The negotiations between President Biden and Speaker Kevin McCarthy (R-Calif.) on raising the debt limit has put the Senate in the backseat, fueling anxiety among the upper chamber's conservatives that the deal will be a major disappointment. Sen. Mike Lee (R-Utah) is threatening to use every procedural tool available to slow down the legislation, but the bill will move first through the House, giving Senate Republicans little chance to amend it once it arrives to them. |
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BY EMILY BROOKS AND MIKE LILLIS |
Top Democrats and Republicans sent strong signals Friday night that they're nearing an elusive agreement on a debt-ceiling increase to prevent an economy-rattling government default. While negotiators said it was too soon to announce a deal, both sides voiced confidence that they were within striking distance of a compromise to lift the government's borrowing cap while taking steps to rein in deficit spending — legislation that took on greater urgency Friday afternoon when the Treasury Department announced that the government will run short of cash on Jan. 5. |
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The White House on Friday dug in with its opposition to Republican calls for stronger work requirements to be included in any budget agreement that would be paired with a debt ceiling increase. "House Republicans are threatening to trigger an unprecedented recession and cost the American people over 8 million jobs unless they can take food out of the mouths of hungry Americans," deputy press Secretary Andrew Bates said in a statement. "This would be done through new, additional work requirements designed to tie the most vulnerable up in bureaucratic paperwork, which have shown no benefit for bringing more people into the workforce." |
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If the White House and House Republicans fail to raise the debt ceiling and the U.S. defaults on its national debt for the first time ever, the economic consequences for Americans will be wide-ranging and long-lasting. Social Security checks could be held up, government salaries and contracts could be frozen, Medicare reimbursements to doctors and hospitals could be paused, markets for stocks and bonds will almost certainly take a dive, and financing levels for basic private purchases could skyrocket. |
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As time winds down on how long lawmakers have to reach a deal to raise the debt ceiling to avoid the U.S. defaulting on its debt, the Treasury Department's cash balance has been dropping. Data from the department's website shows that its cash balance fell to $49.473 billion on Wednesday, a drop from about the $76.5 billion that it had at the close of Tuesday. Here are the billionaires with more money than the Treasury currently. |
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| A top GOP lawmaker negotiating an elusive debt ceiling deal was adamant Friday that Republicans will not drop their demand for tougher work requirements as part of a final agreement — a major sticking point at the 11th hour of the talks. "Hell no, hell no!," Rep. Garret Graves (R-La.) told reporters outside the Capitol. |
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Florida Gov. Ron DeSantis (R) said Friday that if elected president, he would call on Congress to repeal the criminal justice reform bill signed into law by then-President Trump, his latest attack on Trump from the right. DeSantis, appearing on "The Ben Shapiro Show," criticized the First Step Act, a bipartisan bill passed in 2018 that reduced mandatory minimum sentences, expanded credits for well-behaved prisoners looking for shorter sentences and aimed to reduce recidivism. |
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Disney pushed back on Thursday on Florida Gov. Ron DeSantis's (R) request that the federal judge in its First Amendment case against the governor be disqualified over several previous remarks made in court. The company — which is suing DeSantis over what it describes as a "targeted campaign of government retaliation" for speaking out against Florida's so-called "Don't Say Gay" law — argued that DeSantis has failed to reach the "high bar" required to disqualify the judge. |
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Embattled Texas Attorney General Ken Paxton (R) called for protests ahead of an expected vote by the state House on Saturday on whether to impeach him over allegations of misconduct and the criminal charges that he is facing. Paxton said at a press conference on Friday that the impeachment effort is trying to overturn the will of voters who elected him to a third term as attorney general in November. His denunciation of the effort came after the Republican-led House General Investigating Committee voted to advance articles of impeachment against him to the full House following a monthslong investigation. |
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OPINION | The fallout of Silicon Valley Bank exposed serious problems in how federal and state regulators do their jobs. That is, they have the tools and rules in place to do their jobs, but they are not using them very well. The Biden administration is blaming insufficient regulation. The Federal Reserve Bank of San Francisco is blaming Fed Vice Chair for Supervision Michael Barr. Barr is pointing the finger at his predecessor, former Vice Chair Randal Quarles, and 2018 efforts to tailor — or right-size — regulation. |
BY TOM DASCHLE AND BILL FRIST |
OPINION | Nearly two decades ago, Congress passed the Pandemic and All-Hazards Preparedness Act (PAHPA) to protect our country and prepare for natural disasters and biological, chemical and radiological threats. Since then, the provisions enacted in that legislation and subsequent reauthorizations have proven critical to shoring up our public health infrastructure and protecting our national health security. |
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A decade ago, in a courthouse north of Dallas, a lawyer forgot his $1,000 Montblanc pen in a metal detector tray and returned to find that it had been taken. A review of surveillance footage turned up the culprit: Ken Paxton, who was a Texas state senator. |
BY CAITLIN EMMA AND JENNIFER SCHOLTES |
The U.S. already risks economic calamity if Congress and the White House can't pass a debt deal by June 1. The devastation actually gets worse as time goes on. |
With the threat of government default looming, the unions representing anxious federal workers have pressed the Biden administration for guidance on what a debt ceiling calamity might mean for their millions of members. |
BY NATALIE ANDREWS AND CATHERINE LUCEY |
WASHINGTON—As White House negotiators got closer to a debt-ceiling deal with House Republicans, the griping from congressional Democrats got louder. |
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The Hill's Evening Report |
Introducing Evening Report, the perfect complement to Morning Report and 12:30 Report to catch you up on news throughout the week. Click here to sign up. |
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