Student loan borrowers aren’t just the freshly graduated and mid-30s working generations — millions of Americans in their retirement years have student debt to pay back, too.
There are six times as many borrowers ages 60 and older now than there were in 2004, but their debt has increased “19-fold,” according to a report from New America, a public policy think tank. About 3.5 million Americans in this age bracket carry $125 billion in student debt, the report found.
Overall, Americans hold $1.75 trillion in student debt, the World Economic Forum found. The president’s student loan forgiveness plan, which was announced last August and is now in the midst of legal battles in the Supreme Court, would alleviate $10,000 for qualifying borrowers, or $20,000 for those with Pell Grants. At the time of the announcement, the White House said 20 million borrowers would see their debt washed away, and a total of 40 million would find benefit from cancellation.
Student debt has been especially problematic because of “stagnant wages and soaring tuition prices,” AARP said in another report highlighting older borrowers. Around 3% of families headed by someone who was 50 or older had student debt in 1989, with an average balance of $10,000, but by 2016, that figure rose to 9.6%, with an average of $33,000, AARP said.
Whether student debt forgiveness will happen or not is still to be determined. Borrowers have been anxiously awaiting an answer from the Supreme Court over two cases linked to the plan — one that argues whether or not the president had the legal authority to forgive loans, and another case about whether the program has standing. The Supreme Court is expected to release its decision on Friday, the last day of the court’s term before summer break.
Older borrowers have various reasons to carry debt. Some are paying off their own education, while others have taken on student debt for their loved ones. Federal PLUS loans, for example, allow parents to take loans out for their children’s education. Older Americans may have also taken on debt to refine their skills for a promotion, AARP noted in its report.
Student loans can have a rippling impact on retirement savings — not just in allocating a portion of retirement income toward this debt, but also in accruing enough wealth for old age. Graduates with student loans had 50% less in retirement wealth by age 30 than the graduates without this debt, a Boston College Center for Retirement Research study found.
The head of the private Russian military force Wagner said Saturday he has ordered his mercenaries to halt their march on Moscow and retreat to their field camps in Ukraine to avoid shedding Russian blood.
The announcement from Yevgeny Prigozhin appeared to defuse a dramatically escalating crisis that represented the most significant challenge to President Vladimir Putin’s leadership in his more than two decades in power.
Moscow had braced for the arrival of a private army led by the rebellious mercenary commander by erecting checkpoints with armored vehicles and troops on its southern edge. Red Square was shut down, and the mayor urged motorists to stay off some roads.
Prigozhin said that while his men were just 200 kilometers (120 miles) from Moscow, he decided to turn them back to avoid “shedding Russian blood.”
He didn’t say whether Moscow has responded to his demand to oust Defense Minister Sergei Shoigu. There was no immediate comment from the Kremlin.
The announcement followed a statement from the office of Belarusian President Alexander Lukashenko saying that he had negotiated a deal with Prigozhin after discussing the issue with Putin.
Prigozhin agreed to halt the advance in a proposed settlement that contains security guarantees for Wagner troops, Lukashenko’s office said. It didn’t elaborate.
Putin had vowed harsh consequences for organizers of the armed uprising led by his onetime protege, who brought his forces out of Ukraine, seized a key military facility in southern Russia and advanced toward Moscow earlier Saturday.
In a televised speech to the nation, Putin called the rebellion a “betrayal” and “treason.”
“All those who prepared the rebellion will suffer inevitable punishment,” Putin said. “The armed forces and other government agencies have received the necessary orders.”
Authorities declared a “counterterrorist regime” in the capital and its surrounding region, enhancing security and restricting some movement. On the southern outskirts, troops erected checkpoints, arranged sandbags and set up machine guns.
Moscow Mayor Sergei Sobyanin warned that traffic could be restricted in parts of the capital and declared Monday a non-working day for most residents.
Crews dug up sections of highways to slow the march of the Wagner mercenary army. Access to Red Square was closed, two major museums were evacuated and a park was shut.
Prigozhin’s private army appeared to control the military headquarters in Rostov-on-Don, a city 660 miles (over 1,000 kilometers) south of Moscow that runs Russian operations in Ukraine, Britain’s Ministry of Defense said.
Wagner troops and equipment also were in Lipetsk province, about 360 kilometers (225 miles) south of Moscow, where authorities “are taking all necessary measures to ensure the safety of the population,” said regional Gov. Igor Artamonov, via Telegram. He did not elaborate.
The dramatic developments came exactly 16 months after Russia launched its full-scale invasion of Ukraine, Europe’s largest conflict since World War II, which has killed tens of thousands, displaced millions and reduced cities to rubble.
Ukrainians hoped the Russian infighting would create opportunities for its army to take back territory seized by Russian forces.
Ukrainian President Volodymyr Zelenskyy said Moscow was suffering “full-scale weakness” and that Kyiv was protecting Europe from “the spread of Russian evil and chaos.”
The Federal Security Service, or FSB, called for Prigozhin’s arrest Friday night after he declared the armed rebellion.
Prigozhin said earlier Saturday that his fighters would not surrender, as “we do not want the country to live on in corruption, deceit and bureaucracy.”
“Regarding the betrayal of the motherland, the president was deeply mistaken. We are patriots of our homeland,” he said in an audio message on his Telegram channel.
Prigozhin’s private army has been fighting alongside regular Russian troops in Ukraine. His goals weren’t immediately clear, but the rebellion marks an escalation in his struggle with Russian military leaders, whom he accused of botching the war in Ukraine and hobbling his forces in the field.
