Biden – Business News Updates https://newsdaily.business Tue, 24 Jan 2023 10:29:12 +0000 en hourly 1 https://wordpress.org/?v=6.4.3 https://newsdaily.business/wp-content/uploads/2021/02/cropped-handshake-hand-gesture-dollar-money-finance-coin_96px-32x32.png Biden - Business News Updates https://newsdaily.business 32 32 U.S. energy chief says Biden would veto House Republican bill on oil reserve https://newsdaily.business/2023/01/24/u-s-energy-chief-says-biden-would-veto-house-republican-bill-on-oil-reserve/ https://newsdaily.business/2023/01/24/u-s-energy-chief-says-biden-would-veto-house-republican-bill-on-oil-reserve/#respond Tue, 24 Jan 2023 10:29:12 +0000 https://newsdaily.business/2023/01/24/u-s-energy-chief-says-biden-would-veto-house-republican-bill-on-oil-reserve/ WASHINGTON, Jan 23 (Reuters) – President Joe Biden will veto a bill by U.S. House of Representatives Republicans on the Strategic Petroleum Reserve (SPR) if it passes Congress, Energy Secretary Jennifer Granholm said on Monday. In a letter last week, Granholm warned Republicans that limiting the Democratic president’s authority to tap the nation’s oil reserves […]]]>


WASHINGTON, Jan 23 (Reuters) – President Joe Biden will veto a bill by U.S. House of Representatives Republicans on the Strategic Petroleum Reserve (SPR) if it passes Congress, Energy Secretary Jennifer Granholm said on Monday.

In a letter last week, Granholm warned Republicans that limiting the Democratic president’s authority to tap the nation’s oil reserves would undermine national security, cause crude oil shortages, and raise gasoline prices.

“He will not allow the American people to suffer because of the backwards agenda that House Republicans are advancing” Granholm, speaking to reporters at a White House briefing, said of Biden.

The bill, called HR21, would prohibit the energy secretary from tapping the SPR without producing a plan to increase oil and gas leasing on federal lands – unless the release is for a severe oil supply emergency.

The House, which Republicans control by a narrow margin, is expected to vote on the bill as soon as this week. The legislation would face an uphill battle in the Senate, controlled by Democrats.

Republican lawmakers say they are concerned that last year’s releases from the SPR, the biggest amount of crude oil from any president, have deteriorated the ability to store, pipe and pump oil at the SPR, which holds crude across series of underground natural caverns on the Texas and Louisiana coasts.

“We would like to curtail use of the SPR for only those situations where there’s a severe supply interruption,” a Republican aide to the House Committee on Energy and Commerce told reporters.

Biden tapped the SPR repeatedly last year in response to oil prices that jumped due to Russia’s invasion of Ukraine and as travel increased while the COVID-19 pandemic eased.

Biden announced last March a record 180 million-barrel sale over six months that drove the reserve’s level to its lowest since late 1983.

The Energy Department this month rejected the first batch of bids from oil companies to resupply a small amount of crude to the SPR.

Despite that rejection, Granholm said she is confident the United States will be able to refill the SPR and save taxpayers money by buying oil at a lower price than the government originally purchased the supplies.

“The offers that we received did not meet specification or price,” the secretary said. She said the administration would soon announce how it will buy back some initial replenishment oil for the reserve.

Reporting by Steve Holland, Nandita Bose and Timothy Gardner in Washington; Editing by Jonathan Oatis and Marguerita Choy

Our Standards: The Thomson Reuters Trust Principles.



Read More:U.S. energy chief says Biden would veto House Republican bill on oil reserve

2023-01-23 23:49:00

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Biden officials float $1 Trillion platinum coin scheme to monetize debt https://newsdaily.business/2023/01/23/biden-officials-float-1-trillion-platinum-coin-scheme-to-monetize-debt/ https://newsdaily.business/2023/01/23/biden-officials-float-1-trillion-platinum-coin-scheme-to-monetize-debt/#respond Mon, 23 Jan 2023 05:19:04 +0000 https://newsdaily.business/2023/01/23/biden-officials-float-1-trillion-platinum-coin-scheme-to-monetize-debt/ As global elites gathered in Davos this week to discuss their plans for controlling the world economy, the gold market is delivering an alternative message. Among the issues being discussed at this year’s World Economic Forum is that of central bank digital currency. A presentation at the meeting based on research funded by the Bill […]]]>


As global elites gathered in Davos this week to discuss their plans for controlling the world economy, the gold market is delivering an alternative message.

Among the issues being discussed at this year’s World Economic Forum is that of central bank digital currency. A presentation at the meeting based on research funded by the Bill & Melinda Gates Foundation called for central bank digital currency to serve the goal of “redesigning access to money.”

Technocrats believe that they can reshape the world economy to serve their grandiose objectives — whether it’s redistributing wealth or eliminating fossil fuels or reducing the world population.

Meanwhile, markets are reflecting some inconvenient truths. For one, demand for oil is surging. As China reopens, oil consumption is on track to set a new record this year, according to the International Energy Agency.

Demand for precious metals is also likely to be strong in 2023. The gold market continues to power ahead, sending a signal that the U.S. dollar and other fiat currencies are untrustworthy when it comes to retaining purchasing power.

Platinum is in the spotlight this week as a potential political solution to a trillion-dollar problem. The government has reached its statutory borrowing limit. On Thursday, Treasury Secretary Janet Yellen announced emergency measures to stave off a debt default.

News Report #1: Treasury Secretary Janet Yellen has initiated extraordinary measures in order to keep the United States from defaulting on its obligations now that the country has officially hit the $31.4 trillion debt ceiling. That’s the limit Congress puts on how much money the government can borrow to make its payments.

