Economy and economic indicators

McConnell plans backseat role as McCarthy fights White House over debt ceiling – CNN | NutSocia

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CNN — Senate GOP leader Mitch McConnell has a history of finding ways out of a devastating debt default. It may be different this time – at least for now. In the face of the riskiest debt-ceiling standoff in a dozen years, Senate Republican leaders plan to take a backseat role and let the newly … Read more

McConnell plans backseat role if McCarthy fights White House… – CNN | NutSocia

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CNN — Senate GOP leader Mitch McConnell has a history of finding ways out of a devastating debt default. It may be different this time – at least for now. In the face of the riskiest debt-ceiling standoff in a dozen years, Senate Republican leaders plan to take a backseat role and let the newly … Read more

White House cautiously optimistic about economy in 2023: ‘Absolutely no sign’ of job growth collapsing or unemployment rising – CNN | NutSocia

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CNN — As Wall Street and Main Street fret over a possible recession, White House officials are exuding confidence in the economy’s ability to weather the 2023 storm. “We’re cautiously optimistic because we’re starting to see some really concrete, measurable signs of progress,” Aviva Aron-Dine, deputy director of the White House National Economic Council, told … Read more

FTX co-founder and ex-head of hedge fund Alameda Research respectively… – CNN | NutSocia

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CNN — Two senior executives linked to collapsed crypto exchange FTX have pleaded guilty to multiple criminal charges and are cooperating with federal prosecutors, according to unsealed court filings. In addition, the couple faces civil fraud charges from the Securities and Exchange Commission, which were announced Wednesday night. Gary Wang, the co-founder of FTX, and … Read more

Congress faces looming government shutdown deadline later in the week – CNN | NutSocia

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CNN — Lawmakers face a midnight Friday deadline when state funding runs out — and the House and Senate will likely have to pass a short-term extension to stave off a shutdown later in the week, which would give negotiators more time to try Get a more comprehensive year-round financing contract. The other major piece … Read more

A holiday spending showdown that conjures up the ghosts of Washington’s past and future – CNN | NutSocia

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CNN — The government funding standoff gripping Washington ahead of Friday’s shutdown deadline is one of the first indicators of the imminent shift in power dynamics that will plunge the capital back into a reigning Cold War between Republicans in Congress and a Democratic White House. An omnibus spending bill that would avert the federal … Read more

Republicans will control the House of Representatives, but there’s not much they can do to fix the economy quickly – CNN | NutSocia

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CNN — Republicans in Congress have repeatedly blamed President Joe Biden and their Democratic counterparts for rising inflation and the troubled economy. But even though the GOP seized control of the House of Representatives in the midterm elections, albeit by a very slim margin, there’s not much the party can do to cut prices quickly … Read more

Fed and White House unite for day that gets to the heart of Biden’s policy issue – CNN | NutSocia

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CNN — Two centers of power in Washington on Wednesday will reveal the politically toxic dynamics of the key economic issue threatening President Joe Biden’s congressional majorities with midterm elections less than a week away. The Fed is likely to trigger another historic rate hike, and Biden will host an event about a half-mile away … Read more

White House to announce additional oil reserve sales after OPEC+ cut – CNN | NutSocia

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CNN — President Joe Biden on Wednesday will announce the sale of an additional 15 million barrels from the Strategic Petroleum Reserve in December, a senior administration official said, as his administration seeks to counter market pressure created by OPEC+’s decision to extend oil production targets to just three weeks to cut back from the … Read more