Tag Archives: Elizabeth Warren

US

Classified Documents Seized at Trump’s Home Undergoing Security-Risk Assessment

Leave a comment

WASHINGTON—U.S. intelligence agencies are conducting a damage assessment of classified documents recovered from the Florida residence of former President

Donald Trump,

according to Director of National Intelligence

Avril Haines.

Separately, a federal judge in Florida on Saturday signaled she intends to appoint a special master to review documents seized at Mar-a-Lago at the request of Mr. Trump’s lawyers.

Ms. Haines told lawmakers in a letter reviewed by The Wall Street Journal that her office would lead an intelligence-community assessment of “the potential risk to national security that would result from the disclosure of the relevant documents.”

The intelligence chief provided no other details about the assessment in the brief letter, dated Friday, which was sent to House Intelligence Committee Chairman

Adam Schiff

(D., Calif.) and House Oversight and Reform Committee Chairwoman

Carolyn Maloney

(D., N.Y.).

In a statement Saturday, Reps. Schiff and Maloney welcomed the damage assessment.

The affidavit partially unsealed on Friday “affirms our grave concern that among the documents stored at Mar-a-Lago were those that could endanger human sources,” they wrote. “It is critical that the [intelligence community] move swiftly to assess and, if necessary, to mitigate the damage done.”

A damage assessment includes identifying disclosed or compromised national-intelligence information, including of spy agencies’ sources and methods; a description of the circumstances under which the incident occurred; and an estimate of the actual or potential damage to U.S. national security.

A heavily redacted affidavit released by the Justice Department Friday says boxes retrieved from Mar-a-Lago early this year contained over 184 classified documents and there was “probable cause to believe that additional documents” containing classified national defense information remained. Photo: Jim Bourg/Reuters

Boxes retrieved from Mr. Trump’s Mar-a-Lago home early this year contained more than 184 classified documents, including some deemed top-secret or derived from clandestine human-intelligence sources, according to a heavily redacted affidavit released Friday laying out the Federal Bureau of Investigation’s justification for its extraordinary search of the Florida estate in early August.

Mr. Schiff and Ms. Maloney had written to Ms. Haines on Aug. 13 asking for a damage assessment following reports that Mr. Trump had removed and retained highly classified information at Mar-a-Lago.

In her letter Friday, Ms. Haines said her office and the Justice Department are working together on a classification review of the apparently mishandled documents.

A spokesman for Ms. Haines said the review she is leading is consistent with a request from Sens.

Mark Warner

(D., Va.), and

Marco Rubio

(R., Fla.), the chairman and vice chairman of the Senate Intelligence Committee.

Mr. Warner said on Friday that the committee had made a bipartisan request for information on the classified documents retrieved from Mar-a-Lago and the national security threat posed by their mishandling.

In Florida, U.S. District Court judge

Aileen M. Cannon

said in a short filing that she was prepared to appoint a special master—but that her order wasn’t final. She scheduled a Thursday hearing for arguments on the matter.

The judge also ordered the Justice Department to file under seal a more detailed receipt showing what property was seized during the Aug. 8 search and a status update on investigators’ review of the items.

A special master is a respected third party, usually a retired judge, tasked with reviewing evidence and filtering out irrelevant materials or communications protected by attorney-client privilege, executive privilege or similar legal doctrines.

Mr. Trump’s legal team on Aug. 22 filed a motion requesting the appointment of such a position, calling the FBI search a “shockingly aggressive move,” and asked the judge to order investigators to immediately stop examining the items.

Mr. Trump’s lawyers wrote in their motion that the appointment of a special master is “the only appropriate action.”

Sen.

Roy Blunt

(R., Mo.) said on ABC’s “This Week” that the appointment of a special master would help sort through the controversy.

“Good thing they’re going to have a special master…sort through the documents that the president had every right to have and the documents that he hadn’t yet turned over,” Mr. Blunt said. “I understand he turned over a lot of documents; he should have turned over all of them. I imagine he knows that very well now as well.”

New Hampshire’s Republican Gov. Chris Sununu criticized the Justice Department for not making more information publicly available about its investigation.

“I’m not saying, put all the documents on the internet. But give us some sense of the subject matter. Give us some sense of the timing,” Mr. Sununu said on CNN’s “State of the Union.” “You had pages upon pages upon pages redacted, to the point where you say, ‘Well, what’s the point?’”

Sen.

Elizabeth Warren

(D., Mass.) said it is critical for the Justice Department to push on with its investigation “without fear or favor.”

“I am deeply alarmed about what we’re learning,” Ms. Warren said on CNN, saying Mr. Trump “could be putting our national security at risk, he could be putting the lives of individual people who work for the United States at risk.”

Rep. Adam Kinzinger (R., Ill.), who is retiring from Congress and was one of 10 GOP lawmakers who voted to impeach Mr. Trump on a charge of inciting the Jan. 6, 2021 attack on the Capitol, said members of Congress who mishandled classified information in this way would “be in real trouble.”

“No president should act this way, obviously,” Mr. Kinzinger said on NBC’s “Meet the Press.”

Alex Leary and Timothy Puko contributed to this article.

Write to Warren P. Strobel at Warren.Strobel@wsj.com, Siobhan Hughes at Siobhan.hughes@wsj.com and Sadie Gurman at sadie.gurman@wsj.com

Corrections & Amplifications
Former President Donald Trump’s legal team earlier this week filed a motion requesting the appointment of a special master. An earlier version of this article incorrectly said the motion was filed last week. (Corrected on Aug. 27)

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Read original article here

US

Fed decision July 2022:

Leave a comment

The Federal Reserve on Wednesday enacted its second consecutive 0.75 percentage point interest rate increase as it seeks to tamp down runaway inflation without creating a recession.

In taking the benchmark overnight borrowing rate up to a range of 2.25%-2.5%, the moves in June and July represent the most stringent consecutive moves since the Fed began using the overnight funds rate as the principal tool of monetary policy in the early 1990s.

