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US House passes $1.2 trillion bill to avoid shutdown, sends to Senate

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The move marks a critical step toward ending a more-than-six-month battle over the scope of Washington’s spending for the fiscal year that began October 1, as per Reuters.

The US House of Representatives on Friday passed a $1.2 trillion government funding bill with more support from Democrats than the majority Republicans, leading to a fresh threat by a hardline conservative lawmaker to oust Speaker Mike Johnson.

The House’s 286-134 vote sends the measure to the Democratic-majority Senate, which has hours to act ahead of a midnight deadline (0400 GMT Saturday) when parts of the Department of Homeland Security, Internal Revenue Service and Justice Department to Treasury and State departments would begin to close.

The move marks a critical step toward ending a more-than-six-month battle over the scope of Washington’s spending for the fiscal year that began October 1. Ratings agencies have warned that the repeated brinkmanship could hurt the creditworthiness of a federal government that currently has more than $34.6 trillion in debt.

The measure passed the House with 185 Democrats and 101 Republican votes, which led hardline conservative Representative Marjorie Taylor Greene to introduce a measure to oust Republican House Speaker Mike Johnson.

Johnson himself ascended to that role in October after hardliners furious that his predecessor, Kevin McCarthy, had passed a temporary funding measure over their objections, ousted him as leader.

But Greene said she would not push for an immediate vote.

“I filed a motion to vacate today. But it’s more of a warning than a pink slip,” the North Carolina Republican told reporters.

Senate up next

Meanwhile, Democratic Senate Majority Leader Chuck Schumer urged his colleagues to move quickly to pass the measure.

“Let’s finish the job today. Let’s avoid even a weekend shutdown. Let’s finish the job of funding the government for the remainder of the fiscal year,” Schumer said. “There is no reason to delay.”

The last partial federal government shutdown occurred during Donald Trump’s presidency, from Dec. 22, 2018 until Jan. 25, 2019. The record-long interruption in government services came as the Republican insisted on money to build a wall along the US border with Mexico and was unable to broker a deal with Democrats.

The current 1,012-page bill provides $886 billion in funding for the Defense Department, including a raise for US troops. It also covers agencies ranging from the Department of Homeland Security, the Internal Revenue Service and the Justice Department, along with the Treasury and State departments.

A separate controversial money matter is boiling in Congress where its leaders, except for Johnson, urgently are calling for final passage of a $95 billion security assistance package approved by the Senate for Ukraine, Israel and Taiwan.

Some Republicans are balking at continuing to back Ukraine in its war against the invading Russian military.

While conservatives succeeded in getting Congress and Democratic President Joe Biden to agree to some fiscal 2024 spending cuts, they hoped for far deeper ones. Their disgruntlement led to the historic October removal of House Speaker Kevin McCarthy. The Republicans’ subsequent political infighting shut down the House for three weeks as Republicans fought over a replacement.

Since then, with the November elections looming, most Republicans have been loath to trigger a government shutdown over spending, although Washington was brought to the brink four times since late September.

A shutdown beginning on Saturday would mean most US Border Patrol and immigration agents would continue to work. But local governments might not receive new aid to shelter migrants.

US soldiers and all federal workers would not get paid until new funding is enacted and national parks would be shuttered. Same situation for the two US astronauts aboard the International Space Station 254 miles (409 km) above Earth.

Meanwhile, the Internal Revenue Service would continue processing tax returns that are due on April 15. It would advise taxpayers of any potential delays in refunds. At the State Department, security at embassies and other foreign offices would remain in force and passports and visas would be issued as long as there were sufficient fees to support such activities. Many other operations would cease.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
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US Senate proposes $118 billion bill on border security, aid for Ukraine, Israel

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The $118-billion proposal could bring about the biggest changes in the immigration policy of US in decades. Despite the opposition to the bill, Senate lawmakers behind the bill vowed to push ahead, as per Reuters.

A group of US senators on Sunday finally unveiled a major, bipartisan border security bill that would also provide aid to Ukraine and Israel, after months of negotiations.

The $118-billion proposal could bring about the biggest changes in the country’s immigration policy in decades.

However, it was immediately set upon by Republicans in the House of Representatives.