Congressional Reporter: We’ve reached our credit card limit. However, unlike most of us, the Treasury has far more sweeping powers to deal with hitting its credit card limits, so they are using accounting mechanisms – they call them extraordinary measures.

News Report #2: The United States is bankrupt and they’re now talking about minting a $1 trillion platinum coin. Literally, the whole point of it would be they would mint the coin and then they’d put it in a vault somewhere, and then this would give the ability of the Federal Reserve to print $1 trillion and basically use it for the government to pay all the bills.

Yellen has dismissed the trillion-dollar platinum coin proposal as a gimmick. Of course, she would prefer Congress simply give her the authority to issue more debt. But some within the Biden administration are taking the idea more seriously as a way to blunt any negotiations with Republicans in Congress.

Conservative legislators are demanding some spending concessions before agreeing to raise the debt ceiling. But Democrats insist the debt limit should be raised without any conditions attached.

The government will almost certainly avoid default one way or another. The fact that the Treasury Department could arbitrarily declare a one-ounce platinum coin to be worth a trillion dollars and then sell it to the Federal Reserve to raise revenue shows that hyperinflation is how a sovereign debt crisis can be resolved.

The problem with minting a trillion-dollar coin is that it then becomes too obvious what’s being done. The government would be telegraphing that it intends to monetize its debts by creating trillions of dollars out of thin air. That could cause holders of U.S. dollar assets to panic.

The Treasury would much rather go through the motions of increasing its borrowing capacity and selling more bonds to the Federal Reserve.

But the end result will be the much same. Trillions of new dollars will be created out of thin air. And over time, they will lose value.

But at some point, instead of losing value gradually, Federal Reserve notes could suffer a sudden loss of confidence. That’s what Treasury Secretary Janet Yellen hopes to avoid.

In the meantime, coins minted out of platinum, palladium, gold, and silver will command real market value based on their metal content regardless of whatever face value is attached to them.

On the sound money front, we’re pleased to report that a number of exciting bills have been introduced in state legislatures across the country. Today I’ll touch on Money Metals’ efforts to eliminate sales taxes on gold and silver purchases.

Of course, imposing taxes on the exchange of Federal Reserve notes for monetary metals has become an unusual and outmoded practice in the United States… thankfully only 8 states still engage in it.

In 2022, Money Metals and our customers helped persuade legislators in Alabama, Tennessee, and Virginia pass legislation to exempt or extend current sales tax exemptions on the precious metals.

With 42 states now having eliminated sales taxes on purchases of gold and silver, our legislative team has turned its focus to Mississippi, Kentucky, Wisconsin, and Maine.

Under the status quo in those states – along with HI, NJ, NM, and VT – citizens are discouraged from protecting their savings against the devaluation of the dollar because they are penalized with sales taxation for doing so.

Removing the sales tax would eliminate the penalty on acquiring gold and silver in those states — a burden that has become more pertinent at a time when inflation is ripping through the economy and wrecking havoc on family budgets.

Eliminating sales taxes on gold and silver is good public policy for many reasons, not the least of which being that they are money as prescribed in Article 1 Section 10 of the U.S. Constitution. It makes no sense slap a tax on money.

But there are other arguments that sound money forces also make to win over legislators.

One is that sales taxes are typically levied on the final consumer of a good. Computers, shirts, and shoes carry sales taxes because the final purchaser is “consuming” the good.

But precious metals are inherently held for resale, not “consumption,” making the application of sales taxes on precious metals completely inappropriate.

Meanwhile, studies have shown that taxing precious metals is an inefficient form of revenue collection.

The results of one study involving Michigan show that any sales tax proceeds a state collects on precious metals are likely surpassed by the state revenue lost from conventions, businesses, and economic activity that are driven out of the state.

Taxing gold and silver also harms in-state businesses.

It’s a competitive marketplace, so buyers will take their business to neighboring states which have eliminated or reduced sales tax on precious metals, thereby undermining jobs.

Levying sales tax on precious metals harms in-state businesses who will lose business to out-of-state precious metals dealers.

Taxing precious metals is also discriminatory against one particular class of savers and investors.

Gold and silver are held as forms of savings and investment. But states do not tax the purchase of stocks, bonds, ETFs, currencies, and other financial instruments. So they should not have a sales tax on the purchase of gold and silver either.

Taxing precious metals is harmful to citizens attempting to protect their assets.

Purchasers of precious metals aren’t fat-cat investors. Most folks who buy precious metals do so in small increments as a way of saving money.

Precious metals investors are purchasing precious metals as a way to preserve their wealth against the damages of inflation. Inflation harms the poorest among us, including pensioners, citizens on fixed incomes, wage earners, savers, and more.

Meanwhile, no states have permanently reversed their existing sales tax exemptions.

The state of Louisiana and Ohio both experimented briefly with reimposing sales taxes on precious metals purchases. They both quickly reversed course (within two years) and reinstated their sales tax exemptions on precious metals — because businesses, coin conventions, and state tax revenues were leaving the state.

There is now a clear and growing trend in the states to embrace sound money reforms, and we’re pleased that Money Metals has been able to play a leading role in these efforts.

But we’re also so thankful that our customers have jumped in and provided invaluable grassroots support for legislation pending in nearly 20 states in recent years.

Those calls and emails to state legislators about pending bills really do make an impact. Most of the sound money victories in the past few years would not have been possible without them.



