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Frustration emerges among GOP spending ‘cardinals’ as conservatives push for cuts on July 30, 2023 at 10:00 am Business News | The Hill

Published

1 year ago

July 30, 2023

The House Republicans who craft the conference’s government funding bills are showing signs of frustration as hard-line conservatives pressure leadership for further cuts to spending that some worry could be too aggressive.

Some of the 12 Appropriations subcommittee chairs — the so-called cardinals — told reporters that they are struggling to see where those additional cuts could come from, as September’s shutdown deadline looms.

“I just don’t see the wisdom in trying to further cut to strengthen our hand. I don’t know how that strengthens our hand,” Rep. Steve Womack (R-Ark.), a House Appropriations subcommittee chairman, said of conservatives’ push to further cut the already-scaled-back spending bills.

“I do think it puts some of our members in a very difficult spot, particularly those in tough districts, because they’re going to be taking some votes that become problematic,” he added.

The House left Washington for a long summer recess Thursday after being forced to punt a bill to fund agriculture and the Food and Drug Administration.

Conservatives are dug in on their demand for steeper spending cuts, to the chagrin of moderates who are wary of slashing funding even more. The chamber has passed just one appropriations bill, funding military construction and the Department of Veterans Affairs.

The internal divisions are gripping the party as time is running out: The House has just 12 days in September to move the remaining 11 appropriations measures and hash out their disagreements with the Senate, which is marking up its spending bills at higher levels, setting the scene for a hectic fall that could bring the U.S. to the brink of a shutdown.

Those dynamics are putting GOP appropriators in a bind, leaving them searching for ways to appease conservative requests without gutting their spending bills.

“We’ve done a lot of cuts, a lot of cuts,” House Appropriations Committee Chairwoman Kay Granger (R-Texas) told The Hill this week. “And so if it’s cuts just for cut’s sake, I don’t agree with it. But if it’s something that we can do without, that’s fine.”

‘Not a lot of wiggle room left’

Republican appropriators in the House announced earlier this year that they would mark up their bills for fiscal 2024 at fiscal 2022 levels, as leaders sought to placate conservatives who thought the debt ceiling deal struck by President Biden and Speaker Kevin McCarthy (R-Calif.) earlier this year didn’t do enough to curb spending.

The Senate is crafting its bills more in line with the budget caps agreed to in the deal, but House Republicans are already fuming about a bipartisan deal in the upper chamber that would allow for more than $13 billion in additional emergency spending on top of those levels.

House GOP negotiators also said they would pursue clawing back more than $100 billion in old funding that was allocated for Democratic priorities without GOP support in the previous Congress.

While that move drew support from hard-line conservatives, the right flank was far from pleased when it heard appropriators planned to repurpose that old funding — known as rescissions — to plus-up the spending bills.

In a letter to McCarthy earlier this month, a group of hard-line conservatives called for all 12 appropriations bills to be in line with fiscal 2022 spending levels “without the use of reallocated rescissions to increase discretionary spending above that top-line.”

Otherwise, the 21 lawmakers threatened, they would vote against the measures. But that request could prove difficult for GOP appropriators to fulfill.

Rep. Mario Diaz-Balart (R-Fla.), chairman of the panel that proposes funding for the Department of State and foreign operations, said that appropriators are already “dramatically reducing spending,” suggesting that there are not too many remaining areas to trim from.

“My bill is below the 2016 levels,” he said, later adding, “When you’re below the 2016 level — and we’re still confronting China — I think there’s not a lot of wiggle room left.”

“It’s a challenge, but I think we’ll get through it. I really do,” he added.

Rep. Mike Simpson (R-Idaho), who heads the subcommittee that oversees funding for the Environmental Protection Agency and the Department of Interior, scoffed at the idea of even steeper cuts to his bill.

“Then you just drop it on the floor and stomp on it. What else do you do with it?” he told reporters. “You can’t make logical cuts in there.”

Republicans appropriators are voicing optimism that the conference will be able to sort out its differences on spending, but some also hope their levels will stick — even though they include rescissions.

Rep. Chuck Fleischmann (R-Tenn.) — whose panel handles funding for the Department of Energy, which is proposing offsetting billions of dollars in spending with clawbacks — said it would be “extremely difficult” to craft his bill without the rescinded funds.

“And given our priorities in my bill, national defense with the nuclear weapons portfolio, nuclear cleanup, Army Corps including, all the community-directed fundings, I feel good about my bill, and I hope my numbers hold,” he said.

“Because it’s gonna have to be in negotiations with the Senate and the White House as well,” he added.

Womack — whose subcommittee crafts funding for the IRS and the Treasury Department — said he doesn’t think “moving the goalposts on these numbers is helpful in strengthening our ability to negotiate with the Senate.”

August preparations for a busy September

Frustrations among appropriators are bubbling up as Congress inches closer to the fall, when lawmakers are facing a Sept. 30 deadline to approve funding or risk a government shutdown.

With time running out, some House lawmakers say conversations may continue over the long August recess to try to hash out remaining differences.

