The nation’s debt burden is on track to surpass its historic high point in a decade, reaching 107 percent of gross domestic product (GDP) in 2031, according to a new report from the nonpartisan Congressional Budget Office (CBO). The debt surpassed 100 percent of GDP last year for the first time since World War II, when it peaked at 106 percent. CBO projected that based on current law, the debt would continue to mount, surpassing 200 percent of GDP by 2051. ADVERTISEMENT Economists roundly agree that deficit spending during economic emergencies is good policy, but warn that deficits should be brought under control during sunnier economic times to avoid negative consequences down the road. “Debt that is high and rising as a percentage of GDP boosts federal and private borrowing costs, slows the growth of economic output, and increases interest payments abroad,” the report said. “A growing debt burden could increase the risk of a fiscal crisis and higher inflation as well as undermine confidence in the U.S. dollar, making it more costly to finance public and private activity in international markets.” The costs of servicing the debt alone are set to grow dramatically over time, surpassing discretionary spending on both defense and domestic programs in just over 20 years, and the entirety of Social Security shortly thereafter. The warnings about major debt increases are playing a role in the debate around President Biden Joe Biden Senate holds longest vote in history as Democrats scramble to save relief bill Ex-Trump appointee arrested in Capitol riot complains he won't be able to sleep in jail Biden helps broker Senate deal on unemployment benefits MORE ’s $1.9 trillion COVID-19 relief bill. Treasury Secretary Janet Yellen Janet Louise Yellen The Hill's 12:30 Report - Presented by ExxonMobil - Senate begins marathon vote-a-rama before .9T COVID-19 relief passage The Hill's Morning Report - Presented by Facebook ...
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Biden turns focus to next priority with infrastructure talks
President Biden Joe Biden Senate holds longest vote in history as Democrats scramble to save relief bill Ex-Trump appointee arrested in Capitol riot complains he won't be able to sleep in jail Biden helps broker Senate deal on unemployment benefits MORE is starting to look beyond coronavirus relief to his next legislative fight, preparing to lay out a recovery package that makes significant investments in rebuilding U.S. infrastructure. Biden met with Transportation Secretary Pete Buttigieg Pete Buttigieg The Hill's 12:30 Report - Presented by ExxonMobil - Senate begins marathon vote-a-rama before .9T COVID-19 relief passage The Hill's Morning Report - Presented by Facebook - Virus relief bill headed for weekend vote Biden turns focus to next priority with infrastructure talks MORE and a bipartisan group of lawmakers on the House Transportation and Infrastructure Committee for over an hour on Thursday afternoon, his second bipartisan meeting with the group over the past month. The president is expected to lay out his “Build Back Better” recovery plan sometime after the Senate passes its $1.9 trillion coronavirus relief bill, which the chamber took up on Thursday and could pass by the weekend. While the White House has been mum on details of the recovery plan, it’s likely to at least partly mirror the $2 trillion infrastructure and climate proposal he laid out on the campaign trail and include a hefty investment in infrastructure to spur job creation. ADVERTISEMENT Lawmakers from both parties described Thursday’s meeting as productive, though it remains to be seen whether Biden can use his legislative chops to usher in bipartisan cooperation on major legislation. Former President Trump Donald Trump Trump announces new tranche of endorsements DeSantis, Pence tied in 2024 Republican poll Lawmakers demand changes after National Guard troops at Capitol sickened from tainted food MORE ran on a ...
