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Tag: government budgets

  • Biden addresses nation after avoiding catastrophic default: ‘The stakes could not have been higher’ | CNN Politics

    Biden addresses nation after avoiding catastrophic default: ‘The stakes could not have been higher’ | CNN Politics

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    Washington
    CNN
     — 

    President Joe Biden declared bipartisanship alive and well during his first ever Oval Office address on Friday, pointing to the compromise measure that raises the federal borrowing limit and avoids a catastrophic default as evidence his sometimes-mocked views of Washington are not a thing of the past.

    Addressing the nation from behind the Resolute Desk, Biden sought to harness the vintage presidential setting to make the case for a style of governing he insisted was not only still relevant but essential to avoiding disaster.

    Encouraging Americans to “treat each other with dignity and respect” and to “stop shouting,” he said the package he brokered with Republicans ensures economic progress going forward and amounts to a “crisis averted” – even though it sparked fury from some in his own party.

    And he vowed to continue working toward priorities that were left out – including raising taxes on the wealthy – in an implicit reelection message.

    “Passing this budget agreement was critical. The stakes could not have been higher,” he said.

    It’s been several years since Americans have witnessed the type of seated, direct-to-camera speech Biden delivered Friday. Past presidents have employed the Oval Office to deliver statements during moments of crisis, like after the terror attacks on 9/11 or when the space shuttle Challenger exploded.

    Biden was speaking not amid a crisis but having avoided one. Yet by evoking a style of speech used by presidents for decades, he seemed to also harken to an era of government that did not look down on attempts at compromise.

    “I know bipartisanship is hard and unity is hard, but we can never stop trying, because at moments like this one, the ones we just faced where the American economy and the world economy is at risk of collapsing, there is no other way,” he said in his speech.

    The decision to speak in the most formal of presidential settings came after weeks of fraught negotiations over the borrowing limit. The deal ultimately struck between Biden and House Speaker Kevin McCarthy raises the debt ceiling for two years, freezes domestic spending, imposes some new work requirements on food stamps and alters certain energy permitting rules.

    Biden had intentionally avoided declaring victory after brokering the agreement, partly in the hopes of securing the necessary Republican votes for the bill to pass.

    That tactic appeared to work; the measure cleared the House and Senate in bipartisan fashion. Biden said he planned to sign the bill Saturday and called the engagements with his Republican interlocutors “respectful.”

    He began his evening address by underscoring his efforts to work across the aisle to secure a positive outcome – an objective he noted had been met with intense skepticism.

    “When I ran for president, I was told that the days of bipartisanship is over and Democrats and Republicans could no longer work together. I refuse to believe that,” Biden said. “The only way American democracy can function is through compromise and consensus.”

    The president said neither Republicans nor Democrats “got everything they wanted but the American people got what they needed.”

    “We averted an economic crisis and an economic collapse,” he said.

    The Treasury Department has said it will run out of cash to pay its bills in full and on time on Monday. Economists had warned of severe consequences of a national default.

    Despite the bill’s passage, the legislation known as the Bipartisan Budget Agreement had detractors on both the left and right. Many liberals and conservatives voted against it, and the most right-wing lawmakers have raised the prospect of trying to oust McCarthy from his leadership role for what they say were insufficient spending cuts.

    On the left, progressive Democrats balked at some of the new work requirements added to the bill, though an analysis by the nonpartisan Congressional Budget Office showed the measure would likely keep the number of Americans on food stamps at roughly the same levels. The bill lifted work requirements for veterans and those experiencing homelessness.

    Democratic critics have also voiced outrage at approval included in the bill of a natural gas pipeline through West Virginia and Virginia.

    Biden and his aides have argued they were successfully able to stave off the most extreme Republican positions to arrive at a bill that ultimately avoided economic disaster.

    Through it all, some Democrats have grumbled at the president’s approach to the situation. While Biden initially said he would not negotiate over raising the debt ceiling, demanding only a “clean increase,” he ultimately entered into talks with McCarthy that tied the borrowing limit to budget cuts.

    Others encouraged Biden to use the 14th Amendment, which states the US debt “shall not be questioned,” to unilaterally raise the debt ceiling. Biden said it was possible to explore that option in the future, but it was too risky to deploy with the imminent threat of default.

    “Nothing would have been more catastrophic” than a default, Biden said in his remarks.

    This headline and story have been updated with additional developments.

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  • Gaming the government is not going well | CNN Politics

    Gaming the government is not going well | CNN Politics

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    A version of this story appeared in CNN’s What Matters newsletter. To get it in your inbox, sign up for free here.



    CNN
     — 

    Governing is not, or at least it shouldn’t be, some kind of game.

    But this week it feels like powerful people are treating it like one, running trick plays to score points, trash talking and making threats, and exploiting rules to bring things to a halt.

    In Florida, a brewing grudge match pits Disney, one of the state’s largest employers, against its governor, the ambitious Republican Ron DeSantis who is eyeing a presidential run.

    How the state government’s relationship with its notable corporate citizen turned petty is getting hard to follow.

    The basic storyline, as laid out by CNN’s Steve Contorno, is that Disney spoke out against a law DeSantis pushed to limit what teachers can say in the classroom. Faulting its “woke” corporate behavior, DeSantis and Republicans in the state moved to install their political allies onto a quasi-government board that oversees the area that includes Disney World. But the company moved to defang the board before the new appointees took on their roles.

    Rather than sending a message to Disney, DeSantis now looks outmaneuvered and is threatening more action against the company.

    It’s not clear if he’s serious or not, but the most bizarre idea he suggested is building a state prison on public land next to the Magic Kingdom. Watch him here.

    The appearance of a Republican potentially trying to sabotage a massive employer is the kind of play DeSantis’ potential rivals for the Republican presidential nomination are happy to point out.

    “I think it rightfully makes a lot of people question his judgment and his maturity,” former New Jersey Gov. Chris Christie said Tuesday in a conversation with the website Semafor.

    Christie said if DeSantis “can’t see around a corner that (Disney CEO) Bob Iger created for you,” then “that’s not the guy I want sitting across from President Xi and negotiating our next agreement with China.”

    In Washington, where the Senate rulebook has been befuddling people for centuries, Republicans are citing the Senate rules and making clear they won’t let Democrats replace, even temporarily, the ailing Sen. Dianne Feinstein on the Senate Judiciary Committee.

    Feinstein, 89, has been out of the office since early March while dealing with a case of the shingles. But since Democrats only have a one-seat majority on the panel, her absence has ground judicial nominations to a halt.

    For a rules-minded guy like Senate Minority Leader Mitch McConnell, another octogenarian just returning from his own month-plus convalescence after a fall, there’s no need to let Democrats get another vote on the committee and push through scores of nominations caught in limbo. McConnell suggested if Democrats culled the herd of nominees, they might get some confirmed.

    “They could move a number of less controversial nominees right now. Right now,” he said Tuesday on the Senate floor. “They want to sideline Senator Feinstein, so they can ram through the worst four as well.”

    Various Senate rules have been confusing people for centuries. Even if Feinstein were to resign, Sen. Mitt Romney suggested Tuesday that Republicans could block changes to the Senate Judiciary Committee.

    “I don’t think Republicans are going to lift a finger in any way to get more liberal judges appointed, so whether she’s resigned or leaves temporarily from the judiciary committee, I think we will slow walk any process that makes it easier to appoint more liberal judges,” Romney said.

    Feinstein’s absence isn’t the only problem, as CNN’s Tierney Sneed and Lauren Fox have pointed out, since Republican senators can also use the “blue slip” tradition to veto judicial nominees the Biden administration has put forward for their states.

    If the importance of judicial nominees is still in question, look no further than the furor that a Trump-appointed federal judge has caused by ruling to suspend the 23-year-old FDA authorization for mifepristone, the first drug used in a medication abortion.

    The decision by Judge Matthew Kacsmaryk out of the federal court in Amarillo, Texas, has sent the abortion issue straight back to the Supreme Court, which is expected to rule by Wednesday in a case that could remove nationwide access to a medication that American women have been using for decades, even in states that have sought to protect abortion rights.

    Kacsmaryk was all but selected by opponents of the drug to hear the case since he is the only federal district judge in Amarillo.

    It’s not the rulebook, but rather the teamwork making House Speaker Kevin McCarthy’s life difficult. He wanted to send a message of unity to Wall Street with a speech there Monday. His goal was to calm nerves about the looming debt ceiling showdown and project that Republicans have a plan to raise the debt ceiling and impose spending cuts. Their plan probably won’t get any support from Democrats.

    But almost on cue Tuesday, conservative Republicans began to poke holes in McCarthy’s plan, calling it into question as the US hurtles toward a potential default if there is no debt ceiling agreement by June. McCarthy, at least for now, seems disinclined to allow a vote on any proposal that could get support from Democrats in the House. And he seems unable to find a proposal that can get all Republicans on board. Those Senate rules make it impossible for anything to pass through that chamber without support from ten Republicans, so long as Feinstein is not voting. Read more from CNN’s Stephen Collinson.

    Suffice it to say the debt ceiling, the abortion medication and Disney’s status in Florida are issues where there’s not a winner and a loser, even if they’re being treated that way by the powerful people who are supposed to be in charge.

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  • Here’s how the 14th Amendment factors into the debt ceiling debate | CNN Politics

    Here’s how the 14th Amendment factors into the debt ceiling debate | CNN Politics

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    CNN
     — 

    As the stalemate over addressing the debt ceiling continues and the threat of default looms larger, President Joe Biden has resurfaced the controversial idea of using the 14th Amendment as a way to lift the borrowing cap without Congress.

    How could a 145-year-old change to the US Constitution that gave citizenship to former slaves serve as a path out of the debt ceiling drama? Government officials and legal authorities are divided over whether it does.

    Some experts, including Laurence H. Tribe of Harvard Law School, point to Section 4 of the amendment as the basis of their argument that the president has the authority to order the nation’s debts be paid regardless of the debt limit Congress put in place more than 100 years ago.

    “The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned,” reads the section, which refers to the debt incurred by the Union to fight the Civil War.

    Lawmakers who crafted the amendment are very strongly saying that once the US borrows money, it has to pay it back, said Garrett Epps, a constitutional law professor at the University of Oregon. The section was designed to remove debt payments from potential post-war partisan bickering between the North and South, but it also applies to the wide divide between Democrats and Republicans today.

    “The federal government is required to pay the debt on time in full,” said Epps, who has long supported using this option in the event Congress refuses to raise the debt ceiling.

    Were Biden to invoke the 14th Amendment to allow Treasury to borrow above the debt ceiling to pay the nation’s obligations, it would almost certainly prompt a constitutional crisis and swift legal action. The president acknowledged as much, saying that he doesn’t think it would solve the current problem.

    “I’ll be very blunt with you, when we get by this, I’m thinking about taking a look at, months down the road, as to see whether what the court would say about whether or not it does work,” Biden said Tuesday after meeting with congressional leaders about the impasse.

    Treasury Secretary Janet Yellen, who has warned lawmakers that the government may default on its obligations as soon as June 1, also poured cold water on the idea.

    “There would clearly be litigation around that. It’s not a short-run solution,” Yellen said at a news conference Thursday when asked about the 14th Amendment. “It’s legally questionable whether or not that’s a viable strategy.”

    She declined to rank where invoking the 14th Amendment would fall in the list of options if Congress failed to act.

    “There are choices to be made, if we got into that situation,” she said. “But as you think about each possible thing that we could do, the answer is there is no good alternative that will save us from catastrophe. The only reasonable thing is to raise the debt ceiling and to avoid the dreadful consequences that will come if we have to make those choices.”

    Prior administrations also considered invoking the 14th Amendment but deemed it unworkable. They never had to pursue it since Congress always acted in time.

    Doing so, however, would not avoid calling into question the safety of US Treasury securities and would put the nation at risk, former Treasury Secretary Jack Lew, who served in the Obama administration, said at a Council on Foreign Relations event last month.

    “It was not meant to be a broad grant of power,” he said. “Whether you could come up with a theory that you could convince a court was legitimate, I think it’s just a risky thing to do.”

    Invoking the 14th Amendment would also open the door to potential abuse of presidential power by allowing the executive branch to circumvent Congress, said Philip Wallach, senior fellow at the right-leaning American Enterprise Institute. And it could forever end the ability of lawmakers to negotiate with the president over the debt ceiling.

    “Every time you take these actions that empower the president at the expense of Congress and at the expense of the political process, you need to ask yourself, am I going to be happy about the consequences of this the next time, when the other side’s party is sitting in the White House?” Wallach said.

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  • Top House progressive says Democratic leaders should be concerned about debt deal support | CNN Politics

    Top House progressive says Democratic leaders should be concerned about debt deal support | CNN Politics

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    Washington
    CNN
     — 

    Washington Rep. Pramila Jayapal, the chair of the Congressional Progressive Caucus, said Sunday that White House negotiators and Democratic leaders should be concerned about progressive support for the tentative deal to raise the debt ceiling for two years

    “Yes, they have to worry,” Jayapal told CNN’s Jake Tapper on “State of the Union,” referring to some of the concessions made by the White House to reach the agreement with Republicans.

    Following the announcement of the deal Saturday night, the White House and Republican leaders in Congress have been mounting an intensive push to consolidate support. But the marathon is far from over, and there remains little certainty the nation will avoid a default.

    Whether House progressives will ultimately support the deal depends on the specifics of the agreement, Jayapal said, including how many people would be affected by expanded work requirements for certain adults receiving food stamps. The deal would also expand exemptions for certain recipients.

    “It is really unfortunate that the president opened the door to this, and while at the end of the day, you know, perhaps this will – because of the exemptions – perhaps it will be OK, I can’t commit to that. I really don’t know,” Jayapal said.

