Economy
Democratic report on U.S. debt default predicts disrupted benefits for seniors, veterans
WASHINGTON — Congress’ Joint Economic Committee released a report Thursday detailing the economic repercussions of defaulting on the nation’s debt, adding fuel to the fire as Democrats pressed Republicans to address the nation’s borrowing limit without tying action to spending cuts. The report, from Democratic staff on the bipartisan Joint Economic Committee, says that a […]
Regulators end week like they started — tamping down fears, rescuing a bank
Financial regulators, policymakers, and bank executives spent the week trying to abate fears that a banking crisis will spread across the U.S. financial system. On Friday, President Joe Biden released a statement calling on Congress to take action to make it easier for regulators to hold senior bank executives accountable for their mismanagement. “It should […]
South Dakota congressman advocates expansion of work requirements for federal food aid
WASHINGTON — Republican South Dakota Rep. Dusty Johnson introduced a bill Tuesday aimed at expanding work requirements for federal nutrition aid, reigniting a perennial conflict over how Congress navigates both the farm bill and federal spending. “Work is the best pathway out of poverty,” Johnson, who in his home state has talked about growing up […]
States to receive $2.5B from feds for electric vehicle charging infrastructure
The federal government will send $2.5 billion over the next five years to states, local governments and tribes to build electric vehicle charging infrastructure, Biden administration officials said Tuesday. The new Charging and Fueling Infrastructure grant program, which was authorized by the 2021 bipartisan infrastructure law, will spend $2.5 billion over five years to build […]
Silicon Valley Bank’s collapse differs from our last financial crisis
After the largest U.S. bank failure in more than a decade, regional bank stocks plunged on Monday as the federal government — with the 2007-2008 financial crisis still a fresh memory for many — rushed to reassure Americans that the U.S. banking system was stable. President Joe Biden told Americans that the risks taken on by failed […]
Biden says U.S. bank deposits are safe despite tumult over California bank collapse
WASHINGTON — President Joe Biden reassured Americans early Monday that their money is safe in U.S. banks, after a tumultuous weekend following the collapse of Silicon Valley Bank and a move by regulators to shut down a second lender. Americans “should feel confident that their deposits will be there, if and when they need them,” […]
Child poverty dropped to a record low last year. A new report shows how to keep it that way
The expanded child tax credit that families received in 2021 helped reduce child poverty across the country, but particularly in the South where families lack a sufficient safety net, according to a paper released on Wednesday. The report by the Hamilton Project, the Brookings Institution’s economic policy initiative, comes as some Democrats appear ready to […]
Biden student debt relief plan met with skepticism from U.S. Supreme Court conservatives
WASHINGTON — The majority conservative wing of the U.S. Supreme Court appeared skeptical Tuesday that the Biden administration had the authority to implement a federal student debt relief program that was estimated to potentially aid millions of borrowers. The conservative justices, who hold a 6-3 majority on the court, questioned whether the Department of Education […]
Bipartisan group predicts U.S. debt default as soon as summer, depending on tax receipts
WASHINGTON — A bipartisan think tank expects that the United States will default on its debt in the summer or early fall, if Congress doesn’t take action to address the debt limit before then. The timeline is similar to one the nonpartisan Congressional Budget Office released last week, saying lawmakers have until sometime between July […]
Arkansas panel votes to ban state investments with managers who consider ESG factors
Arkansas lawmakers voted on Wednesday to divest state holdings from financial services providers that do not invest in energy or firearms companies. Approval from the House State Agencies and Government Affairs Committee was House Bill 1307‘s first step to becoming law. It now goes before the full House for consideration. The bill directs the state […]
USDA projects farm income will fall in 2023 after two robust years
WASHINGTON — After two strong years of growth, U.S. farm income is forecast to drop substantially in 2023 as commodity prices fall and expenses rise, the U.S. Department of Agriculture Economic Research Service reported Tuesday. And with food prices projected to rise into 2023, the nation’s producers will not be reaping the financial benefits. The […]
Sanders attacks “radical left” and “woke” culture in response to State of the Union address
LITTLE ROCK — In the GOP response to President Joe Biden’s State of the Union address Tuesday night, Arkansas Gov. Sarah Huckabee Sanders painted a picture of a nation living in fear because Biden and Democrats “have failed you.” Her roughly 15-minute speech was long on criticism of Biden and Democrats, but short on specific […]