France May Block Vax Exports After EU Backs Italian Seizure of Australia-Bound Doses
BRUSSELS (AP) – Europe’s vaccine solidarity got a shot in the arm Friday as France rallied to support Italy, saying it could follow suit in blocking exports of coronavirus vaccines outside the European Union if necessary to enforce its own contracts with drugs manufacturers. The European Union defended the Italian authorities’ decision to stop a large shipment of doses destined for Australia as part of a longstanding feud with drug manufacturer AstraZeneca. The EU’s executive Commission said the decision was not targeting Australia but had been taken to ensure that AstraZeneca delivers the number of doses it committed to dispatch to EU countries. “The fact is that the European Union is a major exporter of vaccine doses,” EU Commission chief spokesman Eric Mamer said Friday. Faced with a shortages of doses during the early stages of the vaccine campaign that started in late December, the EU announced the export control system for COVID-19 vaccines in late January, in a bid to force companies to respect their contractual obligations to the bloc first. Since the mechanism entered into force on Jan. 30, the Commission said that 174 authorizations of vaccine exports to 30 different countries outside the EU have been approved. EU Blocks Vaccine Shipment to Australia: Report https://t.co/qrkYFrLTT3 — Breitbart London (@BreitbartLondon) March 5, 2021 But the EU has been particularly upset by AstraZeneca because the company is delivering far fewer doses to the bloc than it had promised. Of the initial order for 80 million doses to the EU in the first quarter this year, the company will be struggling to deliver half that quantity. “We believe that this vaccine is an important element of our portfolio and we therefore are expecting the delivery of the agreed doses,” Mamer said. “We are working with the companies in order to ensure that they deliver the doses that are foreseen for the European Union. For all those companies that are doing that, there ...
Marjorie Taylor Greene’s delay tactics frustrate GOP
Georgia GOP Rep. Marjorie Taylor Greene's efforts to delay congressional business by forcing futile procedural votes to adjourn the House each day are disrupting committee hearings and virtual constituent meetings — and it’s ticking off a growing chorus of Republican colleagues. Rep. Ann Wagner Ann Louise Wagner Democrats snipe on policy, GOP brawls over Trump Six ways to visualize a divided America House panel spars over GameStop frenzy, trading apps MORE (R-Mo.) had to rush out of a committee hearing with Federal Reserve Chairman Jerome Powell on monetary policy. Rep. David Joyce David Joyce The Hill's Morning Report - Presented by Facebook - Which path will Democrats take on COVID-19 bill? Jim Jordan says he won't run for Senate in 2022 Ohio lieutenant governor won't run for Portman's Senate seat MORE (R-Ohio) had to step out of a video conference with an international conservation group. And Rep. Tim Walberg Timothy (Tim) Lee Walberg GOP scrutiny intensifies on firing of NLRB top attorney READ: The Republicans who voted to challenge election results Rep. Rick Allen tests positive for COVID-19 MORE (R-Mich.) had to halt a Zoom meeting with local chambers of commerce from the Great Lakes region. “Aggravated,” Wagner replied when asked by The Hill how she was feeling about having to vote on one of Greene’s motions to adjourn one recent morning. ADVERTISEMENT Before stepping onto the House floor, Wagner added: “Ms. Greene doesn't have three hearings today like I do.” Greene — stripped of her two committee assignments last month — has plenty of time on her hands now, and so the first-term firebrand and die-hard Trump defender has been using it to gum up the works of the House of Representatives. It’s political payback to the Democrats who voted to boot her off both the Education and Budget committees over her past social-media posts embracing dangerous conspiracy theories ...
‘I Want to Go to Texas ASAP’: Dana White Wants UFC Fights in Texas After State Dumps Mask Mandate
UFC boss Dana White told fans, “I want to get to Texas ASAP” after Lone Star Governor Greg Abbott announced he was pulling back on the state’s coronavirus restrictions. At Thursday’s UFC 259 pre-fight news conference, White was excited to hear about the reversal of restrictions in Texas, according to Yahoo News. “Yes, as soon as the governor of Texas said that, I called,” White noted. “Dallas said no. I’m working on Houston. We’ll see if we can get Houston done. I want to go to Texas ASAP. I’ll go in the next two, three weeks. I’m ready to roll. We’ll be first. We’ll open this thing up. We’ll sell it out and be on our way.” White also noted that he is hoping that UFC 260 on March 27 or UFC 261 on April 24 can be moved to Texas. “We’ll see what happens. I’m ready to go,” he said of shifting to Texas. “I’d move this one if we could. I told everybody when this opt toened up that I would be first, and we would go first – and we will.” White moved his productions to the famed “Fight Island” on Yas Island in Abu Dhabi, United Arab Emirates, last June to keep his product running at full capacity. He has also often said he was reluctant to hold fights before reduced audiences. But now, with Gov. Abbott saying Texas is “open 100 percent,” that signaled to White that he could play before a large crowd once again. UFC 259 will be held on Saturday at the UFC Apex in Las Vegas. The main card also streams on ESPN+. Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston . ...
