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With time running short and the danger of a national default growing, Democrats are hoping an unlikely savior will come to the rescue: Senate Republican Leader Mitch McConnell (Ky.). 

Democratic lawmakers say McConnell and other Senate Republicans are fooling themselves if they think Speaker Kevin McCarthy (R-Calif.) is in a position to reach a debt ceiling deal with President Biden. 

They believe McCarthy is under tremendous pressure not to agree to any deal Democrats would accept because the House rules allow for one disappointed conservative to offer a motion to vacate the Speaker’s chair. 

“Senate Republicans are putting their heads in the sand if they think that the extremists in their party will have a change of heart,” said Rep. Pete Aguilar (Calif.), chairman of the House Democratic Caucus, to reporters earlier this month.  

“If Kevin McCarthy is forced to choose between holding power in his Speakership or taking us closer to default, we know he’s going to choose default. The American people know that as well. House Republicans are on a path toward default. The question before us is will Senate Republicans take the wheel?” he said.  Close Thank you for signing up!

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Rep. Pramila Jayapal (D-Wash.), a leader of House progressives, has joined the growing chorus of Democrats pleading for McConnell to get involved.  

“I think time is starting to run out,” Jayapal warned. “I think Wall Street should be weighing in.” 

She told reporters that “reasonable Republicans” and McConnell need “to get involved and get people to understand that default on America would be terrible,” according to Punchbowl News. 

Philip Wallach, senior fellow at the American Enterprise Institute, said McConnell has remained in the background in deference to the new GOP Speaker. But that could change, he added, if an agreement remains elusive and the threat of default creeps closer.   

“I think he’s trying to give McCarthy room to operate. And that’s professional courtesy and good partisan strategy,” Wallach said. “I don’t think that it necessarily means that he won’t be a big part of the final solution.” 

Rep. Matt Gaetz (R-Fla.) this week demonstrated why Democrats are nervous, saying his conservative colleagues “don’t feel like we should negotiate with our hostage,” and that “the one-person motion to vacate has given us the best version of Speaker McCarthy.”

But McConnell’s allies say Aguilar and Jayapal are misguided if they think the Senate GOP leader will override McCarthy.  

“I don’t think Mitch is going to get in the way of the Speaker because he knows if he does, that will undermine the Speaker’s ability to retain the Speakership. So until the president and the Speaker reach an agreement, I don’t see McConnell getting into the room,” said former Sen. Judd Gregg (R-N.H.), who once served on McConnell’s Senate leadership team. 

Gregg argued that if McConnell cuts a deal with Biden instead of McCarthy, the deal would have a harder time passing the GOP-controlled House. 

“It would mean that the Speaker would have an even harder time selling whatever was agreed to to his caucus,” he said.  

Gregg said Democrats are calling for McConnell’s help in an effort to portray McCarthy as an unreasonable negotiator. 

“It’s politics,” he said. “They want to blame this on the Speaker.” 

Jayapal’s comments caught the attention of some Senate Republican aides because the outspoken liberal leader is more likely to be quoted criticizing McConnell than beseeching his help.

But McConnell has his own right flank to worry about after Sen. Rick Scott (R-Fla.) challenged his leadership position in November. McConnell won the race 36-10, but Senate conservatives sent a message that they weren’t happy with the direction of the GOP conference. 

Conservative senators were caught off guard when McConnell proposed in fall 2021 that Democrats could move legislation to raise the debt limit without having to face a GOP filibuster.

McConnell said at the time he made the offer so Democrats would fully own the decision to add hundreds of billions of dollars to the debt.  

“Democrats are simply voicing their expectations for something that already happened in the past to happen again,” one Senate Republican aide said of the calls by Aguilar and Jayapal to get involved in the debt limit talks. 

The GOP aide noted McConnell initially took a hard line against raising the debt limit while Biden was in office, sending a letter to the president warning, “I will not be a party to any future effort to mitigate the consequences of Democratic mismanagement,” and that Democratic leaders “cannot invent another crisis and ask for my help.” 

“I get that McConnell doesn’t want to be the main guy in this fight,” the aide said. “But Jayapal wouldn’t be calling on somebody to get involved unless she thought that person would push for a clean debt ceiling hike, because that’s her position.” 

