Locations: New York, Atlanta, Raleigh , North Carolina, North Carolina, New Jersey

President Joe Biden delivers remarks during the CNN Presidential Debate at the CNN Studios on June 27, 2024 in Atlanta, Georgia. Many of the Democratic Party's top fundraisers are privately sounding the alarm after President Joe Biden's disappointing debate performance Thursday against Republican former President Donald Trump. CNBC began hearing from worried Democratic campaign donors and fundraisers less than 20 minutes into the 90-minute debate hosted by CNN. "Game over," said a longtime Democratic campaign advisor, who has been raising money for congressional leaders for over a decade and helped raise money for Biden's 2020 White House bid. Biden's campaign co-chair Mitch Landrieu told NBC News this was because the president had a cold.

Persons: Joe Biden, Joe Biden's, Donald Trump, Biden, Biden's, He's, doesn't, Jaime Harrison, Ronald, Reagan, George W, Bush, Barack, Obama, I've, we've, Jack Tapper, Tapper, Mitch Landrieu, Landrieu, Kamala Harris, Trump, Kate Bedingfield Organizations: CNN, CNN Studios, Democratic, Republican, CNBC, Democratic National, NBC News, Patrol, Democratic National Convention, White House Locations: Atlanta , Georgia

☆ Presidential debate live updates: Biden faces Trump in Atlanta
▼ + stars: | 2024-06-27 | by ( Dan Mangan Kevin Breuninger Christina Wilkie Brian Schwartz Rebecca Picciotto Josephine Rozzelle | Dan Mangan | Kevin Breuninger | ) www.cnbc.com time to read: 1 min

President Joe Biden and former President Donald Trump are squaring off in their first debate of the 2024 White House race in Atlanta on Thursday night. NBC News Now will stream CNN's Presidential Debate live. The 90-minute debate comes as Trump faces two pending criminal prosecutions over the Republican's efforts to overturn his defeat as president in the 2020 election to the Democrat Biden. There will be no studio audience for the debate, and each candidate's microphone will be muted when it is their opponent's turn to speak. CNBC's team of politics and economics reporters will be covering the candidates, the lead-up and the debate live from Washington, D.C.; CNBC Global Headquarters in Englewood Cliffs, New Jersey; and New York City.

Persons: Joe Biden, Donald Trump, Democrat Biden, Jake Tapper, Dana Bash Organizations: White, NBC, Trump, Democrat, CNN, Washington , D.C, CNBC Global Headquarters, New Locations: Atlanta, Washington ,, Englewood Cliffs , New Jersey, New York City

☆ Biden Cabinet officials roll out new plans to cut costs of living ahead of Trump debate
▼ + stars: | 2024-06-26 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden delivers remarks alongside Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo during a Cabinet Meeting at the White House on June 06, 2023 in Washington, DC. President Joe Biden's Cabinet will wrap up a barnstorming tour Thursday after two weeks on the road, touting the administration's economic accomplishments ahead of the Democratic incumbent's first debate against former President Donald Trump. In the 10 days leading up to Thursday's debate, the White House organized 29 public events, featuring more than a dozen top administration officials to promote Biden's economic agenda, a White House official said in a memo announcing the blitz. Not anymore," Neera Tanden, White House domestic policy advisor, said in the release. "Thanks to President Biden's economic plan, the American economy is strong and resilient, with robust economic growth in recent quarters," she said in a speech Monday.

Persons: Joe Biden, Janet Yellen, Gina Raimondo, Joe Biden's, Donald Trump, Lael Brainard, Pete Buttigieg, Neera Tanden, Yellen, Biden's Organizations: White House, Democratic, White, National Economic, Transportation, Seniors Locations: Washington , DC, Georgia , Nevada , Pennsylvania, Michigan, White, Minnesota, American

☆ Sixteen Nobel Prize-winning economists warn a second Trump term would 'reignite' inflation
▼ + stars: | 2024-06-25 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

Sixteen Nobel Prize-winning economists signed a joint letter Tuesday warning of what they see as economic risks if former President Donald Trump were to serve a second term, including reheated inflation. "While each of us has different views on the particulars of various economic policies, we all agree that Joe Biden's economic agenda is vastly superior to Donald Trump's," the economists wrote. "There is rightly a worry that Donald Trump will reignite this inflation, with his fiscally irresponsible budgets," wrote the group of politically progressive academics. Joseph Stiglitz, who won the Nobel Prize in 2001, led the effort to publish Tuesday's letter. "Nonpartisan researchers, including at Evercore, Allianz, Oxford Economics, and the Peterson Institute, predict that if Donald Trump successfully enacts his agenda, it will increase inflation," the economists wrote.

