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Tag: biden

  • Kevin McCarthy Is a Hostage

    Kevin McCarthy Is a Hostage

    The speaker’s abrupt impeachment probe against Biden is the latest sign that he’s still fighting for his job.

    Chip Somodevilla / Getty

    As Kevin McCarthy made his televised declaration earlier today that House Republicans were launching an impeachment inquiry into President Joe Biden, the House speaker stood outside his office in the Capitol, a trio of American flags arrayed behind to lend an air of dignity to such a grave announcement. But McCarthy looked and sounded like a hostage, and for good reason.

    That the Republican majority would eventually try to impeach Biden was never really in doubt. The Atlantic’s Barton Gellman predicted as much nearly a year ago, even before the GOP narrowly ousted Democrats from control in the House. McCarthy characterized the move as “a logistical next step” in the party’s investigation into Biden’s involvement with his son Hunter’s business dealings, which has thus far yielded no evidence of presidential corruption. But intentionally or not, the speaker’s words underscored the inevitability of this effort, which is as much about exacting revenge on behalf of the twice-impeached former President Donald Trump as it is about prosecuting Biden’s alleged misdeeds.

    From the moment that McCarthy won the speakership on the 15th vote, his grip on the gavel has seemed shaky at best. The full list of concessions he made to Republican holdouts to secure the job remains unclear and may be forcing his hand in hidden ways nine months later. The most important of those compromises, however, did become public: At any time, a single member of the House can force a vote that could remove McCarthy as speaker.

    The high point of McCarthy’s year came in June, when the House overwhelmingly approved—although with notably more votes from Democrats than Republicans—the debt-ceiling deal he struck with Biden. That legislation successfully prevented a first-ever U.S. default, but blowback from conservatives has forced McCarthy to renege on the spending provisions of the agreement. House Republicans are advancing bills that appropriate far less money than the June budget accord called for, setting up a clash with both the Democratic-controlled Senate and the White House that could result in a government shutdown either when the fiscal year ends on September 30 or later in the fall.

    GOP hard-liners have also backed McCarthy into a corner on impeachment. The speaker has tried his best to walk a careful line on the question, knowing that to keep his job, he could neither rush into a bid to topple the president nor rule one out. Trump allies like Representatives Marjorie Taylor Greene of Georgia and Matt Gaetz of Florida have been angling to impeach Biden virtually from the moment he took office, while GOP lawmakers who represent districts that Biden won—and on whom the GOP’s thin House advantage depends—have been much cooler to the idea. McCarthy has had to satisfy both wings of the party, but he has been unable to do so without undermining his own position.

    Less than two weeks ago, McCarthy said that he would launch a formal impeachment only with a vote of the full House. As the minority leader in 2019, McCarthy had castigated then-Speaker Nancy Pelosi for initiating an impeachment probe against Trump before holding a vote on the matter. “If we move forward with an impeachment inquiry,” McCarthy told the conservative publication Breitbart, “it would occur through a vote on the floor of the people’s House and not through a declaration by one person.” By this morning, the speaker had reversed himself, unilaterally announcing an impeachment inquiry just as Pelosi did four years ago this month. (McCarthy made no mention of a House vote during his speech, and when reporters in the Capitol asked about it, a spokesperson for the speaker told them no vote was planned.)

    The reason for McCarthy’s flip is plain: He doesn’t have the support to open an impeachment inquiry through a floor vote, but to avoid a revolt from hard-liners, he had to announce an inquiry anyway. Substantively, his declaration means little. House Republicans have more or less been conducting an impeachment inquiry for months; formalizing the process simply means they may be able to subpoena more documents from the president. The effort is all but certain to fail. Whether it will yield enough Republican votes to impeach Biden in the House is far from clear. That it will secure the two-thirds needed to convict the president in the Senate is almost unthinkable.

    McCarthy’s announcement won praise from only some of his Republican critics. Barely an hour later, Gaetz delivered a preplanned speech on the House floor decrying the speaker’s first eight months in office and vowing to force a vote on his removal if McCarthy caves to Democrats during this month’s shutdown fight. He called the speaker’s impeachment announcement “a baby step” delivered in a “rushed and somewhat rattled performance.” A longtime foe of McCarthy’s, Gaetz was one of the final holdouts in the Californian’s bid to become speaker in January, when he forced McCarthy to grovel before acquiescing on the final ballot. “I am here to serve notice, Mr. Speaker,” Gaetz said this afternoon, “that you are out of compliance with the agreement that allowed you to assume this role.”

    If McCarthy has become a hostage of the House hard-liners, then Gaetz is his captor—or, more likely, one of several. Publicly, the speaker has dared Gaetz to try to overthrow him, but caving on impeachment and forsaking a floor vote suggests that he might not be so confident.

    The speaker is as isolated in Washington as he is in his own conference. Senate Republicans have shown no interest in the House’s impeachment push, and they are far more willing to adhere to the terms of the budget deal that McCarthy struck with Biden and avert a government shutdown. Perhaps McCarthy believed that by moving on impeachment now he could buy some room to maneuver on the spending fights to come. But the impetus behind today’s announcement is more likely the same one that has driven nearly all of his decisions as speaker—the desire to wake up tomorrow morning and hold the job at least one more day.

    Russell Berman

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  • House Speaker McCarthy announces impeachment inquiry into President Biden

    House Speaker McCarthy announces impeachment inquiry into President Biden

    House Speaker Kevin McCarthy on Tuesday announced an impeachment inquiry into President Joe Biden, saying that House Republicans have in recent months uncovered credible allegations about his conduct.

    “Today I am directing our House committees to open a formal impeachment inquiry into President Joe Biden,” McCarthy told reporters on Capitol Hill. He said the move would give the panels “the full power to gather all the facts and answers for the American people.”

    Punchbowl News reported earlier that the California Republican was poised to tell House Republicans this week that launching an impeachment inquiry into Biden is the “logical next step” in the GOP’s probes of the president and his son Hunter.

