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G7 finance leaders say greater economic uncertainty requires vigilance, vow to contain inflation
G7 finance leaders say greater economic uncertainty requires vigilance, vow to contain inflation
The Group of Seven's top financial leaders say they are united in their support for Ukraine and determination to enforce sanctions against Russia for its aggression
2023-05-13 11:47
After sailing though House on bipartisan vote, Biden-McCarthy debt ceiling deal now goes to Senate
After sailing though House on bipartisan vote, Biden-McCarthy debt ceiling deal now goes to Senate
Veering away from a default crisis, the House overwhelmingly approved a debt ceiling and budget cuts package, sending the deal that President Joe Biden and Speaker Kevin McCarthy negotiated to the Senate for swift passage in a matter of days, before a fast-approaching deadline. The hard-fought compromise pleased few, but lawmakers assessed it was better than the alternative — a devastating economic upheaval if Congress failed to act. Tensions ran high as hard-right Republicans refused the deal, but Biden and McCarthy assembled a bipartisan coalition to push to passage on a robust 314-117 vote late Wednesday. “We did pretty dang good,” McCarthy, R-Calif., said afterward. Amid deep discontent from Republicans who said the spending restrictions did not go far enough, McCarthy said it is only a “first step." Biden, watching the tally from Colorado Springs where Thursday he is scheduled to deliver the commencement address at the U.S. Air Force Academy, phoned McCarthy and the other congressional leaders after the vote. In a statement, he called the outcome “good news for the American people and the American economy.” Washington is rushing after a long slog of debate to wrap up work on the package to ensure the government can keep paying its bills, and prevent financial upheaval at home and abroad. Next Monday is when the Treasury has said the U.S. would run short of money and risk a dangerous default. Biden had been calling lawmakers directly to shore up backing. McCarthy worked to sell skeptical fellow Republicans, even fending off challenges to his leadership, in the rush to avert a potentially disastrous U.S. default. A similar bipartisan effort from Democrats and Republicans will be needed in the Senate to overcome objections. Overall, the 99-page bill would make some inroads in curbing the nation’s deficits as Republicans demanded, without rolling back Trump-era tax breaks as Biden wanted. To pass it, Biden and McCarthy counted on support from the political center, a rarity in divided Washington. A compromise, the package restricts spending for the next two years, suspends the debt ceiling into January 2025 and changes some policies, including imposing new work requirements for older Americans receiving food aid and greenlighting an Appalachian natural gas line that many Democrats oppose. It bolsters funds for defense and veterans, and guts new money for Internal Revenue Service agents. Raising the nation's debt limit, now $31 trillion, ensures Treasury can borrow to pay already incurred U.S. debts. Top GOP deal negotiator Rep. Garret Graves of Louisiana said Republicans were fighting for budget cuts after the past years of extra spending, first during the COVID-19 crisis and later with Biden's Inflation Reduction Act, with its historic investment to fight climate change paid for with revenues elsewhere. But Republican Rep. Chip Roy, a member of the Freedom Caucus helping to lead the opposition, said, “My beef is that you cut a deal that shouldn’t have been cut.” For weeks negotiators labored late into the night to strike the deal with the White House, and for days McCarthy has worked to build support among skeptics. At one point, aides wheeled in pizza at the Capitol the night before the vote as he walked Republicans through the details, fielded questions and encouraged them not to lose sight of the bill’s budget savings. The speaker has faced a tough crowd. Cheered on by conservative senators and outside groups, the hard-right House Freedom Caucus lambasted the compromise as falling well short of the needed spending cuts, and they vowed to try to halt passage. A much larger conservative faction, the Republican Study Committee, declined to take a position. Even rank-and-file centrist conservatives were unsure, leaving McCarthy searching for votes from his slim Republican majority. Ominously, the conservatives warned of possibly trying to oust McCarthy over the compromise. One influential Republican, former President Donald Trump, held his fire: "It is what it is,” he said of the deal in an interview with Iowa radio host Simon Conway. House Democratic leader Hakeem Jeffries said it was up to McCarthy to turn out Republican votes in the 435-member chamber, where 218 votes are needed for approval. As the tally faltered on an afternoon procedural vote, Jeffries stood silently and raised his green voting card, signaling that the Democrats would fill in the gap to ensure passage. They did, advancing the bill that hard-right Republicans, many from the Freedom Caucus, refused to back. “Once again, House Democrats to the rescue to avoid a dangerous default,” said Jeffries, D-N.Y. “What does that say about this extreme MAGA Republican majority?” he said about the party aligned with Trump’s ”Make America Great Again” political movement. Then, on the final vote hours later, Democrats again ensured passage, leading the tally as 71 Republicans bucked their majority and voted against it. The nonpartisan Congressional Budget Office said the spending restrictions in the package would reduce deficits by $1.5 trillion over the decade, a top goal for the Republicans trying to curb the debt load. In a surprise that complicated Republicans' support, however, the CBO said their drive to impose work requirements on older Americans receiving food stamps would end up boosting spending by $2.1 billion over the time period. That's because the final deal exempts veterans and homeless people, expanding the food stamp rolls by 78,000 people monthly, the CBO said. Liberal discontent, though, ran strong as nearly four dozen Democrats also broke away, decrying the new work requirements for older Americans, those 50-54, in the food aid program. Some Democrats were also incensed that the White House negotiated into the deal changes to the landmark National Environmental Policy Act and approval of the controversial Mountain Valley Pipeline natural gas project. The energy development is important to Sen. Joe Manchin, D-W.Va., but many others oppose it as unhelpful in fighting climate change. On Wall Street, stock prices were down Wednesday. In the Senate, Democratic Majority Leader Chuck Schumer and Senate Republican leader Mitch McConnell are working for passage by week's end. Schumer warned there is ”no room for error." Senators, who have remained largely on the sidelines during much of the negotiations, are insisting on amendments to reshape the package. But making any changes at this stage seemed unlikely with so little time to spare before Monday's deadline. ___ AP White House Correspondent Zeke Miller, AP writers Mary Clare Jalonick, Seung Min Kim and Jill Colvin and video journalist Nathan Ellgren contributed to this report. Read More Ukraine war’s heaviest fight rages in east - follow live Charity boss speaks out over ‘traumatic’ encounter with royal aide Debt ceiling deal advances pipeline and tweaks environmental rules. But more work remains. Republicans get their IRS cuts; Democrats say they expect little near-term impact Progressives and conservatives complain as Biden-McCarthy debt deal passes
2023-06-01 12:51
Sir'Antonio Brown would play outside until the sun went down -- until a shooting killed the 6-year-old near his Kansas City home
Sir'Antonio Brown would play outside until the sun went down -- until a shooting killed the 6-year-old near his Kansas City home
Since the kindergartener was fatally shot in May, his family has been committed to keeping his loving spirit alive.