Persons: Donald Trump, Joe, Donald Trump's, Axios, Trump, Joseph Stiglitz, George Akerlof, Sir Angus Deaton, Claudia Goldin, Sir Oliver Hart, Eric Maskin, Daniel McFadden, Paul Milgrom, Roger Myerson, Edmund Phelps, Paul Romer, Alvin Roth, William Sharpe, Robert Shiller, Christopher Sims, Robert Wilson Organizations: Federal Reserve Board, Wall Street, Evercore, Allianz, Oxford Economics, Peterson Institute Locations: China

☆ Yellen announces $100 million affordable housing fund as shelter costs weigh on Biden
▼ + stars: | 2024-06-24 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Treasury Secretary Janet Yellen on Monday unveiled a new slate of financing initiatives to support housing development, including a $100 million fund specifically for affordable housing. The past several inflation reports have shown prices slightly cooling off, but shelter costs have remained persistently hot. As part of its new actions, Treasury will provide $100 million over the next three years to finance affordable housing projects. Housing costs in particular, which make up some of the largest portions of consumer spending, have remained stubbornly high even as other sectors have cooled down. Biden has tried to punt the responsibility of high housing costs on corporate landlords, accusing them of "rent gouging," keeping consumer rents artificially high even as their own costs have come down.

Persons: Janet Yellen, Joe Biden, Donald Trump, hunkers, Camp David, Yellen, Biden, Adrianne, Pete Buttigieg Organizations: Camp, Housing, Urban, Adrianne Todman, Biden, White, Apartment Association, NAA Locations: Fairfax , Virginia, Minneapolis, Minnesota

☆ Trump previews debate attacks against Biden's economy days before candidates face off
▼ + stars: | 2024-06-23 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Former President Donald Trump on Saturday gave a brief glimpse of the ammunition he is loading up against President Joe Biden's handling of the economy ahead of the first presidential debate next week. On inflation specifically, Trump foreshadowed a tactic he said he might use at the upcoming debate against Biden on June 27. Maybe I should save it for the debate," Trump said moments before taking out a miniature box of Tic Tac candies and holding a regular sized box next to it. But I will end the Biden inflation nightmare." But something like Trump's Tic Tac stunt will not be permitted at the Thursday debate where props and pre-written notes are prohibited.

Persons: Donald Trump, Joe Biden's, Trump, Biden, gesturing, Harris, Sarafina Chitika Organizations: U.S, Republican, Saturday, Freedom Coalition, Biden, Federal Reserve, Social, Social Security Locations: Racine , Wisconsin, U.S

☆ CNBC Daily Open: Boeing's 'moment of reckoning'
▼ + stars: | 2024-06-18 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Immigrants, jobs and inflationImmigration has helped the U.S. job market sustain a strong run in recent months without reigniting inflation, economists and analysts say. This dynamic — a hot job market and cooling inflation — is in part the result of increased inflows of immigrants. The conglomerate sold 1.3 million shares for $39.8 million, reducing its holding to 6.9%. [PRO] S&P 500 to hit 6,000Evercore ISI predicts the stock market will soar to unprecedented heights, setting a new year-end target for the S&P 500 at a record 6,000.

Persons: Neel Kashkari, CNBC's Rebecca Picciotto, Ryan Cohen, Keith Gill, Matthew Bartolini, Berkshire Hathaway, Charlie Munger, Tesla Organizations: CNBC, Microsoft, Apple, Nasdaq, Dow Jones, Minneapolis Federal, GameStop, Fund, Nvidia, SPDR Locations: U.S, SPDR Americas, Berkshire, BYD

☆ How immigrants are helping to keep job growth hot while inflation cools
▼ + stars: | 2024-06-17 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +6 min

Kevin Lamarque | ReutersImmigration — both authorized and unauthorized — has helped the U.S. job market sustain a fiery run in recent months without reigniting inflation, economists and analysts say. This dynamic — a heating job market and cooling inflation — is in part the result of increased inflows of immigrants. Typically, a hot labor market walks a tightrope that could easily collapse into reheated inflation. But the Brookings researchers recalculated the government's estimates — this time, factoring the impact of immigrants on the labor pool. They found that with immigration, the 2024 U.S. job market could safely absorb between 160,000 and 200,000 monthly job gains.

