finance
Washington (AFP) - The US government could go into partial shutdown this weekend, raising the specter of mass employee furloughs and the suspension of many federal services if the situation goes unresolved. A best-case scenario would see lawmakers secure a last-minute deal before the shutdown deadline of midnight Friday –- or organize a vote early next week to keep any closure short and with minimal impact. Here is what could happen if Congress fails to do so: Who would be impacted?Congress has already passed six of twelve funding bills, with the outstanding six covering agencies including the...
AFP
Washington (AFP) - Joe Biden may be struggling against Donald Trump in the polls ahead of November's US presidential election but his numbers are looking good in one department: campaign cash. The Democrat holds a widening lead over his Republican rival in the fundraising stakes, while Trump is burning through legal fees as he battles multiple criminal and civil cases. The cash crunch has also given 81-year-old Biden a new line of attack on the campaign trail, as he mocks the self-proclaimed billionaire tycoon for his mounting financial woes. "Just the other day, a defeated-looking guy came up...
AFP
Washington (AFP) - Senate Majority Leader Chuck Schumer said Wednesday he hoped to reach an agreement soon with Republicans who are set against providing more US military aid to Ukraine. Ukrainian President Volodymyr Zelensky visited Congress and the White House the day before to make a bid for Republicans to accept a $61 billion package presented by Democratic President Joe Biden to help Ukraine keep fighting the Russian invasion. Both Zelensky and the White House warned that Russian President Vladimir Putin could win the war if Ukraine's top backer does not keep providing it with weapons and...
AFP
Washington (AFP) - Less than two months since the US federal government narrowly avoided running out of funding, the deeply divided Congress once again faces a tight deadline to approve a new budget -- just one week. Neither the Democratic-controlled Senate or the Republican-led House of Representatives has passed a bill to extend government funding, which expires at midnight next Friday into Saturday. Without an agreement by November 17, the world's largest economy will instantly begin pumping the brakes: 1.5 million government employees will go without pay, most federal facilities including ...
AFP
York (United States) (AFP) - Parents of young children in the United States are finding that with day care centers in short supply, or too expensive, more and more of them -- mostly mothers -- are having to stay at home to look after their kids. "It was just an undercurrent previously that was exposed and compounded by the pandemic," said Kevin Schreiber, who heads an association of business leaders in York County, Pennsylvania. He was speaking to AFP on the sidelines of a visit by the chairman of the US Federal Reserve, Jerome Powell, and of its Philadelphia branch, Patrick Harker, who came ...
AFP
Paris (AFP) - A world facing catastrophic climate change is perilously off course in meeting goals for slashing carbon pollution and boosting finance for the developing world, according to the UN's first official progress report out Friday. The 2015 Paris treaty has successfully driven climate action, but "much more is needed now on all fronts," said the report, which will underpin a crucial climate summit in Dubai at the end of the year. "The world is not on track to meet the long-term goals of the Paris Agreement," including capping global warming at 1.5 degrees Celsius above mid-19th centu...
AFP
McLean (United States) (AFP) - A US credit downgrade by Fitch was "entirely unwarranted," Treasury Secretary Janet Yellen said Wednesday, pushing back against the second-ever decrease by a major ratings agency following repeated debt limit standoffs in Washington. Her remarks came a day after the world's biggest economy lost its top-tier credit rating from Fitch as the agency lowered it a notch from AAA to AA+, drawing fiery disapproval from the White House and Treasury. The action was on the back of the United States' growing federal debt burden and an "erosion of governance" resulting in mul...
AFP
Washington (AFP) - US Treasury Secretary Janet Yellen said Tuesday that international financial institutions like the IMF and World Bank "reflect American values" and serve as key counterweights to "unsustainable lending from others like China." Speaking before the House Financial Services Committee, she sought congressional support for the United States to lend more money to such organizations, going towards helping developing countries. "Our leadership at these institutions is one of the core ways of engaging with emerging markets and developing countries," Yellen told lawmakers. Assistance ...
AFP
Niigata (Japan) (AFP) - Support for war-torn Ukraine topped the agenda at G7 finance talks on Thursday in Japan, where ministers and central bankers also weighed concerns ranging from banking uncertainty to US debt default fears. The meeting of the Group of Seven developed nations comes with the global economy still unsteady after years of pandemic woes compounded by Russia's invasion of Ukraine. So the three-day talks in the coastal city of Niigata in central Japan are a chance to set out a vision for financial stability before G7 leaders get together next weekend in Hiroshima. US Treasury Se...
AFP
Washington (AFP) - US President Joe Biden on Tuesday slammed a congressional Republican plan to limit federal spending in exchange for raising the nation's borrowing limit, saying it would result in "huge cuts" to programs serving millions of Americans. The top Republican in the US House of Representatives, Kevin McCarthy, officially unveiled specifics of the plan earlier in the day and urged members of his party to act in concert as they go head to head with the president. The United States hit its $31.4 trillion borrowing limit in January, prompting the Treasury to take "extraordinary measur...
AFP
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