    The Washington Democrat said that she was briefed by top White House official Lael Brainard after the current framework came together but that she will not make her position clear until she can see legislative text.

    “That’s always, you know, a problem, if you can’t see the exact legislative text. And we’re all trying to wade through spin right now,” Jayapal said.

    The deal – which would also freeze spending on domestic programs and increase spending on defense and veterans issues, among other things – was meant to include provisions that could sway members of both parties to vote for it.

    Senior White House officials have been calling House Democrats since Saturday night to shore up support as some in the party say the Biden administration conceded too much.

    Connecticut Rep. Jim Himes, the former chair of the pro-business New Democrat Coalition, told “Fox News Sunday” he was leaning toward a “no” vote on the tentative deal.

    Himes said he did not want to validate the negotiating process used by Republicans, “which at the end of the day is a hostage-taking process,” adding that, “as the speaker said, there is absolutely nothing for the Democrats in these things.”

    But in a positive sign for the White House’s efforts to wrangle in Democratic votes, New Hampshire Rep. Ann McLane Kuster, the current head of the New Democrats bloc, signaled that her 99-member group may support the plan.

    “Our Members are encouraged that the two sides have reached an agreement, and are confident that President Biden and White House negotiators have delivered a viable, bipartisan solution to end this crisis,” Kuster said in a statement. “We are doing our due diligence as lawmakers to ensure that this agreement can receive support from both parties in both chambers of Congress.”

    Republican Rep. Dusty Johnson of South Dakota, one of the GOP negotiators on the deal, maintained that there were “no wins for Democrats” in the agreement.

    “There is nothing after the passage of this bill that will be more liberal or more progressive than it is today. It is a remarkable conservative accomplishment,” the chair of the center-right Republican Main Street Caucus said in a separate interview on “State of the Union.”

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  • ‘Significant risk’ for debt default in early June, CBO reinforces | CNN Politics

    ‘Significant risk’ for debt default in early June, CBO reinforces | CNN Politics

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    CNN
     — 

    There is a “significant risk” that the federal government will no longer be able to pay all its obligations in the first two weeks of June if the debt limit remains unchanged, the Congressional Budget Office said Friday.

    The forecast reinforces both Treasury Secretary Janet Yellen’s estimate and the agency’s earlier warning that House Republicans and President Joe Biden may only have a few weeks to address the debt ceiling or unleash global economic and financial upheaval. Talks are underway between White House and congressional staffers.

    Predicting just when the nation hits the so-called X-date, when a default would occur, is uncertain because of the timing and amount of revenue Treasury collects and the bills it has to pay.

    If government collections wind up being enough to keep Treasury’s coffers flush through early June, then it’s likely the government won’t default at least until the end of July, the CBO said. The agency will get another injection of funds from second quarter estimated tax payments, which are due June 15, and from an “extraordinary measure” that becomes available at the end of that month.

    About $25 billion in pay or benefits for active-duty members of the military, civil service and military retirees, veterans and recipients of Supplemental Security Income is sent out on the first day of the month, according to the CBO.

    Interest payments are made around the 15th day and on the last day of the month. May’s mid-month payment is expected to be roughly $50 billion, per the CBO. End-of-month payments range from $10 billion to $16 billion over the past half year.

    If the nation runs out of cash and extraordinary measures to satisfy all its obligations, which has never happened, it’s unknown how Treasury would react. Some payments could be delayed. These include paychecks for federal employees and contractors, as well as the military. Also, many other government payments could be affected, including funding for food stamps and federal grants to states and municipalities for Medicaid, highways, education and other programs.

    However, payments to Social Security recipients and benefits covered under Medicare Part A, largely hospital care, are financed by trust funds. The Treasury obtains cash to make those payments by borrowing, but the disbursements lower the funds’ balances, which are held in the form of Treasury securities, the CBO said.

    Because of that reduction, the payments have little net effect on the total amount of debt subject to the borrowing cap, the agency said.

    The entitlements’ trust funds may allow Treasury to continue making these payments on time, said Shai Akabas, director of economic policy at the Bipartisan Policy Center.

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  • McCarthy and hardliners reach tentative agreement to resume House floor business | CNN Politics

    McCarthy and hardliners reach tentative agreement to resume House floor business | CNN Politics

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    CNN
     — 

    Hardline conservatives have agreed to end their blockade of the House floor while they continue discussions with House Speaker Kevin McCarthy about future spending decisions and a new “power-sharing agreement,” according to multiple members leaving the speaker’s office.

    Conservatives who had voted against a procedural vote in retaliation for how GOP leadership handled the debt ceiling deal now say they are willing to support the procedural vote, after they received new commitments from McCarthy about how the California Republican plans to operate going forward, though they said the exact details are still being worked out and did not say whether they would ever be made public or put into a written statement.

    “I think you’re gonna see an agreement to move forward in the next day or two on moving the legislation we wanted to move last week,” said Rep. Bob Good, a Virginia Republican who has repeatedly criticized McCarthy.

    Rep. Ralph Norman, a South Carolina Republican, said of the nearly hourlong meeting in McCarthy’s office: “We aired our issues. We want to see this move forward as a body.”

    Norman said one of the things McCarthy agreed to was to involve conservatives more directly in future decision making.

    A group of hardline conservatives have held up legislative action in the GOP-led House for nearly a week in protest of the deal McCarthy struck with President Joe Biden to raise the nation’s borrowing limit last month. Conservatives wanted the debt ceiling deal to cut more federal spending than it did, and several far-right members of McCarthy’s conference accused him of reneging on commitments he made to them in private in order to win the speakership in January.

    McCarthy told the hardliners Monday that he wouldn’t have cut the debt ceiling deal had he known it would “divide us,” according to a GOP source familiar with the meeting.

    But McCarthy knew at the time that not all his members were going to be on board with the deal, with many of them publicly expressing their concerns with the direction of the talks.

    One of the concessions McCarthy agreed to as part of Monday’s developments was an ironclad commitment to bring a pistol brace bill from GOP Rep. Andrew Clyde of Georgia to the floor. Leadership has agreed to incorporate the bill, which would block a new Bureau of Alcohol, Tobacco, Firearms and Explosives rule on pistol braces, into an upcoming procedural vote.

    That vote, which is slated for Tuesday, will now combine a rule for the pistol brace bill with a rule for a gas stoves bill as well as a bill to rein in the administration’s regulatory powers.

    GOP Rep. Matt Gaetz of Florida said, “The power-sharing agreement that we entered into in January with McCarthy … it has to be renegotiated, so what happened on this debt ceiling bill never happens again.”

    Specifically, Gaetz said the hardliners want more tools to put more “downward pressure on spending,” and want a return to fiscal 2022 spending levels.

    House Appropriations Chairwoman Kay Granger announced Monday night that her panel will take up spending bills that would roll back funding to the levels demanded by the hardliners, a move that could ease tensions between the group and McCarthy while generating backlash from the White House and Senate Democrats.

    Gaetz said that while they’re willing to end their stand against the procedural vote this week, he warned that they’re willing to oppose future procedural votes if they don’t get their way.

    “If there’s not a renegotiated power sharing agreement then perhaps we’ll be here next week,” he said.

    House Freedom Caucus Chairman Scott Perry of Pennsylvania confirmed they’ve reached a “framework for moving forward” but did not provide details.

    Rep. Dusty Johnson of South Dakota, leaving McCarthy’s office, said they have a path forward now but said there will be no votes in the House tonight, as they had previously planned.

    This story has been updated with additional information.

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  • White House escalates political pressure on GOP as McCarthy unveils debt limit proposal | CNN Politics

    White House escalates political pressure on GOP as McCarthy unveils debt limit proposal | CNN Politics

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    CNN
     — 

    White House officials have spent weeks engaged in skirmishes with House Republicans over the looming debt ceiling battle.

    Those skirmishes have now expanded into an all-out war.

    President Joe Biden’s economic speech in Maryland on Wednesday, which leveled a series of policy and political attacks at House Republicans, serves as a critical marker for a White House moving quickly to escalate the political pressure on House Republicans as the calendar moves closer to the deadline to raise the nation’s borrowing limit.

    Months of messaging and rapid response efforts to counter nascent House GOP debt limit proposals evolved this week into a full-scale effort to undercut Speaker Kevin McCarthy’s spending cut and debt ceiling proposal at the moment of its inception.

    Biden’s remarks, though planned for several weeks, provided a window into the trigger for the escalation.

    “Just two days ago the speaker of the House Kevin McCarthy went to Wall Street to describe the MAGA economic vision for American,” Biden said in reference to McCarthy’s speech Monday at the New York Stock Exchange.

    McCarthy’s high-profile remarks, which broadly outlined the Republican push for steep spending cuts in exchange for a debt ceiling increase, set in motion the House Republican push to pass a proposal and shift the entrenched political dynamics.

    “American debt is a ticking time bomb that will detonate unless we take serious, responsible action,” McCarthy said in his New York speech, which previewed a proposal that was made public Wednesday.

    Biden’s remarks, at a union hall in Maryland, served as a clear response.

    “Massive cuts in programs you count on,” Biden said of the outlines of McCarthy’s proposal. “The threat of defaulting on America’s debt for the first time in 230 years.”

    The positions of the two sides remain unchanged – and completely incompatible. Biden and his top advisers say unequivocally they will not negotiate over a debt ceiling increase and will only accept a clean proposal to raise the nation’s borrowing limit. McCarthy and House Republicans have labeled that position a non-starter and are demanding significant spending cuts in order to sign on to any increase.

    The irreconcilable positions underscore the central importance of winning the political and messaging battle that is set to dramatically intensify. With no pathway to reconcile the respective positions, both sides are pointing to the political pressure – and potentially catastrophic economic consequences that would result in a failure to a find a resolution – as critical to crack their opposition.

    Biden’s speech was crafted to crystallize a clear political contrast and detail the legislative wins of Biden’s first two years in office and his agenda’s priorities for the years ahead.

    But the speech was also tailored to directly attack McCarthy and the broad outlines of the California Republican’s forthcoming proposal at the same moment behind the scenes efforts to keep Democrats unified and escalate outside pressure.

    “Folks, it’s the same old trickle-down dressed up in MAGA clothing,” Biden said of McCarthy’s proposal in his remarks. “Only worse.”

    White House officials quietly circulated messaging and polling memos touting Biden’s budget and tax proposal earlier this week. Biden spoke by phone with Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries Tuesday in what people familiar with the call framed as a discussion that was equal parts ensuring total alignment and mapping out the policy and political strategy ahead.

    “President Biden, Leader Schumer, and Leader Jeffries agree that we won’t negotiate over default and Republicans should pass a clean bill like they did three times in the previous administration,” the White House said in a readout of the call Tuesday night.

    Outside advocacy groups aligned with the White House are also set to ramp up their efforts to highlight Biden’s agenda while attacking the outlines of McCarthy’s proposal.

    The tightly coordinated messaging and political escalation reflects a deadline that is growing closer, officials said. But it also underscores an understanding that McCarthy and his leadership team face their own critical intraparty moment as they attempt to coalesce around their own proposal ahead of a vote next week.

    That House Republican plan, should McCarthy whip the votes to pass it, is dead on arrival in the Senate. White House officials view the proposal less as a tangible way to shift the entrenched political dynamics and more as an opportunity to launch a whole new array of policy attacks, officials say.

    Republicans have made clear, however, they view the opposite as true. A House-passed bill should force Biden to the table and serve as a demonstration of Republican unity and resolve.

    “President Biden and Senator Schumer have no right to play politics with the debt ceiling,” McCarthy said on the House floor Wednesday, calling on Biden and Democrats to enter negotiations.

    McCarthy has insisted he can marshal the votes to pass his proposal. White House officials have privately been skeptical that’s the case given the fractious dynamics of the conference.

    But at a critical moment in a fight that is set to envelope Washington in the months ahead, White House officials are intent on making McCarthy’s job as difficult as possible.

    “The American people should know about the competing economic visions of the country that are really at stake right now,” Biden said.

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  • Biden expected to meet with Hill leaders Tuesday following ‘productive’ debt limit meetings among staff | CNN Politics

    Biden expected to meet with Hill leaders Tuesday following ‘productive’ debt limit meetings among staff | CNN Politics

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    CNN
     — 

    President Joe Biden is expected to meet Tuesday with congressional leaders on the debt ceiling limit following “productive” staff-level negotiations over the weekend, two sources familiar with the talks told CNN on Sunday, as the US barrels toward a deadline that could come as soon as June 1.

    Negotiators have been able to pinpoint some areas on which congressional staff and the White House can find common ground, including revising the permitting process, rescinding unspent Covid-19 relief funds and potentially cutting spending, the sources said.

    Biden and the top four congressional leaders – House Speaker Kevin McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell – held talks on the debt limit last week in the Oval Office. Tuesday’s meeting, which has not yet been officially confirmed, according to the sources, comes after a planned Friday meeting was postponed as the staff-level talks continued.

    Deputy Treasury Secretary Wally Adeyemo told CNN’s Dana Bash on “State of the Union” on Sunday that talks between the two sides have been “constructive.”

    Biden, Adeyamo said, “looks forward to getting together with the leaders to talk about how we continue to make progress.”

    Biden himself indicated on Sunday that he expected principal-level debt ceiling discussions to take place Tuesday.

    “We’re working on it right now,” he said in brief remarks to reporters as he completed a bike ride in Rehoboth Beach, Delaware.

    There is still not a clear path forward to avoid a default with just four more days before June 1 when both the House and Senate are scheduled to be in session. Biden also confirmed Sunday that he expects to depart Wednesday for Hiroshima, Japan, for the G7 summit.

    “That’s my plan as it stands now,” he told reporters in Rehoboth Beach.

    It’s become increasingly clear that some spending cuts must be included for a deal to materialize, one of the sources said, and that point of discussion has been the main sticking point in negotiations so far.

