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Democratic and Republican leaders on Capitol Hill are starting to temper expectations among their members about what a final debt ceiling deal could look like, becoming more explicit in acknowledging that neither side will get everything it wants.

When asked Monday whether any ultimate deal to cut spending as a condition of raising the debt ceiling will lose votes on both the left and right ideological edges of the parties, Speaker Kevin McCarthy (R-Calif.) indicated that it would.

“Did you ever think at the end of the day that when you get into a negotiation with both sides that only one side is gonna carry everything? No, no one thinks that,” McCarthy said.

That same day, House Minority Leader Hakeem Jeffries (D-N.Y.) said he was willing to consider a White House offer to freeze spending at current levels — a stance that is drawing ire from liberals.

Though Republicans flatly rejected that offer, it shows just how far the White House has moved in discussions with Republicans in a matter of weeks as pressure mounts to secure a deal.

“Any proposal that potentially offers to freeze spending is not a proposal that has been put into the public domain by the left flank,” Jeffries told reporters Monday. “That’s an inherently reasonable effort to find common ground in a divided government situation.”

Politics watchers had long expected the eventual deal to lift the debt ceiling to fall somewhere between what the two parties are demanding, but McCarthy’s and Jeffries’s statements are their clearest signals yet that their members should prepare for a compromise that jettisons some party priorities.

The tempering on both sides comes as negotiators say they are having productive meetings but remain apart on key issues ahead of a default that the Treasury Department says could come as soon as June 1.

Even with Democratic support, any deal that McCarthy makes will have to win support from a large majority of the House Republicans in order for him to keep the confidence of his conference — and his gavel.

“[McCarthy] knows that to get this passed out of the House, it’s gonna require a conservative work product that fundamentally changes how we spend money in this country,” Rep. Dusty Johnson (R-S.D.) said. “I believe that he’ll deliver that. I believe we’ll have the sort of overwhelming majority of the conference.”

Right-wingers lined up to support the Speaker to pass a bill that paired a $1.5 trillion debt ceiling increase with around $4.8 trillion in deficit reductions over a decade. The measure was designed to get President Biden to the negotiating table, but members of the hard-line House Freedom Caucus are pushing the Speaker to “use every leverage and tool at their disposal” to force the Senate to vote on the proposal or offer a countermeasure. 

Some members have said they see the deal as a floor, rather than a ceiling, for what they expect in a final product.

“I’ll look at anything,” Rep. Ralph Norman (R-S.C.) said about a potential deal. But he said many Republicans feel that the House GOP debt bill was “meager at best,” and that he would want “four times the cuts.”

“I don’t know why we’re negotiating. The House has done its job. The Senate needs to pass the bill,” said Rep. Bob Good (R-Va.), adding that the only position being pushed by members in a Tuesday morning conference meeting was to pass the House GOP bill.

McCarthy spoke to that stance when asked Tuesday if he is preparing his conference to accept something less than the House GOP bill, responding that the real question is “what’s the Senate willing to accept, because they didn’t do anything.” 

Yet he has laid out only a few red lines for a compromise: no tax increases, cut discretionary spending below current levels and no clean debt ceiling increase. 

The red lines are around major issues, to be sure, but fall short of the full GOP wish list.

Johnson said it is too early to worry about how Republicans are going to whip the votes for a debt limit compromise. And others are downplaying the difficulty of doing so, with Rep. Tom Cole (R-Okla.), chair of the House Rules Committee, saying leadership will be able to secure that large majority with “a great whip team, which we have, and I think the sense that we’re being successful.”

At the same time, Democratic leaders are also feeling pressure from their left flank, as liberals roundly reject negotiations with Republicans over the debt limit. 

Speaking about the White House proposal to freeze spending, Rep. Ilhan Omar (D-Minn.) said she could not in “good faith understand how that is a reasonable offer at the moment.”

“I think the offer should raise the debt ceiling. We have conversations about the budget later,” she said, adding, “If Democrats don’t get serious about the extremists that they’re dealing with, we are going to risk allowing these people to destroy our economy and the global economy.”

The warning from Omar adds to some of the growing uneasiness among progressives in recent weeks over the potential concessions the White House may end up making in order to find compromise with GOP leadership. 

