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☆ Republican McCarthy eyes $1.5 trln lift of US debt ceiling, spending cuts
▼ + stars: | 2023-04-19 | by ( Richard Cowan | ) www.reuters.com time to read: +4 min

McCarthy said they would serve as the basis for negotiations between the two parties over raising the $31.4 trillion debt limit in the coming months. The White House reiterated its position that Congress should raise the $31.4 trillion debt limit without conditions, as it did three times under Biden's Republican predecessor, Donald Trump. At an appearance outside Washington, Biden said Republicans were threatening to push the United States into a historic default that would shake the world economy. McCarthy leads a fractious caucus that includes a sizeable contingent of hardline members who want sharp spending cuts and dismiss the risks of failure to act on the debt ceiling. So far House Republicans have not produced a budget plan of their own, a move that Biden contends would be a necessary starting point for negotiations on spending.

☆ Republican McCarthy to unveil plan to lift US debt ceiling by $1.5 trln -sources
▼ + stars: | 2023-04-19 | by ( Richard Cowan | ) www.reuters.com time to read: +3 min

REUTERS/Amanda Andrade-Rhoades/File PhotoWASHINGTON, April 19 (Reuters) - U.S. House Speaker Kevin McCarthy on Wednesday plans to unveil a plan to raise the nation's debt ceiling by $1.5 trillion, two sources said, as Republicans dig in on a standoff with Democrats over the government's borrowing limit. A source who was briefed on McCarthy's proposal but not allowed to speak publicly, said the speaker would propose a $1.5 trillion increase in the limit. McCarthy leads a fractious caucus that holds a narrow 222-213 majority, including a sizeable contingent of hardline members who want sharp spending cuts and dismiss the risks of failure to act on the debt ceiling. Even if McCarthy's proposal were to pass the House, it would be unlikely to find support in the Democratic-controlled Senate. The nonpartisan Congressional Budget Office last month laid out a range of options to address the debt, which showed that higher tax collections would have significantly more impact than spending cuts.

☆ U.S. House Republicans tangle over debt limit, spending cut plans
▼ + stars: | 2023-04-18 | by ( Richard Cowan | ) www.reuters.com time to read: +4 min

Sometime this summer, the Treasury Department will be unable to manage its debt under the current $31.4 trillion limit on borrowing, according to the Biden administration and the non-partisan Congressional Budget Office. "Don't bother with partisan wish lists and unrealistic proposals that will never solve this debt default crisis," Senate Majority Leader Chuck Schumer, a Democrat, warned House Republicans in a speech to the Senate. But Mace said McCarthy showed rank-and-file Republicans a series of options, projected onto a screen, that included the possibilities of a $1 trillion or $2 trillion debt limit increase with various time frames attached. Perry said referring to a debt limit hike. Hern did not respond directly when asked whether House Republicans would pare back funding for some federal law enforcement, such as the FBI, as former President Donald Trump has urged.

☆ House Republicans chart new strategy to pressure Biden, Democrats
▼ + stars: | 2023-04-16 | by ( David Morgan | ) www.reuters.com time to read: +6 min

Any proposal Republicans introduce would need to be negotiated with Biden's Democrats, who control the Senate, before it could become law. The White House, which is leading the Democrats' approach to the debt ceiling, has dismissed the Republican proposals as unrealistic. That would set the stage for another debt ceiling debate in the closing months of the 2024 presidential campaign. Biden and McCarthy met at the White House in February to discuss the standoff, but they have not held further talks as the administration has called on House Republicans to release a budget proposal. Some Republicans also favor the clean debt ceiling increase that Biden has demanded.

☆ U.S. House Republicans chart new strategy to pressure Biden, Democrats
▼ + stars: | 2023-04-16 | by ( David Morgan | ) www.reuters.com time to read: +6 min

☆ Cathie Wood blames the Fed for driving SVB and Signature Bank to collapse
▼ + stars: | 2023-03-16 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Cathie Wood said the central bank's tightening campaign was fuel for the banking crisis. "I am baffled that banks and regulators could not convince the Fed that disaster loomed." The famed money manager cited the US central bank's aggressive approach to raising interest rates in a short period of time. As a result, the US government stepped in to backstop all deposits at both Signature and SVB. "I am baffled that banks and regulators could not convince the Fed that disaster loomed," Wood said.

