Connect with us

Published

on

President Joe Biden and House Speaker Kevin McCarthy have reached an “agreement in principle” on raising the US debt ceiling, according to sources in Washington.

The tentative deal would bring to an end the months-long stalemate between the Republican controlled Congress and Democrat run White House.

Currently, the debt ceiling stands at $31.4trn (£25.4trn) with the new limit yet to be announced.

Mr Biden and Mr McCarthy held a 90-minute phone call on Saturday evening to discuss the deal, as the 5 June deadline looms.

Following the conversation, the speaker tweeted: “I just got off the phone with the president a bit ago.

“After he wasted time and refused to negotiate for months, we’ve come to an agreement in principle that is worthy of the American people.”

During a very brief press conference on Capitol Hill Mr McCarthy said they “still have more work to do tonight to finish the writing of it”, adding that he expects to finish writing the bill on Sunday, then hold a vote on Wednesday.

More on Joe Biden

The deal would avert an economically destabilising default, so long as they succeed in passing it through the narrowly divided Congress before the Treasury Department runs short of money to cover all its obligations.

Republicans have pushed for steep cuts to spending and other conditions, including new work requirements on some benefit programmes for low-income Americans and for funds to be stripped from the Internal Revenue Service, the US tax agency.

They said they want to slow the growth of the US debt, which is now roughly equal to the annual output of the country’s economy.

Read more:
Biden cancels visits to Australia and Papua New Guinea to deal with debt crisis
Could US default on its debt? UK should be praying it doesn’t

Exact details of the deal were not immediately available, but negotiators have agreed to cap non-defence discretionary spending at 2023 levels for two years, in exchange for a debt ceiling increase over a similar period, according to Reuters news agency.

The impasse frightened the financial markets, weighing on stocks and forcing the US to pay record-high interest rates in some bond sales.

A default would take a far heavier toll, economists say, likely pushing America into recession, rocking the world economy and cause unemployment to spike.

Continue Reading

US

Donald Trump’s assets under theat as he ‘can’t find $557m bond’, his lawyers say

Published

on

By

Donald Trump's assets under theat as he 'can't find 7m bond', his lawyers say

Donald Trump cannot find the $557m (£438m) bond he needs to pause enforcement of a civil fraud trial judgement against him because it is too much money, his lawyers have said.

The former president was fined $454m (£356m) after being found guilty of scheming for years to deceive banks and insurers by inflating his wealth on financial statements used to secure loans and make deals.

If he is unable to find the bond amount, his assets could be seized instead, starting as soon as next week.

Please use Chrome browser for a more accessible video player

Biden takes aim at Trump

Last month, in a New York state appeals court, Judge Arthur Engoron ruled he must post a bond covering the full amount to hold up enforcement of the judgment, set to start on 25 March.

But Mr Trump’s lawyers said obtaining a bond for such a large sum “is not possible under the circumstances presented” as most bonding companies simply will not offer the huge amount required.

With interest, Mr Trump owes almost $457m (£359m), but, in all, he and his co-defendants including his company and top executives, such as his sons Eric and Donald Trump Jr, owe $467m (£367m).

Mr Trump, who has secured the Republican nomination for this year’s general election, has frequently claimed to be worth billions of dollars and last year said he had $400m in cash, in addition to properties and other investments.

More on Donald Trump

The real estate tycoon, who is fighting four criminal prosecutions as he prepares to take on President Joe Biden for the White House in November, asked if the court would accept a bond of $100m (£78m) to stay the judgement, but his proposal was rejected.

Please use Chrome browser for a more accessible video player

‘I’m a Republican but I will vote for Biden’

A stay is a legal mechanism pausing collection during an appeal.

Mr Trump’s team spent “countless hours negotiating with one of the largest insurance companies in the world”, they wrote, but to no avail.

Read more from Sky News:
Judge rejects Trump’s bid to throw out case
School shooter’s father convicted – after wife also found guilty
Court fines Bond actor for walking off trail at national park

Their filing quoted Gary Giulietti, a real estate broker, who wrote that few firms would consider the proposal.

He wrote: “A bond of this size is rarely, if ever, seen”.

Please use Chrome browser for a more accessible video player

Is Biden too old to be president?

New York Attorney General Letitia James, a Democrat, has said that she will seek to seize some of Mr Trump’s assets if he is unable to pay the judgment.

Mr Trump would receive an automatic stay if he were to put up money, assets or an appeal bond covering what he owes. In January, a jury ordered Mr Trump to pay $83m (£65m) to writer E Jean Carroll for defaming her.