“This is not a military coup, but a march of justice,” Prigozhin said.
Prigozhin said he had 25,000 troops under his command and urged the army not to offer resistance.
He posted video of himself at the military headquarters in Rostov-on-Don and claimed his forces had taken control of the airfield and other military facilities in the city. Other videos on social media showed military vehicles, including tanks, on the streets.
“We didn’t kill a single person on our way,” Prigozhin said in one of his several messages posted as the day went on, adding that his forces seized the military headquarters “without a single gunshot.” His claims could not be independently verified. The Russian authorities haven’t reported any casualties so far, either.
The rebellion came as Russia is “fighting the toughest battle for its future,” Putin said, with the West piling sanctions on Moscow and arming Ukraine.
“The entire military, economic and information machine of the West is waged against us,” Putin said.
A Muscovite who gave only his first name of Khachik called the situation “scary.” Another man who didn’t want to be identified at all denounced Prigozhin’s move as a betrayal and said he supports the Defense Ministry.
State-controlled TV networks led their newscasts with Putin’s statement and reported the tense situation in Rostov-on-Don. Some showed social media videos of residents denouncing Wagner troops. Broadcasters also carried statements from top officials and lawmakers voicing support for Putin and condemning Prigozhin.
In announcing the rebellion, Prigozhin said he wanted to punish Defense Minister Sergei Shoigu after he accused Russian government forces of attacking Wagner field camps in Ukraine with rockets, helicopter gunships and artillery. He claimed that “a huge number of our comrades got killed.” Prigozhin said his forces shot down a Russian military helicopter that fired on a civilian convoy, but there was no independent confirmation.
He alleged that Gen. Valery Gerasimov, chief of the General Staff, ordered the attacks following a meeting with Shoigu, where they decided to destroy the military contractor. The Defense Ministry denied attacking the Wagner camps.
The 62-year-old Prigozhin, a former convict, has long ties to the Russian leader and won lucrative Kremlin catering contracts that earned him the nickname “Putin’s chef.”
He gained attention in the U.S. when he and a dozen other Russian nationals were charged with operating a covert social media campaign aimed at fomenting discord ahead of Donald Trump’s 2016 presidential election victory. He formed the Wagner mercenary group, which sent military contractors to Libya, Syria, several African countries and eventually Ukraine.
After Putin’s address, in which he called for unity, officials sought to reiterate their allegiance to the Kremlin and urged Prigozhin to back down.
Vyacheslav Volodin, speaker of the lower house of parliament, said lawmakers “stand for the consolidation of forces” and support Putin. Foreign Ministry spokeswoman Maria Zakharova echoed that, saying in a Telegram post that “we have one commander in chief. Not two, not three. One.”
Ramzan Kadyrov, the strongman leader of the Chechnya region who used to side with Prigozhin in his criticism of the military, also expressed his full support of Putin’s “every word.”
“The mutiny needs to be suppressed,” Kadyrov said.
While the outcome of the confrontation was still unclear, it appeared likely to further hinder Moscow’s war effort as Kyiv’s forces probed Russian defenses in the initial stages of a counteroffensive.
Wagner forces have played a crucial role, capturing the eastern city of Bakhmut, an area where the bloodiest and longest battles have taken place. But Prigozhin has increasingly criticized the military brass, accusing it of incompetence and of starving his troops of munitions.
Zelenskyy noted the rebellion in his Telegram channel and said “anyone who chooses the path of evil destroys himself.”
“For a long time, Russia used propaganda to mask its weakness and the stupidity of its government. And now there is so much chaos that no lie can hide it,” he said.
Prigozhin’s actions could have significant implications for the war. Orysia Lutsevych, the head of the Ukraine Forum at the Chatham House think tank in London, said the infighting will create confusion and potential division among Russian military forces.
“Russian troops in Ukraine may well now be operating in a vacuum, without clear military instructions, and doubts about whom to obey and follow,” Lutsevych said.”This creates a unique and unprecedented military opportunity for the Ukrainian army.”
Ukrainian soldier Andrii Kvasnytsia, attending a funeral for a comrade, said Prigozhin’s intentions toward Ukraine might be worse than Putin’s, but that the infighting would still benefit the country.
Prigozhin, whose feud with the Defense Ministry dates back years, had refused to comply with a requirement that his forces sign contracts with the ministry before July 1. He said Friday he was ready for a compromise but “they have treacherously cheated us.”
In Washington, the Institute for the Study of War said “the violent overthrow of Putin loyalists like Shoigu and Gerasimov would cause irreparable damage to the stability of Putin’s perceived hold on power.”
Western countries monitored developments closely. U.S. Secretary of State Antony Blinken spoke with his counterparts in the other G7 countries and the European Union’s foreign affairs representative, his spokesman said, adding that Blinken “reiterated that support by the United States for Ukraine will not change.”
Latvia and Estonia, two NATO countries that border Russia, said they were increasing security at their borders.
The Kremlin said Putin spoke by phone with the leaders of Turkey, Belarus, Kazakhstan and Uzbekistan about the events.
Although there was speculation that Putin had left Moscow, his spokesman Dmitry Peskov denied it.
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 AAPL, +0.04%
CEO Tim Cook and Google GOOG, -0.49%
GOOGL, -0.41%
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.
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.
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.
BlackRock, the world’s largest asset manager, has filed an application for a spot bitcoin exchange-traded fund.
There are currently no such products in the U.S. The SEC approved several bitcoin BTCUSD futures-based ETFs in the past, but has yet to greenlight anything that is backed by bitcoin itself.