While the fed funds rate most directly impacts what banks charge each other for short-term loans, it feeds into a multitude of consumer products such as adjustable mortgages, auto loans and credit cards. The increase takes the funds rate to its highest level since December 2018.

Markets largely expected the move after Fed officials telegraphed the increase in a series of statements since the June meeting, and held on to gains after the announcement. Central bankers have emphasized the importance of bringing down inflation even if it means slowing the economy.

In its post-meeting statement, the rate-setting Federal Open Market Committee cautioned that “recent indicators of spending and production have softened.”

“Nonetheless, job gains have been robust in recent months, and the unemployment rate has remained low,” the committee added, using language similar to the June statement. Officials again described inflation as “elevated” and ascribed the situation to supply chain issues and higher prices for food and energy along with “broader price pressures.”

The rate hike was approved unanimously. In June, Kansas City Fed President Esther George dissented, advocating a slower course with a half percentage point increase.

The increases come in a year that began with rates floating around zero but which has seen a commonly cited inflation measure run at 9.1% annually. The Fed aims for inflation around 2%, though it adjusted that goal in 2020 to allow it to run a bit hotter in the interest of full and inclusive employment.

In June, the eunemployment rate held at 3.6%, close to full employment. But inflation, even by the Fed’s standard of core personal consumption expenditures, which was at 4.7% in May, is well off target.

The efforts to bring down inflation are not without risks. The U.S. economy is teetering on the brink of a recession as inflation slows consumer purchases and dents business activity.

First-quarter GDP declined by 1.6% annualized, and markets were bracing for a reading on the second quarter to be released Thursday that could show consecutive declines, a widely used barometer for a recession. The Dow Jones estimate for Thursday’s reading is for growth of 0.3%.

Along with rate increases, the Fed is reducing the size of asset holdings on its nearly $9 trillion balance sheet. Beginning in June, the Fed began allowing some of the proceeds from maturing bonds to roll off.

The balance sheet has declined just $16 billion since the beginning of the roll-off, though the Fed set a cap of up to $47.5 billion that potentially could have been wound down. The cap will rise through the summer, eventually hitting $95 billion a month by September. The process is known in markets as “quantitative tightening” and is another mechanism the Fed uses to impact financial conditions.

Along with the accelerated balance sheet runoff, markets expect the Fed to raise rates at least another half percentage point in September. Traders Wednesday afternoon were assigning about a 53% chance the central bank would go even further, with a third straight 0.75 percentage point, or 75 basis points, increase in September, according to CME Group data.

The FOMC does not meet in August, but officials will gather in Jackson Hole, Wyoming, for the Fed’s annual retreat.

Markets expect the Fed to start cutting rates by next summer, even though committee projections released in June show no cuts until at least 2024.

Multiple officials have said they expect to hike aggressively through September then assess what impact the moves were having on inflation. Despite the increases — totaling 1.5 percentage points between March and June — the June consumer price index reading was the highest since November 1981, with the rent index at its highest level since April 1986 and dental care costs hitting a record in a data series going back to 1995.

The central bank has faced critics, both for being too slow to tighten when inflation first started to accelerate in 2021, and for possibly going too far and causing a more severe economic downturn.

Sen. Elizabeth Warren (D-Mass.) told CNBC on Wednesday that she worried the Fed hikes would pose economic danger to those at the lowest end of the economic spectrum by raising unemployment.

Read original article here

US

Democrats look for offramp from masking in public

Leave a comment

Democratic lawmakers are distancing themselves from the strong pro-mask stance they took for most of the pandemic, which is becoming more and more of a political liability at a time when many Americans are reaching their limits of COVID-19 fatigue. 

Democrats are being battered by poll after poll showing that President BidenJoe BidenBiden hails UN vote: ‘Lays bare Putin’s isolation’ Overnight Defense & National Security — US tries to turn down the dial on Russia Johns Hopkins doctor says children need to get vaccinated against COVID-19 MORE’s approval rating is hovering around 40 percent, and lawmakers say COVID-19 fatigue is a major factor behind why so many voters are dissatisfied with the direction of the country. 

Hardly any Democratic senators wore their masks on the House floor Tuesday night when the nation tuned in to watch Biden’s first State of the Union address, one of the biggest prime-time political events before November’s midterm elections.  

Brian Monahan, the Capitol’s attending physician, announced in a memo circulated before the State of the Union address that people would no longer be required to wear masks in the House chamber or elsewhere around the Capitol complex. 

He advised they were optional, and a number of Senate Democrats who for months have always worn their masks around the Capitol hallways took them off for Biden’s speech, beaming their pleasure at the president’s words unencumbered, including Sens. Elizabeth WarrenElizabeth WarrenDemocrats press Treasury over concerns Russia could use cryptocurrency to evade sanctions Five takeaways from the Texas primaries Biden State of the Union: A plea for unity in unusual times MORE (Mass.), Ron WydenRonald (Ron) Lee WydenOn The Money — Manchin makes counteroffer to Biden’s big bill Senator offers bill to revoke Russia’s trade status Biden State of the Union: A plea for unity in unusual times MORE (Ore.), Jeff MerkleyJeff MerkleyAdvocates criticize ‘tepid’ Biden request for global COVID-19 funding Stock ban faces steep hurdles despite growing support  Franken on Senate resignation: ‘They made it impossible for me to get due process’ MORE (Ore.), Brian SchatzBrian Emanuel SchatzThe Hill’s 12:30 Report – Sights and sounds from Biden’s State of the Union The Hill’s 12:30 Report: Negotiations crawl as government funding deadline nears Democrats hit limits with Luján’s absence MORE (Hawaii), Sherrod BrownSherrod Campbell BrownDemocrats press Treasury over concerns Russia could use cryptocurrency to evade sanctions Biden State of the Union: A plea for unity in unusual times Biden urges GOP to end blockade on his Fed picks MORE (Ohio) and Sheldon WhitehouseSheldon WhitehouseDemocratic Senate debates merits of passion vs. pragmatism Senators introduce a resolution honoring Tom Brady’s career Senate panel advances appeals court nominee despite objections from home state Republicans MORE (R.I.).  