    House Republicans are probing the business dealings of Hunter Biden but so far have not produced evidence linking him to the president.

    Ian Sams, a White House spokesman, said in a message on X that Republicans “have turned up no evidence of wrongdoing” by President Biden and noted that McCarthy had previously called for a House vote before opening an inquiry.

    “Extreme politics at its worst,” wrote Sams.  

    In July, McCarthy said that GOP probes of the Bidens were “rising to the level of impeachment inquiry.”

    With Congress staring down a Sept. 30 deadline to fund the government or risk a partial shutdown, McCarthy has been feeling some heat from his right flank. Rep. Matt Gaetz, a Florida Republican who is critical of McCarthy, was planning to deliver a speech Tuesday intended to lay groundwork for a potential move to oust him as speaker, according to the New York Times.

    McCarthy’s announcement comes as the 2024 White House campaign is heating up. Speaking on MSNBC, Rep. Debbie Wasserman Schultz, a Florida Democrat, called House Republicans an arm of former President Donald Trump’s 2024 election campaign.

    “They are succumbing to the pressure from Donald Trump and from their right-wing MAGA base,” she said.

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  • US: Senators hail Health Dept. recommendation to ease restrictions on marijuana – Medical Marijuana Program Connection

    US: Senators hail Health Dept. recommendation to ease restrictions on marijuana – Medical Marijuana Program Connection

    The US Department of Health and Human Services has delivered a recommendation to the Drug Enforcement Administration on marijuana policy, and Senate leaders hailed it Wednesday as a first step toward easing federal restrictions on the drug.

    HHS Secretary Xavier Becerra said Wednesday on X, the platform formerly known as Twitter, that the agency has responded to President Joe Biden’s request “to provide a scheduling recommendation for marijuana to the DEA.” “We’ve worked to ensure that a scientific evaluation be completed and shared expeditiously,” he added.

    Senate Majority Leader Chuck Schumer said in a statement that HHS had recommended that marijuana be moved from a Schedule I to a Schedule III controlled substance.

    USDA Certified Organic Tinctures and salves

    “HHS has done the right thing,” Schumer, D-N.Y., said. “DEA should now follow through on this important step to greatly reduce the harm caused by draconian marijuana laws.” Rescheduling the drug would reduce or potentially eliminate criminal penalties for possession. Marijuana is currently classified as a Schedule I drug, alongside heroin and LSD. According to the DEA, Schedule I drugs ”have no currently accepted medical use in the United States, a lack of accepted safety for use under medical supervision, and a high potential for abuse.” Schedule III drugs “have a potential for abuse less than substances in Schedules I or II and abuse may lead to moderate or low physical dependence or high psychological dependence.” They currently include ketamine and…

    Original Author Link click here to read complete story..

    MMP News Author

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  • How the stock market’s performance under Biden is worse than under Obama or Trump — in one chart

    How the stock market’s performance under Biden is worse than under Obama or Trump — in one chart

    U.S. stocks so far haven’t fared as well under President Joe Biden as they did in Donald Trump’s single term or in either of Barack Obama’s two terms.

    The research team at Wilshire Indexes is pointing that out this month with the chart below, which features the FT Wilshire 5000
    XX:W5000FLT,
    an index that aims to reflect the performance of the total U.S. stock market.

    U.S. stocks haven’t performed as well in Biden’s current term as they did under Obama or Trump.


    Wilshire Indexes

    Biden and his allies could be worried about how stocks
    SPX
    are doing, and it’s possible his administration will try to help the market somehow in 2024, according to Philip Lawlor, managing director of market research at Wilshire Indexes.

    “With the 2024 election in sight, the disparity in cumulative equity return generated so far under the Biden administration compared to the superior return trajectory delivered by the Trump and Obama presidencies could cause some concern,” Lawlor wrote. “Electoral cycle logic points to the Biden administration doing its utmost to ensure that the gap closes next year.”

    Biden officially launched his re-election campaign in April, and the Democratic incumbent and his cabinet officials have traveled around the U.S. in recent months to talk up their economic policies, including measures such as the Inflation Reduction Act

    When asked about the stock market’s struggles earlier this year, one White House official told MarketWatch that the administration wants to see “strong performance,” but he also noted that roughly half of Americans don’t hold stocks and highlighted other economic indicators.

    “The markets are going to go up and down. The main measure that the president has about the state of the economy is, how are middle-class families doing?” said Bharat Ramamurti, deputy director of the White House’s National Economic Council.

    “Do they have good-paying jobs that allow them to support themselves and their families? Are they seeing their wages go up? Do they feel like they have good opportunities to advance in their career, good opportunities to switch jobs and make more money? Or live in a better neighborhood, or whatever the case may be? By those metrics, we think that the economy is doing very, very well.”

    Republican presidential hopefuls made their economic pitches at a debate on Wednesday night in Milwaukee, with Florida Gov. Ron DeSantis, who is currently running second in GOP primary polls, saying the country “must reverse ‘Bidenomics’ so that middle-class families have a chance to succeed again.” Trump, the current frontrunner in the 2024 primary, skipped the debate and instead released an interview just before the event kicked off.

    Betting markets tracked by RealClearPolitics give Biden a 35% chance of winning the 2024 presidential election, while Trump is at 27% and DeSantis is at 6%.

    Stocks
    DJIA

    COMP
    were higher in choppy trading Friday after Federal Reserve Chair Jerome Powell warned that the central bank may need to raise interest rates even higher to temper a strong U.S. economy and quell inflation, while assuring investors that the Fed would proceed cautiously.

    From MarketWatch’s archives (Dec. 31, 2022): U.S. stocks log their worst year since 2008, crushed by Fed’s rate hikes

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  • Hate to spoil the party but there’s a new risk in town — a ‘no landing’ economy

    Hate to spoil the party but there’s a new risk in town — a ‘no landing’ economy

    For the last 18 months, all you’ve heard from the markets is that the U.S. economy is three months away from a recession. Now, the popular analysis is that that inflation is on a smooth glidepath down and the economy will never have a downturn again.