Persons: Joe Biden, Kevin Lamarque, Reuters Immigration —, —, Dow Jones, Goldman Sachs, Michael M, Mark Zandi, Jerome Powell, Zandi, Mandel Ngan, Biden, Donald Trump, Brendan McDermid Organizations: U.S . Border Patrol, Reuters Immigration, of Labor Statistics, FedEx, Broadway, Santiago, Getty, CNBC, Brookings Institution, Brookings, U.S, International Brotherhood of Electrical Workers, Afp, White, Republican Locations: U.S, Mexico, Brownsville , Texas, New York City, United, Lanham , Maryland, United States, Las Vegas , Nevada

☆ Yellen: More Ukraine aid can be backed by frozen Russian assets after initial $50 billion loan
▼ + stars: | 2024-06-13 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen said Thursday that the $50 billion loan to Ukraine that President Joe Biden and other leaders of Group of Seven highly developed nations have agreed to could be the first of multiple loans backed by frozen Russian assets. The $50 billion loan will be backed with at least $260 billion worth of frozen Russian central bank assets as collateral. "While we're trying to move quickly on this, I can't give any type of timeline as to when money would actually start flowing to Ukraine," Yellen said. If necessary, the U.S. will commit the entire $50 billion, a senior administration official told reporters Thursday on a press call. "I think it's important for Putin to realize that we remain completely united in support of Ukraine," Yellen said.

Persons: Janet Yellen, Joe Biden, Yellen, We're, Biden, Putin Organizations: Treasury, Economic, of New, Union, Washington, Russia Locations: of New York, New York City, U.S, Ukraine

☆ Biden cheers cooling inflation ahead of key Fed interest rate decision
▼ + stars: | 2024-06-12 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

"Prices are still too high, but today's report shows welcome progress on lowering inflation," Biden said in a statement. The federal Bureau of Labor Statistics report also showed that the annual inflation rate fell to 3.3% in May, down from 3.4% in April and 3.5% in March. The numbers also came in cooler than economists had expected, with those surveyed by Dow Jones having predicted a 0.1% increase in prices and a 3.4% annual rate of inflation. "Wages are rising faster than prices, and unemployment has remained at or below 4% for the longest stretch in 50 years," said Biden. "I know many families are feeling squeezed by the cost of living, which is still too high," he added.

Persons: Joe Biden, Biden, Dow Jones Organizations: Wednesday, of Labor Statistics

Former President Donald Trump will address some of the world's most powerful corporate leaders on Thursday, albeit with some notable absences. So here's what we know: Out of the 17 corporate spokespeople who replied to CNBC, four said their CEOs planned to attend: JPMorgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser, Bank of America CEO Brian Moynihan and Edison International CEO Pedro Pizarro. BlackRock CEO Larry Fink and Microsoft CEO Satya Nadella, for instance, will reportedly be at the G7 summit in Italy. Representatives for Woods and Bastian did not reply to questions about why their chief executives won't be attending the meeting. Fox Corp. CEO Lachlan Murdoch, Best Buy CEO Corie Barry and Boeing CEO Dave Calhoun will also not be there, spokespeople told CNBC Thursday.

Persons: Donald Trump, Bank of America Brian Moynihan, Joe Biden's, Jeff Zients, —, Jamie Dimon, Jane Fraser ,, Brian Moynihan, Pedro Pizarro, Trump, Steve Schwarzman, Goldman Sachs, David Solomon, Sara Armbruster, Darren Woods, Ed Bastian, Morgan Stanley, Ted Pick, James Gorman, Lynn Good, Solomon, Larry Fink, Satya Nadella, Woods, Bastian, Fink, Nadella, Lachlan Murdoch, Corie Barry, Dave Calhoun, spokespeople Organizations: Bank of America, White, Business, CNBC, JPMorgan Chase, Citigroup, Jane Fraser , Bank of America, Edison International, Trump, Blackstone Group, ExxonMobil, Delta Air, Duke Energy, BlackRock, Microsoft, Fox Corp Locations: Washington , DC, Trump, Italy, Washington

☆ Trump says he will eliminate taxes on workers' tips in a play for Nevada voters
▼ + stars: | 2024-06-10 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

Republican presidential candidate and former U.S. President Donald Trump speaks during a campaign event, in Las Vegas, Nevada, U.S. June 9, 2024. "Hotel workers and people that get tips, you're going to be very happy because when I get to office, we are going to not charge taxes on tips," Trump said at the Las Vegas rally. More than 1 in 4 private sector workers in Nevada are employed in the tip-heavy hospitality industry, according to up-to-date state figures. The Trump campaign later acknowledged that any policy eliminating taxes on tipped earnings would require congressional approval. Rather, Trump's campaign trail promise is a reflection of Nevada's status as a must-win state for both Democrats and Republicans.

Persons: Donald Trump, Trump, Rather, Stormy Daniels Organizations: Las, House Republicans, House, Democrats, Republicans, Trump Locations: Las Vegas , Nevada, U.S, Nevada, New York

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