Read More:Biden officials float $1 Trillion platinum coin scheme to monetize debt

2023-01-23 04:54:42

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Unions press Biden administration to not change EV tax credit rules https://newsdaily.business/2023/01/21/unions-press-biden-administration-to-not-change-ev-tax-credit-rules/ https://newsdaily.business/2023/01/21/unions-press-biden-administration-to-not-change-ev-tax-credit-rules/#respond Sat, 21 Jan 2023 11:27:15 +0000 https://newsdaily.business/2023/01/21/unions-press-biden-administration-to-not-change-ev-tax-credit-rules/ By David Shepardson WASHINGTON (Reuters) – Major unions and public interest and environmental groups are urging President Joe Biden to reject efforts by the European Union and other foreign governments to revise U.S. electric vehicle tax incentives. The $430 billion U.S. Inflation Reduction Act (IRA) passed in August restricts $7,500 consumer tax credits to North […]]]>


By David Shepardson

WASHINGTON (Reuters) – Major unions and public interest and environmental groups are urging President Joe Biden to reject efforts by the European Union and other foreign governments to revise U.S. electric vehicle tax incentives.

The $430 billion U.S. Inflation Reduction Act (IRA) passed in August restricts $7,500 consumer tax credits to North American-made EVs, but the U.S Treasury in December said consumers leasing vehicles assembled outside North America could benefit from the $7,500 commercial green vehicle tax credit.

Foreign governments have been pressing the Biden administration to do more to expand credit eligibility.

“The IRA has the potential to be a gamechanger for the industrial towns hit hardest by decades of offshoring,” said a made public on Friday from the United Auto Workers, International Association of Machinists and Aerospace Workers, United Steelworkers, the Sierra Club and Public Citizen.

“We strongly urge you to ensure that the IRA is implemented as intended, without delays or technical changes that erode its promises to U.S. workers and climate goals,” it said.

The White House did not comment on the letter on Friday but pointed to Biden’s statements in September that said the IRA bill would create “good-paying union jobs” and “increase energy security.”

EU Ambassador to the United States Stavros Lambrinidis said at the Washington auto show on Thursday that he was concerned by the “discriminatory” provision of the EV tax credit, arguing it means U.S. consumers “will have much less choice in what they can buy” that can receive the $7,500 credit.

“You can move to green without discriminating,” Lambrinidis said.

The letter rejected the suggestion from foreign governments that the EV tax incentives violate World Trade Organization and free trade rules. “Out-dated trade rules should not be used to undermine our laws intended to support a growing clean energy economy,” the letter said.

The EU in December praised the U.S. Treasury Department decision to allow EVs leased by consumers to qualify for up to $7,500 in commercial clean vehicle tax credits.

South Korea, Europe and some automakers in December had sought approval from Treasury to use the commercial electric vehicle tax credit to boost consumer EV access.

(Reporting by David Shepardson; Editing by Bill Berkrot)



Read More:Unions press Biden administration to not change EV tax credit rules

2023-01-20 23:01:15

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Inflation in perspective https://newsdaily.business/2023/01/20/inflation-in-perspective/ https://newsdaily.business/2023/01/20/inflation-in-perspective/#respond Fri, 20 Jan 2023 23:48:16 +0000 https://newsdaily.business/2023/01/20/inflation-in-perspective/ What is inflation, and how do we track it? In 2022 consumers felt the effects of rising prices, and as much as experts simplify the definition of inflation, the causes of it remain complex and in constant motion. However, looking back into other historical periods of inflation, we can see the range of causes and […]]]>


What is inflation, and how do we track it? In 2022 consumers felt the effects of rising prices, and as much as experts simplify the definition of inflation, the causes of it remain complex and in constant motion. However, looking back into other historical periods of inflation, we can see the range of causes and what can be done about it now.How does this round of inflation compare to others? To understand the scope of the rising prices, we need to see what causes them.In June 2021, the White House released an article examining comparable periods of inflation starting in 1946. From that time to the present era of inflation, they found six comparable inflationary episodes. The first being from 1946 to 1948, at the end of World War II. The elimination of price controls, supply shortages and pent-up demand led to inflation of around 20%. It also led to a considerable amount of saving, and after the war, a population of 140 million Americans purchased 20 million refrigerators, 21 million cars and 5.5 million stoves. The second period started around 1950 due to the Korean War when households were reminded of World War II and rushed to purchase goods. However, inflation did not jump as high this time.The third period occurred when a bustling economy with a GDP growth of 4.8 percent caused prices to rise. The rise stopped when president Nixon froze wages and prices.The fourth instance was due to surging oil prices in the ’70s and continued until 1982. supply shrank because of an oil embargo by the Organization of Arab Petroleum Exporting Countries and a decline in oil production due to the Iran-Iraq war. The fifth comparable instance was during the Gulf War. The uncertainty led to a short bout of high inflation on crude oil. The sixth and most recent bout of inflation was in 2008. Gas prices skyrocketed and doubled from the previous year, and CPI rose above 5%. The spike was driven by a surge in demand, financial unease and, again, tensions in the Middle East.By looking through the history of inflation, it is easy to see some common denominators in these time periods. The three most recent episodes largely involved oil, and more than half – including today’s surge – are due to war. Despite the similarities, the oil supply issues are not quite the same in every instance. The United States has become more of a petroleum exporter and uses more renewable energy sources today, becoming more energy independent. The rise seen from 1969-71 is also different. The growth of the economy at the time was relatively higher than present day. Which leaves the period after World War II as the closest parallel. Even though the wartime inflation caused supply shortages and great demand, there were no price controls. These controls reduced prices by 30% and, when lifted, made things like food rise 13.8% a month after. There is no perfect scenario from the past that can tell us how and when this bout of inflation will recede. However, the post-World War II period suggests it can quickly decline once supply chains are fully restored and demand levels off.Our modern case of inflation added new variables Our recent jump in inflation can be described somewhat as the perfect storm. Many small factors have compounded to create the rise in prices. The United States was still recovering from the ebbs and flows of the COVID-19 pandemic. For instance, when COVID-19 cases fell, restaurants filled. As COVID-19 cases rose, grocery store shelves emptied. These sectors were at the mercy of rapid swings in demand. However, when supply and demand started to even out, the war in Ukraine halted progress again and interjected new supply chain issues. The supply chain strains from the conflict compounded new transportation problems in the busy economy. Gas and oil restrictions branched off into indirect factors like trade restrictions. These can cause a butterfly effect like in the case of fertilizer. Russia’s suspension of fertilizer exports to the west resulted in farmers having to compensate. To make a profit, farmers have to keep a close eye on production costs. With the rise in demand for fertilizer, they must budget accordingly and thus use less, which reduces yields and quality. Our economic system is multifaceted and a seemingly small change, like not having access to fertilizer, created a huge repercussion for citizens. Are there active steps we can take to fight inflation?Many experts say there is little the government can do to curb inflation, though some efforts have been made. In August 2022, President Biden signed the Inflation Reduction Act that included a tax on high-income corporations, prescription drug reform and tax credits for clean energy. While these do attempt to push back against inflation, they are not a guarantee and also take time to make a larger impact. Raising interest rates can encourage consumers to spend less – decreasing demand – and the federal reserve has made efforts to do so. Interest rates increased seven times in 2022 to cool inflation. These increases came at a higher rate than others. Between 2015 and 2018, rates only increased nine times.Simple steps to fight inflationTo personally combat inflation, individuals can do things like holding off on big-ticket purchases, following a food spending plan and limiting driving through practices like batch errands. Knowing the details of inflation is one-half of the battle. Understanding the chain reaction of global events can put into perspective the delicate balance of the systems we are a part of and how they impact our everyday lives.