    Worries about a recession have evaporated, and all the talk is about a “soft landing,” with the Federal Reserve not having to hike interest rates more than once more, at most.

    But behind the scenes, in some economic circles, there is growing concern about another risk for the economy, dubbed a “no landing” scenario.

    What does “no landing” mean? Essentially it’s marked by economic growth that’s too strong to allow inflation to fall all the way to 2%, where the Federal Reserve aims for it to be, and therefore an economy that will need more Fed rate hikes, according to Chris Low, chief economist at FHN Financial.

    So instead of the U.S. central bank starting to cut rates early next year, there may be more rate hikes in store.

    “There is still considerable work to do before the inflation beast is fully tamed,” Low said.

    Former Fed Vice Chair Richard Clarida described the risk in crystal-clear terms. “If the Fed finds itself  in March 2024 with an unemployment rate of 4% and an inflation rate of 4% with some of that temporary good news behind them, they are in a very tough spot,” Clarida said in a recent interview with Bloomberg News.

    “It is a risk. It is not the base case. But if I was still there [at the Fed], I would be assessing it,” he added.

    So why does this matter? Why would the Fed be in such a tough spot? Two words: presidential election.

    A Fed that is dedicated to bringing inflation down might have to slam the brakes on the economy forcefully to get the job done. That gets tough during an election year, especially one that already seems poised to be filled with acrimony.

    “The Fed does not play politics with monetary policy. The FOMC will do what is right for the economy, election year or not. Nevertheless, FOMC participants are already sensitive to triggering a recession. Doing it in an overt way when Congress, a third of the Senate, and the White House are up for grabs would be reckless,” Low said.

    Andrew Levin, professor of economics at Dartmouth College and a former top Fed staffer, said “raising interest rates sharply in the midst of an election cycle could be a delicate matter. Even the vaunted inflation fighter, Paul Volcker [the Fed’s chairman from 1979 to 1987], decided to ease off the brakes midway through the 1980 presidential campaign.”

    Ray Fair, a Yale economics professor, thinks that, whether or not the Fed successfully lowers consumer-price inflation to the vicinity of 2% will be what really matters for the 2024 presidential election. If inflation does not go gently and the Fed is still fighting next year, it would likely be negative for President Joe Biden and the Democratic Party, he said.

    See: Inflation could rebound later this year. And that might be a good thing.

    To avoid hiking rates next year, the Fed, in Low’s view, will raise interest rates to 6% by the end of this year. That is an out-of-consensus call. Financial markets think the Fed is done hiking with its benchmark policy interest rate in a range of 5.25% to 5.5%.

    Many economist and the financial markets are talking more about prospective Fed rate cuts in early 2024 than any more hikes.

    Asked during a recent radio interview if he thought a “no landing” scenario was taking shape, Philadelphia Fed President Patrick Harker replied: “I don’t think so.”

    Harker said the economy was likely on track to return to the low-interest-rate and low-inflation environment of 2012-19.

    “I think about this a lot, and I asked myself what’s different fundamentally about the U.S. economy now then the way it was before the pandemic,” Harker said. He concluded that there wasn’t much difference.

    The big trend Harker mentioned was demographics, with baby boomers still moving in large numbers into retirement. “I don’t think we have to stay in a high-inflation regime. I think we can get back to where we were,” he said.

    Steve Blitz, chief U.S. economist at research firm GlobalData.TSLombard, said he puts the probability of a “no landing” scenario at about 35%.

    Blitz added it was a common mistake for economists, policy makers, traders and journalists “to presume that the expansion to come is going to look like the expansion that was.”

    “At least in the United States, that was never the case,” he added.

    Blitz said that if the U.S. economy were growing at a rate below 2% with an inflation rate higher than 3%, the Fed would have to raise the policy rate to about 6.5%. But if the economy is humming along with 3% growth and inflation over 3%, that would be a trickier spot. “Does the Fed really want to slow that down?” he asked.

    See: The U.S. economy is aiming for a three-peat: 2% GDP growth

    The range of possible outcomes for the economy remains wide. Some economists still believe that a recession early next is the most likely outcome.

    Other economists, like Michelle Meyer, chief U.S. economist at Mastercard, think the economy will continue to grow, with inflation coming down. Meyer described that outcome as “a soft landing with bumps.”

    Stephen Stanley, chief economist at Santander U.S., said he thinks the U.S. economy will “muddle through” next year with subpar growth in the range of 1% for several quarters and inflation slowing gradually.

    “Obviously, that optimism melts away if we’re back to readings of 0.4% and 0.5% on core CPI in three months or six months,” Stanley said.

    Economic calendar: See what’s on the U.S. economic-data docket in the coming week

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  • Joe Biden Acknowledges 7th Grandchild For First Time

    Joe Biden Acknowledges 7th Grandchild For First Time

    WASHINGTON (AP) — President Joe Biden on Friday for the first time publicly acknowledged his seventh grandchild, a four-year-old girl fathered by his son Hunter with an Arkansas woman, Lunden Roberts, in 2018.

    “Our son Hunter and Navy’s mother, Lunden, are working together to foster a relationship that is in the best interests of their daughter, preserving her privacy as much as possible going forward,” Biden said in a statement. It was his first acknowledgement of the child.

    “This is not a political issue, it’s a family matter,” he said. “Jill and I only want what is best for all of our grandchildren, including Navy.”

    Hunter Biden’s paternity was established by DNA testing after Roberts sued for child support, and the two parties recently resolved outstanding child support issues. The president’s son wrote about his encounter with Roberts in his 2021 memoir, saying it came while he was deep in addiction to alcohol and drugs, including crack cocaine.

    “I had no recollection of our encounter,” he wrote. “That’s how little connection I had with anyone. I was a mess, but a mess I’ve taken responsibility for.”