Lawmakers viewed the State of the Union as a low-risk event because all attendees were required to receive a negative COVID-19 test before attending. But at least six legislators, including Sen. Alex PadillaAlex PadillaThe Hill’s Morning Report – Biden goes after Putin, stresses unity Democratic lawmakers test positive for COVID-19 ahead of SOTU Big Tech allies point to China, Russia threat in push to squash antitrust bill MORE (D-Calif.), announced they had tested positive, showing that the virus is still swirling about Congress.   

Fewer and fewer Democrats are wearing their masks in the halls of Congress, joining Republican colleagues who ditched masks last year after vaccines were widely available to the public.   

When Senate Majority Leader Charles SchumerChuck SchumerSenate passes cybersecurity bill amid fears of Russian cyberattacks Schumer wants to confirm Biden’s Supreme Court pick by April break Five viral moments from Biden’s State of the Union MORE (D-N.Y.) met with Biden’s Supreme Court nominee Ketanji Brown JacksonKetanji Brown JacksonWho the judge is matters — but not always the way people think Schumer wants to confirm Biden’s Supreme Court pick by April break Judge Jackson should recuse herself from major discrimination case before the court MORE in the historic Mansfield Room for a photo-op just off the Senate floor, neither wore a mask — even though many of the reporters and photographers in the room, though not all, were wearing facial coverings.  

Schumer after the meeting declared that the nation under Democratic leadership had pretty much defeated COVID-19.

“As the president said, Democrats have done a … very good job at getting us out of the COVID mess and we’re about to turn the corner,” he said.  

“I hope our Republican colleagues will join us in getting some kinds of new funding to keep us normal. God forbid another variant comes along,” he added.

Sen. Debbie StabenowDeborah (Debbie) Ann StabenowWhite House chief of staff tries to pump up worried Senate Democrats Democrats try to regroup heading into rough November Senate slips within 48 hours of government shutdown deadline MORE (D-Mich.), who stopped wearing a mask in the Capitol this week, said she and her colleagues recently discussed easing up on wearing masks, but she said the decision was driven by the latest guidance from the Centers for Disease Control and Prevention (CDC).  

“We have discussed it and now based on the science, it’s really recommended to be an individual decision,” she said. “Based on what Monahan said, based on D.C. lifting [its mask mandate], it’s become something that’s more of an individual decision.”

“I do have to say it’s a little weird,” she said, noting that Wednesday was only the second day she had walked the Capitol’s hallways without a mask since the pandemic hit Washington two years ago.

While the CDC, as of Feb. 25, recommends that a mask be worn based on personal preference in a low-risk environment, it recommends wearing masks in medium-risk indoor environments, especially when coming into contact with people at higher risk of severe infection.  

Several members of the Senate are in their 80s and could be seen as in a higher health-risk category.  

The guidance provided by the District of Columbia is also mixed.  

Starting March 1, D.C.’s city government stopped requiring masks at restaurants, bars, sports venues, gyms and grocery stores. But city officials still require masks at libraries, nursing homes, correctional facilities, on public transit and at government facilities where employees have direct interaction with the public.  

Democrats won control of the White House and Senate in the 2020 elections after embracing masks and other COVID-19-prevention protocols as a sign they were taking the pandemic more seriously than former President TrumpDonald TrumpJan. 6 panel claims Trump ‘engaged in criminal conspiracy’ Capitol riot defendant pleads guilty to seditious conspiracy, agrees to cooperate The Memo: Boebert’s antics blasted as another twist in politics’ downward spiral   MORE, who repeatedly refused to wear a mask in public.  

But now there are myriad signs that Americans are growing sick of masks and other restrictions.  

Democratic governors last month led a charge to ease mask requirements and now Democratic officeholders in Washington are following suit.  

Being pro-mask is a mixed bag politically, as Republicans are making inroads with swing voters by lumping mandatory masking policies with COVID-19-related school closures and urging for a faster return to pre-pandemic normalcy.   

Sen. John CornynJohn CornynWho the judge is matters — but not always the way people think The Hill’s Morning Report – Biden goes after Putin, stresses unity McConnell, Scott face off over GOP’s agenda MORE (Texas), an adviser to the Senate Republican leadership, said mask requirements are starting to hurt Democrats politically.  

“Biden cured COVID-19, pandemic’s over,” Cornyn quipped.  

“He made it political in his campaign against Trump, and he’s paying the price for that,” he said of Biden’s prominent use of masks during the 2020 presidential campaign.  

“It’s schools and it’s education and it’s parents’ roles in their kids’ education. All that stuff has flowed from that [mask] controversy, and I think they’re paying a political price for it now,” he said.  

After a Monmouth University poll showed that 70 percent of Americans nationwide think COVID-19 is here to stay and “we just need to get on with our lives,” New Jersey Gov. Phil MurphyPhil Murphy’Plain old racist’: Other kid from NJ mall fight condemns treatment of Black teen Family of Black teen arrested in New Jersey mall hires Benjamin Crump NJ governor ‘deeply disturbed’ by video showing Black teen handcuffed, pinned by police MORE (D) announced his state would lift its school mask mandate on March 7.  

“We have to learn to live with COVID,” he said last month.  

Several Democratic senators on Wednesday bristled at the suggestion that they’re shedding their masks to avoid bad political optics.  

“I don’t think politics should have anything to do with it. And I’ve felt that strongly and it’s all about science, about keeping people safe. It’s about those that are vulnerable. It’s about children that don’t have the opportunity to get vaccines. It’s not a political issue and it never should have been,” said Sen. Catherine Cortez MastoCatherine Marie Cortez MastoDemocrats try to regroup heading into rough November Democrats seek midterm course-correct in suburbs Overnight Energy & Environment — Biden says Russia attack could spike oil prices MORE (D-Nev.), who faces a toss-up reelection race this year. She was not wearing a mask.  