What is inflation, and how do we track it?

In 2022 consumers felt the effects of rising prices, and as much as experts simplify the definition of inflation, the causes of it remain complex and in constant motion. However, looking back into other historical periods of inflation, we can see the range of causes and what can be done about it now.

How does this round of inflation compare to others?

To understand the scope of the rising prices, we need to see what causes them.

In June 2021, the White House released an article examining comparable periods of inflation starting in 1946. From that time to the present era of inflation, they found six comparable inflationary episodes.

The first being from 1946 to 1948, at the end of World War II. The elimination of price controls, supply shortages and pent-up demand led to inflation of around 20%. It also led to a considerable amount of saving, and after the war, a population of 140 million Americans purchased 20 million refrigerators, 21 million cars and 5.5 million stoves.

The second period started around 1950 due to the Korean War when households were reminded of World War II and rushed to purchase goods. However, inflation did not jump as high this time.

The third period occurred when a bustling economy with a GDP growth of 4.8 percent caused prices to rise. The rise stopped when president Nixon froze wages and prices.

The fourth instance was due to surging oil prices in the ’70s and continued until 1982. supply shrank because of an oil embargo by the Organization of Arab Petroleum Exporting Countries and a decline in oil production due to the Iran-Iraq war.

The fifth comparable instance was during the Gulf War. The uncertainty led to a short bout of high inflation on crude oil.

The sixth and most recent bout of inflation was in 2008. Gas prices skyrocketed and doubled from the previous year, and CPI rose above 5%. The spike was driven by a surge in demand, financial unease and, again, tensions in the Middle East.

By looking through the history of inflation, it is easy to see some common denominators in these time periods. The three most recent episodes largely involved oil, and more than half – including today’s surge – are due to war.

Despite the similarities, the oil supply issues are not quite the same in every instance.

The United States has become more of a petroleum exporter and uses more renewable energy sources today, becoming more energy independent. The rise seen from 1969-71 is also different. The growth of the economy at the time was relatively higher than present day.

Which leaves the period after World War II as the closest parallel. Even though the wartime inflation caused supply shortages and great demand, there were no price controls.

These controls reduced prices by 30% and, when lifted, made things like food rise 13.8% a month after. There is no perfect scenario from the past that can tell us how and when this bout of inflation will recede. However, the post-World War II period suggests it can quickly decline once supply chains are fully restored and demand levels off.

Our modern case of inflation added new variables

Our recent jump in inflation can be described somewhat as the perfect storm. Many small factors have compounded to create the rise in prices. The United States was still recovering from the ebbs and flows of the COVID-19 pandemic. For instance, when COVID-19 cases fell, restaurants filled. As COVID-19 cases rose, grocery store shelves emptied. These sectors were at the mercy of rapid swings in demand. However, when supply and demand started to even out, the war in Ukraine halted progress again and interjected new supply chain issues.

The supply chain strains from the conflict compounded new transportation problems in the busy economy. Gas and oil restrictions branched off into indirect factors like trade restrictions. These can cause a butterfly effect like in the case of fertilizer. Russia’s suspension of fertilizer exports to the west resulted in farmers having to compensate. To make a profit, farmers have to keep a close eye on production costs. With the rise in demand for fertilizer, they must budget accordingly and thus use less, which reduces yields and quality. Our economic system is multifaceted and a seemingly small change, like not having access to fertilizer, created a huge repercussion for…



Read More:Inflation in perspective

2023-01-20 21:37:00

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Biden grabs power by insisting COVID ’emergency’ still plagues US https://newsdaily.business/2023/01/20/biden-grabs-power-by-insisting-covid-emergency-still-plagues-us/ https://newsdaily.business/2023/01/20/biden-grabs-power-by-insisting-covid-emergency-still-plagues-us/#respond Fri, 20 Jan 2023 17:51:42 +0000 https://newsdaily.business/2023/01/20/biden-grabs-power-by-insisting-covid-emergency-still-plagues-us/ We’ve made it to 2023, nearly three years since the pandemic hit the United States in full force. The virus is less deadly, we have effective vaccines and life is pretty much back to normal for most of us.  If you’re President Joe Biden, however, the COVID-19 “emergency” is still front and center.  Don’t get me wrong. […]]]>