    The president, who has made a commitment to family central to his public persona, has faced increasing criticism from political rivals and pundits for failing to acknowledge the granddaughter. According to a person familiar with the matter, he was taking the cue from his son while the legal proceedings played out. The person spoke on condition of anonymity to discuss private matters.

    Biden’s statement was first reported by People Magazine.

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  • Biden would beat Trump even if a third-party candidate joins White House race: poll

    Biden would beat Trump even if a third-party candidate joins White House race: poll

    Voters are more interested in another Joe Biden administration than any third-party option or Donald Trump in 2024, according to polling data from Monmouth University.

    In another Biden vs. Trump election, a combined 47% of voters say they would definitely or probably vote for President Biden and 40% of voters would definitely or probably vote for ex-President Trump. But majorities would not vote for either Biden or Trump, the poll found.

    The electorate is seemingly disheartened with these two choices, but they’re not exactly enticed by a third-party option, either.

    Biden still had more support than Trump, even when a third-party “fusion ticket” with one Democrat and one Republican was added to the mix, Monmouth found.

    With a fusion ticket as an option, 37% of respondents would definitely or probably vote for Biden whereas 28% would definitely or probably vote for Trump. Thirty percent of respondents would entertain voting for the fusion ticket.

    Democrats have expressed concern that a third-party ticket would siphon votes from Biden and spoil his chances in 2024. The presence of a third-party fusion ticket detracts votes from both Biden and Trump, but not enough for the ticket to be a “spoiler,” the polling report said.

    Support for a fusion option declines when actual candidates are named on the ticket.

    When the poll introduced a potential ticket of Democratic West Virginia Sen. Joe Manchin and Republican former Utah Gov. Jon Huntsman, 44% of respondents definitely would not vote for the option. Only 2% of respondents definitely would vote for the hypothetical Manchin-Huntsman ticket.

    Manchin and Huntsman headlined a town hall on Monday hosted by the nonprofit No Labels, which is pursuing ballot access to enter a “unity” ticket, similar to the Monmouth poll’s fusion ticket, in the 2024 race. The event heightened speculation that Manchin could have presidential aspirations for 2024.

    Read: Sen. Joe Manchin fuels rumors of a third-party 2024 presidential bid

    If 2024 turns out to be a Biden vs. Trump vs. Manchin-Huntsman race, Biden would likely get 40% of the vote, Trump 34% and Manchin-Huntsman 16%, the poll found.

    “Some voters clearly feel they have to back a candidate they don’t really like. That suggests there may be an opening for a third party in 2024, but when you drill down further, there doesn’t seem to be enough defectors to make that a viable option,” Patrick Murray, director of the Monmouth Polling Institute, said.

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  • Joe Lieberman Weighs the Trump Risk

    Joe Lieberman Weighs the Trump Risk

    Joe Lieberman wants to make one thing clear. “The last thing I’d ever want to be part of,” the former Connecticut senator and onetime vice-presidential nominee told me by phone last week, “is bringing Donald Trump back to the Oval Office.”

    Democrats have their doubts. Lieberman and his former party have been warring for years, ever since he won a fourth Senate term, in 2006, as an independent after Connecticut Democrats dumped him in a primary. Suddenly liberated, Lieberman endorsed the Republican John McCain over Barack Obama in 2008 and proceeded to tank the Democrats’ dreams of enacting a public health-insurance program through the Affordable Care Act.

    He’s now a co-chair of No Labels, the centrist group that, to the growing alarm of Democrats, is preparing to field a third-party presidential ticket in 2024. The organization’s leaders say they’re trying to save voters from a binary rematch between Trump and President Joe Biden that most Americans have told pollsters they don’t want. But Democrats and more than a few Republicans fear that such a plan might ensure exactly what Lieberman insists he would hate to see: Trump’s return to the White House. Both No Labels’ own polling and independent surveys have shown that a “moderate, independent” candidate could capture as much as 20 percent of the popular vote and would pull more of that support from Biden than from Trump. If the 2024 election is as close as 2020’s—and pretty much every political prognosticator believes it will be—that could be decisive.

    No Labels has already lost one of its co-founders, William Galston, over its push for a third-party ticket; Galston resigned in protest this spring over the possibility that the bid could tip the election to Trump. Democratic members of the No Labels–backed Problem Solvers Caucus in the House have disavowed the effort for the same reason. The moderate Democratic group Third Way is adamantly opposed to the idea, and a new bipartisan group is forming to stop it.

    For now, Lieberman is undeterred. “I think people in both parties, particularly the Democrats, are greatly overreacting,” Lieberman told me. “They really would do better to try to build up support for their own ticket and adopt a platform that’s more to the center.”

    Founded by the Democratic fundraiser Nancy Jacobson, No Labels launched in 2010 with an initial focus on promoting centrist policies and breaking partisan gridlock in Congress during the Obama presidency. It formed the Problem Solvers Caucus in 2017 and has touted some of the major bipartisan bills that have passed with Biden’s support, including the 2021 infrastructure law. It is now putting significant money behind an idea—a so-called unity ticket featuring one Democrat and one Republican—that has come up repeatedly over the past two decades but never actually materialized. Leaders of No Labels have said they won’t decide whether to nominate a ticket until the spring, when they would assess the major-party nominees and see what polling shows about the effect a third-party bid might have. So far they’ve refused to discuss who their actual candidates might be.

    Citing a large poll the group commissioned in December, No Labels has argued that a third-party ticket could win enough states—including some that are deeply red and deeply blue—to capture the Electoral College. Lieberman acknowledged that that remains a tall order. He said No Labels wanted a potential unity ticket to play “a constructive role” even if it didn’t win, drawing both parties back toward the ideological middle. They are hoping, for example, that one of the two parties will embrace the “Common Sense” policy agenda it released yesterday. It’s not clear, however, that this would make Biden or Trump any more palatable to voters.