    Biden said Sunday that he was waiting to hear Republicans’ exact proposals on work requirements for certain government aid programs. He said he has voted in the past for “tougher aid programs” that are now law but “for Medicaid, it’s a different story.”

    White House spokesperson Michael Kikukawa later elaborated on the president’s answer, saying in a statement that Biden would evaluate the GOP proposals guided by the principle that they would “not take away people’s health coverage” or “push Americans into poverty.”

    Negotiators recognize they will likely need to have an outline of a deal by the end of the week to ensure a bill can pass through Congress by June 1, the sources said, but they also think there are potential congressional tools that can be used to speed up the process if needed. The sources did not specify what those tools are.

    Adeyemo reiterated Sunday that the US “can’t” default on its debt but declined to provide details on areas of agreement. He echoed Treasury Secretary Janet Yellen’s assessment that default could happen “as early as June 1” but said it “can be sometime in early June,” calling on Congress to act as he warned that default would be “catastrophic.”

    Top Treasury official says debt ceiling negotiations have been ‘constructive’

    Pressed by Bash on the timing of a deal following McCarthy’s call for an agreement in principle by early this week and business leaders like JPMorgan Chase’s Jamie Dimon warning of market panic in the absence of a deal, Adeyemo said Biden “believes we should raise the debt limit as soon as possible.”

    “Because it’s not only financial markets, but the (University of Michigan) survey of consumer sentiment last week showed that consumers are now worried about the debt limit – it’s affecting the way they’re spending,” Adeyemo said.

    Meanwhile, top Biden economic adviser Lael Brainard on Sunday echoed previous White House comments on preferring a whole deal rather than a short-term fix.

    “Short-term is not a fix. It is not really addressing that core uncertainty that CEOs are talking about. It’s just really important to take default and address it, and Congress has the tools to do that,” the director of the National Economic Council said on “Face the Nation” on CBS.

    Biden expressed optimism Sunday for an eventual agreement.

    “I remain optimistic because I’m a congenital optimist. But I really think there’s a desire on their part, as well as ours, to reach an agreement. I think we’ll be able to do it,” he said in Rehoboth Beach.

    The president had indicated last week that he was prepared for talks to go down to the wire.

    “I’ve been involved in negotiations my whole career,” he told CNN during a trip to New York. “Some negotiations happen at the last second, some negotiations happen way ahead of time. So, we’ll see.”

    Biden resurfaced last week the controversial idea of lifting the borrowing cap without Congress by invoking the 14th Amendment, which some legal experts argue gives the president the authority to order the nation’s debts to be paid regardless of the debt limit Congress sets.

    But using the 14th Amendment to let the Treasury Department borrow above the debt ceiling to pay the nation’s obligations would almost certainly prompt a constitutional crisis and swift legal action.

    Asked Sunday whether the administration would consider invoking the 14th Amendment in the absence of a deal with Congress, Adeyemo said, “What the president said was that he did not think the 14th Amendment would solve our problems now. The only thing that can solve our problems now is for Congress to lift the debt limit.”

    This story and headline have been updated.

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  • Biden cancels visits to Australia and Papua New Guinea as debt ceiling negotiations continue | CNN Politics

    Biden cancels visits to Australia and Papua New Guinea as debt ceiling negotiations continue | CNN Politics

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    CNN
     — 

    President Joe Biden is canceling his upcoming visits to Papua New Guinea and Australia due to the ongoing debt ceiling negotiations in Washington, the White House confirmed Tuesday.

    White House press secretary Karine Jean-Pierre said in a statement Biden spoke to Australian Prime Minister Anthony Albanese earlier Tuesday to inform him he will be “postponing” the trip and invited the prime minister for an official state visit “at a time to be agreed by the teams.” Jean-Pierre added that the “President’s team engaged” with the prime minister of Papua New Guinea.

    Biden will still travel to Japan starting Wednesday as part of what was supposed to be a weeklong trip through the Pacific region.

    Earlier Tuesday, National Security Council coordinator for strategic communications John Kirby told reporters that the White House was “reevaluating” the stops to Papua New Guinea and Australia.

    “What I can speak to is the G7 and going to Hiroshima. The president is looking forward to that. We are taking a look at the rest of the trip,” Kirby told reporters.

    The cancellation canes as congressional leaders met with Biden at the White House to discuss the debt limit. The Treasury Department has warned that the government default could come as early as June 1, and Treasury Secretary Janet Yellen has said a default would trigger a global economic downturn.

    This story has been updated with additional developments.

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  • Key Senate Dems want Supreme Court funding tied to an ethics code for justices | CNN Politics

    Key Senate Dems want Supreme Court funding tied to an ethics code for justices | CNN Politics

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    CNN
     — 

    Key Senate Democrats are calling for next year’s funding for the Supreme Court to be conditioned on the creation of an ethics code for the justices.

    Sen. Chris Van Hollen, a Maryland Democrat who leads the appropriations subcommittee charged with writing the annual funding bill for the judiciary, has expressed support for the idea, but doing so will ultimately need the backing of GOP lawmakers, and the top Republican on the subcommittee is signaling opposition to the proposal.

    Van Hollen is weighing in as 15 other members of the Democratic caucus – including Sen. Sheldon Whitehouse, a Rhode Island Democrat who chairs the Senate Judiciary subcommittee that oversees the federal bench – are proposing language to be attached to next year’s funding bill that would require the Supreme Court to adopt more transparent processes for recusals and for investigating ethics allegations lodged against the justices.

    They did so in a new letter, obtained by CNN, to Van Hollen and Tennessee Sen. Bill Hagerty, who is the top Republican on the appropriations subcommittee with jurisdiction over the judiciary.

    “It is unacceptable that the Supreme Court has exempted itself from the accountability that applies to all other members of our federal courts, and I believe Congress should act to remedy this problem,” Van Hollen said in a statement shared with CNN Monday. His comments were first reported by The Washington Post.

    Democrats’ interest in leveraging the funding Congress appropriates to the high court is the latest volley in the debate over whether a stronger code of conduct is needed at the Supreme Court, which is not beholden to many of the ethics procedures imposed on lower court judges.

    Van Hollen noted that including an ethics code requirement in the annual appropriations bill will require bipartisan support given the current make-up of Congress, but said he didn’t “see any reason why ensuring that the Supreme Court establish a code of ethics should be a partisan issue.”

    A spokesperson for Hagerty said that an ethics code is a “policy question that is separate from the funding levels for Supreme Court operations and security.”

    “Moreover, Senator Hagerty strongly believes in preserving the independence of the Judicial Branch from political interference intended to force the Court to change its rulings or policies,” the spokesperson said in a statement Monday evening. “Threats to hold the personal security of the justices and their families hostage in exchange for favored policies are no different from court-packing proposals or protests outside the homes of Justices.”

    Some Republicans in the House have indicated openness in the past to pushing for an ethics code for the justices, but congressional GOP leaders have defended conservative justices in the face of claims that they had run afoul of ethical norms.

    The new letter from the Democrats pointed to recent reports that have raised questions about potential conflicts-of-interests issues with the political activities of Justice Clarence Thomas’ spouse, and about an alleged well-financed, secret campaign seeking to influence the high court’s conservatives.

    “The Supreme Court has the tools and authority it needs to develop and implement these changes, including adopting a code of conduct, creating fairer and more transparent recusal rules, and setting up procedures – based on longstanding procedures in the lower courts – to receive and investigate complaints of judicial misconduct,” the letter said. “The only obstacle keeping the Court from adopting these reforms is the Court’s own unwillingness to see them through.”

    They argued that the annual funding bill should withhold $10 million of the Supreme Court’s funding unless the justices adopted an ethics code. The Supreme Court is asking for nearly $151 million in the coming appropriations process for 2024.

    The ethics language the new letter is proposing for the annual appropriations legislation would create more concrete standards for when a justice must disqualify him or herself from a case, as well as a system “for receiving and investigating complaints alleging violations of such public code of ethics or other misconduct by justices of the Court.”

    Currently, justices decide for themselves whether they must recuse themselves from a case. It is unclear what procedures, if any, the Supreme Court uses to review ethics allegations brought against the justices.

    In the past, Chief Justice John Roberts has written that the justices have taken the steps necessary to maintain transparency and the public’s trust.

    “I have complete confidence in the capability of my colleagues to determine when recusal is warranted,” he wrote in a 2011 year-end report. His 2021 report stressed the need for the judicial branch to have “institutional independence,” while implying that the federal bench could be trusted to police itself without the interference of Congress.

    With the Democrats’ new letter to the appropriators, the senators countered that “Congress has broad authority to compel the Supreme Court to institute these reforms, which would join other requirements already legislatively mandated.”

    “And Congress’s appropriations power is one tool for achieving these changes,” the Democrats’ letter said, while citing DC Circuit cases where judges – including Republican appointees – asserted that Congress could use the power of the purse to pressure the Executive Branch to make certain changes.

    The Supreme Court’s press office did not immediately respond to CNN’s inquiry about the funding bill proposal.

    This story has been updated with additional information.

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  • Klobuchar says Biden and McCarthy should negotiate over budget, not debt limit | CNN Politics

    Klobuchar says Biden and McCarthy should negotiate over budget, not debt limit | CNN Politics

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    CNN
     — 

    Democratic Sen. Amy Klobuchar of Minnesota said Sunday that she believes President Joe Biden should sit down with House Speaker Kevin McCarthy and negotiate Republicans’ proposed spending cuts, but she insisted those talks should be in relation to the federal budget – not raising the debt limit.

    “Of course, President Biden should sit down with Speaker McCarthy,” Klobuchar told CNN’s Dana Bash on “State of the Union” ahead of the House’s expected vote this week on McCarthy’s bill to raise the debt limit. “But let me put an idea out there. The proposal that McCarthy has put forward, that belongs in the budget. … Our main goal right now is to make clear that we are going to avoid default.”

    “They should start those negotiations now,” the senator added.

    McCarthy introduced a proposal last week to raise the nation’s $31.4 trillion debt limit by an additional $1.5 trillion in exchange for cuts to domestic spending programs across the board.

    But Biden and his top advisers have said they will not negotiate a debt ceiling increase and will only accept a clean proposal to raise the nation’s borrowing limit.

    The US hit its debt ceiling in January and can’t continue to borrow to meet its obligations unless Congress raises or suspends it. The Treasury Department is avoiding default – which would happen this summer or early fall – by using a combination of cash on hand and “extraordinary measures,” which should last at least until early June, Treasury Secretary Janet Yellen said in January.

    A breach of the US debt ceiling risks sparking a 2008-style economic catastrophe that could wipe out millions of jobs and set America back for generations, Moody’s Analytics has warned.

    McCarthy said Sunday he believes he will secure the necessary votes to pass his debt limit bill, telling Fox News, “We will hold a vote this week, we will pass it and send it to the Senate.”

    The California Republican also repeatedly criticized Biden over his refusal to negotiate a debt limit plan. The White House has attacked the GOP debt limit proposal as a nonstarter and something that would take the country to a “totally irresponsible” debt default.

    “I’m beginning to wonder about the words that he says and the thoughts that he’s using, because the idea that he won’t even negotiate for more than 80 days, he is now putting the country in default. We are the only ones being responsible and sensible about this,” McCarthy said.

    Meanwhile, Klobuchar, in her interview Sunday, also addressed concerns regarding the continued absence of her Senate colleague Dianne Feinstein, who is recovering from shingles. The California Democrat’s absence has kept her party from advancing certain Biden judicial nominees out of the Judiciary Committee, on which she serves.

    “She has served our country well. She has said she’s coming back. And we await her return,” Klobuchar said when asked whether she agrees with Democrats who have called on Feinstein to resign.

    Feinstein’s return, Klobuchar said, would “resolve the problem” over the holdup in moving certain nominations through the Judiciary panel.

    Klobuchar added, however, that “at some point, when we have debt ceiling votes and the like, there may be another consideration that she will have to make with her family.”

    With Biden preparing to launch his reelection campaign this week, Klobuchar said the president will have an “incredibly strong record” to run on, ignoring concerns raised over his age.

    “He is a steady hand, when you look at what’s out there right now, with Donald Trump and what we’re hearing again. People don’t want that chaos back again,” she said.

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  • States have been on a tax-cutting spree, but revenues are now weakening | CNN Politics

    States have been on a tax-cutting spree, but revenues are now weakening | CNN Politics

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    CNN
     — 

    Fueled by surging revenues, states have been slashing taxes for individuals and businesses for the past three years.

    But the party is expected to come to an end in the coming fiscal year, which started on Saturday in 46 states. Revenue is projected to decline by 0.7% in fiscal 2024, based on forecasts used in governors’ budgets, after an estimated 0.3% dip this fiscal year, according to a recently released National Association of State Budget Officers survey.

    This reversal comes after double-digit percentage increases for the prior two fiscal years. It reflects the impact of slower economic growth, a weaker stock market and a slew of recent tax cuts.

    Some 25 states have cut individual income tax rates since 2021, according to the right-leaning Tax Foundation. This includes 22 states that reduced their top marginal rates.

    “Most states are viewing tax reform and relief as a chance to, first and foremost, return some of their excess revenue to taxpayers, but to also do that in a way that is simultaneously improving the structure of their tax cuts and make it more conducive to long-term economic growth,” said Katherine Loughead, senior policy analyst at the foundation.

    States are also seeking to make themselves more attractive to business investment, as well as to remote and traditional workers, she continued.

    In 2023 alone, at least eight states approved rate reductions, according to the Tax Foundation. Arkansas, for instance, is trimming its top individual income tax rate to 4.7%, retroactive to January 1, after reducing it from 5.5% to 4.9% last year.

