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Debt Ceiling Bill

All articles tagged with #debt ceiling bill

student-loans2 years ago•4 min saved

Biden Vetoes Bill to Cancel Student Loan Forgiveness Program.

President Biden has vetoed a bill passed by Congress that would have nullified his student loan forgiveness plan and most recent extension of the student loan pause. However, as part of a compromise to raise the debt ceiling, Biden agreed to officially end the student loan pause later this summer. The Supreme Court is expected to rule on Biden's student loan forgiveness plan this month, and advocates are urging the administration to consider a backup option in case of an adverse ruling.

via Forbes|

#congressional-review-act #debt-ceiling-bill #joe-biden

finance2 years ago•4 min saved

Debt ceiling resolution boosts Asian markets and oil prices.

Asia-Pacific markets rise after U.S. President Joe Biden signed a debt ceiling bill, allowing the U.S. to avert defaulting on its financial obligations. Oil prices surge after OPEC kingpin Saudi Arabia decided to cut production by another million barrels per day. The U.S. payrolls report for May shows strong job gains in the professional and business services sector, as well as a jump in government employment. Fitch says the U.S. is not out of the fiscal doghouse despite the debt ceiling deal, citing a "steady deterioration in governance over the last 15 years" as reasons for its pessimistic outlook.

via CNBC|

#asia-markets #debt-ceiling-bill #finance

energy2 years ago•2 min saved

Oil Prices React to Senate's Debt Ceiling Bill and OPEC+ Meeting.

Oil prices rebounded after the US Senate passed a debt ceiling bill, ending fears of a US debt default. Brent crude moved closer to $75 per barrel and West Texas Intermediate was at $70.76 per barrel. Expectations of additional production cuts by OPEC+ at its next meeting also boosted oil prices. However, internal discord within the cartel may lead to uncertainty surrounding the outcome of the meeting.

via OilPrice.com|

#debt-ceiling-bill #energy #oil-prices

politics2 years ago•1 min saved

Navigating the Debt Ceiling: Schumer's Procedural Tactics Prevail.

Senate Majority Leader Chuck Schumer used procedural tactics to speed up the passage of the debt ceiling bill and outfox conservative senators seeking to delay it. Schumer kept the Senate officially in session all evening Wednesday, allowing him to put the bill on the Senate's calendar for a future vote as soon as the House passed the measure in a bipartisan 314-117 vote. The bill suspends the debt ceiling until after the 2024 presidential election in exchange for a near freeze in domestic spending and no repeal of Trump-era tax cuts for corporations and the ultra-wealthy.

via New York Daily News|

#bipartisan #chuck-schumer #debt-ceiling-bill

politics2 years ago•2 min saved

Pipeline Politics: Debt Ceiling Bill Sparks Controversy.

Sen. Tim Kaine has introduced an amendment to the House-passed debt ceiling bill to strip approval for the Mountain Valley Pipeline, a controversial pipeline backed by fellow Democratic Sen. Joe Manchin. Kaine and other Virginia Democrats have opposed the inclusion of the pipeline approval in the bill, arguing that it is unfair and opens the door to corruption. Manchin, who is up for reelection next year, is a top target for Republicans hoping to retake the Senate in 2024 and securing approval for the pipeline is a key priority for the senator.

via The Hill|

#debt-ceiling-bill #energy-permitting #joe-manchin

politics2 years ago•2 min saved

"Debt ceiling bill passes House with key takeaways and party divisions"

The US House of Representatives passed the debt ceiling bill, which will now move to the Senate. The bill faced opposition from both Republicans and Democrats, with more Democrats supporting it. Key Democratic programs, such as food stamp benefits and climate initiatives, will be impacted. However, health plans and social security will be preserved. President Biden and Kevin McCarthy both claimed victory, and the Senate is expected to pass the bill despite some progressive opposition.

via The Guardian US|

#debt-ceiling-bill #democrats #joe-biden

finance2 years ago•3 min saved

Debt ceiling vote and strong jobs data weigh on stock market

Stock futures for the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 inched lower after a strong month for the tech sector, particularly chip stocks and growth names. Investors are closely watching a bill that would raise the debt ceiling and cut government spending, which passed a key procedural hurdle in the House on Wednesday. The Federal Reserve's June policy meeting and a slew of economic data releases are also on investors' radar. The latest Investors Intelligence survey showed the fewest number of bears since January 2022, with rising bullishness usually correlating to greater risk that prices will decline.

via CNBC|

#artificial-intelligence #debt-ceiling-bill #economic-data

politics2 years ago•3 min saved

Debt ceiling bill's work requirements face GOP challenge and criticism.

House Republicans defend their expansion of work requirements for safety net programs in the debt ceiling bill, arguing that it would help people escape poverty and assist employers looking to hire. They also challenge the Congressional Budget Office's analysis of the package, which showed enrollment in the food stamps program would increase by 78,000 people in an average month when fully implemented, as well as grow spending by $2.1 billion over the decade. The compromise package would also tighten the current work requirements in the TANF program, primarily by adjusting the work participation rate credits that states can receive for reducing their caseloads.

via CNN|

#debt-ceiling-bill #food-stamps #house-republicans