The divide between Democratic and Republican lawmakers over wearing masks and other COVID-19-prevention protocols has been stark for much of the pandemic.  

Sen. Rand PaulRandal (Rand) Howard PaulHouse passes bill making lynching a federal hate crime This week: Congress returns to Ukraine crisis, Supreme Court fight US voices question if Putin underestimated Ukraine MORE (R-Ky.), who contracted COVID-19 early in the pandemic, was never spotted wearing a mask on Capitol Hill and claimed last year that they didn’t work, citing a peer-reviewed study from Denmark.  

Most Senate Democrats wore masks in public throughout the pandemic, even after getting vaccinated when the omicron variant caused a new surge of infections across the country.  

Brown, the chairman of the Banking Committee, memorably got into a heated spat with Sen. Dan SullivanDaniel Scott SullivanInclude seafood in the sanctions to squeeze Putin Senate confirms Rahm Emanuel to be ambassador to Japan GOP resistance to Biden FCC nominee could endanger board’s Democratic majority MORE (R-Alaska) in November 2020 because his GOP colleague wasn’t wearing a mask while presiding over the Senate floor.  

Sullivan got hot under the collar when Brown asked him to “please wear a mask as he speaks.” 

“I don’t wear a mask when I’m speaking, like most senators. I don’t need your instruction,” he shot back.  



Read original article here

Business

Elon Musk sells another $1 billion in Tesla shares, nearing 10% target

Leave a comment

Elon Musk, Tesla CEO, stands in the foundry of the Tesla Gigafactory during a press event.

Patrick Pleul | picture alliance | Getty Images

Tesla and SpaceX CEO Elon Musk has sold another 934,090 shares, or about $1.02 billion worth of his holdings, in his electric car and solar business according to financial filings published late Tuesday.

Musk also exercised options to buy nearly 1.6 million Tesla shares at a strike price of $6.24 per share, granted to him via a 2012 compensation package.

In exercising his options this quarter, Musk’s holdings in Tesla have increased from about 170.5 million shares to over 177 million shares, the Wall Street Journal first reported.

Since Nov. 8, Musk has been on a selling spree, partly to pay his looming tax bills on those options.

The celeb-CEO polled his tens of millions of Twitter followers in the first week of November asking if he should sell 10% of his stake in Tesla. They voted yes. But a major portion of the sales that followed the entertaining Twitter poll were part of a plan that Musk adopted in September this year.

Under 10b5-1 rules, corporate insiders (including CEOs) can trade their own equity as part of pre-announced portfolio management plan. They must declare in advance when and how they plan to trade to protect themselves from later accusations of insider trading.

This year, Tesla shares have risen more than 54% making Musk the world’s wealthiest person. His net worth is now over $275 billion, according to estimates by Forbes.

That wealth is derived from Musk’s ownership stakes in Tesla and SpaceX. He currently doesn’t take a salary or cash bonuses, and had not sold a large number of shares in Tesla until this year. He had, instead, taken out sizable loans against a portion of his Tesla shares.

Since taxpayers only pay taxes on income or stock once it is sold, Musk never paid a large amount in taxes annually relative to his net worth, ProPublica previously reported.

Earlier this month, Sen. Elizabeth Warren, D-Mass., tweeted that Musk was “freeloading off everyone else,” since he didn’t pay federal income taxes in 2018.

Now, Musk is expected to pay what is likely to be the largest single individual tax bill in U.S. history, with federal and California income taxes estimated to top $11 billion. He will be required to pay this tax bill in order to receive compensation of more than $23 billion, in the form of stock options that would otherwise expire in August.

The centi-billionaire discussed his riches and tax strategy during a bevy of December press appearances, including interviews with the Financial Times and Time Magazine after both outlets both named him person of the year for 2021.

Capping off his year-end publicity efforts, Elon Musk sat with the conservative satire site The Babylon Bee on Tuesday last week. During that interview he said, “I sold enough stock to get to around 10% plus the option exercise stuff and I tried to be extremely literal here.”

The next day on Twitter, Musk clarified, “This assumes completion of the 10b sale.” And noted, “When the 10b preprogrammed sales complete. There are still a few tranches left, but almost done” in a subsequent tweet.

By some estimates, Musk still has more than a million more shares to sell to reach his 10% November target of around 17 million shares. Tesla did not respond to a request for comment or more information about the sum total he plans to sell to hit that goal.

— CNBC’s Thomas Franck and Robert Frank contributed reporting



Read original article here

US

Democrats set to play hardball with Manchin

Leave a comment

Senate Democrats are signaling they plan to take more of a hardball approach to pressuring Sen. Joe ManchinJoe ManchinOn The Money — Dems lay blame for Build Back Better blowup McConnell: Manchin’s opposition to Biden plan ‘great shot in the arm for the country’ Harris says ‘stakes are too high’ for Build Back Better to be about Manchin MORE (D-W.Va.) to support their climate and social spending agenda after months of kid-glove treatment failed to deliver his vote.

Democrats are threatening to drive a wedge between Manchin and his many lower-income constituents who stand to reap billions of dollars in federal benefits if Build Back Better passes, including an enhanced child tax credit, lower Medicare-negotiated prescription drug prices and subsidies to cover the cost of childcare.  

Senate Majority Leader Charles SchumerChuck SchumerManchin says he will not vote for Build Back Better: ‘This is a no’ Senate confirms 40 judges during Biden’s first year in office, the most since Reagan Cruz to get Nord Stream 2 vote as part of deal on Biden nominees MORE (D-N.Y.) on Monday said Manchin will have to repeatedly defend his opposition to these popular programs by voting on the floor and took a subtle shot at his colleague for trying to dictate national policy through an appearance on “Fox News Sunday” over the weekend.

