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[ad_1] The United States is facing a potential economic disaster if the country defaults on its debt payments, the White House warned on Wednesday. The president's Council of Economic Advisers cautioned that this could cause an economic shock that would lead to eight million job losses this summer and a 6% drop in Gross Domestic Product (GDP). The council also predicted that the stock market could drop 45% in the third quarter and warned that even a brief interruption in payments could lead to a recession and a surge in unemployment. President Joe Biden is at odds with Republicans in the House of Representatives over national spending and public debt. The Democratic president has urged Republicans to raise the country's debt ceiling, which is the maximum amount of debt the government can take on legally. Republicans have refused to do so without a broader agreement to cut government spending. The Treasury Department estimates that the country will reach its debt cap o...

[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] John Dickerson on the presidency as an office of character - CBS News Watch CBS News Mike Pence defined the presidency Wednesday as he has throughout his career: as an office of character. John Dickerson explains. 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/john-dickerson-on-the-presidency-as-an-office-of-character/?feed_id=307556&_unique_id=66787216db7c5

[ad_1] The U.S. has named a veterinary tranquilizer as an "emerging threat" when it's mixed with the powerful opioid fentanyl, clearing the way for more efforts to stop the spread of xylazine . The Office of National Drug Control Policy announced the designation on Wednesday, the first time the office has used it since the category for fast-growing drug dangers was created in 2019. Dr. Rahul Gupta, director of the drug policy office, said xylazine (pronounced ZAI'-luh-zeen) has become increasingly common in all regions of the country. The Drug Enforcement Administration warned it had  found xylazine in nearly a quarter of the fentanyl powder  it seized in 2022. It was detected in about 800 drug deaths in the U.S. in 2020 — most of them in the Northeast. By 2021, it was present in more than 3,000 fatalities —with the most in the South — according to a report last year from the DEA.  "We cannot ignore what we're...

[ad_1] 6/13: Prime Time with John Dickerson - CBS News Watch CBS News John Dickerson reports on the arraignment of former President Donald Trump on federal charges, the economic outlook after the latest inflation numbers, and how billions in COVID relief aid were stolen or wasted. 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/6-13-prime-time-with-john-dickerson/?feed_id=255515&_unique_id=65bab6744b7db