While President Joe Biden urged Congress in a statement to “swiftly pass this bipartisan agreement”, House Speaker Mike Johnson declared it “dead on arrival” if it reaches his chamber, saying on social media that the bill is “even worse than we expected”.

Despite the opposition, Senate lawmakers behind the bill vowed to push ahead.

Independent Senator Kyrsten Sinema, one of three bipartisan negotiators, told reporters the legislation would secure the US southern border.

It includes having Homeland Security officials temporarily “shut down” the border if too many migrants cross over a sustained period of time.

The bill would also end the controversial practice of “catch-and-release” – by speeding up the handling of asylum cases, instead of quickly letting apprehended migrants go and allowing them to stay in the US for years while they await hearings.

Senate Majority Leader Chuck Schumer said he would try to hold an initial vote on the bill on Wednesday.

The top Democrat said the deal would provide more frontline and asylum personnel, and bring about “faster and fair” immigration decisions.

Though some progressive Democrats are angry about the lack of solutions for so-called “Dreamer” immigrants brought into the country as children.

According to Senator Patty Murray, who chairs the Senate committee overseeing spending, the legislation will put $20 billion into border security.

It also pledges $60 billion for Ukraine in its war against Russia, $14 billion for Israel, and almost $5 billion for US allies facing aggression from China in the Indo-Pacific, such as Taiwan.

Another $10 billion would go to aid for civilians in conflict zones.

Top Senate Republican Mitch McConnell has supported the bill, saying his party would not get a better deal under a Republican White House.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Mark Zuckerberg gives impromptu apology at child safety US Senate hearing

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Leah Juliett, an activist for youth online safety and child sexual abuse survivor who was at the hearing, had mixed reactions to Zuckerberg’s apology, but ultimately said it wasn’t good enough.

In an unscripted scene during tense testimony Wednesday, Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg stood before a packed Senate hearing room and apologised directly to the families of children who were victims of sexual exploitation on social media platforms.

“I am sorry for everything that you have all gone through,” Zuckerberg said Wednesday while facing a crowd of safety advocates and parents holding photos of their children. “It’s terrible. No one should have to go through the things that your families have suffered.”

The impromptu moment came during an hours-long Senate hearing on protecting children online. Zuckerberg had faced intense criticism and pressure from Missouri Senator Josh Hawley, who ripped into the executive personally and blamed Meta’s photo-sharing app, Instagram, for an alleged failure to protect its young users against mental health issues and exposure to sexually explicit content.

Hawley challenged the Meta co-founder on whether the victims of sexual exploitation online should be compensated by companies like Meta — and Zuckerberg personally — and then prompted him to apologise directly to the families in attendance.

“Let me ask you this, there’s families of victims here today. Have you apologised to the victims?” Hawley asked. “Would you like to do so now? They’re here, you’re on national television.”

“Would you like to apologise for what you’ve done to these good people?”

Zuckerberg then stood up at the table and turned around to address the audience.

Leah Juliett, an activist for youth online safety and child sexual abuse survivor who was at the hearing, had mixed reactions to Zuckerberg’s apology, but ultimately said it wasn’t good enough.

“As a survivor, it was like, this is what I’ve wanted for 10 years,” Juliett said. “But it was so laced with excuses and justifications for the harm that it didn’t feel like a true apology, and I don’t think that I’ll ever feel like Zuckerberg or any of the other CEOs is sorry until something genuinely changes.”

No stranger to the congressional hot seat, Zuckerberg received most of the attention and attacks during the first few hours of the hearing, despite sitting next to the CEOs of Snap Inc, TikTok, X and Discord. At several points, he became visibly frustrated as senators laid into him, often talking over him.

At one point, Senator Ted Cruz of Texas raised his voice at Zuckerberg, who pushed back. “Senator, do you want me to answer your question?” Zuckerberg quipped. “Give me some time to speak.”

Senator Marsha Blackburn of Tennessee, a leading lawmaker on kids’ online safety efforts, also ripped into Zuckerberg, accusing him of wanting to draw more young users to Instagram while not being able to guarantee their safety. Blackburn said Meta was trying to thwart the committee’s attempts to pass regulation that would impose controls on the social networks, and also asserted that Meta aspired to be the “premier sex trafficking site” on the internet.