2023-10-16 18:47
European Union and Tunisia announce progress in building economic and trade ties, and on migration
European Union and Tunisia announce progress in building economic and trade ties, and on migration
European leaders and Tunisia’s president have announced progress in the building of hoped-for closer economic and trade relations and on measures to combat the often lethal smuggling of migrants across the Mediterranean Sea
2023-07-17 03:27
How many children does Mark Zuckerberg have? Meta CEO takes family to Taylor Swift's Eras tour concert
How many children does Mark Zuckerberg have? Meta CEO takes family to Taylor Swift's Eras tour concert
Mark Zuckerberg was seen sporting rhinestones on his face as he took photos with his family at the concert
2023-07-30 19:54
Frozen humans could be brought back to life in next 50 years claims expert
Frozen humans could be brought back to life in next 50 years claims expert
Experts may have found a way to resurrect frozen humans in 50 to 70 years. It comes after a cryonics company was able to revive an extinct worm from 46,000 years ago, leading them to believe the method could be applied to humans. "Cryonics is a scientifically based, legal technology for preserving humans and animals in a state of deep cooling in the hope that in the future they will be resuscitated and, if necessary, cured and rejuvenated," Russian cryogenics company KrioRus explained. "For legal reasons, human cryopreservation can be carried out only after legal death." KrioRus shared how the dead patient is "immersed into a low-temperature medium where almost all chemical reactions are stopped." The first ever cryopatient, American professor James Bedford, has been preserved for almost 50 years "with no sign of change or deterioration." "In the prognosis of modern science, a cryopatient can indeed be someday revived and return to life," they said. Many more people have opted to freeze their deceased pets, with costs dependent on pet size, species and distance to the facility among other factors. A dog is said to cost around $25,000. The company claims to have cryopreserved 92 people but disclaimed that for humans to be resurrected, there must be significant progress in the medical field. "Cryobiological laboratories are few, there are no large ones at all," CEO Valeriya Udalova told MailOnline. "Even the famous laboratory 'XXI Century Medicine' is a small organization." She continued: "But even in such a deplorable situation, remarkable experiments have already been made, for example, on reversible cryopreservation of a rat kidney using gas persufflation with nanoparticles and induction heating." Sign up for our free Indy100 weekly newsletter Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.
2023-09-06 21:15
Gunbattle in Jenin: 3 Palestinians killed, 29 others wounded in Israeli raid in West Bank
Gunbattle in Jenin: 3 Palestinians killed, 29 others wounded in Israeli raid in West Bank
Israeli troops have killed three Palestinians, including a minor, and wounded at least 29 others during a massive gunbattle with militants in the streets of the occupied West Bank city of Jenin
2023-06-19 15:24
Germany hiking group reported to police as illegal migrants
Germany hiking group reported to police as illegal migrants
Someone told police the group hiking through Saxony in eastern Germany were "foreigners".
2023-11-10 21:56
Country musician Megan Moroney says she writes sad songs for sad people. It's making her a star.
Country musician Megan Moroney says she writes sad songs for sad people. It's making her a star.
Not so long before her platinum single “Tennessee Orange” became inescapable on country radio, Megan Moroney was attending the University of Georgia
2023-10-27 03:46
Nina Agdal kisses Logan Paul after October 14 fight despite restraining order against Dillon Danis
Nina Agdal kisses Logan Paul after October 14 fight despite restraining order against Dillon Danis
Earlier, Nina Agdal had obtained a restraining order against Dillon Danis and also filed a lawsuit against him, claiming that he has harassed and defamed her
2023-10-16 14:16
German police conduct searches in investigation of climate activists
German police conduct searches in investigation of climate activists
Prosecutors in Germany say authorities have raided 15 properties across the country and seized assets in an investigation into the financing of protests by the Last Generation climate activist group
2023-05-24 14:57
Courteney Cox remembers 'beautiful friend' Suzanne Somers, posts touching video of making burgers for her
Courteney Cox remembers 'beautiful friend' Suzanne Somers, posts touching video of making burgers for her
Courteney Cox paid a heartfelt tribute to her late friend Suzanne Somers, sharing a touching throwback video of their time together
2023-10-17 19:27