Latest news with #governmentSpending
The Guardian
5 days ago
- Business
- The Guardian
Tensions over Epstein files complicate Republican plan to vote on cuts bill
Tensions over the release of documents related to the disgraced financier Jeffrey Epstein have complicated House Republicans' plans to hold a vote on Thursday on legislation demanded by Donald Trump to cancel $9bn in government spending. The House of Representatives faces a Friday deadline to pass the rescissions package demanded by Trump and approved by the Senate in the wee hours of Thursday morning, otherwise the administration will be obligated to spend about $8bn meant for foreign assistance programs, and $1.1bn budgeted for the Corporation for Public Broadcasting, which funds NPR and PBS. But before the House can vote on the package, it must be approved by the rules committee, where the Democratic minority has sought to capitalize on a growing furor among Republicans and their supporters over the Trump administration's handling of documents related to the Epstein case by forcing the majority to take politically tricky votes. After several hours of delay, the committee announced it would hold a hearing into the package on Thursday evening, setting the stage for House Republicans to pass the legislation later in the night. Ranking member Jim McGovern accused the GOP of 'stalling' the rules committee hearing, and said Democrats would propose an amendment to the rescissions package meant to win release of any files related to Epstein. 'They're afraid to meet again to have another vote. Well, we're going to keep the heat on and you need to keep the pressure on members of Congress,' McGovern said. 'Release the files. Full transparency.' On Monday, rules committee Democrats made two attempts to add language to a cryptocurrency bill that would have required the release of documents dealing with the financier, who was accused of running a sex-trafficking ring catering to global elites. Republicans voted both down. The Epstein case has grown into a crisis for Trump and the GOP ever since the justice department announced last week that, after a review of US government files, it had determined the financier's 2019 death in federal custody was a suicide, and that no list of his clients existed to be made public. Trump's Maga coalition includes believers in a conspiracy theory that the 'deep state' is covering up a global pedophile ring in which Epstein was a major figure, and that files exist to prove it. The president has strenuously denied that his administration is hiding anything, and insulted those who call for the documents' release as 'weaklings' who fell for a 'radical left' hoax intended to discredit him. Democrats, relegated to the minority in both chamber of Congress, have seized on that tension with an array of legislative maneuvers intended to make public any Epstein-related documents. On Tuesday, the House speaker, Mike Johnson, told a conservative podcaster who asked about the case: 'It's a very delicate subject, but we should put everything out there and let the people decide it.' Meanwhile, Thomas Massie, an iconoclastic Republican congressman who has repeatedly clashed with Trump, and the Democratic congressman Ro Khanna are trying to get a majority of the House to sign on to a petition that will force a vote on releasing the files, and has already received signatures from nine GOP lawmakers. The rescissions passage passed the House in June, but the chamber must vote on it again after the Senate declined to cut funding for Pepfar, a program credited with saving millions of people from infection or death from HIV that was created in 2003 under the Republican president George W Bush.
Daily Mail
6 days ago
- Politics
- Daily Mail
PETER HITCHENS: We must stop interfering in countries like Afghanistan and start focusing on home. This warmongering is making us poorer, unhappier and less British
The airwaves are full of ministers and ex-ministers claiming that they take full responsibility for the £7 Billion Afghan farce. How nice. How proper. How reassuring. But in what way do they do so? Will Afghan families come and live in their houses, or even next door? Will their Parliamentary and ministerial salaries and pensions be docked to help pay the bill? Not blinking likely.
Fox News
08-07-2025
- Business
- Fox News
DeSantis not keen on Musk's new political party, has another idea for disrupting DC
Florida Gov. Ron DeSantis suggested that business magnate Elon Musk push for balanced budget and congressional term limit amendments to the U.S. Constitution, rather than build a new political party. Musk, who has been beating the drum about the need to rein in government spending, announced that he is launching a new political party called the America Party. "Backing a candidate for president is not out of the question, but the focus for the next 12 months is on the House and the Senate," he noted in a post on X. DeSantis is not on board with the idea. The governor suggested that if Musk funds candidates in competitive Senate and House contests, Democrats will likely win. But DeSantis acknowledged that the GOP has an issue with people running on spending less, but then failing to do so. "There's a gap between the campaign rhetoric, and then the performance," he said. He explained that he does not believe "electing a few better people" will alter the "trajectory" on the debt issue. DeSantis said that the "incentives" in D.C. will "lead to these outcomes, really, regardless of the outcome of elections at this point," asserting that a balanced budget amendment to the Constitution is needed. Musk "would have a monumental impact" if he got involved, DeSantis said, adding that the U.S. also needs term limits for lawmakers.
