The Congressional Budget Office (CBO) has released its updated 10-year Budget and Economic Outlook, predicting an unemployment rate of 5.1% this year and high interest rates and inflation. In response, Senate Majority Leader Chuck Schumer (D-N.Y.) has made clear that Democrats won't accept cuts to Medicaid, the government health insurance program for low-income Americans. The report serves as a reminder of the need to protect Medicaid and other safety net programs to ensure an equitable and sustainable economic recovery.
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Mike Pence has announced he will fight a subpoena from the special counsel investigating Donald Trump's actions surrounding the Jan. 6 attack on the U.S. Capitol. Pence argued the subpoena is unconstitutional and unprecedented, and he is confident the Biden administration will recognize this and respect the principle of separation of powers.
The White House has announced the appointment of Lael Brainard of the Federal Reserve as the new director of the National Economic Council. Brainard will be tasked with helping President Biden implement his economic agenda, including pandemic relief, infrastructure, and tax bills. However, the U.S. is currently at risk of defaulting on its debt in July if Congress does not act to raise or suspend the debt limit. Brainard's expertise and experience will be essential in helping the White House navigate this difficult situation.
The Congressional Budget Office (CBO) released a report on Wednesday warning Congress to address the debt limit before the government runs out of funds, potentially between July and September. The report notes that the government’s spending has increased due to the coronavirus pandemic, resulting in a $3.3 trillion deficit for the 2021 fiscal year. Treasury Secretary Janet Yellen has said that a default would be economically calamitous.
Key takeaways: The detection of three “balloon-shaped flying objects” has caused a diplomatic rift between Japan, China, and the U.S. Japan has asked China to…
U.S. intelligence officials have confirmed that the spy balloon shot down earlier this month was launched from the south coast of China and drifted east towards Guam and Hawaii before entering U.S. airspace. The State Department has released a statement that the balloon contained unspecified items, and the Washington Post is now examining the possibility that the People's Liberation Army simply lost control of the balloon. The incident has caused a scramble of jet fighters over Canada and the far North of the United States, and U.S. officials are continuing to investigate.
Key takeaways: The Senate voted 54-45 to confirm Judge Gina Méndez-Miró to the federal district court in Puerto Rico, passing a key test vote. President…
Sen. Dianne Feinstein (D-Calif.) announced Tuesday that she will not seek reelection in 2024, ending her more than 30-year tenure in the Senate. She intends to focus on her 2018 campaign priorities of preventing and combating wildfires, mitigating the effects of record-setting drought, responding to the homelessness crisis, and ensuring all Americans have access to affordable, high-quality health care until 2021. Feinstein is the first woman to serve as a U.S. senator from California and is the longest-serving female senator in American history, and her announcement has already sparked a competitive primary race for her seat in 2024.