☆ Reaction to Biden's 2024 budget proposal
▼ + stars: | 2023-03-09 | by ( Katharine Jackson | ) www.reuters.com time to read: +3 min

REUTERS/Leah MillisWASHINGTON, March 9 (Reuters) - U.S. President Joe Biden on Thursday delivered a budget proposal that includes a robust spending agenda, higher taxes on the wealthy and plans to reduce the deficit, a document that forms the blueprint for his expected 2024 re-election bid. Here is reaction to Biden's budget proposal to Congress for the 2024 fiscal year:HOUSE BUDGET COMMITTEE CHAIR JODEY ARRINGTON, A REPUBLICAN FROM TEXAS:"His policies have led to 40-year record inflation, soaring interest rates, and the prospect of a sustained economic recession. Unfortunately, Biden’s latest budget is more of the same bloated bureaucracy at the expense of working families, while sticking our grandchildren with the bill." HOUSE DEMOCRATIC LEADER HAKEEM JEFFRIES, ON TWITTER:"The Biden budget plan protects Social Security, strengthens Medicare and invests in our children. SENATOR CHUCK GRASSLEY:"Even with near-record revenues, President Biden wants to raise taxes on every segment of America.

☆ McCarthy, Scalise go to war with U.S. Chamber after group backed some Democrats in 2020 and 2022 elections
▼ + stars: | 2023-02-06 | by ( Brian Schwartz | ) www.cnbc.com time to read: +6 min

McCarthy's refusal to meet with the Chamber is the latest strike in an ongoing feud between some House Republican members and the Chamber of Commerce. Tim Doyle, a spokesman for the Chamber of Commerce, told CNBC in a statement that the group's policies are more in line with House Republicans than Democrats. Representatives for House Majority Whip Tom Emmer, R-Minn., House Republican Conference Chair Rep. Elise Stefanik, R-N.Y., and Rep. Gary Palmer, R-Ala., did not return requests for comment. McCarthy's ire against the Chamber started after the group endorsed 23 House Democrats in the 2020 election cycle when Republicans failed to regain the majority. The Chamber reportedly endorsed 23 House Republican candidates and four Democrats during the 2022 election fight.

☆ Over half of the House GOP and nearly all Senate Republicans signed briefs urging the Supreme Court to block Biden's student-loan forgiveness
▼ + stars: | 2023-02-03 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

On Friday, 128 of the 222 House Republicans signed onto an amicus brief urging the Supreme Court to block student-debt relief. They both argued that Biden doesn't have the authority to cancel student debt using the HEROES Act of 2003. On Friday, 128 House Republicans signed onto an amicus curiae brief urging the nation's highest court to block Biden's plan to forgive up to $20,000 in student debt for federal borrowers. That's just over half of the GOP composition in the House, with 222 Republicans holding a slim majority in that chamber. Both of the briefs argued that the HEROES Act does not allow for broad loan forgiveness, which a series of other conservative groups reiterated in their own briefs filed to the Supreme Court this week.

☆ George Santos is now more well-known than every top House Republican besides Kevin McCarthy
▼ + stars: | 2023-01-25 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

According to a new poll, Santos is now more well known than most of the top House Republican leaders. According to the poll of American adults, more people have views on Santos than House Majority Leader Steve Scalise or House Majority Whip Tom Emmer, the No. The most powerful Congressional leaders, Senate Majority Leader Mitch McConnell and House Speaker Kevin McCarthy, were still more well known, though not by much. According to the poll, Santos is viewed more unfavorably than any congressional leader. Navigator research found Americans were more familiar with him than Rep. Jim Jordan of Ohio, the newly-named chairman of the powerful House Judiciary Committee.

Rep. Jim Banks, R-Ind., on Tuesday announced his campaign for the Senate seat held by GOP Sen. Mike Braun, who decided against running for re-election in 2024 and will run for Indiana governor instead. Banks, a staunch ally of former President Trump, is the first candidate to enter the Senate race. Mitch Daniels if he jumps into the Senate race. Banks’ Senate campaign is endorsed by Rep. Larry Buschon, R-Ind., Sen. Tom Cotton, R-Ark., state Rep. Michelle Davis and state Sen. Justin Busch. After Pelosi rejected Banks and Rep. Jim Jordan of Ohio, McCarthy ultimately withdrew all five names.

