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[ad_1] WASHINGTON — The U.S. House of Representatives entered its second day without an elected speaker Wednesday, after Republican leader Kevin McCarthy, R-Calif., failed in three consecutive votes Tuesday to secure the 218 votes needed to win the coveted post. But after negotiations with fellow Republicans that lasted deep into the night on Tuesday, McCarthy appeared no closer Wednesday to winning over the 20 members of his caucus who had refused to support him the day before. The failed votes marked the first time in 100 years that the majority party in the House has not elected a speaker on its first vote. The staunch opposition to McCarthy from a core group of Republicans grew larger over the course of the day, throwing the party into chaos. The House convened at noon on Wednesday, and members of both parties were advised that there would likely be a fourth vote on the speaker. But this course of events was still up in the air even as members were seated in their seats. If Re

[ad_1] WASHINGTON — The Biden administration's 2024 budget relies almost entirely on additional revenue created by raising taxes on the wealthiest Americans and corporations and by letting the Trump-era tax cuts expire. If several of the proposals, like a billionaire minimum tax, sound familiar, it's because they have been part of the president's domestic agenda wish list for years. And while a White House annual budget is always one part wish list and one part plan, Biden's tax hikes are even less realistic now — with a Republican majority in the House — than they were when he first tried to pass them through a Democratic-controlled House and Senate. The plan released Thursday by the Treasury Department in its annual Green Book, calls for an even higher minimum tax this year on the top 0.01% of earners and households worth more than $100 million, up to 25% from 20% last year. Read more on Biden's fiscal year 2024 budget plan: It would also quadruple the stock

[ad_1] WASHINGTON : The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs amid recent turmoil in financial markets spurred by the collapse of two US banks. The move set the US central bank's benchmark overnight interest rate in the 4.75%-5.00% range, with updated projections showing 10 of 18 Fed policymakers still expect rates to rise another quarter of a percentage point by the end of this year, the same endpoint seen in the December projections. But in a key shift driven by the sudden failures this month of Silicon Valley Bank (SVB) and Signature Bank, the Fed's latest policy statement no longer says that "ongoing increases" in rates will likely be appropriate. That language had been in every policy statement since the March 16, 2022 decision to start the rate hiking cycle. Instead, the policy-setting Federal Open Market Committee said only

[ad_1] WASHINGTON — Republican Leader Kevin McCarthy failed to secure enough support Tuesday for his bid to become House speaker during the chamber's first round of voting, the first time in a century that the majority party failed to coalesce behind a speaker and forced more than one round of voting. It was unclear immediately after the first round what next steps Republicans would take. McCarthy has vowed to hold as many rounds as needed to secure the necessary 218 votes. During a tense voice vote, all 212 Democrats rallied unanimously around incoming Minority Leader Hakeem Jeffries, N.Y. Ten Republicans voted for McCarthy's only declared GOP rival, Rep. Andy Biggs of Arizona, while nine GOP lawmakers voted for other alternatives. Kevin McCarthy (R-CA) talks with reporters after a House Republican caucus meeting on the first day of the 118th Congress at the U.S. Capitol in Washington, January 3, 2023. Jonathan Ernst | Reuters McCarthy's failure to win public support

[ad_1] U.S. President Joe Biden speaks about lowering health-care costs, in the East Room of the White House in Washington, D.C., Aug. 29, 2023. Saul Loeb | AFP | Getty Images WASHINGTON — President Joe Biden is placing a priority on reducing individual health-care costs as he seeks reelection in a country where medical spending accounts for 18.3% of the nation's gross domestic product, according to the Centers for Medicare and Medicaid Services. "Boy, we've been fighting Big Pharma for a long time," Biden said Tuesday from the White House. "I promise you I'm gonna have your back and I'll never stop fighting for you on this issue, nor will Kamala." On Tuesday, the White House announced 10 prescription drugs that will be subject to the first-ever Medicare price negotiations, which will go into effect in 2026. The 10 medicines accounted for $50.5 billion, or about 20%, of total Part D prescription drug costs   between June 1, 2022, and May 31,

[ad_1] Debt ceiling negotiations continue between White House, GOP as Biden returns to U.S. - CBS News Watch CBS News Debt ceiling negotiations continued over the weekend between White House negotiators and Republicans on Capitol Hill. President Biden returned to Washington on Sunday, where he is expected to meet with House Speaker Kevin McCarthy on Monday after a tumultuous weekend of on-again off-again talks. Chief White House correspondent Nancy Cordes reports from the White House. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On [ad_2] Source link https://worldnews2023.com/top-stories/debt-ceiling-negotiations-continue-between-white-house-gop-as-biden-retu

[ad_1] WASHINGTON : A united US Federal Reserve agreed to hold interest rates steady at the June meeting as a way to buy time and assess whether further rate hikes would be needed, even as the vast bulk expected they would eventually need to tighten policy further, according to meeting minutes released on Wednesday. While "some participants" wanted to move ahead with a rate hike in June because progress in cooling inflation had been slow, "almost all participants judged it appropriate or acceptable to maintain" the federal funds rate at the existing 5% to 5.25%, the minutes said. "Most of those participants observed that leaving the target range unchanged at this meeting would allow them more time to assess the economy's progress," toward returning inflation to 2% from its current level more than twice that. The minutes added detail to the policy statement and economic projections issued after the June 13-14 session, when the Fed ended its 10-m