List of All Articles with Tag 'politics'

Internal Revenue Service Commissioner Daniel Werfel acknowledged in a letter to the US Senate on Monday that Black taxpayers are audited at significantly higher rates than non-Black taxpayers, a revelation he said has left the agency "deeply concerned."

President Joe Biden has cut short a foreign trip as both sides race to strike a deal before 1 June.

President Joe Biden's pledge to the world that "America is back" after a period of political turbulence is looking a little shaky after a debt showdown with Republicans forced him to shorten an Asia-Pacific trip designed to showcase US power amid a challenge from China.

Argentine Vice President Cristina Fernández made it official Tuesday that she will not be running for president again, putting the brakes on an effort by members of her party to push her to become a candidate in the October election. Fernández, who was president 2007-2015, made her decision public through a statement published on her website in which she slammed the judiciary, accusing the courts of trying to forbid her from running for office again as part of an alliance with the opposition. With her decision, the center-left Fernández throws the ruling Peronist party into disarray amid uncertainty over who could be its candidate in this year’s presidential elections. President Alberto Fernández, whose tenure has been marked by an ongoing economic crisis that has included a sharp devaluation of the local currency and annual inflation of more than 100%, already said last month he would not be seeking reelection. “I will not be a puppet of those in power for the sake of any candidacy. I have demonstrated, like no one else, that I prioritize the collective project over personal ambitions,” Cristina Fernández said. The 70-year-old vice president said she’s prevented from running for office by a prison sentence of six years and a lifelong ban from holding public office she received late last year as part of a case involving corruption through public works during her presidency. She has denied all charges and the ruling still has to be confirmed by higher courts before it becomes effective. “I will not engage in the perverse game they impose on us under the guise of democracy,” she wrote. Allies of the vice president have been pushing for her to run for the presidency and regularly chant “President Cristina” during her public appearances. Although Fernández, who is not related to current president Alberto Fernández, had already said she wouldn’t run for president, she often played coy in public speeches. The vice president published her statement days before allies had announced a big rally in downtown Buenos Aires on May 25, which is a national holiday in Argentina, to push her to run. With both the president and vice president out of the running, all eyes are now likely to set on Economy Minister Sergio Massa, a center-right Peronist who has long had presidential ambitions although his tenure in the office he took on last year has not gone as he hoped. Massa had said his goal was for monthly inflation to decelerate to 3% by April. Instead, it accelerated to 8.4%. Read More Ukraine war’s heaviest fight rages in east - follow live Charity boss speaks out over ‘traumatic’ encounter with royal aide

Joe Biden will head home after a G7 meeting in Japan for talks with congressional leaders in the US.

President Joe Biden is canceling his upcoming visits to Papua New Guinea and Australia due to the ongoing debt ceiling negotiations in Washington, an administration official told CNN.

Anyone looking for clues at how talks to raise the nation's borrowing limit and avoid a historic default are progressing between President Joe Biden and congressional Republicans might be confused ahead of a high-stakes meeting at the White House on Tuesday.