Zuckerberg scoffed at the accusation. “Of course not, senator,” he said in response. “That’s ridiculous.”

Also Read: Mark Zuckerberg turned down 2021 request for more child-safety staff

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nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Laphonza Butler becomes first Black woman Senator from California

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Butler will become the only Black woman serving in the US Senate and the first openly LGBTQ+ person to represent California in the chamber.

California Gov. Gavin Newsom on Sunday selected Laphonza Butler, a Democratic strategist and adviser to Kamala Harris’ 2020 presidential campaign, to fill the vacant US Senate seat held by the late Sen. Dianne Feinstein.

In choosing Butler, Newsom fulfilled his pledge to appoint a Black woman if Feinstein’s seat became open. However, he had been facing pressure from some Black politicians and advocacy groups to select Rep. Barbara Lee, a prominent Black congresswoman who is already running for the seat.

Butler will be the only Black woman serving in the US Senate, and the first openly LGBTQ+ person to represent California in the chamber.

Newsom said in a statement that the priorities Feinstein fought for in Congress — reproductive freedom, equal protection and safety from gun violence — were under assault in the nation.

“Laphonza will carry the baton left by Sen. Feinstein (and) continue to break glass ceilings and fight for all Californians in Washington D.C.,” he said.

Butler leads Emily’s List, a political organisation that supports Democratic women candidates who favour abortion rights. She also is a former labour leader with SEIU 2015, a powerful force in California politics.

Her appointment sets up a potentially tricky political calculus in the crowded 2024 contest to succeed Feinstein, which has been underway since the beginning of the year.

Newsom spokesman Anthony York said the governor did not ask Butler to commit to staying out of the race. The deadline for candidates to submit paperwork to seek the office is December 8. Should Butler enter the contest, she could set up a competition for the relatively small but influential group of Black voters in California and possibly undercut Lee’s chances.

Emily’s List is known as a fundraising powerhouse, and raising huge sums of campaign cash is a must in any statewide California race. Newsom’s statement said she will step down from the organisation.

The decision carried the threat of political fallout for Newsom, who is seen as a potential future national candidate. The candidate favoured by Black voters has won the Democratic Party’s presidential nomination every cycle since 1992. The Congressional Black Caucus was among the groups and Black politicians that had urged Newsom to appoint Lee, calling her the best-qualified choice for the post.

The long-serving Feinstein died last Thursday at age 90 after a series of illnesses.

Butler currently lives in Maryland, according to her Emily’s List biography. Izzy Gardon, a spokesman for Newsom, said Butler owns a home in California. She is expected to reregister to vote in California before being sworn in. That could happen as early as Tuesday evening when the Senate returns to session.

Butler did not immediately respond to an email seeking comment nor release a statement.

Democrats control the Senate 51-49, though Feinstein’s seat is vacant. A quick appointment by Newsom will give the Democratic caucus more wiggle room on close votes, including nominations that Republicans uniformly oppose.

Feinstein, the oldest member of Congress and the longest-serving woman in the Senate said in February she would not seek reelection in 2024. Lee is one of several prominent Democrats competing for the seat, including Democratic U.S. Reps. Katie Porter and Adam Schiff. Newsom said he did not want to appoint any of the candidates because it would give them an unfair advantage in the race.

Butler has never held elected office but has a long track record in California politics. She served as a senior adviser to Harris’s 2020 presidential campaign while working at a political firm filled with strategists who have worked for Newsom and many other prominent state Democrats. She also briefly worked in the private sector for Airbnb.

She called Feinstein “a legendary figure for women in politics and around the country,” in a statement posted after Feinstein’s death.

Emily’s List, the group Butler leads, focuses on electing Democratic women who support abortion rights. With the US Supreme Court’s 2022 decision to overturn women’s constitutional right to abortion, the issue has become a galvanising one for many Democrats.

Equality California, the nation’s largest statewide LGBTQ+ civil rights organisation, said the appointment “will give our … community another voice in Congress at a time when our rights and freedoms are under attack across the country.”