ROME (AP) — Silvio Berlusconi, the boastful billionaire media mogul who was Italy’s longest-serving premier despite scandals over his sex-fueled parties and allegations of corruption, died, Italian media reported Monday. He was 86.
Italian news agency LaPresse reported Berlusconi’s death after he was hospitalized on Friday for the second time in months for treatment of chronic leukemia.
Berlusconi was hospitalized in Milan on April 5 with a lung infection stemming from the disease, said Dr. Alberto Zangrillo, his personal physician. He also suffered over the years from heart ailments, prostate cancer and was hospitalized for COVID-19 in 2020.
A onetime cruise ship crooner, Berlusconi used his television networks and immense wealth to launch his long political career, inspiring both loyalty and loathing.
To admirers, the three-time premier was a capable and charismatic statesman who sought to elevate Italy on the world stage. To critics, he was a populist who threatened to undermine democracy by wielding political power as a tool to enrich himself and his businesses.
His Forza Italia political party was a coalition partner with current Premier Giorgia Meloni, a far-right leader who came to power last year, although he held no position in the government.
Silvio Berlusconi, Giorgia Meloni (C), Matteo Salvini and other members of right-wing coalition speak to the media on October 21, 2022 in Rome, Italy.
Getty Images
His friendship with Russian President Vladimir Putin put him at odds with Meloni, a staunch supporter of Ukraine. On his 86th birthday, while the war raged, Putin sent Berlusconi best wishes and vodka, and the Italian boasted he returned the favor by sending back Italian wine.
As Berlusconi aged, some derided his perpetual tan, hair transplants and live-in girlfriends who were decades younger. For many years, however, Berlusconi seemed untouchable despite the personal scandals.
Criminal cases were launched but ended in dismissals when statutes of limitations ran out in Italy’s slow-moving justice system, or he was victorious on appeal. Investigations targeted the tycoon’s steamy so-called “bunga bunga” parties involving young women and minors, or his businesses, which included the soccer team AC Milan, the country’s three biggest private TV networks, magazines and a daily newspaper, and advertising and film companies.
Karima El-Mahroug, a.k.a. Ruby (C), reacts as members of the media approach on February 15, 2023 at a Milan special courthouse, following a court decision acquitting Berlusconi of bribing witnesses to lie about his “bunga bunga” parties in an underage prostitution case.
AFP via Getty Images
Only one led to a conviction — a tax fraud case stemming from a sale of movie rights in his business empire. The conviction was upheld in 2013 by Italy’s top criminal court, but he was spared prison because of his age, 76, and was ordered to do community service by assisting Alzheimer’s patients.
He still was stripped of his Senate seat and banned from running or holding public office for six years, under anti-corruption laws.
He stayed at the helm of Forza Italia, the center-right party he created when he entered politics in the 1990s and named for a soccer cheer, “Let’s go, Italy.” With no groomed successor in sight, voters started to desert it.
He eventually held office again -– elected to the European Parliament at age 82 and then last year to the Italian Senate.
Berlusconi’s party was eclipsed as the dominant force on Italy’s political right: first by the League, led by anti-migrant populist Matteo Salvini, then by Meloni’s Brothers of Italy party, with its roots in neo-fascism. Following elections in 2022, Meloni formed a governing coalition with their help.
He suffered personal humiliations as well. Berlusconi lost his standing as Italy’s richest man, although his sprawling media holdings and luxury real estate still left him a billionaire several times over.
In 2013, guests at one of his parties included an under-age Moroccan dancer whom prosecutors alleged had sex with Berlusconi in exchange for cash and jewelry. After a trial spiced by lurid details, a Milan court initially convicted Berlusconi of paying for sex with a minor and using his office to try to cover it up. Both denied having sex with each other, and he was eventually acquitted.
The Catholic Church, at times sympathetic to his conservative politics, was scandalized by his antics, and his wife of nearly 20 years divorced him, but Berlusconi was unapologetic, declaring: “I’m no saint.”
Berlusconi insisted that voters were impressed by his brashness.
“The majority of Italians in their hearts would like to be like me and see themselves in me and in how I behave,” he said in 2009, during his third and final stint as premier.
His second term, from 2001-06, was perhaps his golden era, when he became Italy’s longest-serving head of government and boosted its global profile through his friendship with U.S. President George W. Bush. Bucking widespread sentiment at home and in Europe, Berlusconi backed the U.S.-led war in Iraq.
As a businessman who knew the power of images, Berlusconi introduced U.S.-style political campaigns — with big party conventions and slick advertising — that broke with the gray world of Italian politics, in which voters essentially chose parties and not candidates. His rivals had to adapt.
Berlusconi saw himself as Italy’s savior from what he described as the Communist menace — years after the Berlin Wall fell. From the start of his political career in 1994, he portrayed himself as the target of a judiciary he described as full of leftist sympathizers. He always proclaimed his innocence.
When the anti-establishment 5-Star Movement gained strength, Berlusconi branded it as a menace worse than Communism.
His close friendship with longtime Socialist leader and former Premier Bettino Craxi was widely credited for helping him become a media baron. Still, Berlusconi billed himself as a self-made man, saying, “My formula for success is to be found in four words: work, work and work.”
He boasted of his libido and entertained friends and world leaders at his villas. At one party, newspapers reported the women were dressed as “little Santas.” At another, photos showed topless women and a naked man lounging poolside.
“I love life! I love women!” an unrepentant Berlusconi said in 2010.