Read More:Biden grabs power by insisting COVID ’emergency’ still plagues US

2023-01-20 17:15:42

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On the debt limit, Biden should learn to love the platinum coin https://newsdaily.business/2023/01/19/on-the-debt-limit-biden-should-learn-to-love-the-platinum-coin/ https://newsdaily.business/2023/01/19/on-the-debt-limit-biden-should-learn-to-love-the-platinum-coin/#respond Thu, 19 Jan 2023 05:38:20 +0000 https://newsdaily.business/2023/01/19/on-the-debt-limit-biden-should-learn-to-love-the-platinum-coin/ The United States is looking down the barrel of yet another possible self-imposed debt default. House Republicans, now effectively led by the most deranged members of the Freedom Caucus, are openly promising to take America’s full faith and credit hostage to extract massive concessions from President Joe Biden and his fellow Democrats. The dire consequences […]]]>


The United States is looking down the barrel of yet another possible self-imposed debt default. House Republicans, now effectively led by the most deranged members of the Freedom Caucus, are openly promising to take America’s full faith and credit hostage to extract massive concessions from President Joe Biden and his fellow Democrats.

The dire consequences of a default are well documented. U.S. debt is practically the foundation of the global financial system. If the rest of the world comes to doubt its reliability, a major recession is likely, if not a shattering financial crisis.

Without the coin, the president would violate the law one way or another.

Yet there is one aspect of the debt limit issue that has gotten little coverage: It would be just as illegal to obey the limit as it would be to ignore it. If Republicans refuse to raise the debt ceiling, they will put the president in a bind: requiring him to spend, but forbidding him from borrowing the necessary money. Biden would have no way out — unless he opts for the platinum coin loophole. Without the coin, the president would violate the law one way or another. It’s hard to see why he would choose the option that causes an economic crisis.

Let’s review the situation. Treasury Secretary Janet Yellen said that on Thursday the department will begin on various accounting shuffles to stave off actually breaching the debt ceiling, but the tricks are estimated to run out as soon as June. Republicans have not agreed on a set of demands for ransoming the world economy, but some hard-liners have mentioned one dollar of spending cuts for each new dollar of debt, cutting spending back to 2022 fiscal year levels, repeal of new funding for the IRS, and rollbacks of abortion rights. In the meantime, the House GOP is reportedly working up a payment prioritization plan that would defund everything except interest payments on the national debt, Social Security, Medicare, veterans’ benefits and the military.

Basically, they want Democrats to repeal all their hard-won legislation from last year, or to shut off something like a quarter of the government — including “Medicaid, food safety inspections, border control and air traffic control,” per The Washington Post —indefinitely. But any such measures would have to be passed by both Senate Democrats and Biden, both of whom have dismissed any concessions out of hand. Moreover, experts agree that prioritizing payments would be logistically impossible, given the huge volume of payments the government makes every day.

On the other side, during the lame-duck session Congress passed a $1.7 trillion spending bill that keeps the government funded through September, which Biden signed into law on Dec. 29. That’s the legal bind: Congress instructed the executive branch to operate the government at specific spending levels through the end of the fiscal year, but now is refusing to grant it the borrowing authority necessary to carry out its own instructions.

If the debt ceiling is hit, and the coin is ruled out, then Biden must pick which legal violation he will commit.

All this is why the famous platinum coin is Biden’s most legally defensible option, despite how silly it sounds. A 1997 law clearly grants the treasury secretary the ability to mint platinum coins of any denomination, in part with the intended purpose of making profit for the government through seignorage. If Congress says that the president must spend, cannot borrow, but can mint, then the way is clear for a legal stickler. Mint a trillion or two in platinum coins, deposit them at the Federal Reserve, and hey, presto, problem solved. Economically, it would be virtually identical to borrowing the money, and presumably at some point the ceiling could be raised and the coin spending replaced with normal debt.

Yet administration lawyers apparently disagree. Yellen has further said the coin is a “gimmick” that “compromises the independence of the Fed, conflating monetary and fiscal policy.” This is a weak argument in context — it’s hard to see why a gimmick that allegedly erodes the (highly overrated) independence of the Fed would be worse than financial Armageddon.

But at any rate, it is profoundly odd that both the administration and nearly all mainstream media coverage treat the debt limit as an ironclad legal obstacle — but do not grant the same treatment to the spending law. “Once the government exhausts its extraordinary measures and runs out of cash, it would be unable to issue new debt,” Alan Rappeport wrote at The New York Times, as if it’s an actual physical mechanism that would forcibly prevent new borrowing. Nowhere does he mention that Biden would also be violating the law if he fails to spend as ordered.

If the debt ceiling is hit, and the coin is ruled out, then Biden must pick which legal violation he will commit. Surely any sane person would choose the option that doesn’t cause drastic and utterly pointless harm to the global economy. That choice becomes even clearer when one considers that the debt ceiling itself is arguably unconstitutional under the 14th Amendment, which states, “The validity of the public debt of the United States, authorized by law … shall not be questioned.” As President Abraham Lincoln argued when Chief Justice Roger B. Taney tried to stop him from locking up a man accused of treason during the Civil War, “Are all the laws but one to go unexecuted, and the Government itself go to pieces lest that one be violated?”

House Republicans, most of whom voted to overturn the 2020 election, are utterly in thrall to QAnon lunatics. They are ignorant and unhinged enough to blow up the world economy either so they can blame it on Biden or simply revel in the resulting chaos and destruction. The idea that it could be a bipartisan vote, as Senate Majority Leader Chuck Schumer, D-N.Y., has advocated, is wishful thinking. Something like the platinum coin will very likely be necessary to stave off disaster. Biden must steel himself to break the debt ceiling forever using his own power.



