Connect with us

Published

on

WASHINGTON A divided United States House of Representatives passed a Bill to suspend the US$31.4 trillion (S$42.4 trillion) debt ceiling on Wednesday, with majority support from both Democrats and Republicans to overcome opposition from hard-line conservatives and avoid a catastrophic default.

The Republican-controlled House voted 314-117 to send the legislation to the Senate, which must enact the measure and get it to President Joe Bidens desk before a Monday deadline, when the federal government is expected to run out of money to pay its bills.

This agreement is good news for the American people and the American economy, Mr Biden said after the vote.

I urge the Senate to pass it as quickly as possible so that I can sign it into law.

The measure, a compromise between Mr Biden and House Speaker Kevin McCarthy, drew opposition from 71 hard-line Republicans.

That would normally be enough to block partisan legislation, but 165 Democrats more than the 149 Republicans who voted for it backed the measure and pushed it through.

Republicans control the House by a narrow 222-213 majority.

The legislation suspends in essence, temporarily removes the federal governments borrowing limit through January 1, 2025.

The timeline allows Mr Biden and Congress to set aside the politically risky issue until after the November 2024 presidential election.

It would also cap some government spending over the next two years, speed up the permitting process for certain energy projects, claw back unused Covid-19 funds and expand work requirements for food aid programmes to additional recipients.

Hard-line Republicans had wanted deeper spending cuts and more stringent reforms.

At best, we have a two-year spending freeze thats full of loopholes and gimmicks, said Representative Chip Roy, a prominent member of the hard-line House Freedom Caucus.

Progressive Democrats who along with Mr Biden had resisted negotiating over the debt ceiling oppose the Bill for a few reasons, including new work requirements from some federal anti-poverty programmes.

Republicans are forcing us to decide which vulnerable Americans get to eat or theyll throw us into default. Its just plain wrong, said Democratic Representative Jim McGovern on Wednesday.

Late on Tuesday, the non-partisan Congressional Budget Office said the legislation would result in US$1.5 trillion in savings over a decade.

That is below the US$4.8 trillion in savings that Republicans aimed for in a Bill they passed through the House in April, and also below the US$3 trillion in deficit that Mr Bidens proposed budget would have reduced over that time through new taxes. More On This Topic What you need to know about the US debt ceiling Biden says US 'default is not an option' Senate up next

In the Senate, leaders of both parties said they hoped to move to enact the legislation before the weekend.

But a potential delay over amendment votes could complicate matters.

Republicans said Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell could need to allow votes on Republican amendments to ensure quick action.

But Mr Schumer appeared to rule out amendments on Wednesday, telling reporters: We cannot send anything back to the House, plain and simple. We must avoid default.

Senate debate and voting could stretch into the weekend, especially if any one of the 100 senators tries to slow passage.

Hard-line Republican Senator Rand Paul, long known for delaying important Senate votes, has said he would not hold up passage if allowed to offer an amendment for a floor vote.

Senator Bernie Sanders, a progressive independent who caucuses with the Democrats, said he would oppose the Bill due to inclusion of an energy pipeline and extra work requirements.

I cannot, in good conscience, vote for the debt ceiling deal, Mr Sanders said on Twitter. Embed Twitter Tweet URL In a win for Republicans, the Bill would shift some funding away from the Internal Revenue Service, although the White House says that should not undercut tax enforcement.

Mr Biden can point to gains as well. More On This Topic What happens if America defaults on its debt? Singapore stocks, Asia shares rise on US debt ceiling deal The deal leaves his signature infrastructure and green-energy laws largely intact, and the spending cuts and work requirements are far less than Republicans had sought.

Republicans have argued that steep spending cuts are necessary to curb the growth of the national debt, which at US$31.4 trillion is roughly equal to the annual output of the economy.

Interest payments on that debt are projected to eat up a growing share of the budget as an ageing population pushes up health and retirement costs, according to government forecasts.

The deal would not do anything to rein in those fast-growing programmes.

