Business
Five things to know about Speaker Johnson’s spending deal with Democrats on January 9, 2024 at 11:00 am Business News | The Hill
Speaker Mike Johnson (R-La.) is facing heat from the party’s right flank after striking a deal with Democrats on government funding that conservative hardliners are already dismissing as a “total failure.”
Lawmakers say the bipartisan deal breaks through a heated stalemate on how much to spend to keep the government running through September by providing a framework for negotiators to work from as they craft the dozen annual funding bills.
But with less than two weeks out from a key shutdown deadline key questions remain.
Here’s what you need to know about the spending agreement.
The topline
Speaker Mike Johnson (R-La.) said both sides had agreed to a spending limit of $1.59 trillion for fiscal year 2024, including $886 billion for defense and $704 billion for nondefense discretionary funds.
That’s largely in line with the budget caps included in a bipartisan deal that President Biden and former Speaker Kevin McCarthy (R-Calif.) struck to raise the debt ceiling last year.
However, the number on the nondefense side is a notable contrast from what Democrats have been touting of the recent compromise, which they said would allow for additional funding for nondefense programs north of $60 billion.
Both sides had been pushing for leadership to set a topline spending level as Congress continues to fall behind in its annual appropriations process.
So far, Congress has sent zero of the 12 annual spending bills to Biden’s desk for signature, months after the initial deadline to hash out fiscal 2024 funding. Some negotiators have also signaled another stopgap measure, known as a continuing resolution (CR), might be necessary to prevent a funding lapse later this month as work lags.
Where a previous ‘side deal’ stands
Questions have been swirling around where a previous handshake agreement made between the White House and House GOP leadership as part of the larger debt limit deal stood in recent months amid opposition from hardline conservatives.
Democrats say that side agreement was key to ensuring what experts say would effectively amount to a freeze for nondefense funding, when compared to the previous year’s levels, despite the budget caps written into law.
As part of the handshake deal, both sides agreed to a series of budget changes, including rescinding funding for IRS and pandemic efforts, to offset further funding to the nondefense side. However, Johnson faced pressure from his right flank to abandon the agreement, struck under McCarthy, as conservatives have pursued steeper spending cuts beyond the debt limit deal.
Democrats said on Sunday that they secured $772.7 billion for non-defense discretionary funding as part of the new deal, while also protecting “key domestic priorities like veterans’ benefits, health care and nutrition assistance from the draconian cuts sought by right-wing extremists.”
House GOP leadership, meanwhile, touted “hard-fought concessions” from Democrats made as part of the agreement, including accelerated rescissions of IRS funding that Congress already agreed to, as well as the claw back of about $6 billion in COVID funding.
“Overall, this agreement represents an actual year-over-year cut in non-VA, nondefense spending,” Johnson said in a letter on Sunday.
But Democrats are singing another tune.
“Not a nickel was cut. Again, our goal was [$772 billion] and that’s precisely the number we reached in this bipartisan agreement,” Senate Majority Leader Chuck Schumer (D-N.Y.) said on Monday.
Conservatives mount opposition
The newly announced compromise has been met with growing criticism from hardline conservatives who panned the additional funding for nondefense as “reckless.”