    The group’s lodestar is the late Ross Perot, who captured 19 percent of the vote in 1992 and was the last third-party candidate to draw significant popular support. Lieberman credits Perot’s bid for prompting President Bill Clinton to embrace policies that led to a balanced federal budget; many Republicans believe the Texas businessman cost George H. W. Bush a second term. More recent third-party candidates such as Jill Stein in 2016 have garnered much less support but played more obvious spoiler roles, delivering Republican presidential victories. And Lieberman, who was Al Gore’s running mate in 2000, is well aware of the impact that Ralph Nader had in that election, when he took crucial votes away from the Democratic ticket in Florida.

    “When I look at the data next year, I’m going to be very cautious about interpreting it,” Lieberman said. “If it appears that, notwithstanding our goals, we may create a real risk of inadvertently helping to reelect Donald Trump, I will be strongly opposed to running a third-party ticket. And I think I’m reflecting a majority of people in No Labels, including the leadership.”

    For all of Lieberman’s talk about caution, however, the group is aggressively laying the groundwork for what it calls a national “insurance policy” against a Biden-Trump rematch. No Labels is pursuing a $70 million effort to secure ballot access in every state and has already made progress in a few important battlegrounds. Today, Senator Joe Manchin of West Virginia and former Utah Governor Jon Huntsman will headline the formal launch of the group’s “Common Sense” agenda in New Hampshire. Manchin has not ruled out running for president on a No Labels ticket, although he insisted to CNN that his high-profile visit to the early-primary state was no indication that he’s warming to the idea.

    Lieberman is clear about his distaste for Trump, but he’s hazier on the question of why—or even whether—Biden has fallen short. He’s said repeatedly that if the choice came down to Biden or Trump, he’d vote for the Democrat, and he speaks affectionately of a man he first met nearly 40 years ago and with whom he served for 20 years in the Senate. Yet he’s still hunting for a better option. I asked him whether he supported a third-party ticket because Biden had done a bad job or because voters think he’s done a bad job. “I think it’s both,” Lieberman replied. “He’s an honorable person, but he’s been pulled off his normal track too often” by pressure from the left. That’s a frequent talking point from Republicans and a complaint Manchin has made from time to time.

    The perception that Biden has veered too far to the left, though, is not what has driven his low approval ratings. Indeed, in many ways Biden is the kind of president for whom moderates like Lieberman have long been clamoring. Yes, he signed two major bills that passed along purely party-line votes (the American Rescue Plan Act in 2021 and the Inflation Reduction Act a year later), but he has repeatedly prioritized negotiating with Republicans, most recently over the debt ceiling. Lieberman credited Biden for his bipartisan infrastructure law and the budget deal he struck with House Speaker Kevin McCarthy this spring. “He’s done some significant things,” Lieberman said, also praising the president’s initial handling of the coronavirus pandemic. When I asked him what specifically Biden had veered too far left on, he initially declined to list any issues. Then he pointed to No Labels’ policy plan, noting that it included “commonsense” proposals on guns and immigration.

    Although he’s been out of office for more than a decade, Lieberman, at 81, is less than a year older than Biden. He said he believes the president remains up to the job, both physically and cognitively, and he was reluctant to call on him to stand down. But Lieberman gently suggested that might have been the better course. “I’m struck by how intent he is on running again,” he said with a chuckle. “It would have been easier for him not to run, and he could retire with a real sense of pride and just an enormously productive career in public service.”

    Lieberman’s response subtly pointed to No Labels’ hope that, come springtime, their decision will be an easy one. Perhaps Biden will change his mind and withdraw, or Trump’s legal woes will finally persuade Republican voters to look elsewhere. At the moment, neither of those scenarios seems likely.

    Lieberman and his allies might decide that nominating a third-party ticket won’t help reelect Trump, but that’s not something they can know for sure. I asked Lieberman: If he was so intent on keeping Trump out of office, wasn’t that too big a risk to take? He didn’t have a clear answer. “Yeah,” he replied. “I mean, we’ll see.”

    Russell Berman

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  • Biden OKs Sending Controversial Cluster Bombs To Ukraine

    Biden OKs Sending Controversial Cluster Bombs To Ukraine

    The Biden administration plans to provide Ukrainian troops with controversial weapons known as “cluster munitions,” a battle tool that has been banned by more than 100 nations and lambasted by human rights groups for indiscriminately killing civilians. What do you think?

    “Whatever it takes to escalate the war to a deadlier stage.”

    Carlos Healey, Admiralty Lawyer

    “If we don’t arm our allies now, who are we going to go to war with in 20 years?”

    Amber Keizer, Anthem Lyricist

    “We shouldn’t let human rights concerns hinder our fight for human rights.”

    Philip Hadsell, Unemployed

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  • What are cluster munitions? Here’s what the U.S. is giving to Ukraine, and why it’s so controversial.

    What are cluster munitions? Here’s what the U.S. is giving to Ukraine, and why it’s so controversial.

    The Biden administration on Friday said that the U.S. will supply cluster munitions to Ukraine in a controversial move defended by a top official.

    Jake Sullivan, President Joe Biden’s national-security adviser, told reporters at the White House that the Ukrainians need the weapons to defend their country in the conflict with Russia.

    “We will not leave Ukraine defenseless at any point in this conflict,” he said.

    What are cluster munitions? These weapons, sometimes also called cluster bombs, open in the air and send down smaller bombs that scatter across landscapes.

    They are controversial because those “bomblets” disperse over a large area. And the Biden administration’s decision comes amid concern that those smaller bombs can cause civilian casualties.

    But the Pentagon will provide munitions that have a reduced “dud rate,” the Associated Press reported, meaning there will be far fewer unexploded rounds that can result in unintended civilian deaths.

    Sullivan said Ukraine has committed to demining efforts after the conflict ends to lessen any potential future harm to civilians — in other words, finding any unexploded rounds and safely removing them.