    Likewise, Montana lawmakers approved deepening cuts enacted in 2021. Starting in 2024, the top marginal income tax rate will be 5.9%, instead of 6.5% as originally planned. It was 6.9% in 2021.

    In addition, previously scheduled or triggered income tax rate reductions took effect this year in Arizona, Idaho, Iowa, Missouri and North Carolina, as well as for interest and dividend income in New Hampshire, according to the Tax Foundation.

    Aside from individual income tax cuts, states have also lowered the levies on purchases and for businesses over the past three years. Two states cut sales tax rates, while 13 reduced corporate income tax rates and others made additional tax changes that benefited companies.

    In 2023, Nebraska and Utah adopted corporate income tax rate reductions. The former will phase down its top rate to 3.99% in 2027, accelerating an earlier law’s timetable. If fully implemented as planned, Nebraska will slash its top marginal corporate income tax rate nearly in half over six years, according to the Tax Foundation.

    Utah also further reduced its corporate income tax rate to 4.65%, retroactive to January 1. A law passed last year had cut it to 4.85% for 2022, down from 4.95%.

    The tax cuts, along with stock market declines and the shaky economy, have taken their toll on states’ revenues, however.

    State tax revenue fell in 37 states, after adjusting for inflation, between July 2022 and May 2023, according to Lucy Dadayan, principal research associate at the nonpartisan Tax Policy Center. Some 19 states saw declines before taking inflation into account.

    Revenue dropped nearly 12% over the period on an inflation-adjusted basis. All major sources of revenue – personal income, sales and corporate income taxes – declined, though the extent varies widely by state and source. Individual income taxes were the weakest, plummeting more than 22%.

    States are in trouble, though there won’t be an immediate crisis, she said. Much depends on factors that remain unknown, such as whether the nation will fall into a recession or whether states will face natural disasters.

    The robust revenue of recent years was “artificially boosted” by federal Covid-19 pandemic relief funds and the strong stock market in 2021, she said.

    “We knew this is temporary,” Dadayan said. “It would have been better if the states wouldn’t jump and do tax cuts and be more cautious.”

    Still, revenues in fiscal 2023 are coming in stronger than initially expected. The current estimates are outperforming earlier forecasts by 6.5%, according to the National Association of State Budget Officers. Most states have also built up big reserves in their rainy day funds in recent years.

    Whether states will continue cutting taxes in the coming fiscal year will depend on what happens with revenues.

    “A lot of states have done what they can already,” Loughead said. “They will continue to look at how revenues come in and how the rates measure up. If they still are experiencing strong surpluses, I do think they might tweak those rates down even more.”

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  • Donald Trump Fast Facts | CNN Politics

    Donald Trump Fast Facts | CNN Politics

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    CNN
     — 

    Here’s a look at the life of Donald Trump, the 45th president of the United States.

    Birth date: June 14, 1946

    Birth place: New York, New York

    Birth name: Donald John Trump

    Father: Fred Trump, real estate developer

    Mother: Mary (Macleod) Trump

    Marriages: Melania (Knauss) Trump (January 22, 2005-present); Marla (Maples) Trump (December 1993-June 1999, divorced); Ivana (Zelnicek) Trump (1977-1990, divorced)

    Children: with Melania Trump: Barron, March 20, 2006; with Marla Maples: Tiffany, October 13, 1993; with Ivana Trump: Eric, 1984; Ivanka, October 30, 1981; Donald Jr., December 31, 1977

    Education: Attended Fordham University; University of Pennsylvania, Wharton School of Finance, B.S. in Economics, 1968

    As Trump evolved from real estate developer to reality television star, he turned his name into a brand. Licensed Trump products have included board games, steaks, cologne, vodka, furniture and menswear.

    He has portrayed himself in cameo appearances in movies and on television, including “Zoolander,” “Sex and the City” and “Home Alone 2: Lost in New York.”

    Trump’s slogan, “Make America Great Again,” was first used by Ronald Reagan while he was running against President Jimmy Carter.

    For details on investigations into alleged Russian meddling in the 2016 election, visit 2016 Presidential Election Investigation Fast Facts.

    1970s – After college, works with his father on apartment complexes in Queens and Brooklyn.

    1973 – Trump and his father are named in a Justice Department lawsuit alleging Trump property managers violated the Fair Housing Act by turning away potential African American tenants. The Trumps deny the company discriminates and file a $100 million countersuit, which is later dismissed. The case is settled in 1975, and the Trumps agree to provide weekly lists of vacancies to Black community organizations.

    1976 – Trump and his father partner with the Hyatt Corporation, purchasing the Commodore Hotel, an aging midtown Manhattan property. The building is revamped and opens four years later as the Grand Hyatt Hotel. The project kickstarts Trump’s career as a Manhattan developer.

    1983-1990 – He builds/purchases multiple properties in New York City, including Trump Tower and the Plaza Hotel, and also opens casinos in Atlantic City, New Jersey, including the Trump Taj Mahal and the Trump Plaza. Trump buys the New Jersey Generals football team, part of the United States Football League, which folds after three seasons.

    1985 – Purchases Mar-a-Lago, an oceanfront estate in Palm Beach, Florida. It is renovated and opens as a private club in 1995.

    1987 – Trump’s first book, “Trump: The Art of the Deal,” is published, and becomes a bestseller. The Donald J. Trump Foundation is established in order to donate a portion of profits from book sales to charities.

    1990 – Nearly $1 billion in personal debt, Trump reaches an agreement with bankers allowing him to avoid declaring personal bankruptcy.

    1991 – The Trump Taj Mahal files for Chapter 11 bankruptcy protection.

    1992 – The Trump Plaza and the Trump Castle casinos file for bankruptcy.

    1996 – Buys out and becomes executive producer of the Miss Universe, Miss USA and Miss Teen USA pageants.

    October 7, 1999 – Tells CNN’s Larry King that he is going to form a presidential exploratory committee and wants to challenge Pat Buchanan for the Reform Party nomination.

    February 14, 2000 – Says that he is abandoning his bid for the presidency, blaming discord within the Reform Party.

    January 2004 – “The Apprentice,” a reality show featuring aspiring entrepreneurs competing for Trump’s approval, premieres on NBC.

    November 21, 2004 – Trump Hotels & Casino Resorts Inc. files for Chapter 11 bankruptcy.

    2005 – Establishes Trump University, which offers seminars in real estate investment.

    February 13, 2009 – Announces his resignation from his position as chairman of Trump Entertainment Resorts. Days later, the company files for bankruptcy protection.

    March 17, 2011 – During an interview on ABC’s “Good Morning America,” Trump questions whether President Barack Obama was born in the United States.

    June 16, 2015 – Announces that he is running for president during a speech at Trump Tower. He pledges to implement policies that will boost the economy and says he will get tough on immigration. “When Mexico sends its people, they’re not sending their best…They’re sending people who have lots of problems,” Trump says. “They’re bringing drugs, they’re bringing crime, they’re rapists, and some, I assume, are good people.”

    June 28, 2015 – Says he’s giving up the TV show “The Apprentice” to run for president.

    June 29, 2015 – NBCUniversal says it is cutting its business ties to Trump and won’t air the Miss USA and Miss Universe pageants because of “derogatory statements by Donald Trump regarding immigrants.”

    July 8, 2015 – In an interview with CNN’s Anderson Cooper, Trump says he “can’t guarantee” all of his employees have legal status in the United States. This is in response to questions about a Washington Post report about undocumented immigrants working at the Old Post Office construction site in Washington, DC, which Trump is converting into a hotel.

    July 22, 2015 – Trump’s financial disclosure report is made public by the Federal Election Commission (FEC).

    August 6, 2015 – During the first 2016 Republican debate, Trump is questioned about a third party candidacy, his attitude towards women and his history of donating money to Democratic politicians. He tells moderator Megyn Kelly of Fox News he feels he is being mistreated. The following day, Trump tells CNN’s Don Lemon that Kelly was singling him out for attack, “You could see there was blood coming out of her eyes, blood coming out of her wherever.”

    September 11, 2015 – Trump announces he has purchased NBC’s half of the Miss Universe Organization, which organizes the annual Miss USA and Miss Universe pageants.

    December 7, 2015 – Trump’s campaign puts out a press release calling for a “complete shutdown of Muslims entering the United States until our country’s representatives can figure out what is going on.”

    May 26, 2016 – Secures enough delegates to clinch the Republican Party nomination.

    July 16, 2016 – Introduces Indiana Governor Mike Pence as his running mate.

    July 19, 2016 – Becomes the Republican Party nominee for president.

    September 13, 2016 – During an interview with CNN’s Jake Tapper, New York Attorney General Eric Schneiderman says his office is investigating Trump’s charitable foundation “to make sure it’s complying with the laws governing charities in New York.”

    October 1, 2016 – The New York Times reports Trump declared a $916 million loss in 1995 which could have allowed him to legally skip paying federal income taxes for years. The report is based on a financial document mailed to the newspaper by an anonymous source.

    October 7, 2016 – Unaired footage from 2005 surfaces of Trump talking about trying to have sex with a married woman and being able to grope women. In footage obtained by The Washington Post, Trump is heard off-camera discussing women in vulgar terms during the taping of a segment for “Access Hollywood.” In a taped response, Trump declares, “I said it, I was wrong and I apologize.”

    October 9, 2016 – During the second presidential debate, CNN’s Cooper asks Trump about his descriptions of groping and kissing women without their consent in the “Access Hollywood” footage. Trump denies that he has ever engaged in such behavior and declares the comments were “locker room talk.” After the debate, 11 women step forward to claim that they were sexually harassed or sexually assaulted by the real estate developer. Trump says the stories aren’t true.

    November 8, 2016 – Elected president of the United States. Trump will be the first president who has never held elected office, a top government post or a military rank.

    November 18, 2016 – Trump agrees to pay $25 million to settle three lawsuits against Trump University. About 6,000 former students are covered by the settlement.

    December 24, 2016 – Trump says he will dissolve the Donald J. Trump Foundation “to avoid even the appearance of any conflict with my role as President.” A spokeswoman for the New York Attorney General’s Office says that the foundation cannot legally close until investigators conclude their probe of the charity.

    January 10, 2017 – CNN reports that intelligence officials briefed Trump on a dossier that contains allegations about his campaign’s ties to Russia and unverified claims about his personal life. The author of the dossier is a former British spy who was hired by a research firm that had been funded by both political parties to conduct opposition research on Trump.

    January 20, 2017 – Takes the oath of office from Chief Justice John Roberts during an inauguration ceremony at the Capitol.

    January 23, 2017 – Trump signs an executive action withdrawing the United States from the Trans-Pacific Partnership, a 12-nation trade deal negotiated by the Obama administration and awaiting congressional approval.

    January 27, 2017 – Trump signs an executive order halting all refugee arrivals for 120 days and banning travel to the United States from seven Muslim-majority countries for 90 days. Additionally, refugees from Syria are barred indefinitely from entering the United States. The order is challenged in court.

    February 13, 2017 – Trump’s national security adviser, Michael Flynn, resigns amid accusations he lied about his communications with Russian ambassador to the United States, Sergey Kislyak. Flynn later pleads guilty to lying to the FBI.

    May 3, 2017 – FBI Director James Comey confirms that there is an ongoing investigation into ties between the Trump campaign and Russia during a hearing on Capitol Hill. Less than a week later, Trump fires Comey, citing a DOJ memo critical of the way he handled the investigation into Clinton’s emails.

    May 2017 – Shortly after Trump fires Comey, the FBI opens an investigation into whether Trump “had been working on behalf of Russia against American interests,” citing former law enforcement officials and others the paper said were familiar with the probe.

    May 17, 2017 – Former FBI Director Robert Mueller is appointed as special counsel to lead the probe into Russian meddling in the 2016 election, including potential collusion between Trump campaign associates and Russian officials. Deputy Attorney General Rod Rosenstein makes the appointment because Attorney General Jeff Sessions recused himself from investigations into Trump’s campaign.

    May 19, 2017 – Departs on his first foreign trip as president. The nine-day, five-country trip includes stops in Saudi Arabia, Israel, the Vatican, a NATO summit in Brussels and a G7 summit in Sicily.

    June 1, 2017 – Trump proclaims that the United States is withdrawing from the Paris climate accord but adds that he is open to renegotiating aspects of the environmental agreement, which was signed by 175 countries in 2016.

    July 7, 2017 – Meets Russian President Vladimir Putin in person for the first time, on the sidelines of the G20 meeting in Hamburg, Germany.

    August 8, 2017 – In response to nuclear threats from North Korea, Trump warns that Pyongyang will “face fire and fury like the world has never seen.” Soon after Trump’s comments, North Korea issues a statement saying it is “examining the operational plan” to strike areas around the US territory of Guam.

    August 15, 2017 – After a violent clash between neo-Nazi activists and counterprotesters leaves one dead in Charlottesville, Virginia, Trump holds an impromptu press conference in the lobby of Trump Tower and declares that there were “fine people” on both sides.

    August 25, 2017 – Trump’s first pardon is granted to former Arizona sheriff Joe Arpaio, who was convicted of criminal contempt for disregarding a court order in a racial-profiling case. Trump did not consult with lawyers at the Justice Department before announcing his decision.

    September 5, 2017 – The Trump administration announces that it is ending the DACA program, introduced by Obama to protect nearly 800,000 undocumented immigrants brought to the United States as children. Trump calls on Congress to introduce legislation that will prevent DACA recipients from being deported. Multiple lawsuits are filed opposing the policy in federal courts and judges delay the end of the program, asking the government to submit filings justifying the cancellation of DACA.

    September 19, 2017 – In a speech at the United Nations General Assembly, Trump refers to North Korean leader Kim Jong Un as “Rocket Man” and warns that the United States will “totally destroy North Korea” if forced to defend itself or its allies.

