Under the presidency of Joe Biden, the relationship with Saudi Arabia has deteriorated. On Sunday, Saudi Arabia announced that it would lead OPEC, the Organization of the Petroleum Exporting Countries, including Russia, to reduce production by over one million barrels per day beginning next month. The result would be higher gas prices in the U.S. will most likely lead to higher inflation.
According to a leaked internal calendar, Transportation Secretary Pete Buttigieg and his husband, Chasten Buttigieg, flew on a military plane to Europe last spring so that they could attend the Fifth Invictus Games.
McConnell threatens a short-term continuing resolution if Democrats fail to satisfy his demands for an omnibus bill. This is because November’s federal deficit was a record-setting $249 billion, $57 billion larger than the same month last year, as the Republican takeover of the House they are refocusing attention on the government’s finances.
Despite driving to Delaware a total of 59 times and making a pit stop for ice cream eight times since assuming office, President Joe Biden said on Tuesday that he hadn’t visited the border with Mexico because of more pressing issues. While in Arizona, Biden justified his choice to forego visiting the border, telling the media that there are more pressing matters.
Rate rises may slow down as officials acknowledge how they affect the economy with a lag. To combat inflation, the Federal Reserve increased interest rates by 0.75 percentage points and announced its intention to continue doing so, although in smaller increments.
Top Republican legislators say they’ll use the federal debt ceiling to force President Biden to negotiate if they regain control of Congress, threatening to rekindle high-stakes brinkmanship that might drive the U.S. into default and create big new issues for the White House next year.
Republicans in six states are seeking an injunction to prevent the Biden administration from proceeding. Attorneys for the Biden administration and the states opposing the president’s plan to cancel student loans faced off in a federal court hearing on Wednesday, leaving the initiative’s future uncertain.
Wall Street’s top regulator is pursuing the largest reform of the $51 trillion U.S. stock market in two decades. First, he will have to combat a significant industrial opposition effort.
Following OPEC’s cut, Biden is releasing 10 million more barrels of oil from the US Strategic Petroleum Reserve.
President Biden’s plan to eliminate student debt is estimated to cost $400 billion more to the federal government, according to the nonpartisan Congressional Budget Office. In the absence of a full accounting from the White House, Monday’s projections represent the latest attempt to put a price on the administration’s student-loan-modification plans. A range of analyst projections underlines the significant complexities of estimating the performance of the federal government’s student-loan portfolio, raising uncertainties about how the …