    And U.S. officials have said that Russian forces are already using cluster munitions on the battlefield, including in populated civilian areas.

    Russia has not signed on to a treaty banning the use of the weapons, and neither has the U.S. or Ukraine. More than 100 other nations have banned the use of cluster munitions, however.

    Sullivan described the decision as difficult, and one that the U.S. had deferred.

    “It’s a decision that required a real hard look at the potential harm to civilians,” he said. “And when we put all of that together, there was a unanimous recommendation from the national-security team, and President Biden ultimately decided, in consultation with allies and partners and in consultation with members of Congress, to move forward on this strategy.”

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  • Cocaine Found At White House

    Cocaine Found At White House

    The Secret Service confirmed that testing showed an unidentified white substance found in the White House during a routine search is cocaine, with the investigation into how it got there still ongoing. What do you think?

    “The fair thing to do now is distribute it equally to all Americans.”

    Colton Kemper, Number Deducer

    “To be fair, cocaine was a prescription medicine when Biden was young.”

    Dakota Gilbert, Amateur Clairvoyant

    “If it doesn’t send a Black person to jail, does it even count as drugs?”

    Miguel Badillo, Cheese Ager

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  • Justices Expand Supreme Court To 40 Right-Wing Buddies

    Justices Expand Supreme Court To 40 Right-Wing Buddies

    WASHINGTON—Explaining that the move just made sense given the national importance of their rulings, the six conservative justices announced Friday that they had expanded the U.S. Supreme Court to include 40 of their right-wing buddies. “The Supreme Court is pleased to welcome a few stalwart conservative judges from the circuit courts, a dozen reactionaries from Harvard Law School, and my brother-in-law, an accountant,” said Chief Justice John Roberts, adding that he, along with Samuel Alito, Amy Coney Barrett, Neil Gorsuch, Brett Kavanaugh, and Clarence Thomas, had overruled the court’s three liberal members and sworn in 40 new conservative justices that morning. “We figured Biden or Congress would try to expand the court, given all that’s going on, and we were surprised when they didn’t—but hey, that’s typical Washington gridlock for you. Hanging out with the same nine people all the time is kind of a drag, so we decided to take it upon ourselves to call up the Heritage Foundation and get 15 recommendations. Neil also invited some of his golf buddies, Amy called a couple priests she knows through church, and for diversity, we let a couple of the guys bring their wives. It’ll be nice having Ginni here on the court, for Clarence’s sake. And as a bonus, this should give the Supreme Court a rock-solid right-wing majority that will last until the end of time.” At press time, the Supreme Court had ruled 46-3 to overturn gay marriage.

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  • The Supreme Court blocked student-loan cancellation. Here’s what happens next for your loans.

    The Supreme Court blocked student-loan cancellation. Here’s what happens next for your loans.

    Student-loan payments are poised to resume this fall without smaller balances now that the U.S. Supreme Court has blocked President Joe Biden’s loan cancellation plan.

    The Biden administration’s loan forgiveness initiative would have canceled up to $10,000 of debt for eligible borrowers, and in some cases up to $20,000.

    But the Supreme Court’s conservative majority ruled on Friday that the executive branch overstepped its authority by trying to wipe out billions in student loan debt on its own.

    “Six States sued, arguing that the HEROES Act does not authorize the loan cancellation plan. We agree,” Chief Judge John Roberts said, writing for the 6-3 majority.

    Now it’s time for more than 40 million borrowers with federal student loans to figure out their next move. They are staring at more than $1.6 trillion in student loan debt. Add on private student loans, and the number climbs to $1.7 trillion.

    Federal student loan payments have been on hold since March 2020.

    On Friday, the Department of Education filed notice saying it would embark on a regulatory process that would seek an alternative pathway to student-debt relief. Activists have focused on a provision in the Higher Education Act, allowing the Department of Education to “compromise, waive, or release,” any right to collect on student loans. 

    Approximately 26 million people had either applied for loan forgiveness or were already eligible for the relief as of late last year, the  White House said.

    Here’s what to know.

    When do student-loan payments restart?

    In October, according to the Department of Education. Expect more specifics soon on those payments. “We will notify borrowers well before payments restart,” the department said.

    While payments start coming in October, interest starts accumulating on the loans in September. Loan balances have not been accumulating interest since the payment pause started in March 2020, during the pandemic’s early days.

    “We will also be in direct touch with borrowers and ramping up our communications with servicers well before repayment resumes to ensure borrowers and their families are receiving accurate and timely information about the return to repayment,” an Education Department spokesperson said.

    There’s a range of estimates on how much student-loan borrowers typically pay each month on their loans.

    According to Bank of America data, $180 was the median monthly student-loan payment as of January 2020. Federal Reserve research before the pause said the average monthly payment was $393, while the median payment was $222.

    Can I lower my payments?

    Possibly yes, with a range of income-driven repayment plans through the Education Department. These plans are supposed to make repaying loans more affordable by letting borrowers modify their monthly payments based on their income.

    While these plans already exist, the department is reworking them. As a result, more monthly income will be shielded from the calculations on what a person could repay for student loans each month, meaning payments will become more affordable. While the revised plans are not in effect yet, the existing plans are up and running.

    Many people will likely struggle to fit a student-loan bill back into their budget — the question is how far that financial hardship will go. Student-loan payments would be hitting at a time when car loan and credit-card delinquencies are already rising from their pandemic lows, according to the Federal Reserve Bank of New York.

    Part of the Biden administration’s Supreme Court arguments pointed to the possible economic consequences of resuming student-loan payments without canceling some of the debt.

    Without cancellation, there will be a “surge” of loan defaults and delinquencies once payments resume, Solicitor General Elizabeth Prelogar told the justices during oral arguments earlier this year.

    Analysts at Bank of America agree more delinquencies are coming once student loan payments resume.

    What if I miss my first payment?