McConnell has warned repeatedly this year that he will stay out of the debt limit negotiations entirely. 

He told The Wall Street Journal in an interview last week he agreed in January that McCarthy would be the Republican point person in the negotiations.  

“The two of us agreed from the beginning that it was important for him to take the lead,” he said.  

Yet, Senate Democrats are also rooting for McConnell to step in to prevent a default, which appears more possible with each passing day as Biden and McCarthy remain far apart on a potential deal. 

Sen. Tim Kaine (D-Va.) told reporters earlier this month he felt “slightly better” about avoiding a fiscal catastrophe after McConnell declared “the United States is not going to default, it never has and it never will.”  

McConnell made those comments outside the White House after a meeting with Biden and McCarthy.  

The Senate GOP leader tried to reassure the media and the financial markets again Tuesday and emphasized it would be up to the president and Speaker, not himself, to work out a deal.   

“I think everybody needs to relax,” McConnell told reporters in Kentucky.   

“Regardless of what may be said about the talks … the president and the Speaker will reach an agreement. It will ultimately pass on a bipartisan vote in both the House and the Senate,” he said. “The country will not default.” 

McConnell himself has argued any debt limit deal reached in the Senate wouldn’t have a chance of passing the GOP-controlled House.  Bipartisan senators call for probe into reports of price gouging by defense contractors Connecticut has issued 521 X gender marker driver’s licenses since 2020

Yet, Democrats are betting that McConnell will be forced to intervene at the last moment once the nation is on the brink of default, threatening chaos in the financial markets and a recession — just as he did most famously in summer 2011 when then-President Obama and then-Speaker John Boehner (R-Ohio) were at loggerheads over raising the debt limit.  

“I understand the convenience of passing the buck in this building, but in the end, Sen. McConnell always has his own opinion,” Sen. Chris Murphy (D-Conn.) told The Hill earlier this month. “He doesn’t outsource his opinions and votes to Speaker McCarthy.”   

Mike Lillis contributed.  

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Business

Bank of America boss Brian Moynihan warns countries to ‘be careful’ when raising tax

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Bank of America boss Brian Moynihan warns countries to 'be careful' when raising tax

The chairman and chief executive of one of the world’s biggest banks has said countries have “got to be careful” with their budgets and ask themselves what a tax rise is for.

Bank of America’s Brian Moynihan was speaking about the UK budget to Sky’s Wilfred Frost on his The Master Investor Podcast.

While Mr Moynihan said the recent UK fiscal announcement was “fine with Bank of America”, he added that governments must be careful with financial markets’ reaction.

“All countries have to understand that the simple question a business asks is, you want higher taxes… higher taxes for what? If the ‘for what’ is not something that makes sense, that’s when you get in trouble,” Mr Moynihan said.

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The American executive was complimentary of the UK as a centre for financial services, saying, “You’ve got to realise this is one of your best industries”.

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“You have many other good industries, but a great industry for you is financial services”.

The power of London

While Paris was looked to in the wake of Brexit, London has pulling power for Bank of America and its staff, Mr Moynihan said.

“London is a great city for young kids to come work. People from all over the world will come work here a while and leave, and others will stay here permanently.

“That’s the advantage you have. You’re built. And while other financial centres are trying to build…. you’re built, you’re there.”

London, he said, is Bank of America’s “headquarters of the world”.

Mr Moynihan was upbeat about the prospects for the country too. “It’s more upside for the UK right now than anything else,” he said.

Bank of America is the second-largest bank in America with a market capitalisation of nearly $300bn – making it roughly 10 times bigger than Barclays, Lloyds and NatWest, and more than three times bigger than HSBC.

Having met with the King again on his latest trip to the UK, the CEO said, “his briefing and his knowledge and his passion… it not only impresses me, but I’ve seen it in front of so many people over the last six years. It impresses everybody”.

Mr Moynihan – one of the longest-serving Wall Street chief executives – has been leading Bank of America since 2010, when he was brought after the financial crisis.

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Technology

SoFi’s stock drops on $1.5 billion share sale announcement

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SoFi's stock drops on .5 billion share sale announcement

Anthony Noto, CEO of SoFi, speaking with CNBC at the annual Allen & Co. Media and Technology Conference in Sun Valley, Idaho on July 10th, 2025.