    September 24, 2017 – The Trump administration unveils a third version of the travel ban, placing restrictions on travel by certain foreigners from Chad, Iran, Libya, North Korea, Somalia, Syria, Venezuela and Yemen. (Chad is later removed after meeting security requirements.) One day before the revised ban is set to take effect, it is blocked nationwide by a federal judge in Hawaii. A judge in Maryland issues a similar ruling.

    December 4, 2017 – The Supreme Court rules that the revised travel ban can take effect pending appeals.

    December 6, 2017 – Trump recognizes Jerusalem as Israel’s capital and announces plans to relocate the US Embassy there.

    January 11, 2018 – During a White House meeting on immigration reform, Trump reportedly refers to Haiti and African nations as “shithole countries.”

    January 12, 2018 – The Wall Street Journal reports that Trump allegedly had an affair with a porn star named Stephanie Clifford, aka Stormy Daniels. The newspaper states that Trump’s personal attorney, Michael Cohen, arranged a $130,000 payment for a nondisclosure agreement weeks before Election Day in 2016. Trump denies the affair occurred. In March, Clifford sues Trump seeking to be released from the NDA. In response, Trump and his legal team agree outside of court not to sue or otherwise enforce the NDA. The suit is dismissed. A California Superior Court judge orders Trump to pay $44,100 to Clifford, to reimburse her attorneys’ fees in the legal battle surrounding her nondisclosure agreement.

    March 13, 2018 – Trump announces in a tweet that he has fired Secretary of State Rex Tillerson and will nominate CIA Director Mike Pompeo as Tillerson’s replacement.

    March 20, 2018 – A New York Supreme Court judge rules that a defamation lawsuit against Trump can move forward, ruling against a July 2017 motion to dismiss filed by Trump’s lawyers. The lawsuit, filed by Summer Zervos, a former “Apprentice” contestant, is related to sexual assault allegations. In November 2021, attorneys for Zervos announce she is dropping the lawsuit.

    March 23, 2018 – The White House announces that it is adopting a policy, first proposed by Trump via tweet in July 2017, banning most transgender individuals from serving in the military.

    April 9, 2018 – The FBI raids Cohen’s office, home and a hotel room where he’d been staying while his house was renovated. The raid is related to a federal investigation of possible fraud and campaign finance violations.

    April 13, 2018 – Trump authorizes joint military strikes in Syria with the UK and France after reports the government used chemical weapons on civilians in Douma.

    May 7, 2018 – The Trump administration announces a “zero tolerance” policy for illegal border crossings. Sessions says that individuals who violate immigration law will be criminally prosecuted and warns that parents could be separated from children.

    May 8, 2018 – Trump announces that the United States is withdrawing from the Iran nuclear deal.

    May 31, 2018 – The Trump administration announces it is imposing tariffs on steel and aluminum imported from allies Canada, Mexico and the European Union.

    June 8-9, 2018 – Before leaving for the G7 summit in Quebec City, Trump tells reporters that Russia should be reinstated in the group. The annexation of Crimea in 2014 led to Russia’s suspension. After leaving the summit, Trump tweets that he will not endorse the traditional G7 communique issued at the end of the meeting. The President singles out Canadian Prime Minister Justin Trudeau for making “false statements” at a news conference.

    June 12, 2018 – Trump meets Kim in person for the first time during a summit in Singapore. They sign a four-point statement that broadly outlines the countries’ commitment to a peace process. The statement contains a pledge by North Korea to “work towards” complete denuclearization but the agreement does not detail how the international community will verify that Kim is ending his nuclear program.

    June 14, 2018 – The New York attorney general sues the Trump Foundation, alleging that the nonprofit run by Trump and his three eldest children violated state and federal charity law.

    June 26, 2018 – The Supreme Court upholds the Trump administration’s travel ban in a 5-4 ruling along party lines.

    July 16, 2018 – During a joint news conference with Putin in Helsinki, Trump declines to endorse the US government’s assessment that Russia interfered in the election, saying he doesn’t “see any reason why” Russia would be responsible. The next day, Trump clarifies his remark, “The sentence should have been, ‘I don’t see any reason why it wouldn’t be Russia.” He says he accepts the intelligence community’s conclusion that Russia meddled in the election but adds, “It could be other people also.”

    August 21, 2018 – Cohen pleads guilty to eight federal charges, including two campaign finance violations. In court, he says that he orchestrated payments to silence women “in coordination and at the direction of a candidate for federal office.” On the same day, Trump’s former campaign chairman, Paul Manafort is convicted on eight counts of federal financial crimes. On December 12, Cohen is sentenced to three years in prison.

    October 2, 2018 – The New York Times details numerous tax avoidance schemes allegedly carried out by Trump and his siblings. In a tweet, Trump dismisses the article as a “very old, boring and often told hit piece.”

    November 20, 2018 – Releases a statement backing Saudi Arabia in the wake of the murder of Washington Post journalist Jamal Khashoggi, a Virginia resident, killed in October at a Saudi consulate in Turkey. Khashoggi was a frequent critic of the Saudi regime. The Saudis initially denied any knowledge of his death, but then later said a group of rogue operators were responsible for his killing. US officials have speculated that such a mission, including the 15 men sent from Riyadh, Saudi Arabia, to murder him, could not have been carried out without the authorization of Saudi leader Crown Prince Mohammed bin Salman. In the statement, Trump writes, “Our intelligence agencies continue to assess all information, but it could very well be that the Crown Prince had knowledge of this tragic event, maybe he did and maybe he didn’t!”

    December 18, 2018 – The Donald J. Trump Foundation agrees to dissolve according to a document filed in Manhattan Supreme Court. The agreement allows the New York attorney general’s office to review the recipients of the charity’s assets.

    December 22, 2018 – The longest partial government shutdown in US history begins after Trump demands lawmakers allocate $5.7 billion in funding for a border wall before agreeing to sign a federal funding package.

    January 16, 2019 – After nearly two years of Trump administration officials denying that anyone involved in his campaign colluded with the Russians to help his candidacy, Trump lawyer and former New York City mayor, Rudy Giuliani, says “I never said there was no collusion between the campaign, or people in the campaign. I said the President of the United States.”

    January 25, 2019 – The government shutdown ends when Trump signs a short-term spending measure, providing three weeks of stopgap funding while lawmakers work on a border security compromise. The bill does not include any wall funding.

    February 15, 2019 – Trump declares a national emergency to allocate funds to build a wall on the border with Mexico. During the announcement, the President says he expects the declaration to be challenged in court. The same day, Trump signs a border security measure negotiated by Congress, with $1.375 billion set aside for barriers, averting another government shutdown.

    February 18, 2019 – Attorneys general from 16 states file a lawsuit in federal court challenging Trump’s emergency declaration.

    March 22, 2019 – Mueller ends his investigation and delivers his report to Attorney General William Barr. A senior Justice Department official tells CNN that there will be no further indictments.

    March 24, 2019 – Barr releases a letter summarizing the principal conclusions from Mueller’s investigation. According to Barr’s four-page letter, the evidence was not sufficient to establish that members Trump’s campaign tacitly engaged in a criminal conspiracy with the Russian government to interfere with the election.

    April 18, 2019 – A redacted version of the Mueller report is released. The first part of the 448-page document details the evidence gathered by Mueller’s team on potential conspiracy crimes and explains their decisions not to charge individuals associated with the campaign. The second part of the report outlines ten episodes involving possible obstruction of justice by the President. According to the report, Mueller’s decision not to charge Trump was rooted in Justice Department guidelines prohibiting the indictment of a sitting president. Mueller writes that he would have cleared Trump if the evidence warranted exoneration.

    May 1, 2019 – The New York Times publishes a report that details how Giuliani, in his role as Trump’s personal attorney, is investigating allegations related to former Vice President Joe Biden, a potential Trump opponent in the 2020 presidential race. Biden’s son, Hunter Biden, served on the board of a Ukrainian energy company called Burisma Holdings. In 2016, the elder Biden pressured Ukraine to oust a prosecutor who had investigated Burisma for corruption. Giuliani suggests that Biden’s move was motivated by a desire to protect his son from criminal charges. Giuliani’s claims are undermined after Bloomberg reports that the Burisma investigation was “dormant” when Biden pressed the prosecutor to resign.

    June 12, 2019 – Trump says he may be willing to accept information about political rivals from a foreign government during an interview on ABC News, declaring that he’s willing to listen and wouldn’t necessarily call the FBI.

    June 16, 2019 – Israeli Prime Minister Benjamin Netanyahu unveils a sign at the proposed site of a Golan Heights settlement to be named Trump Heights.

    June 18, 2019 – Trump holds a rally in Orlando to publicize the formal launch of his reelection campaign.

    June 28, 2019 – During a breakfast meeting at the G20 summit in Osaka, Japan, Trump and Saudi Crown Prince Mohamed bin Salman reportedly discuss tensions with Iran, trade and human rights.

    June 30, 2019 – Trump becomes the first sitting US president to enter North Korea. He takes 20 steps beyond the border and shakes hands with Kim.

    July 14, 2019 – Via Twitter, Trump tells Reps. Alexandria Ocasio-Cortez, Rashida Tlaib, Illhan Omar and Ayanna Pressley to “go back” to their home countries. Ocasio-Cortez, Tlaib and Pressley are natural-born US citizens; Omar was born in Somalia, immigrated to the United States and became a citizen.

    July 16, 2019 – The House votes, 240-187, to condemn the racist language Trump used in his tweets about Ocasio-Cortez, Tlaib, Omar and Pressley.

    July 24, 2019 – Mueller testifies before the House Judiciary Committee and the House Intelligence Committee.

    July 25, 2019 – Trump speaks on the phone with Ukrainian President Volodymyr Zelensky. Trump asks Zelensky for a “favor,” encouraging him to speak with Giuliani about investigating Biden. In the days before the call, Trump blocked nearly $400 million in military and security aid to Ukraine.

    August 12, 2019 – A whistleblower files a complaint pertaining to Trump’s conduct on the Zelensky call.

    September 11, 2019 – The Trump administration lifts its hold on military aid for Ukraine.

    September 24, 2019 – House Speaker Nancy Pelosi announces the beginning of an impeachment inquiry related to the whistleblower complaint.

    September 25, 2019 – The White House releases notes from the July 25 call between Trump and Zelensky. The readout contains multiple references to Giuliani and Barr. In response, the Justice Department issues a statement that says Barr didn’t know about Trump’s conversation until weeks after the call. Further, the attorney general didn’t talk to the President about having Ukraine investigate the Bidens, according to the Justice Department. On the same day as the notes are released, Trump and Zelensky meet in person for the first time on the sidelines of the UN General Assembly. During a joint press conference after the meeting, both men deny that Trump pressured Zelensky to investigate Biden in exchange for aid.

    September 26, 2019 – The House releases a declassified version of the whistleblower complaint. According to the complaint, officials at the White House tried to “lock down” records of Trump’s phone conversation with Zelensky. The complaint also alleges that Barr played a role in the campaign to convince Zelensky that Biden should be investigated. Trump describes the complaint as “fake news” and “a witch hunt” on Twitter.

    September 27, 2019 – Pompeo is subpoenaed by House committees over his failure to provide documents related to Ukraine. Kurt Volker, US special envoy to Ukraine, resigns. He was named in the whistleblower complaint as one of the State Department officials who helped Giuliani connect with sources in Ukraine.

    October 3, 2019 – Speaking to reporters outside the White House, Trump says both Ukraine and China should investigate alleged corruption involving Biden and his son. CNN reports that the President had brought up Biden and his family during a June phone call with Xi Jinping. In that call, Trump discussed the political prospects of Biden as well as Elizabeth Warren. He also told Xi that he would remain quiet on the matter of Hong Kong protests. Notes documenting the conversation were placed on a highly secured server where the transcript from the Ukraine call was also stored.

    October 6, 2019 – After Trump speaks on the phone with Turkish President Recep Tayyip Erdogan, the White House announces that US troops will move out of northern Syria to make way for a planned Turkish military operation. The move marks a major shift in American foreign policy and effectively gives Turkey the green light to attack US-backed Kurdish forces, a partner in the fight against ISIS.

    October 9, 2019 – Turkey launches a military offensive in northern Syria.

    October 31, 2019 – Trump says via Twitter that he is changing his legal residency from New York to Florida, explaining that he feels he is treated badly by political leaders from the city and state.

    November 7, 2019 – A judge orders Trump to pay $2 million to settle a lawsuit against his charity filed by the New York state attorney general. According to the suit, Trump breached his fiduciary duty by allowing his presidential campaign to direct the distribution of donations. In a statement, Trump accuses the attorney general of mischaracterizing the settlement for political purposes.

    November 13, 2019 – Public impeachment hearings begin and Trump meets Erdogan at the White House.

    November 20, 2019 – During a public hearing, US Ambassador to the European Union Gordon Sondland says he worked with Giuliani on matters related to Ukraine at the “express direction of the President of the United States” and he says “everyone was in the loop.” Sondland recounts several conversations between himself and Trump about Ukraine opening two investigations: one into Burisma and another into conspiracies about Ukrainian meddling in the 2016 US election.

    December 10, 2019 – House Democrats unveil two articles of impeachment, one for abuse of power and one for obstruction of Congress.

    December 11, 2019 – Trump signs an executive order to include discrimination against Jewish people as a violation of law in certain cases, with an eye toward fighting antisemitism on college campuses.

    December 13, 2019 – The House Judiciary Committee approves the two articles of impeachment in a party line vote.

    December 18, 2019 – The House of Representatives votes to impeach Trump, charging a president with high crimes and misdemeanors for just the third time in American history.

    January 3, 2020 – Speaking at Mar-a-Lago, Trump announces that a US airstrike in Iraq has killed Qasem Soleimani, the leader of the Islamic Revolutionary Guards Corps Quds Force.

