Republicans rebuff global tax provision as Treasury implements possible workaround
House leaders and top Republican tax policymakers this week stepped up their opposition to international tax provisions within the Organization for Economic Cooperation and Development framework, as the Treasury Department moves forward with rules that could help companies avoid international taxation. House Speaker Mike Johnson (R-Louisiana) and Ways and Means Committee Chairman Jason Smith (R-Missouri) […]
Ocasio-Cortez, Teamsters head spar over Trump-Harris support
Rep. Alexandria Ocasio-Cortez (D-NY) and Teamsters President Sean O'Brien engaged in a heated exchange following the union's decision not to endorse Vice President Harris or former President Trump in the presidential election. The International Truck Drivers Union (ITP) has decided not to endorse in an election for the first time since 1996 and only the […]
Biden pitches ‘better choice’ in economic speech, seeking contrast with Trump
President Biden on Thursday touted a “manifesto of progress” after the Federal Reserve slashed interest rates, arguing that his economic policies have put the country on strong footing and warning of the possible risks of returning to the policies of former President Trump. Biden was speaking at the Economic Club of Washington, D.C., the day […]
FEC forgoes new AI rulemaking ahead of election
A bipartisan panel of government campaign finance regulators voted Thursday to abandon new rulemaking on artificial intelligence, saying they lack the authority to limit or ban the use of the technology while it is still in development in federal elections. Public Citizen, a nonprofit watchdog group asked In May 2023, the Federal Election Commission (FEC) […]
Senate will move stopgap funding bill as government shutdown looms
Senate Majority Leader Chuck Schumer, D-N.Y., announced Thursday that he would act later that day to advance a bipartisan government funding bill after House Speaker Mike Johnson, R-Louisiana, failed to pass a partisan six-month funding bill related to voter registration reform. Schumer said a government funding bill will be considered by the House of Representatives, […]
Biden to give 'declaration of progress' to economic club after Fed cuts
President Biden is scheduled to speak to the Economic Club of Washington, D.C. on Thursday in which he will make a “declaration of progress,” a day after the Federal Reserve cut interest rates. White House chief of staff Jeff Zients predicted that Biden's speech would be “not a declaration of victory but a declaration of […]
Emboldened Fed lowers interest rates by half-point
The Federal Reserve cut interest rates by 50 basis points on Wednesday, the central bank's first rate cut after a two-and-a-half-year battle with rampant inflation sparked by the pandemic. The new federal funds rate will be 4.75% to 5%, a significant cut that signals the Fed's confidence that the fight against inflation is nearing an […]
Teamsters union skips endorsement in presidential race for first time since 1996
Editor's note: The article has been updated to reflect the number of times the union did not endorse a candidate in recent election cycles. This is the first time since 1996 that the International Federation of Trucking Associations has not endorsed a presidential election and only the third time since 1960. “Neither major candidate has […]
Michelle Bowman becomes first Fed governor to dissent since 2005
Federal Reserve Governor Michelle Bowman voted against the Fed's 50 basis point interest rate cut on Wednesday, becoming the first official since 2005 to vote against a Fed interest rate decision. Bowman was the only Fed governor to stand apart from the 11 other voting governors in voting for a half-percentage point cut in the […]
23andMe board quits over plans to take DNA testing company private
All seven independent directors on 23andMe's board resigned on Tuesday, citing differences over the CEO's plan to take the company private. The departures leave the board with just one current member: Chairwoman Anne Wojcicki, who co-founded the genetic-testing company in 2006 and serves as its chief executive officer. Wojcicki submitted a proposal to take the […]