David A. Grogan | CNBC

SoFi shares fell almost 6% in extended trading Thursday after the fintech company announced a $1.5 billion stock offering.

The company, which provides online loans and other banking services, said in a press release that it will use the proceeds for “general corporate purposes, including but not limited to enhancing capital position, increasing optionality and enabling further efficiency of capital management, and funding incremental growth and business opportunities.”

The announced offering comes after SoFi’s market cap almost doubled so far in 2025. The stock price is up more than sixfold since the end of 2022.

A company’s share price often drops on a planned share sale as the offering dilutes the value of existing holders’ stakes.

In its third-quarter earnings release in late October, SoFi reported revenue growth of 38% from a year earlier to $961.6 million, while net income more than doubled to $139.4 million. The company reported cash and equivalents of $3.25 billion.

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The Kia EV5 is now on sale as one of Canada’s most affordable electric SUVs

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The Kia EV5 is now on sale as one of Canada's most affordable electric SUVs

Kia now has one of the most affordable electric SUVs in Canada. The EV5 is now on sale, starting at $43,495 CAD.

Kia opens EV5 orders in Canada

The EV5 is the electric SUV we want in the US, but we will likely never see it. After opening online orders on December 4, Kia revealed prices for the entire 2027 EV5 lineup.

Surprisingly, buyers can choose from nine trims, with prices ranging from $43,495 CAD for the base Light model to $61,495 CAD for the flagship AWD GT-Line Limited edition.

Outside of the Light trim, all EV5 variants are offered with front-wheel or all-wheel drive. Upgrading to AWD costs an extra $2,500 CAD.

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Likewise, all EV5 trims, except the Light variant, are powered by an 81.4 kWh battery, providing up to 460 km (285 miles) of driving range. The entry-level Light uses a 60.4 kWh battery, good for a driving range of up to 335 km (208 miles).

All EV5 models come with a built-in NACS port, nearly 30″ of screen space in a curved panoramic display, heated front seats, and Kia Connect with OTA updates.

The interior features Kia’s new Connect Car Navigation (CCNC) infotainment system with dual 12.3″ driver display and touchscreen navigation screens, plus a 5″ climate control screen. The setup includes wireless Android Auto and Apple CarPlay capabilities.

Kia grouped the EV5 trims into tiers based on what buyers are looking for. As expected, the Light FWD trim is the best value for your money.

For those looking for a little more driving range, the Wind FWD offers up to 460 km range, while the Wind AWD is built for Canada’s harsh winters. Both include a heat pump as standard.

Kia-EV5-prices-Canada
The Kia EV5 (Source: Kia)

2027 Kia EV5 prices and range by trim

Kia said the EV5 Land Rover trim is the best option if you’re looking for a little more out of the interior. The Land Rover trim adds a memory function to the driver’s seat, a heated steering wheel, a panoramic sunroof, a smart power tailgate, and 19″ wheels.

And then there’s the EV5 GT-Line, for those looking for added performance, a sporty new look inside and out, and driver-assistance features like lane-change assist.

2027 Kia EV5 trim Starting Price (CAD) (FWD/AWD) Battery Target Range (FWD/ AWD) Selling Points
Light traction $43,495 60.4 kWh 335 km Entry-level price, standard battery life
Wind $47,495 / $49,995 81.4 kWh 460 km / 415 km Long-life battery, heat pump
Land $49,995 / $52,495 81.4 kWh 460 km / 415 km Panoramic roof, smart tailgate, V2L
GT-Line $55,495 / $57,995 81.4 kWh 460 km / 410 km HDA2, FCA 2, ventilated seats, sporty style
GT-Line Limited $58,995 / $61,495 81.4 kWh 460 km / 410 km Head-up display, RSPA 2, Harman Kardon, digital key
Kia EV5 prices and range by trim in Canada

The EV5 is now available to order in Canada, outside of the entry-level FWD Light variant, which is scheduled for the fourth quarter of 2026.

Despite the wait, Kia claimed the 2027 EV5 is going on sale as “Canada’s most affordable electric SUV,” starting $43,495.

For those in the US, don’t get your hopes up. Kia said the EV5 will be sold exclusively in Canada for the North American market.

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