He occasionally selected TV starlets for posts in his Forza Italia party. “If I weren’t married, I would marry you immediately,” Berlusconi reportedly said in 2007 to Mara Carfagna, who later became a Cabinet minister. Berlusconi’s wife publicly demanded an apology.
Berlusconi was nicknamed “Papi” — or “Daddy” — by an aspiring model whose 18th birthday bash he attended, also to his wife’s irritation. Later, self-described escort Patrizia D’Addario said she spent the night with him on the evening that Barack Obama was elected U.S. president in 2008.
From his cruise ship entertainer days, Berlusconi loved to compose and sing Neapolitan songs. Like millions of Italians, he had a passion for soccer, and often was in the stands at AC Milan.
He delighted in flouting political etiquette. He sported a bandanna when hosting British Prime Minister Tony Blair at his estate on the Emerald Coast of Sardinia, and it was later revealed he was concealing hair transplants. He posed for photos at international summits making an Italian gesture — which can be offensive or superstitious, depending on circumstances — in which the index and pinkie fingers are extended like horns.
US President Barack Obama (R) speaks with Italy’s Prime Minister Silvio Berlusconi during a meeting at the G8 Summit at Deerhurst Resort in Huntsville, Ontario, on June 26, 2010.
AFP via Getty Images
He stirred anger after the Sept. 11, 2001, terrorist attacks in the United States by claiming Western civilization was superior to Islam.
When criticized in 2003 at the European Parliament by a German lawmaker, Berlusconi likened his adversary to a concentration camp guard. Years later, he drew outrage when he compared his family’s legal woes to what Jews must have encountered in Nazi Germany.
Berlusconi was born in Milan on Sept. 29, 1936, the son of a middle-class banker. He earned a law degree, writing his thesis on advertising. He started a construction company at 25 and built apartment complexes for middle-class families on Milan’s outskirts, part of a postwar boom.
But his astronomical wealth came from the media. In the late 1970s and 1980s, he circumvented Italy’s state TV monopoly RAI by creating a de facto network in which local stations all showed the same programming. RAI and his Mediaset network accounted for about 90% of the national market in 2006.
When the “Clean Hands” corruption scandals of the 1990s decimated the political establishment that had dominated postwar Italy, Berlusconi filled the void, founding Forza Italia in 1994.
His first government in 1994 collapsed after eight months when an ally who led an anti-immigrant party yanked support. But aided by an aggressive campaign that included mass mailings of glossy magazines recounting his success story, Berlusconi swept to victory in 2001.
Shuffling his Cabinet occasionally, he stayed in power for five years, setting a record for government longevity in Italy. It wasn’t easy.
A Group of Eight summit he hosted in Genoa in 2001 was marred by violent anti-globalization demonstrations and the death of a protester shot by a police officer. Berlusconi faced fierce domestic opposition and alienated some allies by sending 3,000 troops to Iraq after the ouster of Saddam Hussein in 2003. For a time, Italy was the third-largest contingent in the U.S. coalition.
At home, he constantly faced accusations of sponsoring laws aimed at protecting himself or his businesses, but he insisted he always acted in the interest of all Italians. Legislation passed when he was premier allowing officeholders to own media businesses but not run them was deemed by his critics to be tailor made for Berlusconi.
An admirer of U.S. President Ronald Reagan and British Prime Minister Margaret Thatcher, Berlusconi passed reforms that partially liberalized the labor and pension systems, among Europe’s most inflexible. He also was chummy with Putin, who stayed at his Sardinian estate, and he visited the Russian leader, notably going to Crimea after Moscow illegally annexed the peninsula in 2014.
In 2006, as Italy was ridiculed as “the sick man of Europe,” with its economy mired in zero growth and its budget deficit rising, Berlusconi narrowly lost the general election to center-left leader Romano Prodi, who had been president of the European Union Commission.
In 2008, he bounced back for what would be his final term as premier. It ended abruptly in 2011, when financial markets lost faith in his ability to keep Italy from succumbing to the eurozone’s sovereign debt crisis. To the relief of economic powerhouse Germany, Berlusconi reluctantly stepped down.
Health concerns dogged him over the years. He underwent surgery for prostate cancer in 1997. In November 2006, he fainted during a speech, and the next month flew to the U.S., where he received a pacemaker at the Cleveland Clinic. He underwent more heart surgery in 2016.
During a political rally in 2009, a man threw a souvenir statuette of Milan’s cathedral at Berlusconi, fracturing his nose, cracking two teeth and cutting his lip.
Berlusconi was first married in 1965 to Carla Dall’Oglio, and their two children, Marina and Piersilvio, were groomed to hold top positions in his business empire. He married his second wife, Veronica Lario, in 1990, and they had three children, Barbara, Eleonora and Luigi.
Billionaire investor and philanthropist George Soros is handing over control of his $25 billion financial empire to his son, 37-year-old Alex Soros.
The Wall Street Journal first reported the news Sunday, which was confirmed by a spokesperson for Soros’ Open Society Foundations. In an interview with the Journal, Alex Soros said he shares his father’s liberal aims, including support for voting and abortion rights, adding “I’m more political” than his father.
The Open Society Foundations directs about $1.5 billion a year to humanitarian and democratic causes worldwide, and controls the majority of assets managed by the Soros family. OSF’s website says it champions solutions “that advance justice, equity and human dignity.”
Alex Soros told the Journal he intends to continue to use the family’s fortune to support liberal politicians and causes. “As much as I would love to get money out of politics, as long as the other side is doing it, we will have to do it, too,” he told the Journal.
In 2018, he penned an op-ed for the New York Times decrying the climate of “political demonization” and blamed Donald Trump for a rise in hate and extremism. “A genie was let out of the bottle, which may take generations to put back in,” he wrote.