Most of the savings would come by capping spending on domestic programmes such as housing, education, scientific research and other forms of discretionary spending.

Military spending would be allowed to increase over the next two years.

The debt-ceiling stand-off prompted ratings agencies to warn that they might downgrade US debt, which underpins the global financial system.

Credit rating agency DBRS Morningstar put the US on review for a possible downgrade last week, echoing similar warnings by Fitch, Moodys and Scope Ratings.

Another agency, S&P Global, downgraded US debt following a similar debt-ceiling stand-off in 2011.

The last time the US came this close to default was in 2011, a time of similar partisan divide in Washington, with a Democratic president and Senate majority and a Republican-majority House. REUTERS More On This Topic America is hurt by its debt ceiling theatre of the absurd High-stakes US debt limit talks hog market limelight

Continue Reading

Sports

Marchand’s OT score cuts Panthers’ deficit to 2-1

Published

on

By

Marchand's OT score cuts Panthers' deficit to 2-1

SUNRISE, Fla. — Brad Marchand scored on a deflected shot at 15:27 of overtime and the Florida Panthers beat the Toronto Maple Leafs 5-4 on Friday night to cut their deficit in the Eastern Conference semifinal series to 2-1.

Aleksander Barkov, Sam Reinhart, Carter Verhaeghe and Jonah Gadjovich scored for Florida, which got 27 saves from Sergei Bobrovsky. Evan Rodrigues had two assists for the Panthers. They 13-2 in their last 15 playoff overtime games.

John Tavares scored twice, and Matthew Knies and Morgan Rielly also scored for the Maple Leafs. Joseph Woll stopped 32 shots.

Game 4 will be in Sunrise on Sunday night.

Florida erased deficits of 2-0 and 3-1, and that’s been almost impossible to do against Toronto this season.

By the numbers, it was all looking good for the Maple Leafs.

  • They were 30-3-0 when leading after the first period, including playoffs, the second-best record in the league.

  • They were 38-8-2, the league’s third-best record when scoring first.

  • They had blown only 11 leads all season, none in the playoffs.

  • They were 44-3-1 in games where they led by two goals or more.

Combine all that with Toronto having won all 11 of its previous best-of-seven series when taking a 2-0 lead at home, Florida being 0-5 in series where it dropped both Games 1 and 2, and leaguewide, teams facing 0-2 deficits come back to win those series only about 14% of the time.

But Marchand — a longtime Toronto playoff nemesis from his days in Boston — got the biggest goal of Florida’s season, rendering all those numbers moot for now.

The Leafs got two goals that deflected in off of Panthers defensemen: Tavares’ second goal nicked the glove of Gustav Forsling on its way past Bobrovsky for a 3-1 lead, and Rielly’s goal redirected off Seth Jones’ leg to tie it with 9:04 left in the third.

Knies scored 23 seconds into the game, the second time Toronto had a 1-0 lead in the first minute of this series. Tavares made it 2-0 at 5:57 and just like that, the Panthers were in trouble.

A diving Barkov threw the puck at the night and saw it carom in off a Toronto stick to get Florida on the board — only for Tavares to score again early in the second for a 3-1 Leafs lead.

Florida needed a break. It came.

Reinhart was credited with a goal after Woll thought he covered up the puck following a scrum in front of the net. But after review, it was determined the puck had crossed the line. Florida had life, the building was loud again and about a minute later, Verhaeghe tied it at 3-3.

Gadjovich made it 4-3 late in the second, before Rielly tied it midway through the third.

Continue Reading

Sports

Vegas’ Roy dodges suspension for G2 cross-check

Published

on

By

Vegas' Roy dodges suspension for G2 cross-check

NEW YORK — Vegas Golden Knights forward Nicolas Roy was fined but not suspended Friday for cross-checking the Edmonton OilersTrent Frederic in the face in overtime of Game 2 of the teams’ second-round playoff series.