“We’ll have to see,” Rep. Chip Roy (R-Texas) said when asked about potential plans for talks between leaders and House Freedom Caucus members over the break. “I mean, we got a lot of work to do.”

“I think a lot of work [has] got to be done behind the scenes,” he said. “If not, you know, here — You gotta beg the question about whether we should be gone for six weeks. We should be getting our job done.”

Rep. Bob Good (R-Va.) echoed that sentiment, saying “I would think so” when asked if lawmakers will have conversations over the break.

Adding to the August workload, House Majority Leader Steve Scalise (R-La.) suggested earlier this week that bicameral negotiations could take place over the weeks-long recess as lawmakers stare down the shutdown deadline.

Not all Republicans, however, are viewing a shutdown as a risk.

During a House Freedom Caucus press conference this week, Good said “we should not fear a government shutdown,” claiming that “most of what we do up here is bad anyway; most of what we do up here hurts the American people.”

But that perspective does not jive with the view of McCarthy, who declared Thursday: “I don’t want the government to shut down.”

Multiple Republicans are ultimately expecting Congress to eventually pass what’s known as a continuing resolution (CR), or a measure that temporarily allows the government to be funded at the previous fiscal year’s levels, to prevent a lapse at the end of September.

But they also understand the task could be difficult in the GOP-led chamber, where Republicans aren’t happy about the idea of continuing funding at the current levels — which were last set when Democrats held control of Congress.

“I think there’s a very good chance that we’ll see a CR, but I know there’s a lot of work to get a CR done,” Rep. Robert Aderholt (R-Ala.), another appropriator, said Thursday, noting there are “a lot of members that don’t want CRs that are tired of them.”

But Aderholt suggested a CR could notch sufficient GOP backing if there’s a larger plan in sight that the party can support.

“The Speaker’s been very good about having a plan,” he said, adding, “I think that’s what he’s good at, and I’m optimistic that he can come up with something.”

Emily Brooks contributed.

House, Appropriations, Business, News The House Republicans who craft the conference’s government funding bills are showing signs of frustration as hard-line conservatives pressure leadership for further cuts to spending that some worry could be too aggressive. Some of the 12 Appropriations subcommittee chairs — the so-called cardinals — told reporters that they are struggling to see where those additional cuts…

Business

David Sacks: The New White House AI and Crypto Czar

Published

3 weeks ago

December 6, 2024

Bolanle Media Staff

According to CNBC and NBC News, David Sacks, a prominent venture capitalist and former PayPal executive, has been appointed as the White House AI and Crypto Czar by President-elect Donald Trump. This newly created position underscores the incoming administration’s focus on artificial intelligence and cryptocurrency as critical areas for American competitiveness.

Role and Responsibilities

Sacks will be tasked with several key responsibilities in his new role:

Guiding policy for the administration in AI and cryptocurrency
Establishing a legal and regulatory framework for the cryptocurrency industry
Safeguarding free speech online, and steering away from Big Tech bias and censorship
Leading the Presidential Council of Advisors for Science and Technology

Trump emphasized that Sacks will focus on making America the clear global leader in both AI and cryptocurrency.

Background and Qualifications

David Sacks brings a wealth of experience to his new position:

Former Chief Operating Officer of PayPal
Founder of Yammer, which was sold to Microsoft for $1.2 billion in 2012
Co-founder of Craft Ventures, a venture capital firm
Investor in major tech companies including SpaceX, Palantir, Uber, and Airbnb

Sacks is also known for his close associations with tech entrepreneurs like Elon Musk and Peter Thiel, being part of the “PayPal Mafia“.

Political Involvement

Sacks has been a vocal supporter of Trump during his campaign:

Hosted a fundraiser for Trump at his San Francisco estate, with tickets priced at $50,000 each and a more exclusive $300,000 tier
Delivered a speech at the Republican National Convention in Milwaukee in July 2024
Wrote a detailed essay on X explaining his reasons for supporting Trump

Implications for AI and Crypto Industries

The appointment of Sacks signals a potential shift towards more crypto-friendly policies and regulatory clarity for the digital asset industry. This move, along with Trump’s nomination of crypto advocate Paul Atkins to head the Securities and Exchange Commission, marks a departure from the stricter oversight approach seen under the previous administration.

As the White House AI and Crypto Czar, Sacks is expected to play a crucial role in shaping the future of these rapidly evolving technologies in the United States, potentially influencing their development and adoption on a global scale.

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Business

Bitcoin Surpasses $100,000 Milestone: A New Era for Cryptocurrency

Published

3 weeks ago

December 5, 2024

Bolanle Media Staff

In a historic moment for the cryptocurrency world, Bitcoin has officially surpassed the $100,000 mark, reaching a new all-time high and solidifying its position as a major player in the global financial landscape. This milestone comes amid a surge of investor enthusiasm and significant market developments.