“Don’t be fooled. The DC Uniparty’s spending ‘deal’ is a total sham. The REAL topline spending level is $1.658 trillion—not $1.59 trillion. Our nation simply cannot afford the Swamp’s reckless spending habits,” Rep. Andrew Clyde (R-Ga.), who serves on the House Appropriations Committee and is a member of the Freedom Caucus, tweeted on Monday.
The pushback comes as the group has been pressing the conference to step up efforts to bring down spending, often citing the climbing national debt, which currently stands at roughly $34 trillion.
However, not all Republicans have panned the plan.
“While I continue to believe that additional defense funding is necessary, I hope this agreement will help us avoid a year-long Continuing Resolution, implementation of the FRA’S CR-penalty, or a government shutdown, which would be disastrous for our national defense, homeland security, biomedical research, and many other programs,” Sen. Susan Collins (Maine), top Republican on the Senate Appropriations Committee, said in a statement.
‘Poison pills’ could threaten progress
There are also questions about where so-called poison pill policy riders will fit in spending talks.
While Johnson acknowledged on Sunday that the agreed to spending limits “will not satisfy everyone,” he argued the deal provides lawmakers a path to move the appropriations process forward and “fight for the important policy riders included” in the party’s funding bills. Those riders have included policies regarding abortion and diversity efforts.
And some in his party are already keeping tabs on the issue.
“A $1659 topline in spending is terrible & gives away the leverage accomplished in the (already not great) caps deal. We’ll wait to see if we get meaningful policy riders… but 1) the NDAA was not a good preview, & 2) as usual, we keep spending more money we don’t have,” Rep. Chip Roy (R-Texas), a member of the House Freedom Caucus, wrote on X on Sunday.
But those policy riders are nonstarters for Democrats, who reiterated their opposition this week.
Schumer and House Minority Leader (D-N.Y.) said Sunday that they have “made clear to Speaker Mike Johnson that Democrats will not support including poison pill policy changes in any of the twelve appropriations bills put before the Congress.”
Time crunch
There are less than two weeks before the first shutdown deadline of Jan. 19, when funding is set to lapse for agencies like the departments of Transportation, Housing and Urban Development, Energy and Agriculture.
The deadline for the remaining government agencies is Feb. 2.
And even with the topline figures set, plenty of work remains. Lawmakers need to determine the process for passing 12 spending bills, write those bills and get them through an often-intransigent Congress.
While some appropriators said ahead of the Christmas break that they had begun informal bicameral spending talks, they also acknowledged limitations they faced in conferencing their bills without knowing their subcommittee’s respective allocations.
There has also been concern around the length of a potential stopgap measure if another is needed next week to keep certain agencies open, particularly as some Republicans have floated a yearlong CR – which experts warn could mean further spending cuts for nondefense programs.
Budget, Business, House, News, Senate Speaker Mike Johnson (R-La.) is facing heat from the party’s right flank after striking a deal with Democrats on government funding that conservative hardliners are already dismissing as a “total failure.” Lawmakers say the bipartisan deal breaks through a heated stalemate on how much to spend to keep the government running through September by providing a framework…
Business
Google Accused Of Favoring White, Asian Staff As It Reaches $28 Million Deal That Excludes Black Workers