The NHL Department of Player Safety announced the fine of $7,813, the maximum allowed under the collective bargaining agreement, after a disciplinary hearing with him.

Roy attempted to play the puck while it was airborne but made contact with Frederic’s head instead, resulting in a laceration for the Oilers forward.

Frederic briefly exited the game before making a quick return to the ice. Edmonton, however, failed to capitalize on the ensuing five-minute power play but won not long after on a goal by Leon Draisaitl from Connor McDavid.

Vegas trails the best-of-seven series 2-0 with Game 3 on Saturday night at Edmonton.

Information from The Associated Press and Field Level Media was used in this report.

Continue Reading

Sports

Red Sox’s Henry, disgruntled Devers have sit-down

Published

on

By

Red Sox's Henry, disgruntled Devers have sit-down

KANSAS CITY, Mo. — Boston Red Sox owner John Henry met with disgruntled star Rafael Devers on Friday afternoon, making a rare trip to meet the team on the road after Devers expressed disillusionment with the organization’s suggestion he switch positions for the second time in two months.

Joined by Red Sox chief baseball officer Craig Breslow and president Sam Kennedy, Henry flew to Kansas City on Friday to address the firestorm after Devers objected to moving from designated hitter to first base after Triston Casas‘ season-ending knee injury.

Devers, who signed a 10-year, $313.5 million contract with Boston in January 2023, told reporters Thursday that he would not move to first base and criticized Breslow, saying: “I don’t understand some of the decisions that the GM makes.” During spring training, Devers said he did not want to move off third base — the position he had played in his first eight major league seasons — after the free agent signing of reigning American League Gold Glove winner Alex Bregman. Eventually, Devers agreed to become Boston’s DH, where he has played in each of the team’s 40 games this season.

Devers met with Henry and manager Alex Cora before Friday’s game and had what Breslow deemed “an honest conversation about what we value as an organization and what we believe is important to the Boston Red Sox.” The Red Sox have been using Romy Gonzalez and Abraham Toro — both utility men — to plug the hole at first base amid a 20-19 start.

“He expressed his feelings. John did the same thing,” Cora said. “I think the most important thing here is we’re trying to accomplish something big here. And obviously there’s changes on the roster, situations that happened, and you have to adjust.”

Breslow had introduced the possibility of moving to first base to the 28-year-old Devers, a three-time All-Star who, after a poor start, entered Friday’s game against the Kansas City Royals hitting .255/.379/.455 with 6 home runs, 25 RBIs and an AL-leading 29 walks.

Devers did not take kindly to the idea, saying Thursday: “They told me that I was going to be playing this position, DH, and now they’re going back on that. So, I just don’t think they stayed true to their word.”

The pointedness of Devers’ comments prompted Henry, who declined to comment, to fly halfway across the country and attempt to put to bed issues that have festered since spring training.

The signing of Bregman, who has been the Red Sox’s best player, accelerated moving Devers off third base, which evaluators long thought was an inevitability, even with his improvements at the position. First base had been viewed as his likeliest landing spot, but the presence of Casas pushed Devers to DH, a move he rebuffed at first before eventually complying.

Devers’ disappointment during the spring, sources said, stemmed from feeling blindsided by the lack of communication regarding the initial position switch.

“It’s my job to always put the priorities of the organization first,” Breslow said, “but I should also be evaluating every interaction I have with players, and I’ll continue to do that.”

Whether Devers eventually accepts moving to first — which could free up a lineup spot for Roman Anthony, the top prospect in baseball, or incumbent DH Masataka Yoshida after he recovers from offseason shoulder surgery — is a “secondary” issue at the moment, Breslow said.

“That decision was never going to be made on a couch in an office in Kansas City,” he said, “and that conversation is ongoing. The most important thing here is we believe that we’ve got a really good team that’s capable of winning a bunch of games and playing meaningful games down the stretch. That’s what we need to remain focused on.”

Added Cora: “The plan is to keep having conversations.”

Continue Reading

Trending