It’s not Newsom’s first time selecting a U.S. senator, after being tasked with choosing a replacement for Kamala Harris when she was elected vice president; at that time he selected California Secretary of State Alex Padilla for the post. It was one of a string of appointments Newsom made in late 2020 and early 2021, a power that gave him kingmaker status among the state’s ambitious Democrats.

The seat is expected to stay in Democratic hands in the 2024 election. Democrats in the liberal-leaning state have not lost a statewide election since 2006, and the party holds a nearly 2-to-1 voter registration advantage over Republicans.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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On the brink of a govt shutdown, US Senate tries to approve funding but it’s almost too late

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The US Senate will be in for a rare Saturday session to advance its own bipartisan package that is supported by Democrats and Republicans and would fund the government for the short-term, through November 17.

The US is on the brink of a federal government shutdown after hard-right Republicans in Congress rejected a longshot effort to keep offices open as they fight for steep spending cuts and strict border security measures that Democrats and the White House say are too extreme.

Come midnight Saturday with no deal in place, federal workers will face furloughs, more than 2 million active duty and reserve military troops will work without pay and programs and services that Americans rely on from coast to coast will begin to face shutdown disruptions.

The Senate will be in for a rare Saturday session to advance its own bipartisan package that is supported by Democrats and Republicans and would fund the government for the short-term, through Nov. 17.

But even if the Senate can rush to wrap up its work this weekend to pass the bill, which also includes money for Ukraine aid and U.S. disaster assistance, it won’t prevent an almost certain shutdown amid the chaos in the House. On Friday, a massive hard-right revolt left Speaker Kevin McCarthy’s latest plan to collapse.

“Congress has only one option to avoid a shutdown — bipartisanship,” said Senate Majority Leader Chuck Schumer.

Senate Republican leader Mitch McConnell echoed the sentiment, warning his own hard-right colleagues there is nothing to gain by shutting down the federal government.

“It heaps unnecessary hardships on the American people, as well as the brave men and women who keep us safe,” McConnell said.

The federal government is heading straight into a shutdown that poses grave uncertainty for federal workers in states all across America and the people who depend on them — from troops to border control agents to office workers, scientists and others.

Families that rely on Head Start for children, food benefits and countless other programs large and small are confronting potential interruptions or outright closures. At the airports, Transportation Security Administration officers and air traffic controllers are expected to work without pay, but travelers could face delays in updating their U.S. passports or other travel documents.

Congress has been unable to fund the federal agencies or pass a temporary bill in time to keep offices open for the start of the new fiscal year Sunday in large part because McCarthy has faced unsurmountable resistance from right-flank Republicans who are refusing to run government as usual.

McCarthy’s last-ditch plan to keep the federal government temporarily open collapsed in dramatic fashion Friday as a robust faction of 21 hard-right holdouts opposed the package, despite steep spending cuts of nearly 30% to many agencies and severe border security provisions, calling it insufficient.

The White House and Democrats rejected the Republican approach as too extreme. The Democrats voted against it.

The House bill’s failure a day before Saturday’s deadline to fund the government leaves few options to prevent a shutdown.

“It’s not the end yet; I’ve got other ideas,” a clearly agitated McCarthy told reporters as he exited the chamber.

Later Friday, after a heated closed-door meeting of House Republicans that pushed into the evening, McCarthy said he was considering options — among them, a two-week stopgap funding measure similar to the effort from hard-right senators that would be certain to exclude any help for Ukraine in the war against Russia.

Even though the House bill already axed routine Ukraine aid, an intensifying Republican resistance to the war effort means the Senate’s plan to attach $6 billion President Volodymyr Zelenskyy is seeking from the U.S. may have bipartisan support from Democrats but not from most of McCarthy’s Republicans.

Republican Sen. Rand Paul of Kentucky is working to stop the Ukraine funds in the Senate package.

“We continue to work through trying to find out of this,” McCarthy told reporters. “There are no winners in a government shutdown and I think that’s the best way forward, make sure the government does not shut down.”

The White House has brushed aside McCarthy’s overtures to meet with President Joe Biden after the speaker walked away from the debt deal they brokered earlier this year that set budget levels.