Democratic aides say that Manchin can expect more tough treatment from Schumer and other Democratic lawmakers who are now under new pressure from the party’s base for failing to deliver on the “big, bold” agenda they promised earlier this year.

“He has had absolutely no pressure,” said one Democratic aide, citing Manchin’s friendly meetings with the at the White House and at Biden’s home in Delaware this fall that failed to produce results.

“Biden’s got to grab him by the lapels and say, ‘Listen, this ends now,’” the aide added, warning there’s little prospect of passing another piece of major legislation before the 2022 midterms if Build Back Better fails to pass.

Democratic senators have said for months they were reluctant to apply too much pressure on Manchin for fear that it might backfire and only goad him to dig in his heels more firmly against progressive priorities such as major new investments for renewable energy and expanded Medicare benefits.

There was also the looming threat that Manchin might leave the caucus and declare himself an independent. Senate Minority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellMcConnell: Manchin’s opposition to Biden plan ‘great shot in the arm for the country’ Ocasio-Cortez: Democrats need to to ‘crack down’ on ‘old boys club’ in Senate The day democracy almost died MORE (R-Ky.) told reporters before the break that he would love to have Manchin join his caucus, though he acknowledged it wasn’t a likely possibility.

But now Biden, Schumer and other Democrats risk looking ineffective after Manchin flatly spurned their many entreaties with his bluntly stated opposition to Build Back Better on Fox News.

“He’s going to blow up the president’s agenda so I think you have to play hardball but there are different ways to play hardball,” said Steve Jarding, a Democratic strategist who formerly advised the Democratic Senatorial Campaign Committee.

“He’s making them looking ineffective,” he added.

On Sunday, White House press secretary Jen PsakiJen PsakiStaffer who had contact with Biden tests positive for COVID-19 McConnell: Manchin’s opposition to Biden plan ‘great shot in the arm for the country’ Harris says ‘stakes are too high’ for Build Back Better to be about Manchin MORE released a blistering statement that took Manchin to task for backing out of a deal Biden thought he had agreed to in October.

She said Manchin would have to explain his opposition to the bill to “families paying $1,000 a month for insulin,” to “two million women who would get the affordable day care they need to return to work” and to the “millions of children who have been lifted out of poverty, in part due to the Child Tax credit,” which expired last week.

A day later, the White House was taking a much softer approach, with Psaki emphasizing Biden’s desire to work with Biden at the daily briefing.

Biden met with Manchin at the White House in late September and late October as well as at the president’s home in Wilmington, Delaware, but without having any major results to show for those meetings.

The White House said that Manchin signed off on a $1.75 trillion framework at the meeting in Delaware, which Schumer also attended, but Manchin this week disputed he had agreed to anything.

In a “Dear Colleague” letter circulated Monday, Schumer took at not-so-subtle jab at Manchin.

“Senators should be aware that the Senate will, in fact, consider the Build Back Better Act, very early in the new year so that every Member of this body has the opportunity to make their position known on the Senate floor, not just on television,” Schumer vowed.

The Democratic leader warned that he would force Manchin to vote multiple times against Biden’s top priorities to hammer home the message that the West Virginia centrist is standing in the way of reforms that are designed to help low-income people in his home state.

“We are going to vote on a revised version of the House-passed Build Back Better Act – and we will keep voting on it until we get something done,” Schumer wrote.

A second Democratic aide said Schumer’s threat was remarkable because only days ago he pushed back on members of his caucus such as Senate Majority Whip Dick DurbinDick DurbinBiden’s relationship with ‘Joe-Joe’ Manchin hits the rocks Democrats mull hardball tactics to leapfrog parliamentarian on immigration Democrats end year reopening old wounds MORE (D-Ill.) who were pushing to force Manchin to take a vote on Build Back Better before Christmas.

The aide said Schumer knows many progressives in his party are angry over the failure to deliver Manchin’s vote and doesn’t leave a potential challenger any openings ahead of his re-election campaign in New York next year.

“It’s performative,” said the aide. “It’s hard not to view this through the lens of his coming primary.”

Rep. Alexandria Ocasio-CortezAlexandria Ocasio-CortezOn The Money — Dems lay blame for Build Back Better blowup Hillicon Valley — Dems press Amazon on warehouse collapse Democrats press Amazon about fatal warehouse collapse MORE (D-N.Y.), a leading House progressive who has often criticized Manchin, in August did not rule out a primary challenge against Schumer.

Ocasio-Cortez on Monday said Manchin committed “an egregious breach of the trust of the president” and said “it’s an outcome that we had warned about well over a month ago.”

“Of course we have every right to be furious with Joe Manchin but it’s really up to leadership in the Democratic Party who made the decision to get us to this juncture and how we’re going to move forward and I think right now that the Democratic leadership as a very large number of tools at their disposal,” she said on MSNBC’s “Morning Joe.”

“And it’s really about time that we take the kid gloves off,” she added.

Senate progressives have also vented their frustration since Manchin told Fox host Bret Baier that he is a “no” on Build Back Better.

“I suspect that the people of West Virginia are like people in every other state. They want to lower prescription drug costs. They want Medicare to cover vision, hearing and dental. They want to continue $300 per child monthly payments. They want the wealthy to pay their fair share,” Senate Budget Committee Chairman Bernie SandersBernie SandersEquilibrium/Sustainability — Underground abortion network links to Mexico The Hill’s 12:30 Report: Manchin explains BBB opposition, slams Dems Republicans, ideology, and demise of the state and local tax deduction MORE (I-Vt.) tweeted Monday.

He reposted an interview he did with CNN’s “State of the Union” in which he called out Manchin for failing to meet his constituents needs.

“Mr. Manchin says he’s representing the people of West Virginia,” Sanders said. “I told Manchin, by the way, I’ll pay for the damn poll in West Virginia on those issues. See how the people of West Virginia feel.”