    January 8, 2020 – Iran fires a number of missiles at two Iraqi bases housing US troops in retaliation for the American strike that killed Soleimani. No US or Iraqi lives are reported lost, but the Pentagon later releases a statement confirming that 109 US service members had been diagnosed with mild traumatic brain injuries in the wake of the attack.

    January 24, 2020 – Makes history as the first President to attend the annual March for Life rally in Washington, DC, since it began nearly a half-century ago. Trump reiterates his support for tighter abortion restrictions.

    January 29, 2020 – Trump signs the US-Mexico-Canada Agreement into law, which replaces the North American Free Trade Agreement.

    January 31, 2020 – The Trump administration announces an expansion of the travel ban to include six new countries. Immigration restrictions will be imposed on: Nigeria, Eritrea, Tanzania, Sudan, Kyrgyzstan and Myanmar (known as Burma), with exceptions for immigrants who have helped the United States.

    February 5, 2020 – The Senate votes to acquit Trump on two articles of impeachment. Sen. Mitt Romney is the sole Republican to vote to convict on the charge of abuse of power, joining with all Senate Democrats in a 52-48 not guilty vote. On the obstruction of Congress charge, the vote falls along straight party lines, 53-47 for acquittal.

    May 29, 2020 – Trump announces that the United States will terminate its relationship with the World Health Organization.

    July 10, 2020 – Trump commutes the prison sentence of his longtime friend Roger Stone, who was convicted of crimes that included lying to Congress in part, prosecutors said, to protect the President. The announcement came just days before Stone was set to report to a federal prison in Georgia.

    October 2, 2020 – Trump announces that he has tested positive for coronavirus. Later in the day, Trump is transferred to Walter Reed National Military Medical Center, and returns to the White House on October 5.

    November 7, 2020 – Days after the presidential election on November 3, CNN projects Trump loses his bid for reelection to Biden.

    November 25, 2020 – Trump announces in a tweet that he has granted Michael Flynn a “full pardon,” wiping away the guilty plea of the intelligence official for lying to the FBI.

    December 23, 2020 – Announces 26 new pardons, including for Stone, Manafort and son-in-law Jared Kushner’s father, Charles.

    January 6, 2021 – Following Trump’s rally and speech at the White House Ellipse, pro-Trump rioters storm the US Capitol as members of Congress meet to certify the Electoral College results of the 2020 presidential election. A total of five people die, including a Capitol Police officer the next day.

    January 7-8, 2021 – Instagram and Facebook place a ban on Trump’s account from posting through the remainder of his presidency and perhaps “indefinitely.” Twitter permanently bans Trump from the platform, explaining that “after close review of recent Tweets…and the context around them we have permanently suspended the account due to the risk of further incitement of violence.”

    January 13, 2021 – The House votes to impeach Trump for “incitement of insurrection.” He is the only president to be impeached twice.

    January 20, 2021 – Trump issues a total of 143 pardons and commutations that include his onetime political strategist, Steve Bannon, a former top fundraiser and two well-known rappers but not himself or his family. He then receives a military-style send-off from Joint Base Andrews on Inauguration morning, before heading home to Florida.

    February 13, 2021 – The US Senate acquits Trump in his second impeachment trial, voting that Trump is not guilty of inciting the deadly January 6 riots at the US Capitol. The vote is 43 not guilty to 57 guilty, short of the 67 guilty votes needed to convict.

    May 5, 2021 – Facebook’s Oversight Board upholds Trump’s suspension from using its platform. The decision also applies to Facebook-owned Instagram.

    June 4, 2021 – Facebook announces Trump will be suspended from its platform until at least January 7th, 2023 – two years from when he was initially suspended.

    July 1, 2021 – New York prosecutors charge the Trump Organization and Trump Payroll Corporation with 10 felony counts and Chief Financial Officer Allen Weisselberg with 15 felony counts in connection with an alleged tax scheme stretching back to 2005. Trump himself is not charged. On December 6, 2022, both companies are found guilty on all charges.

    February 14, 2022 – Accounting firm Mazars announces it will no longer act as Trump’s accountant, citing a conflict of interest. In a letter to the Trump Organization chief legal officer, the firm informs the Trump Organization to no longer rely on financial statements ending June 2011 through June 2020.

    May 3, 2022 – The Trump Organization and the Presidential Inaugural Committee agree to pay a total of $750,000 to settle with the Washington, DC, attorney general’s office over allegations they misspent money raised for former President Donald Trump’s inauguration.

    June 9-July 21, 2022 – The House select committee investigating the January 6, 2021, attack on the US Capitol holds eight hearings, where it hears from witnesses including top ex-Trump officials, election workers, those who took part in the attack and many others. Through live testimony, video depositions, and never-before-seen material, the committee attempts to paint the picture of the former president’s plan to stay in power and the role he played on January 6.

    August 8, 2022 – The FBI executes a search warrant at Trump’s Mar-a-Lago resort in Palm Beach, Florida, as part of an investigation into the handling of presidential documents, including classified documents, that may have been brought there.

    August 12, 2022 – A federal judge unseals the search warrant and property receipt from the FBI search of Mar-a-Lago. The unsealed documents indicate the FBI recovered 11 sets of classified documents from its search, including some materials marked as “top secret/SCI” – one of the highest levels of classification, and identify three federal crimes that the Justice Department is looking at as part of its investigation: violations of the Espionage Act, obstruction of justice and criminal handling of government records.

    September 21, 2022 – The New York state attorney general files a lawsuit against Trump, three of his adult children and the Trump Organization, alleging they were involved in an expansive fraud lasting over a decade that the former President used to enrich himself. According to the lawsuit, the Trump Organization deceived lenders, insurers and tax authorities by inflating the value of his properties using misleading appraisals.

    October 3, 2022 – Trump files a lawsuit against CNN for defamation, seeking $475 million in punitive damages.

    November 15, 2022 – Announces that he will seek the Republican presidential nomination in 2024.

    November 19, 2022 – Trump’s Twitter account, which was banned following the January 6, 2021, attack on the Capitol, is reinstated after users respond to an online poll posted by Twitter CEO and new owner Elon Musk.

    December 19, 2022 – The Jan. 6 insurrection committee votes to refer Trump to the Department of Justice on at least four criminal charges. Four days later the panel releases its final report recommending Trump be barred from holding office again.

    February 9, 2023 – Trump’s Facebook and Instagram accounts are restored following a two-year ban in the wake of the Jan. 6, 2021 insurrection, a Meta spokesperson confirms to CNN. On March 17, 2023, YouTube restores Trump’s channel.

    March 30, 2023 – A grand jury in New York votes to indict Trump, the first time in American history that a current or former president has faced criminal charges.

    April 4, 2023 – Surrenders and is placed under arrest before pleading not guilty to 34 felony criminal charges of falsifying business records in Manhattan criminal court. Prosecutors allege that Trump sought to undermine the integrity of the 2016 election through a hush money scheme with payments made to women who claimed they had extramarital affairs with Trump. He has denied the affairs. Hours after his arraignment, Trump rails against the Manhattan district attorney and the indictment during a speech at his Florida resort at Mar-a-Lago.

    May 9, 2023 – A Manhattan federal jury finds Trump sexually abused former magazine columnist E. Jean Carroll in a luxury department store dressing room in the spring of 1996 and awards her $5 million for battery and defamation.

    May 15, 2023 – A report by special counsel John Durham is released. In it he concludes that the FBI should never have launched a full investigation into connections between Donald Trump’s campaign and Russia during the 2016 election. The report does not recommend any new charges against individuals or “wholesale changes” about how the FBI handles politically charged investigations, despite strongly criticizing the agency’s behavior.

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  • No. 3 House Republican defends party’s debt ceiling bill | CNN Politics

    No. 3 House Republican defends party’s debt ceiling bill | CNN Politics

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    CNN
     — 

    House Majority Whip Tom Emmer said Sunday that President Joe Biden “doesn’t have to negotiate” over the debt ceiling, saying that “Republicans in the House, led by Kevin McCarthy, have passed the solution.”

    House Republicans last week narrowly passed their bill to raise the nation’s $31.4 trillion debt limit by an additional $1.5 trillion. But the measure faces nearly impossible odds of passing in the Democratic-led Senate. Emmer disagreed with that contention in an interview with CNN’s Dana Bash on “State of the Union.”

    “To say that it’s dead on arrival in the Senate, when you’ve got even Joe Manchin suggesting support for this type of approach, I think that’s not exactly accurate,” the Minnesota Republican said. “If you don’t like something in it, if you have ideas of your own, our speaker is more than willing, I’m sure, to listen to those.”

    The House GOP measure was aimed at boosting Republicans’ efforts to negotiate with Democrats as the country approaches its default deadline as soon as this summer. But the White House has said it will not negotiate a debt ceiling increase and will accept only a clean proposal to raise the nation’s borrowing limit.

    Following passage of the GOP bill, Biden told reporters Wednesday that he would be “happy to meet with McCarthy, but not on whether or not the debt limit gets extended. That’s not negotiable.”

    Separately on Sunday, House Majority Leader Steve Scalise said Biden needs to come to the table to negotiate with Republicans on spending and the debt limit.

    “The White House needs to ultimately get into this negotiation. The president has been in hiding for two months,” the Louisiana Republican said on ABC’s “This Week.”

    “That’s not acceptable to Americans. They expect the president to sit in a room with Speaker McCarthy and start negotiating,” he added.

    The US hit its debt ceiling in January and can’t continue to borrow to meet its obligations unless Congress raises or suspends it. The Treasury Department is avoiding default – which would happen this summer or early fall – by using cash on hand and “extraordinary measures,” which should last at least until early June, Treasury Secretary Janet Yellen said in January.

    A breach of the US debt ceiling could spark a 2008-style economic catastrophe, wiping out millions of jobs and setting America back for generations, Moody’s Analytics has warned.

    Emmer, when asked by Bash if he could guarantee that the US government will not default on its debts, said, “I can, assuming that our president and the (Chuck) Schumer Senate recognize the gravity of the problem. This is no longer about politics.”

    “House Republicans will not allow America to default on its debt,” he added. “We showed that last week.”

    Emmer also disputed the characterization of some of the GOP bill’s provisions to reduce spending as “cuts.”

    “These are spending reforms. And all we’re doing is going back to the Biden-Pelosi budget of last year,” he said, referring to former House Speaker Nancy Pelosi.

    The debt ceiling legislation, dubbed the “Limit, Save, Grow Act,” proposes sizable cuts to domestic programs but would spare the Pentagon’s budget. It would return funding for federal agencies to 2022 levels while aiming to limit the growth in spending to 1% per year. The nonpartisan Congressional Budget Office said the bill would trim government deficits by $4.8 trillion over 10 years.

    As part of the 320-page bill, the GOP is also proposing to block Biden’s plan to grant student loan forgiveness, repeal green energy tax credits and kill new Internal Revenue Service funding enacted as part of the Inflation Reduction Act last year. The plan would also expedite new oil drilling projects while rescinding funding enacted to respond to the Covid-19 pandemic.

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  • Elon Musk’s weekend antics could only further crumble Twitter’s brand value | CNN Business

    Elon Musk’s weekend antics could only further crumble Twitter’s brand value | CNN Business

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    New York
    CNN
     — 

    Under Elon Musk, Twitter has antagonized multiple major news organizations by labeling them state-funded media, appears to have eased restrictions on Russian government accounts and made crude jokes on the front of its headquarters and on Musk’s own Twitter display name.

    And that’s just this weekend.

    Musk’s antics, which only seem to have escalated this month, threaten to further erode Twitter’s brand value. For months, the company has struggled to retain advertisers and supplement its declining ad business — which previously comprised 90% of its annual revenue — by convincing users to pay up for its Twitter Blue subscription service.

    Musk, who is on the hook for large payments to lenders after buying the company for $44 billion, including with significant debt, must either coax hesitant advertisers back to the platform or boost its subscription business -— or both. But his recent erratic moves may only complicate those turnaround efforts.

    Late last week, Twitter faced backlash for labeling NPR as a “state-affiliated media” organization akin to foreign propaganda outlets such as Russia’s RT and Sputnik, in an apparent violation of its own policies. NPR CEO John Lansing called Twitter’s move “unacceptable,” and said the organization is “supported by millions of listeners.”

    Following the pushback, Twitter changed NPR’s label to “government funded media,” and applied the same designation to British broadcaster BBC over the weekend. Twitter has not given a definition for what it considers “government funded media,” but the BBC pushed back on the label, saying it is independent and “funded by the British public through the license fee.”

    The moves risk alienating some of the best-known media organizations in the world and undermining what has long been a key selling point for the platform: its role as a central hub for news. NPR, in particular, has not tweeted from its main account in nearly a week.

    While Twitter labeled some news accounts as state-funded, it also appears to have removed some restrictions on Russian government accounts that had been put in place following the outset of Russia’s war in Ukraine, again prompting outrage among some users.

    Musk commented on the decision in a tweet Sunday saying: “I’m told Putin called me a war criminal for helping Ukraine, so he’s not exactly my best friend. All news is to some degree propaganda. Let people decide for themselves.”

    Twitter, which laid off much of its media relations team last year, did not respond to a request for comment.

    The controversial moves come as Twitter continues to face significant business challenges. Analysis firm Similarweb last week reported that traffic to Twitter’s ad portal was down nearly 19% year-over-year in March. Many major advertisers have halted spending on Twitter since Musk’s takeover over concerns about increased hate speech on the platform and massive cuts to the company’s workforce.

    Musk has said Twitter is working to improve the platform’s ad targeting to increase value for advertisers. “But all the while there have been distractions,” said Scott Kessler, technology sector lead at research firm Third Bridge, adding that there are “significant questions about the direction that the company is going.” At the same time, online ad spending broadly has contracted over concerns about the economy.