On Friday, White House press secretary Karine Jean-Pierre said, “The path forward to fund the government has been laid out by the Senate with bipartisan support — House Republicans just need to take it.”

Catering to his hard-right flank, McCarthy had returned to the spending limits the conservatives demanded back in January as part of the deal-making to help him become the House speaker.

The House package would not have cut the Defense, Veterans or Homeland Security departments but would have slashed almost all other agencies by up to 30% — steep hits to a vast array of programs, services and departments Americans routinely depend on.

It also added strict new border security provisions that would kickstart building the wall at the southern border with Mexico, among other measures. Additionally, the package would have set up a bipartisan debt commission to address the nation’s mounting debt load.

As soon as the floor debate began, McCarthy’s chief Republican critic, Rep. Matt Gaetz of Florida, announced he would vote against the package, urging his colleagues to “not surrender.”

Gaetz said afterward that the speaker’s bill “went down in flames as I’ve told you all week it would.”

He and others rejecting the temporary measure want the House to keep pushing through the 12 individual spending bills needed to fund the government, typically a weeks-long process, as they pursue their conservative priorities.

Republicans leaders announced later Friday that the House would stay in session next week, rather than return home, to keep working on some of the 12 spending bills.

Some of the Republican holdouts, including Gaetz, are allies of Donald Trump, who is Biden’s chief rival in 2024. The former president has been encouraging the Republicans to fight hard for their priorities and even to “shut it down.”

The hard right, led by Gaetz, has been threatening McCarthy’s ouster, with a looming vote to try to remove him from the speaker’s office unless he meets the conservative demands. Still, it’s unclear if any other Republican would have support from the House majority to lead the party.

Late Friday, Trump turned his ire to McConnell on social media, complaining the Republican leader and other GOP senators are “weak and ineffective” and making compromises with Democrats. He urged them, “Don’t do it!”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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US Senate to host Elon Musk, Mark Zuckerberg, other tech leaders at AI forum

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The closed-door forum will also feature OpenAI CEO Sam Altman and Microsoft CEO Satya Nadella, according to Schumer’s office, which added the forum will be bipartisan.

US Senate Majority Leader Chuck Schumer will host tech leaders including Tesla CEO Elon Musk, Meta Platforms CEO Mark Zuckerberg and Alphabet CEO Sundar Pichai at an artificial intelligence forum on September 13, Schumer’s office said on Monday.

The closed-door forum will also feature OpenAI CEO Sam Altman and Microsoft CEO Satya Nadella, according to Schumer’s office, which added the forum will be bipartisan.

Several governments are considering how to mitigate the dangers of the emerging technology, which has experienced a boom in investment and consumer popularity in recent months after the release of OpenAI’s ChatGPT.

In June, Schumer hinted that he would host a forum to “lay down a new foundation for AI policy.”

“We need the best of the best sitting at the table: the top AI developers, executives, scientists, advocates, community leaders, workers, national security experts — all together in one room, doing years of work in a matter of months,” Schumer has said, according to the Senate Democrats’ website.

Regulators globally have been scrambling to draw up rules governing the use of generative AI, which can create text and generate images whose artificial origins are virtually undetectable. Its impact has been compared to that of the arrival of the internet.

The risks of artificial intelligence to national security and the economy need to be addressed, US President Joe Biden said in June, adding he would seek expert advice.

Biden has also recently discussed the issue of AI with other world leaders, including British Prime Minister Rishi Sunak whose government will later this year hold a first global summit on artificial intelligence safety.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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US Vice President Kamala Harris makes history with tie-breaking votes in Senate

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Harris, who made history as the first woman or person of colour in 2020, equalled the record held by Senator John C Calhoun, a Democratic-Republican who served as vice president to John Quincy Adams and Andrew Jackson from 1825 to 1832.

Kamala Harris has set another record in US history when she matched a 191-year-old record of casting tie-breaking votes as a vice president and backed the nomination of Indian-origin Kalpana Kotagal to be a member of a federal agency.

Harris, who made history as the first woman or person of colour in 2020, equalled the record held by Senator John C Calhoun, a Democratic-Republican who served as vice president to John Quincy Adams and Andrew Jackson from 1825 to 1832.

