A summit between U.S. President Joe Biden and Chinese President Xi Jinping could be the only way to find a path forward in the strategic competition between the world’s top two economies, a former White House official said Thursday. Evan Medeiros, who was former President Barack Obama’s top advisor on Asia-Pacific, said only the top
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Senate Minority Leader Mitch McConnell on Wednesday offered a short-term suspension of the U.S. debt ceiling to avert a national default and economic crisis until Democrats are able to pass a more permanent solution before the end of the year. “To protect the American people from a near-term Democrat-created crisis, we will also allow Democrats
US President Joe Biden speaks about the bipartisan infrastructure bill and his Build Back Better agenda at the International Union of Operating Engineers Training Facility in Howell, Michigan, on October 5, 2021. Nicholas Kamm | AFP | Getty Images President Joe Biden sought to refocus public attention on how his domestic agenda will improve average
A man walks past the U.S. Capitol building as a government shutdown looms in Washington, September 30, 2021. Leah Millis | Reuters The flurry of activity in Congress will not wane soon. Lawmakers have spent their early fall jumping among high-stakes agenda items. The breakneck pace will continue in the coming months, and Washington’s ability
Treasury Secretary Janet Yellen on Tuesday said she believes the economy would fall into a recession if Congress fails to address the borrowing limit before an unprecedented default on the U.S. debt. “I do regard Oct. 18 as a deadline. It would be catastrophic to not pay the government’s bills, for us to be in
U.S. Senator Elizabeth Warren (D-MA) questions Charles P. Rettig, commissioner of the Internal Revenue Service, during the Senate Finance Committee hearing titled The IRS Fiscal Year 2022 Budget, in Dirksen Senate Office Building in Washington, D.C., June 8, 2021. Tom Williams | Pool | Reuters Sen. Elizabeth Warren on Monday urged the Securities and Exchange
US Trade Representative Katherine Tai testifies before the Senate Finance Committee on Capitol Hill in Washington, DC, on May 12, 2021. Pete Marovich | AFP | Getty Images Washington must enforce the U.S.-China phase one trade agreement and will raise broader policy concerns with Beijing, U.S. Trade Representative Katherine Tai will say Monday, according to her
U.S. Trade Representative Katherine Tai will announce Monday that China is not complying with the so-called phase one trade deal reached under former President Donald Trump’s administration, sources familiar with the matter told CNBC’s Kayla Tausche. Under the agreement, China was supposed to purchase an additional $200 billion in U.S. goods over a two-year period,
Associate Justice Brett Kavanaugh poses during a group photo of the Justices at the Supreme Court in Washington, April 23, 2021. Erin Schaff | Pool | Reuters Supreme Court Justice Brett Kavanaugh has tested positive for the coronavirus, the court said Friday, just three days before its next term is set to begin. Kavanaugh, 56,
Alex Jones of Infowars talks to the media while visiting the U.S. Senate’s Dirksen Senate office building as Twitter CEO Jack Dorsey testifies before a Senate Intelligence Committee hearing on Capitol Hill in Washington, U.S., September 5, 2018. Alex Jones Host of InfoWars A Texas judge ruled that right-wing conspiracy monger Alex Jones is legally
Television news photographers prepare to cover the final opinions of the current court’s term at the U.S. Supreme Court building in Washington, U.S. July 1, 2021. Jonathan Ernst | Reuters The Supreme Court’s new term starts next week, but its critics are already furious. For the first time in the 19 months of the Covid
President Joe Biden walks with Speaker of the House Nancy Pelosi (D-CA) as he arrives to meet with House Democrats at the U.S. Capitol on October 01, 2021 in Washington, DC. Kevin Dietsch | Getty Images The House delayed a vote on a bipartisan infrastructure bill Friday as President Joe Biden pushed congressional Democrats to
WASHINGTON — Fierce lobbying by the private equity industry is the reason the carried interest tax rate is not included in President Joe Biden’s planned tax hikes, top White House economist Jared Bernstein told CNBC on Thursday. Biden and congressional Democrats are hoping to pass a sprawling budget, much of which is paid for with
A visitor runs around the Washington Monument near the U.S. Capitol at dawn, in Washington, U.S., September 29, 2021. Tom Brenner | Reuters Congress will race to prevent a government shutdown Thursday with hours to go before a midnight deadline. The Senate plans to move first to pass a short-term appropriations bill that would keep
The U.S. Capitol, photographed on Tuesday, Sept. 28, 2021 in Washington, DC. Kent Nishimura | Los Angeles Times | Getty Images The Senate may vote as soon as Wednesday on a bill that would prevent a government shutdown, Majority Leader Chuck Schumer said. Federal funding will lapse if Congress fails to pass an appropriations plan
A view of the ExxonMobil Baton Rouge Refinery in Baton Rouge, Louisiana, May 15, 2021. Kathleen Flynn | Reuters Exxon Mobil has been lobbying against pieces of a sprawling Democratic budget bill aimed at boosting working class families and fighting climate change. The fossil fuel giant has spent $275,000 over the past week on Facebook
Sen. Elizabeth Warren charged Tuesday that Federal Reserve Chairman Jerome Powell has led an effort to weaken the nation’s banking system, and she vowed to oppose his renomination. In remarks made during a hearing before the Senate Banking Committee, the Massachusetts Democrat cited several instances where she said the Powell Fed has watered down post-financial
U.S. Secretary of Defense Lloyd Austin (C) Chairman of the Joint Chiefs of Staff Gen. Mark Milley (L) and Commander of U.S. Central Command Gen. Kenneth McKenzie (R) testify during a hearing before Senate Armed Services Committee at Dirksen Senate Office Building September 28, 2021 on Capitol Hill in Washington, DC. Alex Wong | Getty