    Against that backdrop, Musk’s Twitter has made several head-scratching announcements this month, some of which might only add to its challenges.

    Musk previously frustrated some of Twitter’s celebrity users, who have long been a key selling point for the platform, with a promise to remove blue checkmarks from accounts who had been verified under Twitter’s previous system. But it didn’t exactly go to plan — instead of removing checks from all previously verified users, Twitter appeared to target a single account belonging to the New York Times.

    Days later, Twitter’s home button was temporarily replaced with doge, the meme representing the cryptocurrency dogecoin, which Musk has promoted. The company also briefly restricted Twitter users from sharing links to a rival platform, upsetting users, including one who had previously reported the so-called Twitter files using documents provided by Musk.

    As if to underscore his unique and questionable impact on the brand, the “Chief Twit” has also apparently been keeping busy with changes to Twitter’s San Francisco headquarters. Last week, photos began spreading of a piece of plastic covering the “w” in the sign on the front of the company’s office.

    At nearly midnight on Sunday, Musk tweeted that the company’s landlord “says we’re legally required to keep sign as Twitter & cannot remove ‘w,’ so we painted it background color,” alongside a photo of the “w” painted white against a white background, leaving a more asinine word in its place. “Problem solved!” Musk tweeted.

    If only the same could be said for the platform’s business troubles.

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  • ‘You’re wrong’: McCarthy answers his critics as he faces blowback from GOP hardliners | CNN Politics

    ‘You’re wrong’: McCarthy answers his critics as he faces blowback from GOP hardliners | CNN Politics

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    CNN
     — 

    Senate Majority Leader Chuck Schumer in February made a bold prediction about the GOP and the debt ceiling, asserting: “We don’t believe they have a plan that can pass with Republican votes in the House.”

    He later insisted that the White House would not negotiate with House Speaker Kevin McCarthy on a debt ceiling increase and that ultimately Congress would lift the borrowing limit without any conditions at all.

    “Clean, clean, clean,” he told CNN in April, referencing the push for a clean debt ceiling resolution.

    But McCarthy ultimately passed a bill in April on GOP votes alone. He then later forced President Joe Biden to negotiate a debt limit suspension with spending cuts. And Wednesday night, the House passed the McCarthy-Biden deal by a 314-177 vote, even winning the backing of 149 House Republicans, more than half of his conference, and the support of 165 Democrats. The Senate passed the bill late Thursday night, and it now goes to Biden’s desk for his signature.

    “You’re wrong,” an ebullient McCarthy said when asked about critics underestimating him.

    After one of the longest speaker’s races in history, winning the gavel after an ugly 15-ballot fight, McCarthy has managed to navigate his ideologically divided conference and bring to an end the debt limit standoff – even to the surprise of some of his sharpest critics.

    “I have been thinking about this day since before my vote for speaker because I knew the debt ceiling was coming,” McCarthy said at a news conference following the vote Wednesday night. “I wanted to make history.”

    When asked if he underestimated the speaker, Schumer didn’t answer directly.

    “No. 1, we avoided default – our number one goal, which we’ve been talking about from day one,” Schumer said. “No. 2, it is a far, far cry from where the Republicans started out.”

    Democrats say if the speaker surprised them in the fiscal fight, it’s because they didn’t think he would hold the specter of the first-ever US default over the White House until Biden agreed to negotiate on his terms.

    “I think the Republican House caucus is willing to go to default,” said Rep. Ted Lieu, a California Democrat. “When dealing with folks like that, it’s really hard to negotiate at all.”

    But it didn’t come without a cost.

    After the debt limit deal passed, Republican Rep. Ken Buck of Colorado told CNN that House conservatives will be having discussions about ousting McCarthy “in the next week or two,” although he didn’t commit to following through with that threat.

    A fired-up Buck, who opposed the debt limit deal, told reporters that he has received calls from constituents about removing McCarthy from the speakership. “My constituents are furious and you know what’s so interesting about the calls in the district? They are not only ‘vote against this bill,’ but they are ‘take McCarthy out.’ That’s what the calls are coming in,” he said.

    The same Republicans who held out their votes for McCarthy’s speakership bid in January hated the deal he struck, arguing that it failed to curtail spending or provide conservatives with key policy wins. Several have publicly talked about moving to oust him for the agreement.

    Rep. Chip Roy, the Texas Republican who has vocally slammed the deal, promised a “reckoning” earlier this week after the agreement was reached. And Rep. Dan Bishop, the North Carolina Republican who publicly vowed to target the speaker and potentially oust him from his job, said of his confidence in McCarthy: “None. Zero. What basis is there for confidence?”

    Still, there haven’t been signs yet that the hardline conservatives will actually move to oust the speaker.

    During a House Freedom Caucus conference call Tuesday night, when the motion to vacate was briefly brought up, Chairman Scott Perry, a Pennsylvania Republican, dismissed the idea as “premature” and the conversation quickly moved on, according to a source on the call.

    The source said that there have been private, “independent” discussions about the motion to vacate among some of McCarthy’s fiercest critics, but not among the Freedom Caucus as a whole, where there is far less appetite to go that route.

    After facing an all-consuming debt limit battle for the last several months, McCarthy is ready for the next act of his young speakership – and he’s taking steps that can win over the far-right furious at him over his debt ceiling deal with the White House.

    To win some of his critics back, he’s promising his members that he wants to set up a bipartisan commission to rein in sky-high deficits while also privately vowing to hold the line in the government funding fights to come.

    Rep. Ralph Norman, a South Carolina Republican who said McCarthy has lost “some trust” by cutting the debt deal, told CNN that the speaker had promised that leadership would be “actively” involved in the appropriations process, saying that’s where “the next big debate” will be.

    While the debt limit and spending has bitterly divided the GOP conference, McCarthy is now free to turn toward more unifying measures – and to go on the attack against the Biden administration instead of cutting a deal with the president. It’s one reason why McCarthy was OK with agreeing to the White House’s demand to suspend the debt limit until January 2025, ensuring the divisive issue won’t be litigated before the 2024 elections.

    Asked what’s next now that the debt crisis is behind them, McCarthy told reporters: “We’ve got a number of things.”

    “We’ve got to do appropriations,” he said. “We’ve got a lot of oversight work to do. I don’t know if you’ve followed … FBI Director Wray, not following through on our subpoena. Now he says he would let us look at the document,” McCarthy told reporters.

    The focus internally is already shifting.

    On Wednesday, House Oversight Chairman James Comer said his committee would begin contempt proceedings as early as next week against Wray, in a move that would serve up red meat to the right flank of the GOP conference.

    Comer has demanded that the FBI turn over an internal law enforcement document related to an unverified allegation against Biden, and he said Wednesday that the FBI’s proposed accommodation to allow Comer to view the document would not be sufficient to stop contempt proceedings.

    Another target for far-right Republicans is Alejandro Mayorkas, the Homeland Security secretary whom conservatives want to impeach over problems at the border.

    Rep. Marjorie Taylor Greene, a far-right Georgia Republican who backed McCarthy’s speakership in January, told reporters that she is willing to swallow the debt ceiling deal but said would like to see a “dessert” to go along with it – and specifically named the idea of impeaching Mayorkas or Wray.

    This story has been updated to reflect the bill’s passage in the Senate.

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  • 5 ways a debt default could affect you | CNN Politics

    5 ways a debt default could affect you | CNN Politics

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    CNN
     — 

    President Joe Biden and House Republicans may have as little as a month to prevent the US from defaulting on its debt, which would impact millions of Americans and unleash economic and fiscal chaos here and around the world.

    Treasury Secretary Janet Yellen warned Monday that the government may not be able to pay all of its bills in full and on time as soon as June 1. However, the forecast was uncertain, and the default date might come several weeks later, she said. The US hit its $31.4 trillion debt ceiling in January, and Treasury has been using cash and “extraordinary measures” to satisfy obligations since then.

    Just what would happen if the nation defaults on its debt is unknown since it’s never actually happened before. A close call in 2011 roiled the financial markets and prompted Standard & Poor’s to downgrade the US’ credit rating to AA+ from AAA.

    Yellen gave a sense of the turmoil it would cause in her letter to House Speaker Kevin McCarthy on Monday.

    “If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests,” she wrote.

    To be clear, a debt default doesn’t mean all payments would stop and people would permanently lose out on money they are owed. Treasury would have the funds to satisfy some obligations, but it’s not certain how the agency would handle the disbursements. Much would also depend on how long it takes Congress to address the borrowing cap.

    “Tens of millions of people across the country who expect payments from the federal government may not get them on time,” said Shai Akabas, director of economic policy at the Bipartisan Policy Center.

    Here are five ways that Americans could be affected by debt default:

    About 66 million retirees, disabled workers and others receive monthly Social Security benefits. The average payment for retired workers is $1,827 a month in 2023.

    Almost two-thirds of beneficiaries rely on Social Security for half of their income, and for 40% of recipients, the payments constitute at least 90% of their income, according to the National Committee to Preserve Social Security and Medicare.

    These payments could be delayed in a debt default scenario, though it’s possible Treasury could continue making on-time payments because of the entitlement program’s trust fund, Akabas said.

    The benefits are disbursed four times a month, on the third day of the month and on three Wednesdays. Roughly $25 billion a week is sent out, according to the Congressional Budget Office.

    “Even a short delay in the payment of Social Security benefits would be a burden for the millions of Americans who rely on their earned benefits to pay for out-of-pocket health care expenses, food, rent and utilities,” Max Richtman, the committee’s CEO, said in a statement.

    Many other government payments could also be affected, including funding for food stamps; federal grants to states and municipalities for Medicaid, highways, education and other programs; and Medicare payments to hospitals, doctors and health insurance plans.

    More than 2 million federal civilian workers and around 1.4 million active-duty military members could see their paychecks delayed. Federal government contractors could also see a lag in payments, which could affect their ability to compensate their workers.

    Also, certain veterans benefits, including disability payments and pensions for some low-income veterans and their surviving families, could be affected.

    “Such calamity would place further stress on our servicemembers, retirees, and veterans, as well as their families, caregivers, and survivors,” Rene Campos, senior director of government relations for the Military Officers Association of America, said in a blog post. “Though life in uniform is not always predictable, those who serve or have served their country expect their country to honor their commitment to service.”

    About $25 billion in pay or benefits for active-duty members of the military, civil service and military retirees, veterans and recipients of Supplemental Security Income is sent out on the first day of the month, according to the CBO.

    Americans’ investments would take a direct hit. Case in point: Markets had what was then their worst week since the financial crisis during the 2011 debt ceiling standoff after the Standard & Poor’s downgrade.

    Even if the debt ceiling impasse is resolved soon after a default, stocks could shed as much as a third of their value. That would wipe out around $12 trillion in household wealth, according to Moody’s Analytics.

    If a default occurs, yields on US Treasuries will inevitably rise to compensate for the increased risk that bondholders won’t receive the money they’re owed from the government.

    Since interest rates on loans, credit cards and mortgages are often based on Treasury yields, the cost of borrowing money and paying off debt would rise. That’s on top of the increased costs Americans are already facing from the Federal Reserve rate hikes.

    Families and businesses would also have a tougher time getting approved for lines of credit since banks would have to be more selective about to whom they loan money. That’s because their costs of borrowing money will also rise, which limits the amount of money they can lend out.

    A debt default could trigger an economic downturn, which would prompt a spike in unemployment. It would come at a particularly fragile time – when the nation is already dealing with rising interest rates and stubbornly high inflation.

    How much damage would be done would depend on how long the crisis continues. If the default lasts for about a week, then close to 1 million jobs would be lost, including in the financial sector, which would be hard hit by the stock market declines. Also, the unemployment rate would jump to about 5% and the economy would contract by nearly half a percent, according to Moody’s.

    But if the impasse dragged on for six weeks, then more than 7 million jobs would be lost, the unemployment rate would soar above 8% and the economy would decline by more than 4%, according to Moody’s. The effects would still be felt a decade from now.

    “It would be a body blow to the economy, and it would be a manufactured crisis,” said Bernard Yaros, an economist at Moody’s.

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  • How every senator voted on the debt ceiling bill | CNN Politics

    How every senator voted on the debt ceiling bill | CNN Politics

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    CNN
     — 

    The Senate voted late Thursday on a bill to suspend the country’s debt limit through January 1, 2025 following weeks of contentious negotiations on the legislative deal between the White House and Republicans.

    The bill is now on its way to President Joe Biden for approval, and once signed, it will avert what could have been an economic catastrophe and the first time the US would have defaulted on its debt. (Biden is scheduled to address the nation about the legislation Friday night.)

    The Senate vote was 63 to 36. Take a look at how every member of the Senate voted on its final passage.

