Update 548 — July 31 Debt Limit Deadline:How to Avoid Policy Concessions This Time This Saturday, July 31, the federal debt limit suspension passed by Congress two years ago expires. If Congress does not act, the U.S. could default on its debt in the fall, without precedent but promising catastrophic global economic effects. Republicans have …
Update 547 — Bond Rating Agency Reform:Hearing on “Unfinished Title” of Dodd-Frank Long-regarded as the unfinished business of Dodd-Frank, reform of the credit rating agencies central to the financial crisis of 2008 was the subject of Wednesday’s House Financial Services Subcommittee hearing. Chair Waters condemned bond rating agencies for giving AAA ratings to worthless mortgage-backed …
Update 546 — You Can’t Bank on That:63 Mil. Short of Credit, Account Services All eyes today were on the Senate’s bipartisan negotiations and an initial vote to move to debate on the infrastructure bill. Moments ago, Republicans defeated the motion, 51-49, with 60 votes needed. With GOP negotiators signaling they will not have bill …
Update 545 — Powell Promotes Recovery;Accommodates Growth and Mild Inflation Federal Reserve Chair Jerome Powell testified this week before the House Financial Services and Senate Banking Committees. Since his last testimony in February, the economy has begun to improve, with strong GDP growth expected this year. Inflation, as expected, has increased. He has much to say about …
Update 544 — Cart and Horse:SOP on Bipartisan, Budget Deals After two-weeks off, both Congressional chambers are back in session, with two-track negotiations on big-ticket infrastructure bills topping the agenda. Eleven legislative days remain in the House and 17 in the Senate before recesses are slated to start. Democratic leadership has its sights on passing both a …
Update 543 — Survey of U.S. HousingImpact of Shortage, Price Spike, COVIDDespite the pandemic and economic crises, the U.S. housing market is seeing more sales than any year since 2006, with the high volume expected through 2021. Low-interest rates and cheap mortgage terms have fueled demand among Americans of means looking to move or buy. This demand …
Update 542 — June Adds 850,000 Jobs;How Many Covid Job Losses to Recover? This morning’s June jobs report showed the U.S. economy added a substantial 850,000 jobs, with average hourly earnings rising 3.6 percent from a year ago. But labor force participation remained stuck, unemployment actually increased, and the job market has 6.8 million fewer …
Update 541 — Paying for Infrastructure:The Financing Options and the Recovery Last week, President Biden and a bipartisan group of Senators struck a deal on a $579 billion infrastructure package. Democrats also seek to pass a second bill worth trillions in additional spending. But unclear is how to pay for it — through taxes that …
Update 540 — Bipartisan Deal on the Table:What’s in It; What’s Left for Reconciliation? After weeks of intermittent talks and progress, the administration and a bipartisan group of 21 senators struck a deal yesterday on a large long-term investment in traditional domestic infrastructure. The $1.2 trillion package comprises just $579 billion in new spending, with …
Update 539 — Senate Vote on S. 1 MotionRaises Specter at Last of Filibuster Reform Performing an emergency procedure with S. 1, the For the People Act, on life support, Majority Leader Charles Schumer got every Democratic Senator on board to proceed to a vote on the bill. Every GOP Senator opposed the motion to …