“Look at what is being proposed in terms of cuts,” Rep. Rosa DeLauro (Conn.), top Democrat on the House Appropriations Committee, told reporters earlier this week. “Don’t talk about spending in the abstract. Headstart, 200,000 kids, no slots. 100,000 kids without child care.”

However, DeLauro didn’t rule out spending cuts entirely in comments to reporters, as many members on both sides have refrained from drawing red lines in debt limit negotiations. 

Others in the party also aren’t thrilled by the direction talks have gone, but there is an understanding that the final compromise between the White House and a divided Congress won’t include everything both sides have pushed for.  Arnold Schwarzenegger hired as chief action officer at Netflix 6 in 10 say spending cuts should accompany increase in debt ceiling: poll

“We have a divided government. Nothing can get done around here without votes on both sides in the Senate and the House,” Rep. Steven Horsford (D-Nev.), chair of the Congressional Black Caucus, said Tuesday. “That means neither side is getting 100 percent of what they want.”

“We recognize that we’re not going to get everything. Republicans shouldn’t get everything,” he said.

Mychael Schnell contributed to this report, which was updated on May 24 at 7:03 a.m.

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George to ‘enhance’ program at Bowling Green

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George to 'enhance' program at Bowling Green

BOWLING GREEN, Ohio — Eddie George was pondering the next steps in his burgeoning career as a college football coach while driving back from the NFL scouting combine.

He got a sign in the most unlikely of places.

George was driving through Bowling Green, Kentucky, on his way back to Nashville when he received a text from Urban Meyer asking if George would be interested in returning to Ohio and being the coach at Bowling Green.

After a couple weeks of discussions, George was formally introduced on Monday as the 21st head coach in school history.

“It feels like a whirlwind. Last week felt like a whole month in terms of the interviews and the process,” George said during his introductory press conference at the Stroh Center. “This is not going to be an easy process. We still have a lot of work to do to get across the finish line.”

George replaces Scot Loeffler, who left Bowling Green on Feb. 28 to become the Philadelphia Eagles’ quarterbacks coach. Loeffler had a 27-41 record in six seasons, including bowl appearances the past three seasons.

Meyer, who coached BG for two years before going on to Utah, Florida and Ohio State, was one of many former coaches and players that athletic director Derek van der Merwe had discussions with about candidates.

George returns to Ohio — where he won the 1995 Heisman Trophy at Ohio State — after being the head coach at Tennessee State for four years. He had a 24-22 record and took a program that had struggled to its first Football Championship Subdivision playoff spot since 2013 this past season.

The Tigers went 9-3 in 2024 and won a share of the Big South-Ohio Valley Conference. George was named coach of the year and was a runner-up for the Eddie Robinson National Coach of the Year award.

Bowling Green was originally supposed to start spring practices on Wednesday, but that will be delayed a couple of weeks as George finalizes his coaching staff.

“I wouldn’t say it’s great timing. But when I took over at Tennessee State, it was in the spring, ironically. It took us some time to get there, but we got there,” George said. “I think now the goal is how do we get to September? It’s going to take diligence for us to be focused, operate with a great attitude and be intentional.”

George played nine seasons in the NFL, including eight with the Tennessee Titans. He was the 1996 AP NFL Offensive Rookie of the Year and an All-Pro selection in 2000. He finished with 10,441 yards rushing with 268 catches for 2,227 yards and had 78 total touchdowns. He was inducted into the College Football Hall of Fame in 2011.

George also interviewed with the Chicago Bears for their head coach opening in January.

Besides coaching, George has been an actor who appeared on Broadway in New York, along with other business interests. He also has taught as an adjunct professor at his alma mater Ohio State and Vanderbilt University.

“After meeting with Eddie, it became very clear to me that Eddie checked every aspect of that profile that we created. He is someone who cares about people, values, personal growth and development, defines himself by his ability to adapt, adjust, and have success in every aspect of his life,” van der Merwe said.

George spent the 2004 season with the Dallas Cowboys before retiring in 2006. His wife Tamara “Taj” George is a member of the group Sisters with Voices (SWV) and they have two sons. Eriq George has been a starting defensive end the past two seasons for Tennessee State.

Bowling Green has been a successful springboard for past coaches. Besides Meyer, Dave Clawson and Dino Babers had successful tenures that propelled them to jobs at Wake Forest and Syracuse.