☆ House Republicans move to regulate crypto industry with a new subcommittee
▼ + stars: | 2023-01-13 | by ( Rohan Goswami | ) www.cnbc.com time to read: +3 min

The unregulated nature of the crypto industry emerged as a pressing concern late last year after the collapse in November of crypto exchange FTX. Hill has been an enthusiastic supporter of the crypto industry. Emmer described actions taken by Securities and Exchange Commission Chair Gary Gensler as "haphazard and unfocused." Senate Democrats, meanwhile, have already begun to prepare their own efforts to oversee the crypto industry and dictate enforcement actions. The commission charged crypto lender Genesis and crypto exchange Gemini with the unregistered sale and offering of securities on Thursday, the same day that Hill announced the subcommittee.

WASHINGTON — George Santos, the 34-year-old New York Republican who's confessed to lying about part of his background, was sworn into the House early Saturday amid several investigations into his campaign and calls for him to resign. Santos officially took office when the new Congress was convened after Republicans finally elected Rep. Kevin McCarthy, R-Calif., as House speaker. And despite presenting himself as Jewish during his congressional campaigns, Santos told the Post, "I never claimed to be Jewish." Several House Democrats have criticized Santos, but none more than Rep. Ritchie Torres of New York, who's taken to trolling Santos on social media. Former Rep. Kevin Brady, R-Texas, who recently retired from Congress, said Sunday that Santos should consider resigning.

Share this -Link copiedMcCarthy elected speaker in 15th round McCarthy was elected House speaker Saturday shortly after midnight on the 15th ballot. Share this -Link copiedHouse reconvenes to hold 14th round of speaker votes The House has reconvened to begin the 14th round of speaker votes. Read the rest of the story, The House speaker election, in three charts. Share this -Link copiedHouse begins 13th round The House is beginning the 13th round of speaker votes. At least 14 House GOP flip to support McCarthy in twelfth speaker vote Jan. 6, 2023 01:52 Share this -Link copied

WASHINGTON — House Republican leader Kevin McCarthy and his conservative detractors on Wednesday night inched closer to a deal designed to flip some no votes to the yes column. And because of the GOP’s new razor-thin majority, McCarthy can only afford four GOP defections on any speaker vote. “We have zero trust in Kevin McCarthy. “We’ll see,” said Rep. Chip Roy, R-Texas, one of the 20 defectors, when asked if McCarthy will be speaker. “If it takes till tomorrow, it takes till tomorrow; if it takes till the 4th of July, it takes till the 4th of July,” said Rep.

On Thursday, the House enters its third day of the new Congress without a speaker under the new GOP majority. Until Republicans have enough votes for a candidate, all other House business remains at a standstill. During the six speaker votes this week, 20 conservatives have stuck together to deny GOP leader Kevin McCarthy of California the 218 votes needed to win the speaker's gavel. House Republican leader Kevin McCarthy, R-Calif., leaves the House Chamber following a day of votes for the new Speaker of the House at the U.S. Capitol on Wednesday. Kevin Dietsch / Getty ImagesAfter the sixth failed vote, McCarthy and his must trusted allies huddled with his most fervent opponents for more than two hours in the first-floor Capitol office of Majority Whip Tom Emmer, R-Minn.

Rep. Kevin Brady, R-Texas, said Sunday that Rep.-elect George Santos should consider resigning after he admitted that he fabricated and “embellished” several claims about his background involving his education and work history. Santos, who made LGBTQ political history when he won the November race in New York’s 3rd Congressional District, is set to be sworn in Tuesday when the new Congress begins. During an interview on “Fox News Sunday,” Brady, who is retiring from Congress, said Santos would need to “take some huge steps” to regain public trust. “He certainly is going to have to consider resigning.”However, Brady said, Santos could redeem himself by owning up to his missteps. House Minority Leader Kevin McCarthy, R-Calif., and Rep. Tom Emmer, R-Minn., the outgoing chair of the National Republican Congressional Committee, have ignored questions from reporters about Santos and whether he should be seated.

George Santos, the congressman-elect from New York who's admitted to "embellishing" his résumé, is being investigated by a New York prosecutor. "The numerous fabrications and inconsistencies associated with Congressman-Elect Santos are nothing short of stunning. He said his work included “specialty consulting” for “high net worth individuals.” Santos' company was dissolved in September, which Santos told Semafor was the result of his accountant's turning in late paperwork. In an interview Monday with the New York Post, Santos acknowledged having fabricated details about his background, saying: “My sins here are embellishing my resume. Because I learned my maternal family had a Jewish background I said I was ‘Jew-ish,’” he said.