Sen. Elizabeth WarrenElizabeth WarrenThe politics of an independent Fed Hillicon Valley — Dems press Amazon on warehouse collapse Politicians and celebrities who have tested positive for COVID-19 ahead of the holidays MORE (D-Mass.), another leading Senate progressive, applauded Schumer’s promise to force Manchin to vote on Build Back Better, potentially multiple times, even though he told Fox: “I tried everything possible. I can’t get there.”

“The American people expect the Senate to deliver on the Build Back Better plan AND protect the right to vote. Inaction is not an option: our democracy is under assault and our economy is not working for working people. Enough talk. It’s time to vote,” she tweeted. 



Read original article here

US

Sens. Elizabeth Warren, Cory Booker test positive for COVID breakthrough

Leave a comment

BOSTON — U.S. Sen. Elizabeth Warren and Sen. Cory Booker said Sunday they both tested positive for COVID-19 as the country deals with another surge in cases and the emergence of the omicron variant.

The Massachusetts Democrat tweeted she’s vaccinated, has received her booster shot and is experiencing mild symptoms in a breakthrough case of the virus.

“Thankfully, I am only experiencing mild symptoms & am grateful for the protection provided against serious illness that comes from being vaccinated & boosted,” she wrote, using the occasion to also urge anyone not vaccinated to do so.

Warren didn’t elaborate on where she might have contracted the virus but said she’s regularly tested and turned up negative for COVID-19 earlier this week. Spokespersons for her office didn’t respond to an email seeking comment Sunday.

Warren was at the U.S. Capitol this week along with other senators as Democrats seek to pass President Joe Biden’s $2 trillion Build Back Better social and environment bill.

Sen. Booker of New Jersey tweeted Sunday that he first felt symptoms the previous day and that they were “relatively mild.” He also has received his booster shot and is a breakthrough case of COVID-19.

Copyright © 2021 by The Associated Press. All Rights Reserved.



Read original article here

Business

White House asking Senate Democrats to meet with Powell this month: report

Leave a comment

Thank you
for signing up.

Thank you for signing up.

You can also sign up to receive our other newsletters:

The Hill’s Morning Report & Tipsheet

Most Popular – Easy to read, daily digest of the news from The Hill and around the world

12:30 Report

The Hill’s must read political newsletter that breaks news and catches you up on what happened in the morning and what to look for after lunch

Breaking News

Get breaking news as it happens

Politics & Policy Newsletters

Delivered to your inbox every weekday evening, our politics and policy newsletters are a daily digest of today’s news and what’s expected to break tomorrow.



Read original article here

US

Senate Democrats dial down the Manchin tension

Leave a comment

Senate Democrats are trying to turn down the temperature after days of high-profile drama and a delay of the bipartisan infrastructure bill in the House.

The House broke on Friday after days of intense, hours-long meetings without an agreement on a path forward on the Senate-passed infrastructure bill and the reconciliation bill, which is supposed to carry many of Democrats’ long-held policy ambitions.

The standoff on Capitol Hill sparked a proxy war between the Squad and Senate moderates, with leadership stuck in the middle trying to figure out a way to satisfy them both. But Senate Democrats, including progressives in the caucus, are largely avoiding piling on against Sen. Joe ManchinJoe ManchinThe Hill’s Morning Report – Presented by Alibaba – Democrats still at odds over Biden agenda Manchin throws down gauntlet with progressives Debt fight revives Democrats’ filibuster angst MORE (D-W.Va.).

“We are in negotiations with all Democrats. Everyone is trying to row in the same direction,” said Sen. Elizabeth WarrenElizabeth WarrenThe Hill’s Morning Report – Presented by Alibaba – Democrats still at odds over Biden agenda On The Money — Democrats dig in with Biden agenda in the balance Democratic civil war hits new heights MORE (D-Mass.), when asked if she was surprised or frustrated by Manchin’s $1.5 trillion top-line figure that’s $2 trillion short of what Biden and other Democrats have been pursuing.

Sen. Debbie StabenowDeborah (Debbie) Ann StabenowDemocrats surprised, caught off guard by ‘framework’ deal Congress facing shutdown, debt crisis with no plan B GOP warns McConnell won’t blink on debt cliff MORE (D-Mich.), who was spotted huddling with Manchin and Sen. Chris CoonsChris Andrew CoonsManchin raises red flag on carbon tax Dems punch back over GOP holdup of Biden SBA nominee Biden threatens more sanctions on Ethiopia, Eritrea over Tigray conflict MORE (D-Del.) on the Senate floor this week, noted that they talked about “things that we want to get done, that we share.”

“There’s a lot of common ground,” she added. “There’s a lot of positive effort.”

The effort to stay positive comes after Manchin threw down a gauntlet on Thursday, publicly announcing his preference for a $1.5 trillion price tag for Democrats’ social spending bill. That’s significantly less than the $3.5 trillion Democrats green lit under a budget resolution earlier this year and the bill drafted by House committees.

“For them to get theirs, elect more liberals. …I’ve never been a liberal in any way, shape or form,” Manchin told reporters in a massive gaggle outside of the Capitol.

But the response from Senate Democrats was largely muted, with several spinning Manchin’s comments as a positive step forward after weeks of questions about what their moderate colleague was seeking.

“It’s certainly helpful to know Senator Manchin’s priorities,” said Sen. Chris MurphyChristopher (Chris) Scott MurphyDebt fight revives Democrats’ filibuster angst Democrats pour cold water on Manchin’s .5T price tag Congress poised to avert shutdown, but brawl looms on debt MORE (D-Conn.). “What he’s signaling is that he wants to get a deal.”

Sen. Tim KaineTimothy (Tim) Michael KaineCongress poised to avert shutdown, but brawl looms on debt Senate Democrats eye government funding bill without debt hike Democrats scramble for strategy to avoid default MORE (D-Va.), asked if he viewed the $1.5 trillion as a hard stop for Manchin, said, “I would be surprised if that was a non-negotiable, just knowing Joe.”