    When deciding which debts have to get paid first, a student-loan bill might fall behind other monthly debts like a mortgage or a credit-card bill.

    Anywhere from roughly one-third to three-quarters of borrowers could miss their first student-loan bill when payments resume, according to projections from the credit score company VantageScore.

    A missed first payment — in theory — could eventually lead to an average 49- to 82-point reduction in a credit score ranging from 350 to 850, VantageScore researchers said.

    However, President Biden on Friday announced a temporary “ramp-up” — a 12-month grace period for borrowers who miss student-loan payments. If borrowers miss payments during this time, they won’t be reported to any of three main credit bureaus — Equifax 
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    ,
     TransUnion 
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     and Experian
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     — and they won’t go into default.

    The ramp-up will run from Oct. 1, 2023 through Sept. 30, 2024. 

    “This is not the same as the student-loan pause, but during this period — if you miss payments — this ‘on ramp’ will temporarily remove the threat of default or having your credit harmed,” Biden wrote in a tweet Friday.

    Prior to the payment pause and Biden’s ramp-up announcement, loan servicers waited for a borrower to miss three straight payments before they reported it to the credit reporting bureaus, according to Scott Buchanan, executive director of the Student Loan Servicing Alliance.

    In the meantime, brace for potentially long call hold times, curtailed hours and loan servicer glitches, borrower advocates say. It stems back to Congressional cuts on the funding for vendor contracts that handle the day-to-day details of student-loan repayments.

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  • Marjorie Taylor Green Calls Lauren Boebert A ‘Little Bitch’ On House Floor

    Marjorie Taylor Green Calls Lauren Boebert A ‘Little Bitch’ On House Floor

    Rep. Marjorie Taylor Greene (R-GA) called Rep. Lauren Boebert (R-CP) a “little bitch” amid GOP frustration at the Colorado Republicans’ move to try and force a vote on impeaching President Biden. What do you think?

    “I can never follow all of the legalese congresspeople use.”

    Adam Klemic, Director Of Operations

    “I think you need at least 50% of the House to get a resolution officially declaring someone a bitch.”

    Nancy Pitts, Coaster Artisan

    “The party needs to come together and realize the real ‘little bitch’ is high taxes.”

    Dean Trautman, Unemployed

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  • OpenAI, Google, Apple chiefs to discuss innovation with Biden and Modi at White House

    OpenAI, Google, Apple chiefs to discuss innovation with Biden and Modi at White House

    The heads of prominent U.S. and Indian companies will meet at the White House on Friday with President Joe Biden and Indian Prime Minister Narendra Modi to discuss investment in areas including artificial intelligence.

    Those attending include Sam Altman, CEO of OpenAI, as well as Apple
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    CEO Tim Cook and Google
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    GOOGL,
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    CEO Sundar Pichai. Indian company executives include Mukesh Ambani, chair of Reliance Industries, and Anand Mahindra, chair of Mahindra Group.

    “The president and Prime Minister Modi of the Republic of India will meet with senior officials and CEOs of American and Indian companies gathered to discuss innovation, investment, and manufacturing in a variety of technology sectors, including AI, semiconductors, and space,” the White House said.

    Friday’s meeting is part of Modi’s high-profile visit to Washington, which included a state dinner at the White House and the announcement of a number of business deals.

    Now read: Jet engine, drone deals unveiled as Biden meets India’s Modi

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  • Here are the Republicans running for president as former Texas Rep. Will Hurd enters the 2024 race

    Here are the Republicans running for president as former Texas Rep. Will Hurd enters the 2024 race

    The increasingly crowded 2024 Republican presidential field is up to 12 relatively well-known contenders. The latest to declare his candidacy is former Texas Rep. Will Hurd, who entered the race Thursday.

    Hurd singled out both President Joe Biden and former President Donald Trump in his announcement, saying Biden would win re-election if Trump secured the GOP nomination. Trump has a big lead in polls of Republican primary voters.

    The ex-congressman joins several other presidential hopefuls who have thrown their hats in the ring this month. Miami Mayor Francis Suarez launched his bid last week, and two weeks ago, former Vice President Mike Pence, former New Jersey Gov. Chris Christie and current North Dakota Gov. Doug Burgum all formally kicked off their campaigns.

    Meanwhile, Virginia Gov. Glenn Youngkin said last month that he won’t be on the presidential campaign trail in 2023 because of elections to his state’s legislature in November, but he appears to have left the door open to a 2024 White House run.

    Below is MarketWatch’s list of Republican presidential contenders and the status of their candidacies.

    Trump grabbed the spotlight this month as he pleaded not guilty on June 13 following his federal indictment on 37 charges, including unauthorized retention of classified documents and obstruction of justice.

    See: Latest Trump indictment could help him in the 2024 GOP primary but not in the general election, analysts say

    Plus: Trump calls latest indictment ‘election interference’

    On the Democratic side, Biden officially launched his re-election campaign in April, even as most Americans don’t approve of his performance. The president has been talking up the strong job market and his legislative record.

    The first official debate of the GOP presidential primary is slated to be held in Milwaukee on Aug. 23. The Republican National Committee said there will be a second debate on Aug. 24 if “enough candidates qualify to make it necessary.”

    The list above features relatively high-profile names, but there are lesser-known GOP presidential hopefuls as well, such as Aaron Day, who is known in part for his 2016 run against former Sen. Kelly Ayotte of New Hampshire, a fellow Republican; Perry Johnson, a former gubernatorial candidate in Michigan; Steve Laffey, a former mayor of Cranston, R.I.; and former Montana Secretary of State Corey Stapleton.

    A number of other Republican politicians have also been talked about as potential 2024 contenders but haven’t said they are running. That group includes Texas Gov. Greg Abbott, who has passed on speaking in the key primary state of Iowa; John Bolton, a former national-security adviser and former ambassador to the United Nations; former Rep. Liz Cheney of Wyoming, who has run an ad in New Hampshire, another key state; South Dakota Gov. Kristi Noem; and former Rep. Mike Rogers of Michigan.