However, this could be a rebuilding year for the Falcons. All-America tight end Harold Fannin Jr. is a top prospect in the upcoming NFL draft while wide receiver Malcolm Johnson Jr. and quarterback Connor Bazelak are graduating. Running back Terion Stewart transferred to Virginia Tech.

“We don’t stray away from what made this program successful. I’m not here to blow it up. I’m here to enhance it,” George said.

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Fintech stocks plummet as Wall Street worries about consumer spending, credit

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Fintech stocks plummet as Wall Street worries about consumer spending, credit

People wait in line for t-shirts at a pop-up kiosk for the online brokerage Robinhood along Wall Street after the company went public with an IPO earlier in the day on July 29, 2021 in New York City.

Spencer Platt | Getty Images

It was a bad day for tech stocks, and a brutal one for fintech.

As the Nasdaq suffered its steepest decline since 2022, some of the biggest losers were companies that sit at the intersection of Wall Street and Silicon Valley.

Stock trading app Robinhood tumbled 20%, bitcoin holder Strategy fell 17% and crypto exchange Coinbase lost 18%. Much of the slide in those three stocks was tied to the drop in bitcoin, which fell almost 5%, continuing its downward trajectory. The price of the leading cryptocurrency is now down 19% in the past month, falling after a big-post election pop in late 2024.

Beyond the crypto trade, online lenders and payments companies also fell more than the broader market. Affirm, which popularized buy now, pay later loans, dropped 11%, as did SoFi, which offers personal loans and mortgages. Shopify, which provides payment technology to online retailers, fell more than 7%.

JPMorgan Chase fintech analysts on Monday highlighted declining consumer confidence as a potential challenge for companies that rely on consumer spending for growth. In late February, the Conference Board’s Consumer Confidence Index slipped to 98.3 for the month, down nearly 7%, the largest monthly drop since August 2021. Walmart recently reported a shift away from discretionary purchases, underscoring the potential trouble.

“Our universe has modestly outperformed the S&P 500 since the election, but sentiment has soured of late on declining consumer confidence and signs of slowing discretionary spend,” the JPMorgan analysts wrote.

The fintech selloff follows a strong rally in the fourth quarter, driven by Fed rate cut expectations and hopes for a more favorable regulatory environment under the Trump administration.

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Environment

Tesla (TSLA) insider trading: Elon’s friend James Murdoch just unloaded $13 million

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Tesla (TSLA) insider trading: Elon's friend James Murdoch just unloaded  million

James Murdoch, a Tesla board member and friend of CEO Elon Musk, has confirmed that he sold about $13 million in stock today as the stock (TSLA) crashed.

There has been a lot of insider trading at Tesla lately, and by trading, we mean selling – cause no insider is ever buying at Tesla.

We recently reported on Kimball Musk, Elon’s brother, and Tesla’s Chief Financial Officer Taneja Vaibhav recently selling ahead of a recent drop in the company’s stock price.

Tesla’s chairwoman, Robyn Denholm, also sold $33 million worth of Tesla shares last week and over $100 million in the last 3 months.

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Now, it’s James Murdoch’s turn. The Tesla board member just confirmed, through a required SEC filing, that he sold 54,776 Tesla shares for just over $13 million today:

He sold as Tesla’s stock crashed 15% today. It is now down more than 50% from its all-time high just a few months ago.

Murdoch was appointed to Tesla’s board in 2017.

He is better known as the son of media mogul Rupert Murdoch and the former CEO of 21st Century Fox from 2015 to 2019.

Murdoch was one of the Tesla board directors who was forced to return almost $1 billion in cash and stock options to Tesla as part of a settlement for over-compensation.

Electrek’s Take

Tesla insiders are unloading, and those are just the ones we know about. Public companies only have to report insider trading for board directors and listed top executives.

For the latter, Tesla purposefully only lists 3 people: Elon, Vaibhav Taneja, Tesla’s CFO, and Tom Zhu, whose role at Tesla has bit quite fluid in recent years.

Therefore, we don’t know about the dozens of other top executives potentially selling their shares right now amid a giant correction.

It’s really suspicious because there are clear top leaders at Tesla who are often on Tesla’s earnings calls, and they are not even listed, like Lars Moravy, for example.

But it’s par for the course at Tesla, which has some of the worst corporate governance I have ever seen. It’s truly shameful.

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