George Soros, 92, had previously said he didn’t want any of his children to take over his foundation as a matter of principle, but told the Journal, of Alex: “He’s earned it.”
In December, Alex Soros replaced his father as chairman of the board of the Open Society Foundations, and he is the only family member on the investment committee overseeing Soros Fund Management, according to the Journal.
In the 2021-’22 election cycle, George Soros was the country’s No. 1 political donor, giving more than $178 million to Democrats, according to data from nonpartisan political money-tracker OpenSecrets.
The federal indictment of Donald Trump in a classified documents probe has been unsealed, a day after the former president was charged in the case.
Trump — currently the front-runner for the 2024 GOP presidential nomination — faces 37 criminal counts including charges of unauthorized retention of classified documents and obstructing justice.
The federal indictment of Donald Trump in a classified documents probe has been unsealed, a day after the former president was charged in the case.
Trump — currently the front-runner for the 2024 GOP presidential nomination — faces 37 criminal counts including charges of unauthorized retention of classified documents and obstructing justice.
Earlier Friday, Trump shook up his legal team in the wake of the indictment.
In a video on Truth Social Thursday night, Trump called the new probe a “hoax” and said he’s an “innocent man.” And in a fundraising pitch, Trump showed no signs of slowing his campaign, saying: “I only grow that much more confident that we WILL win back the White House and SAVE our country in 2024!” There is nothing in the U.S. Constitution to prevent Trump from running for president.
Trump’s valet, Walt Nauta, was also charged in the indictment. Nauta went to work at Trump’s Mar-a-Lago resort in Florida after leaving the White House.
The 49-page document accuses the former president of ignoring Justice Department demands to return documents he had taken from the White House to Mar-a-Lago and even directing aides to help him hide the records sought by the government. Nauta was seen on surveillance camera removing boxes at Mar-a-Lago.
Jack Smith, the special counsel leading the investigation, said in a rare public appearance on Friday that he was seeking a “speedy trial.”
“It is very important for me to note that the defendants in this case must be presumed innocent until proven guilty beyond a reasonable doubt in a court of law,” Smith said. He also invited the public to read the full indictment “to understand the scope and the gravity of the crimes charged.”
Trump has already been indicted in a separate case in New York and faces other investigations in Georgia and in Washington that could lead to criminal charges.
Trump’s rivals for the Republican nomination include Florida Gov. Ron DeSantis and former South Carolina Gov. Nikki Haley. Analysts are predicting that the indictment could help Trump in the GOP primary, but not in the November 2024 election vs. President Joe Biden. Biden, asked about the indictment on Friday, said he had no comment.
“We continue to think that indictments are a neutral to positive factor for Trump in a primary setting, while being a serious vulnerability when the general election rolls around,” Tobin Marcus, an Evercore ISI analyst, wrote in a note on Friday.
Meanwhile, shares of Digital World Acquisition Corp. DWAC, -0.70%,
the special-purpose acquisition company (SPAC) looking to take Trump’s Truth Social platform public, were down fractionally after climbing in morning trading Friday.
Victor Reklaitis and the Associated Press contributed.
VIRGINIA BEACH, Va. (AP) — Pat Robertson, a religious broadcaster who turned a tiny Virginia station into the global Christian Broadcasting Network, tried a run for president and helped make religion central to Republican Party politics in America through his Christian Coalition, has died. He was 93.
Robertson’s death Thursday was announced by his broadcasting network. No cause was given.
Robertson’s enterprises also included Regent University, an evangelical Christian school in Virginia Beach; the American Center for Law and Justice, which defends the First Amendment rights of religious people; and Operation Blessing, an international humanitarian organization.
But for more than a half-century, Robertson was a familiar presence in American living rooms, known for his “700 Club” television show, and in later years, his televised pronouncements of God’s judgment on America for everything from homosexuality to the teaching of evolution.
The money poured in as he solicited donations, his influence soared, and when he moved directly into politics by seeking the GOP presidential nomination in 1988, he brought a huge following with him.
Robertson pioneered a now-common strategy of courting Iowa’s network of evangelical Christian churches, and finished in second place in the Iowa caucuses, ahead of Vice President George H.W. Bush.
At the time, Jeffrey K. Hadden, a University of Virginia sociologist and a Robertson biographer, said Robertson’s masterstroke was insisting that three million followers across the U.S. sign petitions before he would decide to run. The tactic gave him an army.
″He asked people to pledge that they’d work for him, pray for him and give him money,” Hadden told The Associated Press in 1988. ″Political historians may view it as one of the most ingenious things a candidate ever did.″
With just two days to spare, President Joe Biden signed legislation on Saturday that lifts the nation’s debt ceiling, averting an unprecedented default on the federal government’s debt.
The Treasury Department had warned that the country would start running short of cash to pay all of its bills on Monday, which would have sent shockwaves through the U.S. and global economies.
Republicans refused to raise the country’s borrowing limit unless Democrats agreed to cut spending, leading to a standoff that was not resolved until weeks of intense negotiations between the White House and House Speaker Kevin McCarthy, R-Calif.
The final agreement, which was passed by the House on Wednesday and the Senate on Thursday, suspends the debt limit until 2025 — after the next presidential election — and restricts government spending.
Raising the nation’s debt limit, now at $31.4 trillion, will ensure that the government can borrow to pay debts already incurred.
“Passing this budget agreement was critical. The stakes could not have been higher,” Biden said from the Oval Office on Friday evening. “Nothing would have been more catastrophic,” he said, than defaulting on the country’s debt.