On Wednesday, Harris, 58, cast her vote on cloture for the nomination of Kotagal, a diversity, equity, and inclusion expert to serve as a member of the Equal Employment Opportunity Commission.

The US Equal Employment Opportunity Commission is responsible for enforcing federal laws that make it illegal to discriminate against a job applicant or an employee because of the person’s race, colour, religion, sex, national origin, age (40 or older), disability or genetic information.

Harris broke a 50-50 tie on a vote in the Senate on the nomination of Kotagal, to bring her total of tie-breaking votes cast as vice president since she assumed office to 31.

That matches the record set by Calhoun, a Democratic-Republican and an avowed proponent of states’ rights and slavery.

Under the Constitution, the role of the vice president is to preside over the Senate and break ties in case of a deadlock in the upper house.

In the current 118th Congress, Democrats hold 51 seats and Republicans have 49 seats.

Senate Majority Leader Chuck Schumer hailed Harris’s accomplishment on the floor on Wednesday evening.

“I want to note that this is a history-making moment for the United States Senate,” he was quoted as saying by the Hill newspaper.

“When it’s mattered most, Vice President Harris has provided the decisive vote on some of the most historic bills of modern times, from the American Rescue Plan to the Inflation Reduction Act to so many federal judges who now preside and provide balance on the federal bench.

“She’s carried out her duties with supreme excellence,” he added.

She voted on June 21 to break a 50-50 tie on advancing Natasha Merle’s nomination to serve as a judge for the Eastern District of New York and a 48-48 tie on confirming Araceli Martinez-Olguin to serve as a judge for the North District of California.

In the first two years of Harris’ tenure as vice president, the Senate was evenly split, making the nickname of “101st Senator” a reality.

Harris cast her first tiebreakers just three weeks into the job in February 2021. Fifteen tiebreaker votes in her first year as vice president was also a record, passing Mike Pence’s 13 in all four years on the job, the Politico newspaper reported.

Kotagal, who is the daughter of immigrants from India, is a partner at Cohen Milstein, a member of the firm’s Civil Rights and Employment practice group, and co-chair of the firm’s Hiring and Diversity Committee.

She is the co-author of the seminal legal template ‘Inclusion Rider’.

Kotagal is also a diversity, equity and inclusion expert, and represents disenfranchised people in employment and civil rights litigation involving issues related to Title VII, Equal Pay Act, the Americans with Disabilities Act, the Family and Medical Leave Act, and the Fair Labor Standards Act, the White House has said.

Harris was born to a Jamaican father and an Indian mother Shyamala Gopalan, who was born in Chennai before she moved to the US for further study. Gopalan was a breast cancer researcher who died of cancer in 2009. Her father Donald Harris is a Jamaican American professor of economics.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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US sides with India over Arunachal dispute with China — what this means geopolitically

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The resolution introduced by Oregon’s US Senator Jeff Merkley and Senator Bill Hagerty (R-TN) on Thursday not just condemned China’s aggression, but also commended India for taking steps to defend itself against security threats from Xi-Jinping-led nation.

A rare resolution was introduced in the US Senate “reaffirming” the country’s recognition of Arunachal Pradesh as an integral part of India and not a disputed territory. It also condemned “China’s military aggression to change the status quo along the Line of Actual Control (LAC)”.

The resolution holds importance as it is bipartisan in nature — as both of the major political parties, Republicans and Democrats, are in agreement of resolution. Also, it not only condemns China but also lauds India for “taking steps to defend itself against aggression”.

The resolution, if passed, would be a diplomatic win for India as the country seemed to be on a collision course with the US over New Delhi continuing to buy oil at a cheap price from Russia amid the Ukraine war. India’s imports from Russia increased five-fold to reach $37.31 billion during the period of April to January this fiscal year.

In September last year, External Affairs Minister S Jaishankar raised concerns about the oil prices following a meeting with US State Secretary Antony Blinken in Washington and said: “The price of oil is breaking our back”. He also called for “softening” up of stressed energy markets.

“There is very deep concern among developing countries about how their energy needs are addressed and energy markets under stress must soften up,” Jaishankar was quoted by ANI as saying in a press conference.