Read More:On the debt limit, Biden should learn to love the platinum coin

2023-01-19 00:22:00

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Stephen Curry ‘excited’ to visit President Biden after skipping White House trips during Trump’s presidency https://newsdaily.business/2023/01/14/stephen-curry-excited-to-visit-president-biden-after-skipping-white-house-trips-during-trumps-presidency/ https://newsdaily.business/2023/01/14/stephen-curry-excited-to-visit-president-biden-after-skipping-white-house-trips-during-trumps-presidency/#respond Sat, 14 Jan 2023 05:21:50 +0000 https://newsdaily.business/2023/01/14/stephen-curry-excited-to-visit-president-biden-after-skipping-white-house-trips-during-trumps-presidency/ The Golden State Warriors will visit the White House Tuesday for the first time since Barack Obama was president despite winning two titles during Donald Trump’s presidency. The Warriors will meet with President Biden to celebrate their title from last season, an event Stephen Curry said he is “excited” about. “Excited about just the celebration […]]]>


The Golden State Warriors will visit the White House Tuesday for the first time since Barack Obama was president despite winning two titles during Donald Trump’s presidency.

The Warriors will meet with President Biden to celebrate their title from last season, an event Stephen Curry said he is “excited” about.

“Excited about just the celebration of what we did last year,” Curry told reporters earlier this week. “It’s kind of like the one last moment to reflect on the accomplishment.”

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Golden State Warriors guard Stephen Curry brings the ball up the court against the Boston Celtics during the first half of Game 5 of the NBA Finals in San Francisco June 13, 2022. 

Golden State Warriors guard Stephen Curry brings the ball up the court against the Boston Celtics during the first half of Game 5 of the NBA Finals in San Francisco June 13, 2022. 
(AP Photo/Jed Jacobsohn)

Trump rescinded an invitation for the Warriors’ 2017 title after the Warriors guard said he would not make the trip.

“Going to the White House is considered a great honor for a championship team. Stephen Curry is hesitating, therefore invitation is withdrawn!” Trump tweeted Sept. 23, 2017.

That tweet came roughly three months after the Warriors defeated the Cleveland Cavaliers in five games. Golden State swept Cleveland in the next season’s finals but again did not meet with Trump.

Curry noted there was previous “drama.”

“We’ve all kind of turned a page on what this year really means, but it is a really special honor and, you know, all the — what do I call it? — drama that we went through those two years that we skipped it and whatnot. So, definitely excited — our families are — and we’ll enjoy the moment.”

Golden State Warriors guard Stephen Curry reacts toward fans during the second half of a game against the Atlanta Hawks in San Francisco Nov. 8, 2021.

Golden State Warriors guard Stephen Curry reacts toward fans during the second half of a game against the Atlanta Hawks in San Francisco Nov. 8, 2021.
(AP Photo/Jeff Chiu)

LAKERS’ LEBRON JAMES SOUNDS OFF ON NO-CALL AT END OF REGULATION AGAINST MAVS: ‘THAT S— IS BLATANT’

Instead of a White House visit, the team met with a local youth group at a private event. 

Neither the Toronto Raptors nor the Los Angeles Lakers, the winners of the 2019 and 2020 NBA Finals, visited the White House to commemorate their titles, but the Milwaukee Bucks made the trip to visit President Biden in November 2021.

The last championship team to visit Trump was the 2019 Washington Nationals, five days after their World Series victory over the Houston Astros. The pandemic made visits tougher and, by the time restrictions started to be lifted, Biden had taken office.

Golden State Warriors guard Stephen Curry celebrates during the second half of Game 5 of the NBA Finals against the Boston Celtics in San Francisco June 13, 2022. 

Golden State Warriors guard Stephen Curry celebrates during the second half of Game 5 of the NBA Finals against the Boston Celtics in San Francisco June 13, 2022. 
(AP Photo/Jed Jacobsohn)

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The Warriors will face the Washington Wizards the day prior to the visit.



Read More:Stephen Curry ‘excited’ to visit President Biden after skipping White House trips during Trump’s presidency

2023-01-13 21:09:00

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Garland appoints special counsel on Biden classified documents https://newsdaily.business/2023/01/13/garland-appoints-special-counsel-on-biden-classified-documents/ https://newsdaily.business/2023/01/13/garland-appoints-special-counsel-on-biden-classified-documents/#respond Fri, 13 Jan 2023 11:18:46 +0000 https://newsdaily.business/2023/01/13/garland-appoints-special-counsel-on-biden-classified-documents/ President Joe Biden speaks with the media before boarding the Marine One helicopter yesterday from the White House. (Jonathan Ernst/Reuters) The discovery of classified documents at President Joe Biden’s private office in Washington, DC — and subsequently his home in Wilmington, Delaware — has cast a shadow over the White House in recent days. Some of the […]]]>


President Joe Biden speaks with the media before boarding the Marine One helicopter yesterday from the White House.
President Joe Biden speaks with the media before boarding the Marine One helicopter yesterday from the White House. (Jonathan Ernst/Reuters)

The discovery of classified documents at President Joe Biden’s private office in Washington, DC — and subsequently his home in Wilmington, Delaware — has cast a shadow over the White House in recent days.

Some of the president’s closest allies and senior officials have been left entirely in the dark on a political crisis enveloping the White House. 

Then on Thursday afternoon came another bombshell headline: The appointment of a special counsel to oversee the investigation. 

People inside and close to the White House have been watching with concern and trepidation since Monday — privately grousing that they felt they had no choice but to simply wait, like everyone else, to see what new information would surface.