Yahoo
04-07-2025
- Business
- Yahoo
Every New Trillion Of Debt In Trump's 'Big Beautiful Bill' Is 'Free Adertising For Bitcoin,' Expert States
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. President Donald Trump's widely debated 'Big Beautiful Bill' passed through the Senate overnight, setting the stage for major fiscal expansion and prompting several market analysts to point to Bitcoin (CRYPTO: BTC) as a potential long-term beneficiary. Experts suggest the bill's projected impact on government spending, inflation, and the U.S. dollar could drive a shift toward Bitcoin as investors look for alternative stores of value. What Experts Are Saying: Speaking with Benzinga, Steven Rossi, CEO of Worksport (NASDAQ:WKSP), noted that the bill's large spending commitments could increase Bitcoin's appeal as a hedge against inflation. "The bill could drive Bitcoin's appeal as an inflation hedge amid its $3.3 trillion deficit, with companies like Worksport and Strategy (NASDAQ:MSTR) holding Bitcoin in their treasuries to counter fiat devaluation," Rossi said. Trending: Tired of Grid Failures and Charging Deserts? This Startup Has a Solar Fix and $25M+ in Sales — However, he warned that without the inclusion of Senator Cynthia Lummis' (R-Wyo.) proposed crypto tax incentives, adoption could remain limited. Rossi added that the House's potential to add these tax breaks could significantly accelerate Bitcoin's growth. Joshua Field, Managing Partner at Contango Digital, told Benzinga that unchecked government spending remains a bipartisan issue. "It doesn't matter which party is in control, more spending is always on the table," Field said. He expects persistent inflationary pressure to continue, which could reinforce Bitcoin's position as a preferred safe-haven asset over the next few years. Steven Willinger, General Partner at Blockchain Builders Fund, said the bill is likely to push asset prices higher but at the expense of the dollar's strength and long-term debt stability. Willinger pointed out that the bill's fiscal stimulus, combined with recent political positioning that challenges Federal Reserve Chair Jerome Powell's independence, may lead to faster interest rate cuts. "Bitcoin was created as an alternative monetary system and store of value to provide an option outside of the current political constraints," Willinger said. He expects Bitcoin and correlated assets to appreciate significantly in the near to medium term. Willinger also highlighted the bill's indirect impact on the crypto sector, noting that it reduces regulatory hurdles for small crypto businesses and payment platforms. He emphasized that the successful passage of the bill could open the door for the GENIUS Stablecoin Act and future digital asset legislation, offering much-needed regulatory clarity for the Toledano, COO of Unity Wallet, described the bill as a "double-edged sword" for Bitcoin. "The bill's massive fiscal expansion may weaken the dollar and stoke inflation, potentially boosting Bitcoin's 'digital gold' appeal," Toledano said. However, he cautioned that fiscal uncertainty could increase volatility in crypto markets, pointing to Bitcoin's dip below $106,000 during Senate proceedings as an example. Why It Matters: Kyle Chassé, CEO of MV Global and Founder of PAID, described the bill's approval as an indirect endorsement of Bitcoin's long-term relevance. "Washington just wrote itself a record-breaking $5 trillion IOU—and every new trillion is free advertising for Bitcoin," Chassé said. He noted that rising liquidity and ballooning deficits typically push investors toward decentralized assets like Bitcoin, which are viewed as inflation-resistant stores of value. Chassé projected that Bitcoin could reach $225,000 by year-end, supported by the anticipated expansion in the money supply. While the bill's centerpiece focuses on tax relief for older Americans, particularly a new deduction of up to $6,000 per filer over the age of 65, budget experts warn that the bill could strain Social Security's finances. The Committee for a Responsible Federal Budget estimated that the bill's provisions could push the Social Security trust fund's depletion date from early 2033 to late 2032, raising long-term solvency concerns. As the House prepares to reconcile the final version of the bill, financial markets and crypto traders will closely monitor whether additional crypto-specific tax reforms are included, a key factor experts say could shape Bitcoin's next major move. Read Next: $100k+ in investable assets? Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes – no cost, no obligation. If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Image: Shutterstock This article Every New Trillion Of Debt In Trump's 'Big Beautiful Bill' Is 'Free Adertising For Bitcoin,' Expert States originally appeared on
Irish Times
01-07-2025
- Business
- Irish Times
Intel set to cut close to 200 staff in Ireland and how to save for school fees
Almost 200 mandatory redundancies are expected this autumn at the Intel plant in Leixlip, Co Kildare, according to people briefed on the situation. The company is undergoing a major restructuring at the moment but it is understood that the plant, where almost 5,000 people are employed, will remain central to the company's operations. Pat Leahy, Jack Horgan Jones and Ciara O'Brien report. The volume of retail sales fell by 0.6 per cent in May, as consumer spending in department stores along with food, beverage and tobacco feeling the largest decline. As Hugh Dooley reports, Despite the monthly drop, retail sales volume still advanced 1.6 per cent in the past 12 months , according to the latest data from the Central Statistics Office. Government spending will need to increase by about €265 billion over the next 25 years to pay for an ageing population, more housing and cutting emissions, Central Bank governor Gabriel Makhlouf has said, as he called for a credible spending rule to help prevent future downturns. Dublin Bus paid its chief executive Billy Hann €276,000 in total last year, new figures from the State-owned public transport company show. Barry O'Halloran has the details. READ MORE ESB Networks is seeking an increase of up to €1.60 a-week over five years from families to help pay for expansion that includes the cost of connecting 300,000 new homes to the electricity system. Barry O'Halloran reports. Stena Line is to cancel its three-day Rosslare-Cherbourg service, the company said on Monday. The last sailing will depart Cherbourg on September 29th, arriving in Rosslare on September 30th. The ferry operator said the decision was made following a strategic route review. Colin Gleeson has the story. Cantillon assesses where the Intel layoffs leaves the chipmaker's Irish operation, while also noting the latest bad news for the Irish whiskey industry. LinkedIn has appointed a new country manager to lead its Irish business, with Cara O'Leary stepping into the role. Ciara O'Brien has the story. In Your Money, Dominic Coyle answers a reader query on how to approach Revenue about a modest, but long standing tax debt . It may be mid-summer, but for some the cost of school is already front and centre with bills for school fees for the coming year already due. Fiona Reddan looks at how much fees are, and how to save for them. When news started to shift to the web in the late 1990s and early 2000s, there was great optimism that such a leap in technology would allow for new ways of reporting stories. It's clear that hasn't really happened since. In his column, Hugh Linehan asks why. Dublin City Council has given the green light to British developer Summix for a nine storey student accommodation block on the former site of the Independent Newspapers HQ on Middle Abbey Street in Dublin. Gordon Deegan reports. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