    Members of the Democratic Caucus

    1. Sen. Tammy Baldwin of Wisconsin

    2. Sen. Michael Bennet of Colorado

    3. Sen. Richard Blumenthal of Connecticut

    4. Sen. Cory Booker of New Jersey

    5. Sen. Sherrod Brown of Ohio

    6. Sen. Maria Cantwell of Washington

    7. Sen. Ben Cardin of Maryland

    8. Sen. Tom Carper of Delaware

    9. Sen. Bob Casey of Pennsylvania

    10. Sen. Chris Coons of Delaware

    11. Sen. Catherine Cortez Masto of Nevada

    12. Sen. Tammy Duckworth of Illinois

    13. Sen. Dick Durbin of Illinois

    14. Sen. Dianne Feinstein of California

    15. Sen. Kirsten Gillibrand of New York

    16. Sen. Maggie Hassan of New Hampshire

    17. Sen. Martin Heinrich of New Mexico

    18. Sen. John Hickenlooper of Colorado

    19. Sen. Mazie Hirono of Hawaii

    20. Sen. Tim Kaine of Virginia

    21. Sen. Mark Kelly of Arizona

    22. Sen. Angus King of Maine

    23. Sen. Amy Klobuchar of Minnesota

    24. Sen. Ben Ray Luján of New Mexico

    25. Sen. Joe Manchin of West Virginia

    26. Sen. Bob Menendez of New Jersey

    27. Sen. Chris Murphy of Connecticut

    28. Sen. Patty Murray of Washington

    29. Sen. Jon Ossoff of Georgia

    30. Sen. Alex Padilla of California

    31. Sen. Gary Peters of Michigan

    32. Sen. Jack Reed of Rhode Island

    33. Sen. Jacky Rosen of Nevada

    34. Sen. Brian Schatz of Hawaii

    35. Sen. Chuck Schumer of New York

    36. Sen. Jeanne Shaheen of New Hampshire

    37. Sen. Kyrsten Sinema of Arizona

    38. Sen. Tina Smith of Minnesota

    39. Sen. Debbie Stabenow of Michigan

    40. Sen. Jon Tester of Montana

    41. Sen. Chris Van Hollen of Maryland

    42. Sen. Mark Warner of Virginia

    43. Sen. Raphael Warnock of Georgia

    44. Sen. Peter Welch of Vermont

    45. Sen. Sheldon Whitehouse of Rhode Island

    46. Sen. Ron Wyden of Oregon

    Members of the Republican Conference

    47. Sen. John Cornyn of Texas

    48. Sen. Kevin Cramer of North Dakota

    49. Sen. Joni Ernst of Iowa

    50. Sen. Charles Grassley of Iowa

    51. Sen. Mitch McConnell of Kentucky

    52. Sen. John Hoeven of North Dakota

    53. Sen. Markwayne Mullin of Oklahoma

    54. Sen. Jerry Moran of Kansas

    55. Sen. Mitt Romney of Utah

    56. Sen. Lisa Murkowski of Alaska

    57. Sen. Mike Rounds of South Dakota

    58. Sen. Todd Young of Indiana

    59. Sen. John Thune of South Dakota

    60. Sen. Thom Tillis of North Carolina

    61. Sen. John Boozman of Arkansas

    62. Sen. Shelley Moore Capito of West Virginia

    63. Sen. Susan Collins of Maine

    Members of the Democratic Caucus

    64. Sen. Ed Markey of Massachusetts

    65. Sen. Jeff Merkley of Oregon

    66. Sen. Elizabeth Warren of Massachusetts

    67. Sen. John Fetterman of Pennsylvania

    68. Sen. Bernie Sanders of Vermont

    Members of the Republican Conference

    69. Sen. John Barrasso of Wyoming

    70. Sen. Marsha Blackburn of Tennessee

    71. Sen. Mike Braun of Indiana

    72. Sen. Katie Britt of Alabama

    73. Sen. Ted Budd of North Carolina

    74. Sen. Bill Cassidy of Louisiana

    75. Sen. Tom Cotton of Arkansas

    76. Sen. Mike Crapo of Idaho

    77. Sen. Ted Cruz of Texas

    78. Sen. Steve Daines of Montana

    79. Sen. Deb Fischer of Nebraska

    80. Sen. Lindsey Graham of South Carolina

    81. Sen. Josh Hawley of Missouri

    82. Sen. Cindy Hyde-Smith of Mississippi

    83. Sen. Ron Johnson of Wisconsin

    84. Sen. John Kennedy of Louisiana

    85. Sen. James Lankford of Oklahoma

    86. Sen. Mike Lee of Utah

    87. Sen. Cynthia Lummis of Wyoming

    88. Sen. Roger Marshall of Kansas

    89. Sen. Rand Paul of Kentucky

    90. Sen. Pete Ricketts of Nebraska

    91. Sen. Jame Risch of Idaho

    92. Sen. Marco Rubio of Florida

    93. Sen. Eric Schmitt of Missouri

    94. Sen. Rick Scott of Florida

    95. Sen. Tim Scott of South Carolina

    96. Sen. Dan Sullivan of Alaska

    97. Sen. Tommy Tuberville of Alabama

    98. Sen. JD Vance of Ohio

    99. Sen. Roger Wicker of Mississippi

    Not Voting

    100. Republican Sen. Bill Hagerty of Tennessee

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  • Debt default could occur in early June, forecasters say, backing Yellen | CNN Politics

    Debt default could occur in early June, forecasters say, backing Yellen | CNN Politics

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    CNN
     — 

    Two new analyses are backing Treasury Secretary Janet Yellen’s forecast that the nation could default on its debt – and unleash economic chaos – as soon as early June if Congress doesn’t act.

    The projections, which are roughly in line with those issued last week by Yellen and the Congressional Budget Office, add to the pressure on House Republicans and President Joe Biden, who may have only a few weeks to hammer out their vast differences over addressing the debt ceiling. Biden is meeting with congressional leaders Tuesday to work on a deal, the first movement in months.

    A weaker-than-expected tax season, spurred in part by disaster-related filing extensions for much of California and parts of Alabama and Georgia, has increased the odds that Treasury won’t have enough funds to pay the federal government’s bills in early June, according to an updated estimate released Tuesday by the Bipartisan Policy Center.

    “The coming weeks are critical for assessing the strength of government cash flows,” said Shai Akabas, the center’s director of economic policy. “If a solution is not reached before June, policymakers may be playing daily Russian roulette with the full faith and credit of the United States, risking financial disaster for their constituents and the country.”

    The so-called X-date, when the US could default, could arrive between early June and early August, according to the center. In February, it projected the default could take place during the summer or early fall.

    Meanwhile, Moody’s Analytics last week pegged the default date at June 8, significantly earlier than its prior projection of August 18. But the X-date could hit as soon as June 1 or as late as early August, according to that analysis.

    Cumulative income tax receipts are tracking more than 30% below collections a year ago, in part because of weaker capital gains revenue as a result of last year’s stock market declines, Moody’s said.

    Tax receipts are running $150 billion below government projections for fiscal year 2023, which began in October, according to a report issued Monday by the Penn Wharton Budget Model, an independent research organization. This is due mainly to a drop in capital gains income and weakening corporate profit margins.

    In Yellen’s letter to House Speaker Kevin McCarthy last week, she said the exact date of default is impossible to pinpoint since the amount of revenue the federal government collects and the amount it spends is variable. She noted it could come as early as June 1 but could be a number of weeks later.

    Even if the Treasury Department doesn’t completely run out of funds, it could be difficult for the agency to manage its payments and stay below the debt ceiling when it only has a tiny cash balance, Akabas said. How much revenue the agency collects in the next three weeks is critical to whether the nation will default next month.

    “Treasury is skating on very thin ice in the month of June. If it’s $10, $20, $30, $40 billion below what we anticipate, that means that they’re really going to be in a crunch situation,” he said of revenue.

    Unable to keep borrowing to pay the nation’s obligations, the Treasury Department has been using cash and “extraordinary measures” to avoid default since the US hit its $31.4 trillion debt ceiling in January.

    If government collections wind up being enough to keep Treasury’s coffers flush through early June, then it’s likely the government won’t default until later in the summer. The agency will get another injection of funds from second quarter estimated tax payments, which are due June 15, and from an extraordinary measure that becomes available at the end of that month.

    Investors are growing skittish about the debt ceiling impasse and a potential default.

    Last week, the Treasury Department sold $50 billion of four-week securities scheduled to mature on June 6 at a record 5.84%, the highest yield for any Treasury Department bill auction since 2000, Akabas noted.

    “Even now, the looming deadline is raising costs to the government and therefore, to all taxpayers,” he said.

    If the government was to default for the first time, it would trigger an economic meltdown in the US and send shock waves through the global financial system.

    If the default lasts for about a week, then close to 1 million jobs would be lost, including in the financial sector, which would be hard hit by the stock market declines, according to Moody’s. Also, the unemployment rate would jump to about 5% and the economy would contract by nearly half a percent.

    But if the impasse dragged on for six weeks, then more than 7 million jobs would be lost, the unemployment rate would soar above 8% and the economy would decline by more than 4%, according to Moody’s. The effects would still be felt a decade from now.

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  • McCarthy tells Republicans he’s ‘nowhere near’ a debt limit deal with Biden as deadline nears | CNN Politics

    McCarthy tells Republicans he’s ‘nowhere near’ a debt limit deal with Biden as deadline nears | CNN Politics

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    CNN
     — 

    House Speaker Kevin McCarthy told Republicans during a closed-door meeting on Tuesday that he’s not close to a bipartisan deal with President Joe Biden to avoid a first-ever default on the nation’s debt.

    “We are nowhere near a deal,” McCarthy told Republicans. “I need you all to hang with me.”

    As each day passes without a deal, the clock is ticking closer to a looming deadline for default – which could be catastrophic for the global economy and have financial effects on countless Americans.

    Treasury Secretary Janet Yellen reaffirming in a letter to McCarthy on Monday that it is “highly likely” that the US Treasury will not be able to pay all of its bills in full and on time as soon as June 1. But several Republicans, including House Majority Leader Steve Scalise, have suggested that they do not believe Yellen’s estimate of June 1 as the so-called X-date for potential default and called on her to testify before Congress.

    While McCarthy has maintained that both parties could still obtain a deal by the June 1 deadline, he is also now accusing the president of trying to “disrupt” negotiations by bringing proposals involving Medicare and Social Security back “into the fold.”

    Republican Study Committee Chairman Kevin Hern said McCarthy told members during Tuesday morning’s meeting they should go home and work their districts if a deal isn’t reached by the White House and Republican negotiators by Memorial Day weekend. Members can always be called back, but Hern told reporters that this is a deal that has to be reached between a few key people.

    “The negotiations are with the speaker and his team and the White House and their team. And so the rest of us being here, just waiting around, doesn’t do any good for anyone,” Hern said.

    McCarthy’s continued optimism about securing a deal before next month follows a meeting at the White House with Biden on Monday evening, where he had underscored that both parties are united in their goal of reaching an agreement to raise the nation’s debt limit before the country defaults.

    “I felt we had a productive discussion. We don’t have an agreement yet, but I did feel the discussion was productive in areas that we have differences of opinion,” McCarthy said outside the West Wing, adding that the “tone” of Monday’s meeting was also “better than any other time we’ve had discussions.”

    Monday evening’s meeting at the White House came after negotiations hit a snag and were put on pause Friday, and representatives of each side spent most of the next two days criticizing the other while defending their own positions. But the parties appeared to smooth things over to resume negotiations when Biden and McCarthy spoke over the phone as the president was aboard Air Force One returning to Washington after a trip to Japan.

    Biden, in a statement, called Monday’s discussion in the Oval Office productive while acknowledging that areas of disagreement persist.

    “We reiterated once again that default is off the table and the only way to move forward is in good faith toward a bipartisan agreement,” Biden wrote. “While there are areas of disagreement, the Speaker and I, and his lead negotiators … and our staffs will continue to discuss the path forward.”

    On Monday evening, McCarthy maintained that both he and the president “agree we want to be able to come to an agreement.”

    McCarthy’s team and White House negotiators have been meeting daily in an effort to come to a consensus on the budget and the debt ceiling. Negotiators also met through the night on Monday and reconvened Tuesday morning.

    The speaker on Monday also acknowledged that he does not plan to waive the House’s three-day rule – which requires that legislation be posted for at least three days to allow House members to study it before it can be voted on.

    McCarthy has repeatedly warned that the White House and House GOP must reach a deal this week to avoid default. And if negotiations drag on, waiving the three-day rule could allow the legislation to pass more quickly. However, there are concerns that expediting the legislative process by waiving the rule may lead to members voting to support something they aren’t fully informed on.

    The speaker said he “would give everybody 72 hours, so everybody knows what they’re voting for.”

    Despite continued talks, House members on both sides of the aisle appear remain divided over the approach to debt ceiling discussions.

    House Democratic Leader Hakeem Jeffries said Monday evening asserted that talks are moving in the “wrong direction.”

    At a hastily called news conference on the steps of the Capitol, Jeffries attacked the GOP for rejecting a White House compromise – to freeze domestic spending at the current levels. Republicans instead want to roll back spending to previous years’ levels and write into law that spending would be capped for several years.

    “They’ve rejected the fact that President Biden is willing to consider freezing spending. It will reduce the deficit by a trillion dollars. This is what the extreme MAGA Republicans say that they want. They rejected. They rejected an unwillingness to not put the country through this again,” the New York Democrat said. He also repeatedly refused to say if House Democrats would accept a spending cut, as McCarthy has demanded.

    Jeffries’ position is critical because McCarthy will almost certainly need House Democratic support to pass any deal cut with the White House.

    During Tuesday’s closed-door meeting with Republicans, at least one hardline member – Rep. Chip Roy of Texas – complained about Republicans seeking a compromise that water downs what they passed in the House, according to a source in the room. Roy said it’s about saving the country, not seeking a deal.

    Still, a number of Republicans – even some who haven’t always backed McCarthy – said they are standing by the speaker and are happy with how he’s negotiated up until this point.

    “I am very confident in Kevin McCarthy as our speaker,” Rep. Nancy Mace, a Republican from South Carolina told CNN. “I don’t want Speaker McCarthy’s job. That’s a very tough job … he’s got the five families to deal with and a caucus of one right here. He’s doing a great job of pulling people together.”

    “I do not envy his position. I would not want it. He’s had a lot of success in bringing a lot of different factions together within the party and that is no small feat, and it’s not easy,” Mace said.

    Rep. Tim Burchett, who voted against the House’s GOP debt ceiling plan said that “McCarthy is very good at deal cutting. I trust him.”

    “If he says it’s going to start snowing in Knoxville tomorrow, I am running down … and buying a new sled,” Burchett added.

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