The agreement was hashed out by Biden and House Speaker Kevin McCarthy, giving Republicans some of their demanded federal spending cuts but holding the line on major Democratic priorities.
It raises the debt limit until 2025 — after the 2024 presidential election — and gives legislators budget targets for the next two years in hopes of assuring fiscal stability as the political season heats up.
“No one got everything they wanted but the American people got what they needed,” Biden said, highlighting the “compromise and consensus” in the deal. “We averted an economic crisis and an economic collapse.”
Biden used the opportunity to itemize the achievements of his first term as he runs for reelection, including support for high-tech manufacturing, infrastructure investments and financial incentives for fighting climate change.
He also highlighted ways he blunted Republican efforts to roll back his agenda and achieve deeper cuts.
“We’re cutting spending and bringing deficits down at the same time,” Biden said. “We’re protecting important priorities from Social Security to Medicare to Medicaid to veterans to our transformational investments in infrastructure and clean energy.”
Even as he pledged to continue working with Republicans, Biden also drew contrasts with the opposing party, particularly when it comes to raising taxes on the wealthy, something the Democratic president has sought.
It’s something he suggested may need to wait until a second term.
“I’m going to be coming back,” he said. “With your help, I’m going to win.”
Biden’s remarks were the most detailed comments from the Democratic president on the compromise he and his staff negotiated. He largely remained quiet publicly during the high-stakes talks, a decision that frustrated some members of his party but was intended to give space for both sides to reach a deal and for lawmakers to vote it to his desk.
Biden praised McCarthy and his negotiators for operating in good faith, and all congressional leaders for ensuring swift passage of the legislation. “They acted responsibly, and put the good of the country ahead of politics,” he said.
Overall, the 99-page bill restricts spending for the next two years and changes some policies, including imposing new work requirements for older Americans receiving food aid and greenlighting an Appalachian natural gas pipeline that many Democrats oppose.
Some environmental rules were modified to help streamline approvals for infrastructure and energy projects — a move long sought by moderates in Congress.
The Congressional Budget Office estimates it could actually expand total eligibility for federal food assistance, with the elimination of work requirements for veterans, homeless people and young people leaving foster care.
The legislation also bolsters funds for defense and veterans, cuts back some new money for the Internal Revenue Service and rejects Biden’s call to roll back Trump-era tax breaks on corporations and the wealthy to help cover the nation’s deficits. But the White House said the IRS’ plans to step up enforcement of tax laws for high-income earners and corporations would continue.
The agreement imposes an automatic overall 1% cut to spending programs if Congress fails to approve its annual spending bills — a measure designed to pressure lawmakers of both parties to reach consensus before the end of the fiscal year in September.
In both chambers, more Democrats backed the legislation than Republicans, but both parties were critical to its passage. In the Senate the tally was 63-36 including 46 Democrats and independents and 17 Republicans in favor, 31 Republicans along with four Democrats and one independent who caucuses with the Democrats opposed.
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.
The U.S. Senate voted 63-36 in favor of a crucial debt-ceiling bill on Thursday night, sending the measure to President Joe Biden to be signed into law.
The Fiscal Responsibility Act, which the Republican-run House of Representatives approved on Wednesday night in a 314-117 vote, raises the ceiling for federal borrowing and avoids a market-shaking government default while imposing some limits on spending.
The U.S. House of Representatives voted 314-117 in favor of a crucial debt-ceiling bill on Wednesday night, keeping Washington on track to meet the Treasury Department’s Monday deadline.
There were 149 Republicans and 165 Democrats voting for the measure, while 71 Republicans and 46 Democrats voted against it.
The U.S. House of Representatives on Wednesday voted 241-187 in favor of a procedural measure tied to a crucial debt-limit bill, keeping the Republican-run chamber on track to hold its actual vote on that bill around 8:30 p.m. Eastern.
There were 189 Republicans and 52 Democrats voting “yea” for the procedural measure, while 29 Republicans and 158 Democrats voted “nay.”
NEW YORK (AP) — Former New Jersey Gov. Chris Christie is expected to launch a Republican presidential campaign next week in New Hampshire.
Christie, who also ran in 2016, is planning to make the announcement at a town hall Tuesday evening at Saint Anselm College’s New Hampshire Institute of Politics, according to a person familiar with his thinking who spoke on condition of anonymity to confirm Christie’s plans.
BEIJING (AP) — Asian stock markets sank Wednesday ahead of a vote by Congress on a deal to avert a government debt default, while a downturn in Chinese factory activity deepened, adding to signs global economic activity is weakening.
Shanghai, Tokyo, Hong Kong and Sydney retreated. Oil prices declined.Wall Street’s benchmark S&P 500 index edged up less than 0.1% on Tuesday as President Joe Biden and U.S. House Speaker Kevin McCarthy tried to line up votes in support of their deal to allow the government to borrow more. Without…
The Democratic president and Republican speaker spoke with each other Sunday evening as negotiators rushed to draft the bill text so lawmakers can review compromises that neither the hard-right or left flank is likely to support. Instead, the leaders are working to gather backing from the political middle as Congress hurries toward votes before a June 5 deadline to avert a damaging federal default.
“Good news,” Biden declared Sunday evening at the White House.
“The agreement prevents the worst possible crisis, a default, for the first time in our nation’s history,” he said. “Takes the threat of a catastrophic default off the table.”
The president urged both parties in Congress to come together for swift passage. “The speaker and I made clear from the start that the only way forward was a bipartisan agreement,” he said.