Senate Finance Committee Chairman Ron WydenRonald (Ron) Lee WydenSchumer feels heat to get Manchin and Sinema on board Congress poised to avert shutdown, but brawl looms on debt On The Money — House pushes toward infrastructure vote MORE (D-Ore.), in response to a question about Manchin’s red line on $1.5 trillion, instead pointed back to the senator’s comments from earlier this week to a small group of reporters where he pointed to changes to the GOP 2017 tax bill as a core starting point.

“He made it very clear that he wants to start reconciliation by rolling back the 2017 tax bill. …I want everybody to know that the Senate Finance Committee and I have spent three years getting ready for exactly this, and we’re ready to go right now,” Wyden said.

“And one other point on this, he and I continue to have constructive discussions with regard to energy issues and I think that’s helpful,” Wyden continued.

Part of the calculus for Democrats has been a belief that throwing rhetorical bombs at Manchin isn’t likely to move him. Even as Senate progressives have deep disagreements with Manchin on both the size and some of the substance of the $3.5 trillion spending plan, in a 50-50 Senate and with all Republicans voting, leadership will ultimately need his support in order to be successful.

“I think this is really a situation where I don’t think that all of us sort of banging on Joe is going to do it,” Sen. Mazie HironoMazie Keiko HironoThe Hill’s Morning Report – Presented by Alibaba – Democrats still at odds over Biden agenda Debt fight revives Democrats’ filibuster angst On The Money — Democrats dig in with Biden agenda in the balance MORE (D-Hawaii) told reporters recently when asked to dish about the efforts by Senate Democrats to figure out what Manchin wants.

Asked about Manchin, Sen. Tammy BaldwinTammy Suzanne BaldwinBiden sidesteps GOP on judicial vacancies, for now Democrats confront ‘Rubik’s cube on steroids’ Warren, Daines introduce bill honoring 13 killed in Kabul attack MORE (D-Wis.) added during a CNN interview, “I like to look at the positives.”

“He is still negotiating. He’s still talking. He’s a little too focused on top line numbers rather than programs. And let me say that I believe that progressives and moderates alike are committed to the Build Back Better agenda,” she said.

It’s not just Senate Democrats, with key players in the House holding their punches.

After Manchin called a $3.5 trillion plan “fiscal insanity,” Speaker Nancy PelosiNancy PelosiTransportation funding lapses after Pelosi pulls infrastructure vote The Hill’s Morning Report – Presented by Alibaba – Democrats still at odds over Biden agenda White House says it’s ‘closer to agreement than ever’ after House punts infrastructure vote MORE (D-Calif.) didn’t bite on questions about her “Senate problem” and if she thought Manchin sounded “like someone who’s open to further negotiation.”

“Look, I think that Joe Manchin is a great member of Congress — of the Senate, we’re friends. We’re Italian-Americans, we get along, Catholic, we have shared values. I have enormous respect for him. … So we have our common ground,” Pelosi told reporters.

Progressive Caucus Chairwoman Pramila JayapalPramila JayapalTransportation funding lapses after Pelosi pulls infrastructure vote The Hill’s Morning Report – Presented by Alibaba – Democrats still at odds over Biden agenda Manchin throws down gauntlet with progressives MORE (D-Wash.), asked about Manchin saying $1.5 trillion was his top-line figure, added that “there’s no point in us negotiating against ourselves.”

“We have invited Sen. Manchin or anyone else who wants to, to put forward their vision,” she added.

Democrats are facing high stakes amid weeks of escalating infighting and big questions about how they get their competing factions onto the same page. The two-part infrastructure and spending package is at the heart of Biden’s legislative agenda, with many Democrats viewing it as too big to fail as they increasingly turn their attention to 2022.

Biden met with House Democrats on Friday at the Capitol and predicted that afterward the two pieces of legislation — the Senate-passed bipartisan bill and a social spending package — would eventually land on his desk.

“We’re gonna get this done,” Biden said as he departed the caucus meeting.”It doesn’t matter when. It doesn’t matter whether it’s six minutes, six days or six weeks. We’re gonna get it done.”

Senate Democrats echoed those remarks, predicting that a deal would come together — at some point.

Kaine said that Senate Majority Leader Charles SchumerChuck SchumerDemocrats back Hollywood crews threatening historic strike Overnight Energy & Environment — Presented by the American Petroleum Institute — Manchin: Gas ‘has to’ be part of the clean energy program Senate confirms Biden’s controversial land management pick MORE (D-N.Y.) “is optimistic that we’re going to get this done, and I am too.”

“I just think this is the tough part. The last days of labor. It’s just the tough part of the negotiation,” Kaine added. “We want Biden to be successful. Biden being successful is going to be good for every last member of this caucus.”

Asked about the timing, Stabenow said, “You just don’t know. You really don’t know.”

“I think that time ends up in the details of writing,” she said. “We’re in a spot where people want to come together…  and they’re talking specifics.”



Read original article here

Business

5 things to know before the stock market opens Friday, Sept 17

Leave a comment

Here are the most important news, trends and analysis that investors need to start their trading day:

1. Dow futures drop as history signals a rough rest of September

The Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, May 4, 2021.

Brendan McDermid | Reuters

U.S. stock futures fell Friday, marking a key date, Sept. 17, that has historically ushered in a rough patch for the market in an already traditionally tough month. The Dow Jones Industrial Average declined Thursday, though it ended way above session lows. The S&P 500 dipped as well, while the Nasdaq bucked the trend and rose slightly. Despite the September angst, all three benchmarks were tracking for weekly gains. Ahead of Friday’s open, the Dow, S&P 500 and Nasdaq weren’t too far from their recent record closes — about 2.5%, 1.4%, and 1.3% away respectively.

2. Options, futures expirations could add volatility at Friday’s close

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, on Monday, Aug. 23, 2021.