In particular, Biden allies had been monitoring the Justice Department closely all week for signs the attorney general would appoint a special counsel. With Thursday’s announcement tapping Robert Hur to serve in that role, aides acknowledge that the coming weeks will present a new level of challenge to promote Biden’s agenda in anticipation of an expected announcement he is seeking reelection.

The circle of advisers aware of the situation was kept extraordinarily tight in the two months between the discovery of the initial documents at Biden’s Washington office and Monday night, when the matter emerged publicly for the first time.

Those kept informed included a few top White House advisers and Biden’s personal attorneys, most of whom have long histories with the president, according to people familiar with the matter. There was not a broad discussion inside the White House of how to handle the matter after the initial discovery of documents or the weeks afterward.

That left many officials uncertain about whether additional disclosures were coming, and a certain degree of frustration at what seemed to be an information blackout.

All of this has also prompted a bunker mentality to set in inside the White House, with press aides answering questions with tightly-scripted referrals to the White House counsel’s office.

Read more here.



Read More:Garland appoints special counsel on Biden classified documents

2023-01-13 01:28:00

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Biden Says Classified Documents Were Found in His Delaware Home – NBC10 Philadelphia https://newsdaily.business/2023/01/12/biden-says-classified-documents-were-found-in-his-delaware-home-nbc10-philadelphia/ https://newsdaily.business/2023/01/12/biden-says-classified-documents-were-found-in-his-delaware-home-nbc10-philadelphia/#respond Thu, 12 Jan 2023 17:14:51 +0000 https://newsdaily.business/2023/01/12/biden-says-classified-documents-were-found-in-his-delaware-home-nbc10-philadelphia/ President Joe Biden acknowledged on Thursday that a document with classified markings from his time as vice president was found in his “personal library” at his home in Wilmington, Delaware, along with other documents found in his garage, days after it was disclosed that sensitive documents were also found at the office of his former institute in […]]]>


President Joe Biden acknowledged on Thursday that a document with classified markings from his time as vice president was found in his “personal library” at his home in Wilmington, Delaware, along with other documents found in his garage, days after it was disclosed that sensitive documents were also found at the office of his former institute in Washington.

Biden told reporters at the White House that he was “cooperating fully and completely” with a Justice Department investigation into how classified information and government records were stored. He did not say when the latest series of documents were found, only that his lawyers’ review of potential storage locations was completed Wednesday night. Lawyers found the first set on Nov. 2, days before the midterm elections, but publicly revealed that development only on Monday.

Richard Sauber, a special counsel to the president, said after the initial documents were found by Biden’s personal lawyers, they examined other locations where records might have been shipped after Biden left the vice presidency in 2017.

Sauber said a “small number” of documents with classified markings were found in a storage space in Biden’s garage in Wilmington, with one document being located in an adjacent room. Biden later revealed that the other location was his personal library.

No documents were found in Biden’s Rehoboth Beach residence.

Biden said the Department of Justice was “immediately notified” after the documents were located and that department lawyers took custody of the records. The first batch of documents had been turned over to the National Archives and Records Administration.

Regardless of the Justice Department review, the revelation that Biden potentially mishandled classified or presidential records is proving to be a political headache for Biden, who said former President Donald Trump was “irresponsible” for keeping hundreds of such records at his private club in Florida.

New House Speaker Kevin McCarthy, a California Republican, said of the latest news: “I think Congress has to investigate this.”

“Here’s an individual that sat on ‘60 Minutes’ that was so concerned about President Trump’s documents locked in behind, and now we find that this is a vice president keeping it for years out in the open for different locations.”

The top Republican on the House Intelligence Committee has requested that intelligence agencies conduct a “damage assessment” of potentially classified documents. Ohio Rep. Mike Turner on Thursday also requested briefings from Attorney General Merrick Garland and the director of national intelligence, Avril Haines, on their reviews by Jan. 26.

“The presence of classified information at these separate locations could implicate the President in the mishandling, potential misuse, and exposure of classified information,” Turner wrote the officials.

Garland was to deliver a statement later Thursday but the Justice Department didn’t provide details.

Earlier this week, the White House confirmed that the department was reviewing “a small number of documents with classified markings” found at the Washington office. Biden’s lawyers had discovered the material at the offices of the Penn Biden Center and then immediately called the National Archives about the discovery, the White House said. Biden kept an office there after he left the vice presidency in 2017 until shortly before he launched his Democratic presidential campaign in 2019.

The revelation that additional classified documents were uncovered by Biden’s team came hours after White House press secretary Karine Jean-Pierre dodged questions about Biden’s handling of classified information and the West Wing’s management of the discovery.

She had said Wednesday that the White House was committed to handling the matter in the “right way,” pointing to Biden’s personal attorneys’ immediate notification of the National Archives.

But she refused to say when Biden himself had been briefed, whether there were any more classified documents potentially located at other unauthorized locations, and why the White House waited more than two months to reveal the discovery of the initial batch of documents. They were found Nov. 2, days before the midterm elections.

The Justice Department is reviewing the records that were found at the Penn Biden Center and Attorney General Merrick Garland has asked John Lausch, the U.S. attorney in Chicago, to review the the matter, a person familiar with the matter told The Associated Press this week. That person also was not authorized to discuss the matter publicly and spoke on condition of anonymity.

Lausch is one of the few U.S. attorneys to be held over from Trump’s administration.

Biden has said he was “surprised to learn that there are any government records that were taken there to that office” but his lawyers “did what they should have done” when they immediately called the National Archives.

The revelation also may complicate the Justice Department’s consideration of whether to bring charges against Trump. The Republican is trying to win back the White House in 2024 and has repeatedly claimed the department’s inquiry into his own conduct amounted to “corruption.”

There are significant differences between the Trump and Biden situations, including the gravity of an ongoing grand jury investigation into the Mar-a-Lago matter.