Watch the video here:

While the US has imposed sanction on Russia over the Ukraine war, it recently said it won’t sanction India for buying the oil from Russia at discounted price.

What Senate resolution exactly says

The resolution introduced by Oregon’s US Senator Jeff Merkley and Senator Bill Hagerty (R-TN) on Thursday condemned China’s aggression and commended India for taking steps to defend itself against security threats from Xi-Jinping-led nation.

A press release by Merkley said on Thursday: “The Senators’ resolution condemns additional PRC (People’s Republic of China) provocations, including…construction of villages in contested areas, publication of maps with Mandarin-language names for cities and feature in the Indian state of Arunachal Pradesh, and expansion of PRC territorial claims in Bhutan.

It reaffirmed that the US recognises the McMahon Line as the international boundary between China and the Indian state of Arunachal Pradesh. The line that was agreed to by Britain and Tibet as part of the 1914 Simla Accord is named after Sir Henry McMahon, foreign secretary of the British-run Government of India and the chief negotiator of settling disputes with China.

Praising the Indian government for the position it has taken against China’s actions, the release says: “These efforts include securing India’s telecommunications infrastructure; examining its procurement processes and supply chains; implementing investment screening standards; and expanding its cooperation with Taiwan in public health and other sectors.”

It “commits the US to deepening support and assistance to the region (Arunachal), alongside like-minded international partners and donors”. The resolution also serves to strengthen the US-India bilateral partnership regarding defense, technology, economics, and people-to-people ties.

Merkley said that he teamed up with Senator Bill Hagerty (R-TN) to introduce the bipartisan Senate resolution on Thursday. Senator John Cornyn, Co-Chair of the India Caucus, co-sponsored the resolution, PTI reported.

The US Senate resolution came months after Defence Minister Rajnath Singh confirmed reports of a clash between Indian and China’s People’s Liberation Army (PLA) troops near Twang region in Arunachal Pradesh.

On December 9, the Indian and Chinese troops engaged in a clash in the Yangtse area of Arunachal Pradesh’s Tawang sector, in the first such flare-up after the deadly hand-to-hand combat in the Galwan Valley in June 2020 that marked the most serious military conflict between the two sides in decades.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Netizens ‘hopeful’ after 12 Republicans vote for same-sex marriage protection bill

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

While some people like Republican Senator James Lankford, pointed out that the bill was opposed to religious liberties, others welcomed the move and even hailed the 12 Republicans for voting for the bill

Social media was divided on the passage of the legislation by the US Senate to protect the federal recognition of same-sex and interracial marriage, called the Respect for Marriage Act, in a landmark bipartisan vote on Tuesday. The move comes amid concerns that the Supreme Court could overturn a 2015 decision that legalised same-sex marriage nationwide.

The legislation now needs the approval of the House before sending it to US President Joe Biden for his signature to convert the bill into law. The House is likely to pass the bill before yearend, possibly by next week.

The bill received 61 votes to 36. It was supported by 12 Republicans along with 49 Democrats. Democrat representative from Georgia Raphael Warnock was absent, as were two Republican senators.

ALSO READ: US Midterm Election highlights: White House optimistic though both races too close to call

While some like Republican Senator James Lankford pointed out that the bill was opposed to religious liberties, others welcomed the move and even hailed the 12 Republicans for voting for the bill.

Senator James Lankford (@SenatorLankford) wrote on Twitter: “All Americans deserve respect. The Democrats’ marriage bill undermines our nation’s respect for religious liberties.”

 


Politician Pete Buttigieg (@PeteButtigieg) said that though it was a strange feeling to see the Senate debate on “something as basic and as personal as the durability of your marriage”, he hoped that it would act to protect millions of families.

 


Journalist Michael Barbaro (@mikiebarb) said it was fascinating that Congress was voting to protect same-sex marriage nearly 20 years after gay marriage was legalised at the state level in Massachusetts. Then governor of the state Mitt Romney had opposed it vigorously but voted to protect same-sex marriage as a Senator now.

ALSO READ: Florida Republican billionaire tells ‘three-time loser’ Trump to stay away from 2024 Prez race

 

Singer-songwriter Ricky Davila (@TheRickyDavila) said apart from the Senate passing the Respect for Marriage Act, what was more significant was that 12 Republicans voted for the bill.