President Joe Biden is ready to discuss the debt ceiling with congressional leaders at the White House in a high-profile session with reverberations across the globe as early outlines of a potential deal begin to emerge despite painstakingly slow negotiations. Raising the stakes, the Tuesday afternoon session comes as Biden is preparing to depart for the Group of Seven summit in Japan where the U.S. leadership will be on the world stage later this week. The president and House Speaker Kevin McCarthy are trying to strike a budget deal before the U.S. Treasury runs out of cash to keep paying the nation's bills, which could occur as soon as June 1. While Biden has remained upbeat that “we'll be able to do this,” McCarthy is prodding the president to move faster to avert a crisis. The Republican speaker says they need an agreement soon to avoid default. Expectations are low that a deal is that close at hand. Instead, it is more likely that staff talks will continue while the president is overseas. “I just don’t see the progress happening,” McCarthy told reporters Monday. But Biden was optimistic, saying over the weekend, “There’s a desire on their part as well as ours to reach an agreement." It's the second time in a week that Biden has met with McCarthy of California and other congressional leaders at the White House. Biden is confronting a politically divided Congress for the first time on the debt ceiling, a test for both the president and McCarthy, the new speaker, as they work to stave off an economic crisis that could come from a federal default. The meeting will also include Senate Majority Leader Chuck Schumer of New York, Senate Republican leader Mitch McConnell of Kentucky and House Democratic leader Hakeem Jeffries of New York. Even as the Democratic president and the Republican speaker box around the politics of the issue — with Biden insisting he’s not negotiating over the debt ceiling and McCarthy working to extract spending cuts — various areas of possible agreement appear to be emerging. Talks have been under way at the Capitol for much of the past week, closed-door discussions where White House and congressional staff are discussing what it would take to craft a budget deal that would unlock a separate vote to lift the nation’s borrowing capacity, now set at $31 trillion. Among the items on the table: clawing back some $30 billion in untapped COVID-19 money, imposing future budget caps, approving permitting reforms to ease energy development and putting bolstered work requirements on recipients of government aid, according to those familiar with the talks. McCarthy has complained the talks are slow-going, saying he first met with Biden more than 100 days ago and that the president should be more focused on issues at home. "An American president should focus on the solutions of America," McCarthy said ahead of Biden's trip. But Biden has insisted Republicans must rule out default and consider budget issues separate from the need to raise the nation's debt limit. The president has said it took McCarthy all this time to put forward his own proposal after Republicans failed to produce their own budget this year. The debt limit must be lifted, as has been done countless times before, to allow continued borrowing to pay already accrued bills. Compounding pressure on Washington to strike a deal, Treasury Secretary Janet Yellen said Monday that agency estimates are unchanged on the possible X-date when the U.S. could run out of cash — perhaps as early as June 1. But Yellen, in a letter to the House and Senate, left some opening for a possible time extension on a national default, stating that “the actual date Treasury exhausts extraordinary measures could be a number of days or weeks later than these estimates.” She said she would update Congress next week “as more information becomes available.” Time is dwindling. Congress has just a few days when both the House and Senate are in session to pass legislation. “It’s time for the principals to get more engaged, get their closers out there,” said Sen. John Thune of South Dakota, the Republican whip. “My impression is that they have too many cooks in the kitchen, too many people in the room and not the right people.” Details of a potential budget deal remain politically daunting, and it’s not at all clear they go far enough to satisfy McCarthy’s hard-right faction in the House or would be acceptable to a sizable number of Democrats whose votes would almost certainly be needed to secure any final deal. Republicans led by McCarthy want Biden to accept their proposal to roll back spending, cap future outlays and make other policy changes in the package passed last month by House Republicans. McCarthy says the House is the only chamber that has taken action to raise the debt ceiling. But the House bill is almost certain to fail in the Senate, controlled by Democrats, and Biden has said he would veto it. Biden did signal over the weekend that he could be open to tougher work requirements for certain government aid programs, which Republicans are proposing as part of the ongoing discussion. He has said he will not accept anything that takes away people’s health care coverage. An increase in the debt limit would not authorize new federal spending. It would only allow for borrowing to pay for what Congress has already approved. As June 1 approaches, the nonpartisan Congressional Budget Office has warned of a “significant risk” of default sometime in the first two weeks of next month. The CBO noted that if the cash flow at the Treasury and the “extraordinary measures” that the department is now using can continue to pay for bills through June 15, the government can probably finance its operations through the end of July. That’s because the expected tax revenues that will come in mid-June and other measures will give the federal government enough cash for at least a few more weeks. ___ Associated Press writer Kevin Freking contributed to this report. Read More Ukraine war’s heaviest fight rages in east - follow live Charity boss speaks out over ‘traumatic’ encounter with royal aide Pence allies launching super PAC to back former vice president's expected 2024 candidacy South Korea and Japan use G-7 to push improvement in ties long marked by animosity Wisconsin judge allows for lawsuit against fake Trump electors to proceed

Republican presidential candidate Nikki Haley's financial disclosure report shows the former US ambassador to the United Nations was paid between $100,001 and $1 million each for 12 speaking engagements in 2022 and 2023.

It's still likely that the US could default on its obligations in early June if Congress doesn't act, Treasury Secretary Janet Yellen said Monday.

A top US economic official said Sunday that talks between congressional staff and the White House have been "constructive" as the US barrels toward a debt limit deadline that could come as soon as June 1.

After a week of meetings on the debt ceiling, Congress, the White House and the country still do not have a clear path forward to avoid a cataclysmic default with just four days when both the House and Senate are scheduled to be in session before June 1, when the US could default on its obligations. On one hand, it looks like this could go to the brink. On the other, there have been pockets of progress over the intervening days and signs that some of the most stringent and hardened positions negotiators have been echoing over the last three months are slowly beginning to soften.