The compromise announced late Saturday includes spending cuts but risks angering some lawmakers as they take a closer look at the concessions. Biden told reporters at the White House upon his return from Delaware that he was confident the plan will make it to his desk.
McCarthy, too, was confident in remarks at the Capitol: “At the end of the day, people can look together to be able to pass this.”
The days ahead will determine whether Washington is again able to narrowly avoid a default on U.S. debt, as it has done many times before, or whether the global economy enters a potential crisis.
In the United States, a default could cause financial markets to freeze up and spark an international financial crisis. Analysts say millions of jobs would vanish, borrowing and unemployment rates would jump, and a stock-market plunge could erase trillions of dollars in household wealth. It would all but shatter the $24 trillion market for Treasury debt.
Anxious retirees and others were already making contingency plans for missed checks, with the next Social Security payments due soon as the world watches American leadership at stake.
McCarthy and his negotiators portrayed the deal as delivering for Republicans though it fell well short of the sweeping spending cuts they sought. Top White House officials were briefing Democratic lawmakers and phoning some directly to try to shore up support.
As Sunday dragged on, negotiators labored to write the bill text and lawmakers raised questions.
McCarthy told reporters at the Capitol on Sunday that the agreement “doesn’t get everything everybody wanted,” but that was to be expected in a divided government. Privately, he told lawmakers on a conference call that Democrats “got nothing” they wanted.
A White House statement from the president, issued after Biden and McCarthy spoke by phone Saturday evening and an agreement in principle followed, said the deal “prevents what could have been a catastrophic default.”
Support from both parties will be needed to win congressional approval before a projected June 5 government default on U.S. debts. Lawmakers are not expected to return to work from the Memorial Day weekend before Tuesday, at the earliest, and McCarthy has promised lawmakers he will abide by the rule to post any bill for 72 hours before voting.
With the outlines of an agreement in place, the legislative package could be drafted and shared with lawmakers in time for House votes as soon as Wednesday, and later in the coming week in the Senate.
Central to the compromise is a two-year budget deal that would essentially hold spending flat for 2024, while boosting it for defense and veterans, and capping increases at 1% for 2025. That’s alongside raising the debt limit for two years, pushing the volatile political issue past the next presidential election.
Driving hard to impose tougher work requirements on government aid recipients, Republicans achieved some of what they wanted. It ensures people ages 49 to 54 with food stamp aid would have to meet work requirements if they are able-bodied and without dependents. Biden was able to secure waivers for veterans and homeless people.
The deal puts in place changes in the landmark National Environmental Policy Act designating “a single lead agency” to develop environmental reviews, in hopes of streamlining the process.
It halts some funds to hire new Internal Revenue Service agents as Republicans demanded, and rescinds some $30 billion for coronavirus relief, keeping $5 billion for developing the next generation of COVID-19 vaccines.
The deal came together after Treasury Secretary Janet Yellen told Congress that the United States could default on its debt obligations by June 5 — four days later than previously estimated — if lawmakers did not act in time. Lifting the nation’s debt limit, now at $31 trillion, allows more borrowing to pay bills already insurred.
McCarthy commands only a slim Republican majority in the House, where hard-right conservatives may resist any deal as insufficient as they try to slash spending. By compromising with Democrats, he risks losing support from his own members, setting up a career-challenging moment for the new speaker.
“I think you’re going to get a majority of Republicans voting for this bill,” McCarthy said on “Fox News Sunday,” adding that because Biden backed it, “I think there’s going to be a lot of Democrats that will vote for it, too.”
House Democratic leader Hakeem Jeffries of New York said on CBS’ “Face the Nation” that he expected there will be Democratic support but he declined to provide a number. Asked whether he could guarantee there would not be a default, he said, “Yes.”
A 100-strong group of moderates in the New Democratic Coalition gave a crucial nod of support on Sunday, saying in a statement it was confident that Biden and his team “delivered a viable, bipartisan solution to end this crisis” and were working to ensure the agreement would receive support from both parties.
The coalition could provide enough support for McCarthy to make up for members in the right flank of his party who have expressed opposition before the bill’s wording was even released.
It also takes pressure off Biden, facing criticism from progressives for giving into what they call hostage-taking by Republicans.
Democratic Rep. Pramila Jayapal of Washington state, who leads the Congressional Progressive Caucus, told CBS that the White House and Jeffries should worry about whether caucus members will support the agreement.
WASHINGTON — President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” to raise the nation’s legal debt ceiling late Saturday as they raced to strike a deal to limit federal spending and avert a potentially disastrous U.S. default.
However, the agreement risks angering both Democratic and Republican sides with the concessions made to reach it. Negotiators agreed to some Republican demands for increased work requirements for recipients of food stamps that had sparked an uproar from House Democrats as a nonstarter.
Support from both parties will be needed to win congressional approval next week before a June 5 deadline.
The Democratic president and Republican speaker reached the agreement after the two spoke earlier Saturday evening by phone, said McCarthy. The country and the world have been watching and waiting for a resolution to a political standoff that threatened the U.S. and global economies.
“The agreement represents a compromise, which means not everyone gets what they want,” Biden said in a statement late Saturday night. “That’s the responsibility of governing,” he said.
Biden called the agreement “good news for the American people, because it prevents what could have been a catastrophic default and would have led to an economic recession, retirement accounts devastated, and millions of jobs lost.”
McCarthy in brief remarks at the Capitol, said that “we still have a lot of work to do.”
But the Republican speaker said: “I believe this is an agreement in principle that’s worthy of the American people.”