The filing also alleges that customers "believed his lies" and believed the platform was secure — and subsequently sent billions of dollars to FTX. But from the start, the SEC claims, Bankman-Fried improperly diverted customer assets to his privately held crypto hedge fund, Alameda Research. The SEC said Bankman-Fried hid those actions from FTX's equity investors, including American investors, "from whom he sought to raise billions of dollars in additional funds." "He repeatedly cast FTX as an innovative and conservative trailblazer in the crypto markets," the complaint said. Neither the SEC nor Emmer were immediately available to provide further comment.

The answer is simple, according to more than a dozen Washington insiders, FTX employees, and crypto industry observers who spoke with Insider. I don't think anyone believed that he was going to fund candidates who were, quote unquote, committed to ending pandemics who were also hostile to the crypto industry." Alex Wong/Getty ImagesRebuffed by the SEC, Bankman-Fried turned his attention to Congress. "It's not that he was welcoming regulation," says the senior figure in the crypto industry who attended meetings with Bankman-Fried. But while Bankman-Fried was busy wooing Washington, FTX was about to become Exhibit A in the case for more effective oversight of the crypto industry.

WASHINGTON — House Republican Leader Kevin McCarthy on Tuesday easily defeated conservative Rep. Andy Biggs to win the GOP nomination for speaker of the House. The Arizona Republican and former leader of the far-right, Trump-aligned House Freedom Caucus did not announce that he would challenge McCarthy until Monday night. "Minority Leader McCarthy does not have the votes needed to become the next Speaker of the House and his speakership should not be a foregone conclusion," Biggs said in a statement. Former President Donald Trump, who is expected to announce a 2024 presidential bid later Tuesday, has endorsed his longtime ally, McCarthy, for speaker. So has Rep. Marjorie Taylor Greene, R-Ga., a Freedom Caucus member who is enormously popular among grassroots conservatives.

And the House Democrats’ campaign arm last week deployed hundreds of thousands of dollars to save its chairman in a Biden district north of New York City. “And I think that right there explains why this red wave is going to be so big.”The Democratic Congressional Campaign Committee, the campaign arm for House Democrats, said it isn't throwing in the towel. “Nearly a week from Election Day, House Democrats are well positioned to retain the majority despite a Republican gerrymandered map and MAGA Republicans’ dark money-fueled campaigns. Connecticut’s 5th District: Democrats have already spent $4.5 million to re-elect Hayes in a district that backed Biden 54.6% to Trump's 43.9% in the last election. Between now and Election Day, Democrats said they plan to spend an additional $1.5 million in ads to combat comparable spending by Republicans.

☆ A MAGA House candidate in Ohio was abandoned by the national GOP after questions about his military service. He could make it to Congress anyway.
▼ + stars: | 2022-10-30 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +13 min

GOP House candidate JR Majewski has faced scrutiny for exaggerating his military service. That's despite Majewski's campaign slogan reading: "Conservative Veteran for Congress," with the word "veteran" highlighted in red. In an interview with Insider in Toledo, Majewski brushed off the ad cancellations. "I don't think that's something that's as big of an issue as it maybe appeared to be." "That guy right there just made one call, and made it happen for us," Majewski told attendees, pointing at the chairman.

☆ Tucker Carlson called the House GOP's campaign chief in a fury and demanded to know who made unflattering comments about his son: Axios
▼ + stars: | 2022-10-25 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +3 min

Tucker Carlson has beef with the House GOP's campaign chair, Tom Emmer, per Axios' Jonathan Swan. Carlson made an angry call to Emmer on Friday regarding his son Buckley, per Axios. Emmer told Carlson repeatedly that his office did not give the quote about Buckley Carlson to the Daily Beast, but Carlson was unconvinced and told Emmer they now have beef, per Axios. Does he really think that's a winning strategy for a Republican House leadership race? Representatives for Emmer and Tucker Carlson did not immediately respond to Insider's requests for comment.

In the next Congress, white men will also lead the House GOP campaign arm, the National Congressional Campaign Committee (NRCC), and occupy other lower-tier leadership spots. The highest leadership post that Republican women or minorities have reached is chair of the GOP Conference — the No. She's expected to remain the highest-ranking GOP woman in the whole of the next Congress as well, given that white men make up all but one member of the Senate GOP leadership team. Eighty GOP women are running for House seats in these midterms. For his part, Donalds, whom Trump once called a “rising star,” has not made diversity a central part of his campaign for conference chair.

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