    Among the prominent Republicans who have said they’re not seeking their party’s presidential nomination in 2024 are Sen. Ted Cruz of Texas, former Maryland Gov. Larry Hogan, Georgia Gov. Brian Kemp, former Secretary of State Mike Pompeo and New Hampshire Gov. Chris Sununu.

    From MarketWatch’s archives (September 2022): In a conversation with MarketWatch, Vivek Ramaswamy says companies should ‘leave politics to the politicians’

    Democrats are closing ranks behind Biden, although author and activist Marianne Williamson has said she’s seeking the party’s nomination again and vigorously defended her decision to challenge the president in an extensive question-and-answer session with MarketWatch. Antivaccine activist Robert F. Kennedy Jr. is also mounting a long-shot challenge to Biden and held a kickoff event for his campaign in April.

    Among third-party candidacies, Cornel West, a former Ivy League professor now at Union Theological Seminary, has announced he’s a presidential candidate for the People’s Party. In addition, a group called “No Labels” has been considering a “unity ticket” for 2024, saying that a rematch between Biden and Trump would be “the sequel that no one asked for,” but a Politico report said the group would not submit a third-party challenger if DeSantis becomes the Republican nominee.

    Now read: Nikki Haley says ‘no Republican president will have the ability to ban abortion nationwide’

    Also: Biden criticizes DeSantis over his Medicaid stance while in Florida

    Plus: Billionaire investor Bill Ackman says JPMorgan’s Jamie Dimon should run for president

    Robert Schroeder contributed.

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  • America may now be in a youth-cession: Consumers over age 60 are propping up the economy

    America may now be in a youth-cession: Consumers over age 60 are propping up the economy

    Is America going into a recession or not? That depends on who you ask—and how old they are.

    Consumer households from their 20s to their 50s are now spending sharply less on their credit and debit cards than they were a year ago reports Bank of America, after crunching the numbers on its customers.

    At this point it’s mostly those over 60, and…

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  • Sonic boom heard across D.C. area as fighter jet scrambles in response to flight of small plane through restricted airspace

    Sonic boom heard across D.C. area as fighter jet scrambles in response to flight of small plane through restricted airspace

    WASHINGTON (AP) — A wayward and unresponsive business plane that flew over the nation’s capital Sunday afternoon caused the military to scramble a fighter jet before the plane crashed in Virginia, officials said. The fighter jet caused a sonic boom that was heard across the capital region.

    Hours later, police said that rescuers had reached the site of the plane crash in a rural part of the Shenandoah Valley and that no survivors were found.

    The Federal Aviation Administration says the Cessna Citation took off from Elizabethtown, Tenn., on Sunday and was headed for Long Island’s MacArthur Airport. Inexplicably, the plane turned around over New York’s Long Island and flew a straight path down over D.C. before it crashed over mountainous terrain near Montebello, Virginia, around 3:30 p.m.

    The plane was technically flying above some of the most heavily restricted airspace in the nation.

    A U.S. official confirmed to the Associated Press that the military jet had scrambled to respond to the small plane, which wasn’t responding to radio transmissions and later crashed. The official was not authorized to publicly discuss details of the military operation and spoke on condition of anonymity.

    Flight-tracking sites showed the jet suffered a rapid spiraling descent, dropping at one point at a rate of more than 30,000 feet per minute before crashing in the St. Mary’s Wilderness.

    The North American Aerospace Defense Command later said in a statement that the F-16 was authorized to travel at supersonic speeds, which caused a sonic boom that was heard in Washington and parts of Virginia and Maryland.

    “During this event, the NORAD aircraft also used flares — which may have been visible to the public — in an attempt to draw attention from the pilot,” the statement said. “Flares are employed with highest regard for safety of the intercepted aircraft and people on the ground. Flares burn out quickly and completely and there is no danger to the people on the ground when dispensed.”

    Virginia State Police said officers were notified of the potential crash shortly before 4 p.m. and rescuers reached the crash site by foot around four hours later. No survivors were found, police said.

    The plane that crashed was registered to Encore Motors of Melbourne Inc, which is based in Florida. John Rumpel, who runs the company, reportedly told the New York Times that his daughter, 2-year-old granddaughter, her nanny and the pilot were aboard the plane. They were returning to their home in East Hampton, on Long Island, after visiting his house in North Carolina, he said.

    Rumpel, a pilot, told the newspaper he didn’t have much information from authorities but hoped his family didn’t suffer and suggested the plane could’ve lost pressurization.

    “I don’t think they’ve found the wreckage yet,” Rumpel told the newspaper. “It descended at 20,000 feet a minute, and nobody could survive a crash from that speed.”

    A woman who identified herself as Barbara Rumpel, listed as the president of the company, said she had no comment Sunday when reached by the Associated Press.

    The episode brought back memories of the 1999 crash of a Learjet that lost cabin pressure and flew aimlessly across the country with professional golfer Payne Stewart aboard. The jet crashed in a South Dakota pasture and six people died.

    President Joe Biden was playing golf at Joint Base Andrews with his brother at around the time the fighter jet took off. Anthony Guglielmi, a spokesperson for the U.S. Secret Service, said the incident had no impact on the president’s movements Sunday.

    A White House official said that the president had been briefed on the crash and that the sound of the scrambling aircraft was faint at Joint Base Andrews.

    MarketWatch contributed.

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  • Mike Pence classified-documents investigation closed by Justice Department with no criminal charges

    Mike Pence classified-documents investigation closed by Justice Department with no criminal charges

    NEW YORK (AP) — The Department of Justice has informed former Vice President Mike Pence ‘s legal team that it will not pursue criminal charges related to the discovery of classified documents at his Indiana home.

    The department sent a letter to Pence’s attorney on Thursday informing him that, after an investigation into the potential mishandling of classified information, no criminal charges will be sought.

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