With the outlines of a deal in place, the legislative package could be drafted and shared with lawmakers in time for votes early next week in the House and later in the Senate.
Central to the package is a two-year budget deal that would hold spending flat for 2024 and impose limits for 2025 in exchange for raising the debt limit for two years, pushing the volatile political issue past the next presidential election.
The agreement would limit food stamp eligibility for able-bodied adults up to age 54, but Biden was able to secure waivers for veterans and the homeless.
The two sides had also reached for an ambitious overhaul of federal permitting to ease development of energy projects and transmission lines. Instead, the agreement puts in place changes in the the National Environmental Policy Act that will designate “a single lead agency” to develop economic reviews, in hopes of streamlining the process.
The deal came together after Treasury Secretary Janet Yellen told Congress that the United States could default on its debt obligations by June 5 — four days later than previously estimated — if lawmakers did not act in time to raise the federal debt ceiling. The extended “X-date” gave the two sides a bit of extra time as they scrambled for a deal.
Biden also spoke earlier in the day with Democratic leaders in Congress to discuss the status of the talks.
The Republican House speaker had gathered top allies behind closed doors at the Capitol as negotiators pushed for a deal that would avoid a first-ever government default while also making spending cuts that House Republicans are demanding.
But as another day dragged on with financial disaster looming closer, it had appeared some of the problems over policy issues that dogged talks all week remained unresolved.
Both sides have suggested one of the main holdups was a GOP effort to expand work requirements for recipients of food stamps and other federal aid programs, a longtime Republican goal that Democrats have strenuously opposed. The White House said the Republican proposals were “cruel and senseless.”
Biden has said the work requirements for Medicaid would be a nonstarter. He seemed potentially open to negotiating minor changes on food stamps, now known as the Supplemental Nutrition Assistance Program, or SNAP, despite objections from rank-and-file Democrats.
McCarthy, who dashed out before the lunch hour Saturday and arrived back at the Capitol with a big box of takeout, declined to elaborate on those discussions. One of his negotiators, Louisiana Rep. Garret Graves, said there was “not a chance” that Republicans might relent on the work requirements issue.
Americans and the world were uneasily watching the negotiating brinkmanship that could throw the U.S. economy into chaos and sap world confidence in the nation’s leadership.
Anxious retirees and others were already making contingency plans for missed checks, with the next Social Security payments due next week.
Yellen said failure to act by the new date would “cause severe hardship to American families, harm our global leadership position and raise questions about our ability to defend our national security interests.”
The president, spending part of the weekend at Camp David, continued to talk with his negotiating team multiple times a day, signing off on offers and counteroffers.
Any deal would need to be a political compromise in a divided Congress. Many of the hard-right Trump-aligned Republicans in Congress have long been skeptical of the Treasury’s projections, and they are pressing McCarthy to hold out.
Lawmakers are not expected to return to work from the Memorial Day weekend before Tuesday, at the earliest, and McCarthy has promised lawmakers he will abide by the rule to post any bill for 72 hours before voting.
The Democratic-held Senate has largely stayed out of the negotiations, leaving the talks to Biden and McCarthy. Senate Majority Leader Chuck Schumer of New York has pledged to move quickly to send a compromise package to Biden’s desk.
Weeks of talks have failed to produce a deal in part because the Biden administration resisted for months on negotiating with McCarthy, arguing that the country’s full faith and credit should not be used as leverage to extract other partisan priorities.
But House Republicans united behind a plan to cut spending, narrowly passing legislation in late April that would raise the debt ceiling in exchange for the spending reductions.
With the outlines of a deal in place, the legislative package could be drafted and shared with lawmakers in time for votes early next week in the House and later in the Senate.
Central to the package is a two-year budget deal that would hold spending flat for 2024 and impose limits for 2025 in exchange for raising the debt limit for two years, pushing the volatile political issue past the next presidential election.
Negotiators agreed to some Republican demands for enhanced work requirements on recipients of food stamps that had sparked an uproar from House Democrats as a nonstarter.
Biden also spoke earlier in the day with Democratic leaders in Congress to discuss the status of the talks, according to three people familiar with the situation, who spoke on condition of anonymity because they were not authorized to discuss the matter publicly.
The Republican House speaker had gathered top allies behind closed doors at the Capitol as negotiators pushed for a deal that would raise the nation’s borrowing limit and avoid a first-ever default on the federal debt, while also making spending cuts that House Republicans are demanding.
As he arrived at the Capitol early in the day, McCarthy said that Republican negotiators were “closer to an agreement.”
McCarthy’s comments had echoed the latest public assessment from Biden, who said Friday evening that bargainers were “very close.” Biden and McCarthy last met face-to-face on the matter Monday.
Their new discussion Saturday by phone came after Treasury Secretary Janet Yellen told Congress that the United States could default on its debt obligations by June 5 — four days later than previously estimated — if lawmakers do not act in time to raise the federal debt ceiling. The extended “X-date” gives the two sides a bit of extra time as they scramble for a deal.
Americans and the world were uneasily watching the negotiating brinkmanship that could throw the U.S. economy into chaos and sap world confidence in the nation’s leadership. House negotiators left the Capitol at 2 a.m. the night before, only to return hours later.
Failure to lift the borrowing limit, now $31 trillion, to pay the nation’s incurred bills, would send shockwaves through the U.S. and global economy. Yellen said failure to act by the new date would “cause severe hardship to American families, harm our global leadership position and raise questions about our ability to defend our national security interests.”
Anxious retirees and others were already making contingency plans for missed checks, with the next Social Security payments due next week.