Continue Reading

US

North Korea fires ballistic missiles as US secretary of state Antony Blinken visits Seoul

Published

on

By

North Korea fires ballistic missiles as US secretary of state Antony Blinken visits Seoul

North Korea has launched ballistic missiles as US secretary of state Antony Blinken was visiting Seoul.

Three short-range ballistic missiles were fired into the sea on Monday, as Mr Blinken visited for a conference on advancing democracy.

It is the first time in two months that North Korea has launched weapons of that type.

South Korea said that several short-range missiles flew about 186 miles (300km) and landed off the North’s east coast after being fired from the capital Pyongyang between 7.44am and 8.22am local time (around 11pm Sunday UK time).

The South condemned the launch as a “clear provocation” and said it was sharing information with the US and Japan.

Mr Blinken was among senior officials from around the world who were in South Korea attending the Summit for Democracy conference, which begins today. He will also meet his South Korea counterpart, foreign minister Cho Tae-yul.

Japanese Prime Minister Fumio Kishida also condemned the launch after his country’s coastguard reported the missile launch.

More on Japan

Calling the launch a violation of UN resolutions, Mr Kishida added: “North Korea’s series of actions threaten the peace and security of our region and the international community, and are absolutely unacceptable.”

Recent weeks have seen North Korea’s military conducting exercises with conventional weapons – often overseen by dictator Kim Jong Un.

North Korean dictator Kim Jong Un attended a military demonstration last week. Pic: Reuters
Image:
North Korean dictator Kim Jong Un attended a military demonstration last week. Pic: Reuters

Read more from Sky News:
Two arrests after man dies ‘trying to stop car theft’
Putin claims election victory as he issues warning
Woman dies after being chased by bear

Pyongyang’s show of force comes after the militaries of South Korea and the US finished ten days of large-scale annual joint military drills last week.

The summit is an initiative of US President Joe Biden, aimed at discussing ways to stop the erosion of rights and freedoms globally, as well as democratic backsliding.

Japanese Prime Minister Fumio Kishida
Image:
Japanese Prime Minister Fumio Kishida

Also, over the weekend, the South Korean military mobilised attack helicopters, amphibious assault vehicles and marines in drills aimed at increasing troop numbers to reinforce western islands near the sea border with their northern neighbours. North Korea shelled the islands back in 2010.

US Secretary of State Antony Blinken, left, and South Korean Foreign Minister Cho Tae-yul. Pic: AP
Image:
US secretary of state Antony Blinken, left, and South Korean foreign minister Cho Tae-yul. Pic: AP

Before today, the last ballistic launch took place on 14 January, when North Korea said it fired intermediate-range hypersonic missiles.

Continue Reading

US

‘Heroic’ cyclists fight off cougar after it grabbed woman in its jaws in Washington state, US

Published

on

By

'Heroic' cyclists fight off cougar after it grabbed woman in its jaws in Washington state, US

A “heroic” group of cyclists in the US fought off a cougar for more than 15 minutes after it grabbed a woman in its jaws.

Keri Bergere, a member of the group, suffered neck and face injuries in the attack but escaped with her life thanks to her comrades.

The cyclists were riding on a trail in Washington state when a pair of the big cats, also known as mountain lions, suddenly ran up.

One of the animals then grabbed Ms Bergere and dragged her off her bicycle.

It happened on 17 February but details of the struggle have only now been revealed in a TV interview.

“I just remember getting tackled from this side and ending up at the other side of the road pinned to the ground and hearing all the ladies rallying and fighting for my life,” Ms Bergere told KING, an affiliate of NBC News, Sky News’ US partner network.

The other cougar ran into the hills, while the four riders with Ms Bergere mounted a counterattack to save her from the grips of the attacker’s jaws – which at that point were around her face and exerting pressure.

“Erica and Tisch come over with sticks and a rock and we’re hand-to-hand combat-battling this thing,” fellow rider Annie Bilotta said.

Cougars use the powerful force of their jaws to crush the skulls, neck bones and windpipes of prey, experts say.

For a time it seemed that the 34kg cat would not relent, despite Ms Bergere also fighting back by poking at the creature’s eyes and nose, she said.

But about 15 minutes into the saga, the cyclists said, the cat weakened its pressure on her and she was able to slip her face out of its jaws.

The group then managed to pin the mountain lion down with a bicycle while they waited for help to arrive.

Read more from Sky News:
Man dies after falling from hot air balloon
Putin claims election victory

Dame Laura Kenny retires from cycling

Officers from the Washington Department of Fish and Wildlife later arrived on the scene and shot dead the animal. Officials have concluded the animal had no diseases or abnormalities that might have contributed to its behaviour.

“We may have had a very different outcome without their heroic efforts,” the department’s Lieutenant Erik Olson said of Ms Bergere’s friends.

Continue Reading

Trending