Read More:Biden Says Classified Documents Were Found in His Delaware Home – NBC10 Philadelphia

2023-01-12 16:24:13

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Biden Administration Releases U.S. National Blueprint for Transportation Decarbonization https://newsdaily.business/2023/01/12/biden-administration-releases-u-s-national-blueprint-for-transportation-decarbonization/ https://newsdaily.business/2023/01/12/biden-administration-releases-u-s-national-blueprint-for-transportation-decarbonization/#respond Thu, 12 Jan 2023 15:34:04 +0000 https://newsdaily.business/2023/01/12/biden-administration-releases-u-s-national-blueprint-for-transportation-decarbonization/ Written by Carolina Worrell, Senior Editor The Biden Administration has released the U.S. National Blueprint for Transportation Decarbonization, “a landmark interagency framework of strategies and actions to remove all emissions from the transportations sector by 2050,” the U.S. Department of Transportation (USDOT) announced Jan. 10. Jointly developed by the Departments of Energy, Transportation, Housing and Urban […]]]>



Written by


Carolina Worrell
, Senior Editor


image description

The Biden Administration has released the U.S. National Blueprint for Transportation Decarbonization, “a landmark interagency framework of strategies and actions to remove all emissions from the transportations sector by 2050,” the U.S. Department of Transportation (USDOT) announced Jan. 10.

Jointly developed by the Departments of Energy, Transportation, Housing and Urban Development (HUD), and the Environmental Protection Agency (EPA), the Blueprint “offers a whole-of-government approach to addressing the climate crisis and meeting President Biden’s goals of a 100% clean electrical grid by 2035 and net-zero carbon emissions by 2050.”

The Blueprint, follows a September 2022 Memorandum of Understanding (MOU) signed by the four federal agencies to “accelerate the nation’s affordable and equitable clean transportation future.” The MOU, the Office of Energy Efficiency & Renewable Energy said, called for the agencies to release a comprehensive strategy for decarbonizing the transportation sector that will help guide future policy decisions, as well as research, development, demonstration and deployment in the public and private sectors.

The Blueprint, USDOT says, will be followed by more detailed decarbonization action plans, to be developed and implemented by these agencies in cooperation with governments at the State, local, and Tribal level, philanthropic organizations, the private sector and global partners.

According to the Blueprint, the transportation sector, which includes all modes of travel through land, air, and sea to move people and goods, accounts for a third of all domestic greenhouse gas (GHG) emissions, negatively affecting the health and wellbeing of millions of Americans, particularly those in disadvantaged communities. Transportation costs are the second largest annual household expense in the U.S. and for the poorest Americans, the financial burden of transportation is “disproportionately and unsustainably high.”

A well-planned transition to a decarbonized transportation system can address these and other inequities and provide equitable, affordable and accessible options for moving people and goods, USDOT said. “Further developing and deploying clean-energy technologies, such as electric vehicles and hydrogen and sustainable fuels, while also building out the supporting infrastructure for clean transportation, will create good-paying jobs in all segments of the transportation sector while strengthening America’s energy independence.”

The Blueprint also presents the following three actions to decarbonize rail:

  • Infrastructure investments in electric locomotives and the expansion of electrification corridors to help to accelerate the zero-emission transition. Interoperability and infrastructure for clean fuel technology adoption will facilitate efforts. Federal funding may be used to purchase more efficient and cleaner trains and to implement solutions that improve system-level efficiency. Other investments that will maximize emissions reductions include building strong domestic rail equipment supply chains for electric and alternatively fueled locomotives and railcars and supporting the development and deployment of sustainable fuels.
  • Multi-stakeholder collaborations to accelerate the deployment of rail technologies that reduce emissions and increase efficiency. Ambitious and shared targets and regulation for the rail sector can help minimize investment risk and catalyze decarbonization actions. Existing industry partnerships such as EPA’s SmartWay Program are designed to improve efficiency and reduce emissions in the freight network. State freight advisory committees and rail and freight plans present opportunities for stakeholders to help identify pathways to transition fleets and modernize rail systems.
  • Research and innovation to advance technology through pilot projects, greater infrastructure investments, and continued policy and regulation support that helps accelerate the growth of electrification of the U.S. passenger rail system. Freight rail research should be prioritized to determine the most promising paths to decarbonization, including a focus on sustainable fuels and the design and manufacture of new locomotive propulsion and fueling systems. The four agencies and partners should identify transformative pathways that can help inform the development of ambitious goals and regulation to reduce rail emissions. The continued collection of real-world operational data to better understand vehicle requirements and develop models and tools to perform technical analyses can help to identify the most viable pathways for clean technology solutions to replace diesel locomotives.

“It’s noteworthy that four federal agencies recognize freight rail’s ‘significantly higher efficiency that freight trucking,’” the American Short Line and Regional Railroad Association (ASLRRA) stated via a Twitter post.

The Blueprint, USDOT says, “is a critical step in the ongoing partnership between DOE, DOT, EPA, HUD and stakeholders and is a significant milestone on the path to realizing an improved and sustainable transportation future.”

“Transportation policy is inseparable from housing and energy policy, and transportation accounts for a major share of U.S. GHG emissions, so we must work together in an integrated way to confront the climate crisis,” said U.S. Secretary of Transportation Pete Buttigieg. “Every decision about transportation is also an opportunity to build a cleaner, healthier, more prosperous future. When our air is cleaner; when more people can get good-paying jobs; when everyone stays connected to the resources they need and the people they love, we are all better off.”

DOWNLOAD THE FULL U.S. NATIONAL BLUEPRINT FOR TRANSPORTATION DECARBONIZATION BELOW:



Read More:Biden Administration Releases U.S. National Blueprint for Transportation Decarbonization

2023-01-12 14:59:31

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