House Speaker Kevin McCarthy (R-Calif.) on Tuesday criticized President Joe Biden’s veiled threat to invoke the 14th Amendment as a way to override the debt ceiling and avert a possible default, with the two politicians fresh off a meeting with no breakthrough on the debt limit standoff. Biden on Tuesday confirmed that he’s looking at…
McCarthy Criticizes Biden’s Possible Use of 14th Amendment to Override Debt Limit
May 10, 2023
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Biden Calls Debt Ceiling Talks With Congressional Leaders ‘Productive,’ Rules Out Default
President Joe Biden met with congressional leaders on Tuesday following a three-month deadlock between the White House and Congress over the debt ceiling, which has threatened a default on the nation’s financial obligations. Following the meeting with House Speaker Kevin McCarthy and other congressional leaders, Biden told reporters that the meeting was “productive” and that…
Biden Delivers Remarks Following a Meeting With Congressional Leaders
President Joe Biden reacts after talking with House Speaker Kevin McCarthy on May 9. …
US Crypto Exchange Bittrex Seeks Bankruptcy After SEC Complaint
May 9, 2023
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Cryptocurrency exchange Bittrex filed for bankruptcy protection three weeks after the Securities and Exchange Commission (SEC) accused it of operating an unregistered securities exchange for years. On May 8, the crypto firm made the filing in a Wilmington, Delaware, court after announcing in March that it would wind down operations in the United States by the…
Business Leaders Nervous Ahead of Debt-Ceiling Talk
May 9, 2023
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Ahead of today’s high-stakes meeting between President Joe Biden and congressional leaders to discuss raising the debt ceiling, U.S. business executives have issued a stern warning, urging both parties to reach an agreement. The cost of a default or even the possibility of one is too high, the group warned. “With the U.S. at risk…
Government Employees Sue Biden, Yellen to Force Override of Debt Ceiling
President Joe Biden and Treasury Secretary Janet Yellen have been sued by a union representing some 75,000 government employees demanding that the administration ignore the debt ceiling on grounds that the borrowing limit is unconstitutional. The National Association of Government Employees (NAGE), which filed the lawsuit in a federal court in Boston on Monday, argues that…
Americans Suffering Sharply Higher Levels of Financial Anxiety
May 9, 2023
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Many Americans say they are suffering sharply from higher levels of financial anxiety as the economy takes a downturn. Money is now the prime cause of stress for most Americans, according to May 8 survey by Bankrate. At least 52 percent of respondents reported that personal finances have had a negative impact on their mental health,…
IN-DEPTH: Why Biden Admin’s Latest Push for EVs, Wind, and Solar Is Likely Headed to the Supreme Court
May 8, 2023
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Two new Environmental Protection Agency (EPA) regulations that are currently being finalized will leverage the EPA’s authority to regulate emissions in order to force both America’s electricity network and America’s automotive industry to shift production to wind, solar, and electric vehicles (EVs). However, new EPA initiatives targeting America’s fossil fuel industry will face legal challenges…
Subprime Auto Defaults Heading to 2008 Financial Crisis Levels, Portfolio Managers Warn
Consumers with lower credit scores are falling behind on their auto loans at a rapid pace and will likely reach levels not seen since the 2008 financial crisis and recession, said an investment group in a recent note. Inflation and higher interest rates have been taking chunks out of Americans’ paychecks in recent months, but…
Investors Should Prepare for Threat of a ‘Minsky Moment,’ Says Economist
May 8, 2023
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Investors should prepare for months of market readjustments due to the imminent threat of a “Minsky Moment,” said a top economist. The “Minsky moment” is named after economist Hyman Minsky’s description of a precipitous drop in asset prices after a build-up of debt. Ludovic Subran, the chief economist at Allianz, formerly worked at the World Bank…
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