“This is the kind of great hopeful news we need more often,” Davila said on Twitter.

 

Politician and lobbyist Barbara Boxer (@BarbaraBoxer) wrote: “In 1996 when Congress banned same-sex marriage, I said on the Senate floor: “To me, this is ugly politics…it’s about dividing us instead of bringing us together.” Thank you to 61 Senators for bringing us together because whom you love is NOT the business of Congress.”

 

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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US midterms: Republicans edge closer to taking control of House, Senate still hangs in the balance

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Control of the U.S. Senate hung in the balance on Friday as election workers in Arizona and Nevada tallied hundreds of thousands of uncounted ballots, a process officials in the two battleground states warn could drag on for days.

Control of the US Senate hung in the balance on Friday as election workers in Arizona and Nevada tallied hundreds of thousands of uncounted ballots, a process officials in the two battleground states warn could drag on for days.

Either Democrats or Republicans can capture a Senate majority by sweeping contests in both states. A split would transform a December 6 runoff Senate election in Georgia into a proxy battle for the chamber, which holds sway over President Joe Biden’s judicial appointments.

In the fight for the House of Representatives, Republicans were inching closer to wresting control of the chamber from Biden’s Democrats. House control would give Republicans veto power over Biden’s legislative agenda and allow them to launch potentially damaging investigations into his administration.

Republicans had secured at least 211 of the 218 House seats they need for a majority following Tuesday’s midterm vote, Edison Research projected late on Thursday, while Democrats had won 197. That left 27 races yet to be determined, including several close contests.

The Republican House leader, Kevin McCarthy, has already announced his intention to run for speaker if Republicans take over, an outcome he has described as inevitable.

Biden told reporters on Thursday he and McCarthy had spoken but said he had not abandoned hope that Democrats could prevail in the House, despite the tough odds.

”It’s still alive,” he said of their chances.

Officials overseeing vote counting in the Arizona and Nevada Senate races, where Democratic incumbents were trying to fend off Republican challengers, have said it could take until next week to tally uncounted mail-in ballots.

Also Read: US midterms: Record five Indian-Americans elected to House, several others win in state senates

A senior elections official in Arizona’s most populous county said on Thursday that workers there had a backlog of over 400,000 uncounted ballots.

”We will be working Friday and Saturday and Sunday, and move through these ballots. The staff here are working 14 to 18 hours a day. We are doing what we can,” Maricopa County Board of Supervisors Chair Bill Gates told reporters.

Trump ‘Kingmaker’ status marred 

Results in Tuesday’s midterm elections fell far short of the sweeping ”red wave” of gains Republicans had expected, despite Biden’s anemic approval ratings and deep voter frustration over high inflation.

Democrats portrayed Republicans as extremist, pointing to the Supreme Court’s decision to eliminate a nationwide right to abortion and the hundreds of Republican nominees who promoted former President Donald Trump’s false claims that the 2020 election was fraudulent.

Some of Trump’s most high-profile endorsed candidates lost pivotal races on Tuesday, marring his status as Republican kingmaker and leading several Republicans to blame his divisive brand for the party’s disappointing performance.

Also read: Meet Ron DeSantis, the sudden Republican favourite for presidential nomination

The outcome may increase the chances that Florida Governor Ron DeSantis, who routed his Democratic challenger on Tuesday, opts to challenge Trump for the 2024 presidential nomination.

While Trump has not officially launched a third White House campaign, the former president has strongly suggested he will do so and is planning a ”special announcement” at his Florida club on Tuesday.

Trump lambasted DeSantis in a statement on Thursday, taking credit for the governor’s political rise, while attacking critics on his social media site, Truth Social.

Even a narrow Republican House majority would be able to demand concessions in exchange for votes on key issue such as raising the nation’s borrowing limit.

But with few votes to spare, McCarthy might struggle to hold his caucus together – particularly the hard-right faction that is largely aligned with Trump and has little interest in compromise.

Also Read: G20: Joe Biden to hold high-stakes sit-down with Xi Jinping amid increasing tensions over Taiwana

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Should Elon Musk be able to buy Twitter?