Michael Nagle | Bloomberg | Getty Images

Coinciding with seasonal factors stacked against Wall Street, it’s also “quadruple witching” Friday, the simultaneous expiration of stock options, index options, stock futures and index futures. The Federal Reserve holds its two-day September policy meeting next week, leaving investors already on edge this month to read the tea leaves on when central bankers might start tapering their massive Covid-era bond buying. As of Thursday’s close, the Dow was down 1.7% this month, while the S&P 500 was off 1.1% and the Nasdaq was down 0.5%. However, all three were still way up for the year.

3. Fed chief calls for a review of the central bank’s investment rules

Jerome Powell, chairman of the U.S. Federal Reserve, arrives for a Senate Banking Committee hearing in Washington, D.C., on Thursday, July 15, 2021.

Al Drago | Bloomberg | Getty Images

Fed Chairman Jerome Powell has called for a review of the central bank’s ethics rules for appropriate financial activities after disclosures that several senior Fed officials held significant investments and others made multimillion-dollar stock trades in 2020. Last year was when monetary policymakers were implementing extraordinary measures to support the crumbling economy during the pandemic. News of the Powell inquiry followed letters sent by Sen. Elizabeth Warren, D-Mass., to the Fed’s regional bank presidents demanding stricter ethics.

4. FDA vaccine advisory panel to meet on Pfizer Covid boosters

Nurse Samantha Reidy gives Alan Kramer, 74, a cancer patient, his Pfizer-BioNTech Covid-19 booster shot at Hartford Hospital in Hartford, Connecticut on August 24, 2021.

Joseph Prezioso | AFP | Getty Images

A key part of President Joe Biden’s plan to combat Covid could be in jeopardy as an FDA vaccine advisory committee meets Friday to debate and vote on Pfizer’s application to offer vaccine booster shots to the general public. The meeting comes as some scientists, including at least two at the FDA, said they aren’t entirely convinced that every American who has received the two-dose Pfizer vaccine needs a third at this time. Friday’s vote could halt the Biden administration’s already announced plan to start distributing boosters next week.

5. Biden to hold climate meeting in advance of U.N. summit

US President Joe Biden delivers remarks and participates in the virtual Leaders Summit on Climate Session 5: The Economic Opportunities of Climate Action from the White House in Washington, DC, on April 23, 2021.

Jim Watson | AFP | Getty Images

Biden convenes world leaders Friday for a discussion about efforts to tackle climate change, seeking to build momentum ahead of an international summit on global warming later this year. Biden has been repeatedly emphasizing climate change, a top domestic and global priority, in recent weeks following devastating floods and wildfires in the U.S. Biden is trying to make the Oct. 31-Nov. 12 U.N. climate conference in Glasgow, Scotland, a success.

— Reuters contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.

Read original article here

Business

Facebook VIP Program Allows Celebs to Avoid Moderation

Leave a comment

Photo: Alex Wong (Getty Images)

For years, Facebook has operated a little known program called “XCheck,” which allows celebrities, politicians, and other members of America’s elite to elude the kinds of moderation policies that the average user is subject to, a new report from the Wall Street Journal reveals.

Though the company has frequently professed to treat everybody equally, the program suggests Facebook has a tiered system of treatment for users that, much like the rest of American society, allows certain powerful, well-to-do individuals to basically play by their own rules.

Also known as “cross check,” the program was ostensibly created as a “quality control” mechanism for moderation, meant to add an extra layer of review to incidents involving high-profile users. However, in reality, it has functionally worked as a means of side-stepping actual enforcement in such cases—thus avoiding unwanted “PR fires.”

Since its inception, Facebook has struggled to define its approach to moderation. With some 2.8 billion users and overrun by an ongoing deluge of troubling content, misinformation, and other issues, the social media giant has spent recent years hiring small armies of contractors to monitor and moderate the content that pops up on its platform. Banning or punishing a user for their content becomes more tricky the more prominent they are.

So while kicking a rowdy celebrity or politician off its platform can be a big, risky undertaking, XCheck essentially allows the company to stall or forego taking such enforcement actions, thus avoiding controversy altogether.

G/O Media may get a commission

This process has apparently morphed into a system that, today, protects “millions of VIP users” from the same kind of scrutiny as normal, everyday users, the Wall Street Journal reports. Many such users are “whitelisted,” basically making them immune from enforcement—and allowing them to post inflammatory content, such as misinformation or “posts [that] contain harassment or incitement to violence,” the likes of which would get a normal user booted.

Recipients of such privileges have included former President Donald Trump (prior to his 2-year suspension from the platform earlier this year), his son Donald Trump Jr., rightwing commentator Candace Owens, and Senator Elizabeth Warren, among others. In most cases, individuals who are “whitelisted” or given a pass on moderation enforcement are unaware that it is happening.

Employees at Facebook seem to have been aware that XCheck is problematic for quite some time. “We are not actually doing what we say we do publicly,” company researchers said in a 2019 memo entitled “The Political Whitelist Contradicts Facebook’s Core Stated Principles.” “Unlike the rest of our community, these people can violate our standards without any consequences.”

When asked for comment on the recent report, Facebook referred Gizmodo to comments recently made by the company’s communications officer, Andy Stone, via Twitter. Stone pointed to previous comments Facebook had made about its program, arguing that the program didn’t represent a bifurcated system of justice but, rather, a work-in-progress that admittedly needs some revamping.

“As we said in 2018: “‘Cross-check’ simply means that some content from certain Pages or Profiles is given a second layer of review to make sure we’ve applied our policies correctly.” There aren’t two systems of justice; it’s an attempted safeguard against mistakes.”

Stone further added that Facebook knew the program needed to be improved. “We know our enforcement is not perfect and there are tradeoffs between speed and accuracy,” Stone went on. “The WSJ piece repeatedly cites Facebook’s own documents pointing to the need for changes that are in fact already underway at the company. We have new teams, new resources and an overhaul of the process that is an existing work-stream at Facebook.”



Read original article here