Google has tentatively agreed to a $28 million settlement in a California class‑action lawsuit alleging that white and Asian employees were routinely paid more and placed on faster career tracks than colleagues from other racial and ethnic backgrounds.
- A Santa Clara County Superior Court judge has granted preliminary approval, calling the deal “fair” and noting that it could cover more than 6,600 current and former Google workers employed in the state between 2018 and 2024.

How The Discrimination Claims Emerged
The lawsuit was brought by former Google employee Ana Cantu, who identifies as Mexican and racially Indigenous and worked in people operations and cloud departments for about seven years. Cantu alleges that despite strong performance, she remained stuck at the same level while white and Asian colleagues doing similar work received higher pay, higher “levels,” and more frequent promotions.
Cantu’s complaint claims that Latino, Indigenous, Native American, Native Hawaiian, Pacific Islander, and Alaska Native employees were systematically underpaid compared with white and Asian coworkers performing substantially similar roles. The suit also says employees who raised concerns about pay and leveling saw raises and promotions withheld, reinforcing what plaintiffs describe as a two‑tiered system inside the company.
Why Black Employees Were Left Out
Cantu’s legal team ultimately agreed to narrow the class to employees whose race and ethnicity were “most closely aligned” with hers, a condition that cleared the path to the current settlement.

The judge noted that Black employees were explicitly excluded from the settlement class after negotiations, meaning they will not share in the $28 million payout even though they were named in earlier versions of the case. Separate litigation on behalf of Black Google employees alleging racial bias in pay and promotions remains pending, leaving their claims to be resolved in a different forum.
What The Settlement Provides
Of the $28 million total, about $20.4 million is expected to be distributed to eligible class members after legal fees and penalties are deducted. Eligible workers include those in California who self‑identified as Hispanic, Latinx, Indigenous, Native American, American Indian, Native Hawaiian, Pacific Islander, and/or Alaska Native during the covered period.
Beyond cash payments, Google has also agreed to take steps aimed at addressing the alleged disparities, including reviewing pay and leveling practices for racial and ethnic gaps. The settlement still needs final court approval at a hearing scheduled for later this year, and affected employees will have a chance to opt out or object before any money is distributed.
H2: Google’s Response And The Broader Stakes
A Google spokesperson has said the company disputes the allegations but chose to settle in order to move forward, while reiterating its public commitment to fair pay, hiring, and advancement for all employees. The company has emphasized ongoing internal audits and equity initiatives, though plaintiffs argue those efforts did not prevent or correct the disparities outlined in the lawsuit.
For many observers, the exclusion of Black workers from the settlement highlights the legal and strategic complexities of class‑action discrimination cases, especially in large, diverse workplaces. The outcome of the remaining lawsuit brought on behalf of Black employees, alongside this $28 million deal, will help define how one of the world’s most powerful tech companies is held accountable for alleged racial inequities in pay and promotion.
Business
Luana Lopes Lara: How a 29‑Year‑Old Became the Youngest Self‑Made Woman Billionaire

At just 29, Luana Lopes Lara has taken a title that usually belongs to pop stars and consumer‑app founders.
Multiple business outlets now recognize her as the world’s youngest self‑made woman billionaire, after her company Kalshi hit an 11 billion dollar valuation in a new funding round.
That round, a 1 billion dollar Series E led by Paradigm with Sequoia Capital, Andreessen Horowitz, CapitalG and others participating, instantly pushed both co‑founders into the three‑comma club. Estimates place Luana’s personal stake at roughly 12 percent of Kalshi, valuing her net worth at about 1.3 billion dollars—wealth tied directly to equity she helped create rather than inheritance.

Kalshi itself is a big part of why her ascent matters.
Founded in 2019, the New York–based company runs a federally regulated prediction‑market exchange where users trade yes‑or‑no contracts on real‑world events, from inflation reports to elections and sports outcomes.
As of late 2025, the platform has reached around 50 billion dollars in annualized trading volume, a thousand‑fold jump from roughly 300 million the year before, according to figures cited in TechCrunch and other financial press. That hyper‑growth convinced investors that event contracts are more than a niche curiosity, and it is this conviction—expressed in billions of dollars of new capital—that turned Luana’s share of Kalshi into a billion‑dollar fortune almost overnight.
Her path to that point is unusually demanding even by founder standards. Luana grew up in Brazil and trained at the Bolshoi Theater School’s Brazilian campus, where reports say she spent up to 13 hours a day in class and rehearsal, competing for places in a program that accepts fewer than 3 percent of applicants. After a stint dancing professionally in Austria, she pivoted into academics, enrolling at the Massachusetts Institute of Technology to study computer science and mathematics and later completing a master’s in engineering.
During summers she interned at major firms including Bridgewater Associates and Citadel, gaining a front‑row view of how global macro traders constantly bet on future events—but without a simple, regulated way for ordinary people to do the same.

That realization shaped Kalshi’s founding thesis and ultimately her billionaire status. Together with co‑founder Tarek Mansour, whom she met at MIT, Luana spent years persuading lawyers and U.S. regulators that a fully legal event‑trading exchange could exist under commodities law. Reports say more than 60 law firms turned them down before one agreed to help, and the company then spent roughly three years in licensing discussions with the Commodity Futures Trading Commission before gaining approval. The payoff is visible in 2025’s numbers: an 11‑billion‑dollar valuation, a 1‑billion‑dollar fresh capital injection, and a founder’s stake that makes Luana Lopes Lara not just a compelling story but a data point in how fast wealth can now be created at the intersection of finance, regulation, and software.
Business
Harvard Grads Jobless? How AI & Ghost Jobs Broke Hiring

America’s job market is facing an unprecedented crisis—and nowhere is this more painfully obvious than at Harvard, the world’s gold standard for elite education. A stunning 25% of Harvard’s MBA class of 2025 remains unemployed months after graduation, the highest rate recorded in university history. The Ivy League dream has become a harsh wakeup call, and it’s sending shockwaves across the professional landscape.

Jobless at the Top: Why Graduates Can’t Find Work
For decades, a Harvard diploma was considered a golden ticket. Now, graduates send out hundreds of résumés, often from their parents’ homes, only to get ghosted or auto-rejected by machines. Only 30% of all 2025 graduates nationally have found full-time work in their field, and nearly half feel unprepared for the workforce. “Go to college, get a good job“—that promise is slipping away, even for the smartest and most driven.
Tech’s Iron Grip: ATS and AI Gatekeepers
Applicant tracking systems (ATS) and AI algorithms have become ruthless gatekeepers. If a résumé doesn’t perfectly match the keywords or formatting demanded by the bots, it never reaches human eyes. The age of human connection is gone—now, you’re just a data point to be sorted and discarded.
AI screening has gone beyond basic qualifications. New tools “read” for inferred personality and tone, rejecting candidates for reasons they never see. Worse, up to half of online job listings may be fake—created simply to collect résumés, pad company metrics, or fulfill compliance without ever intending to fill the role.
The Experience Trap: Entry-Level Jobs Require Years
It’s not just Harvard grads who are hurting. Entry-level roles demand years of experience, unpaid internships, and portfolios that resemble a seasoned professional, not a fresh graduate. A bachelor’s degree, once the key to entry, is now just the price of admission. Overqualified candidates compete for underpaid jobs, often just to survive.
One Harvard MBA described applying to 1,000 jobs with no results. Companies, inundated by applications, are now so selective that only those who precisely “game the system” have a shot. This has fundamentally flipped the hiring pyramid: enormous demand for experience, shrinking chances for new entrants, and a brutal gauntlet for anyone not perfectly groomed by internships and coaching.
Burnout Before Day One
The cost is more than financial—mental health and optimism are collapsing among the newest generation of workers. Many come out of elite programs and immediately end up in jobs that don’t require degrees, or take positions far below their qualifications just to pay the bills. There’s a sense of burnout before careers even begin, trapping talent in a cycle of exhaustion, frustration, and disillusionment.
Cultural Collapse: From Relationships to Algorithms
What’s really broken? The culture of hiring itself. Companies have traded trust, mentorship, and relationships for metrics, optimizations, and cost-cutting. Managers no longer hire on potential—they rely on machines, rankings, and personality tests that filter out individuality and reward those who play the algorithmic game best.
AI has automated the very entry-level work that used to build careers—research, drafting, and analysis—and erased the first rung of the professional ladder for thousands of new graduates. The result is a workforce filled with people who know how to pass tests, not necessarily solve problems or drive innovation.
The Ghost Job Phenomenon
Up to half of all listings for entry-level jobs may be “ghost jobs”—positions posted online for optics, compliance, or future needs, but never intended for real hiring. This means millions of job seekers spend hours on applications destined for digital purgatory, further fueling exhaustion and cynicism.
Not Lazy—Just Locked Out
Despite the headlines, the new class of unemployed graduates is not lazy or entitled—they are overqualified, underleveraged, and battered by a broken process. Harvard’s brand means less to AI and ATS systems than the right keyword or résumé format. Human judgment has been sidelined; individuality is filtered out.

What’s Next? Back to Human Connection
Unless companies rediscover the value of human potential, mentorship, and relationships, the job search will remain a brutal numbers game—one that even the “best and brightest” struggle to win. The current system doesn’t just hurt workers—it holds companies back from hiring bold, creative talent who don’t fit perfect digital boxes.
Key Facts:
- 25% of Harvard MBAs unemployed, highest on record
- Only 30% of 2025 grads nationwide have jobs in their field
- Nearly half of grads feel unprepared for real work
- Up to 50% of entry-level listings are “ghost jobs”
- AI and ATS have replaced human judgment at most companies
If you’ve felt this struggle—or see it happening around you—share your story in the comments. And make sure to subscribe for more deep dives on the reality of today’s economy and job market.
This is not just a Harvard problem. It’s a sign that America’s job engine is running on empty, and it’s time to reboot—before another generation is locked out.
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