The Breakthrough

Bitcoin breached the $100,000 threshold in the early hours of December 5, 2024, climbing to approximately $103,000 before experiencing a slight pullback, according to BBC News. This remarkable achievement represents a culmination of Bitcoin’s impressive performance throughout 2024, with the cryptocurrency’s value on an upward trajectory for most of the year.

Factors Driving the Surge

Several key factors have contributed to Bitcoin’s meteoric rise:

Political Influence: The recent U.S. presidential election, with Donald Trump’s victory, has played a significant role in boosting Bitcoin’s price. Trump’s pro-cryptocurrency stance and his promise to make the U.S. a “crypto capital” have fueled investor optimism, according to BBC News and AP News.
Regulatory Developments: According to AP News, the imminent appointment of Paul Atkins, a former SEC commissioner known for his crypto-friendly views, as the next chair of the Securities and Exchange Commission has been seen as a positive sign for the cryptocurrency industry.
Institutional Adoption: According to BBC News, the approval of spot Bitcoin exchange-traded funds (ETFs) by the SEC has allowed major investment firms like Blackrock, Fidelity, and Grayscale to offer Bitcoin-linked products, attracting billions in investments.
Market Dynamics: The recent Bitcoin halving event, which reduced the rate of new Bitcoin creation, has contributed to increased scarcity and demand.

Expert Opinions and Predictions

Analysts and industry experts have weighed in on Bitcoin’s future prospects:

Dan Coatsworth, an investment analyst at AJ Bell, described the $100,000 milestone as a “magic moment” for Bitcoin.
Ryan Lee of Bitget Research suggested that Bitcoin’s momentum could propel it well above $100,000 by the end of the year, citing historical patterns and post-halving cycle trends.
Bitfinex analysts expect Bitcoin to continue accumulating and ranging, with potential for further growth in the coming months.

Cautions and Considerations

While the mood is largely optimistic, experts also urge caution:

Carol Alexander, a finance professor at Sussex University, warned that while Bitcoin’s price may continue to rise, many younger investors speculating on meme coins are facing losses.
According to BBC News and AP News, the cryptocurrency’s notorious volatility remains a concern, with some analysts reminding investors that Bitcoin does not function like conventional currencies and lacks traditional investor protections.

Looking Ahead

As Bitcoin enters this new phase, the cryptocurrency community is abuzz with speculation about its future trajectory. While some predict further gains, others caution against overexuberance. The coming months will likely be crucial in determining whether Bitcoin can sustain its position above $100,000 and potentially reach even greater heights.

With increased institutional involvement, evolving regulatory landscapes, and growing mainstream acceptance, Bitcoin’s journey past the $100,000 mark may well be just the beginning of a new chapter in the cryptocurrency’s history.

Business

The Cities Bracing for Trump’s Immigration Crackdown

Published

2 months ago

November 8, 2024

Bolanle Media Staff

In the wake of Donald Trump’s recent election victory and his promise of “the largest deportation operation in American history,” several major U.S. cities are bracing for potentially seismic shifts in their economic and social landscapes. As the nation grapples with the implications of this proposed policy, urban centers that have long been havens for immigrant communities find themselves at the epicenter of a looming storm.

Los Angeles, often dubbed the “City of Angels,” stands to lose more than its celestial nickname suggests. As a primary gateway for immigrants, the city’s vibrant tapestry of cultures and its economic engine could face significant disruption. From the bustling streets of Koreatown to the sun-drenched orchards of the Central Valley, the absence of undocumented workers could leave gaping holes in the city’s workforce and cultural identity.

Across the country, New York City, with its iconic skyline and melting pot reputation, faces its own reckoning. The Big Apple’s 5.9 million immigrants, many of whom are undocumented, form the backbone of industries ranging from construction to healthcare. The potential exodus could transform neighborhoods like Jackson Heights and Flushing, altering the very essence of what makes New York a global city.In the Sunshine State, Miami’s tropical allure belies the turbulent times ahead. Home to 2.5 million immigrants, the city’s economy relies heavily on sectors like tourism and hospitality – industries where undocumented workers often fill crucial roles. The potential deportation of these workers could send shockwaves through Miami’s economic ecosystem, from South Beach’s glitzy hotels to the agricultural heartlands of South Florida.

Chicago, the “City of Big Shoulders,” may find those shoulders significantly weakened. With 1.7 million immigrants in its metropolitan area, the Windy City’s diverse neighborhoods and industries face an uncertain future. From the meatpacking plants to the tech startups, Chicago’s economic resilience could be tested like never before.

In the Lone Star State, Houston and Dallas stand as twin testaments to the complexities of immigration policy. These Texas titans, each home to large immigrant populations, could see their booming economies stumble. The construction sites that dot their ever-expanding skylines and the service industries that keep these cities humming could face unprecedented labor shortages.

Out West, the San Francisco Bay Area’s reputation as a bastion of innovation and progress could be challenged. The region’s tech industry, often reliant on immigrant talent, might find itself grappling with a new reality. From Silicon Valley’s coding campuses to the agricultural expanses of the Central Valley, California’s economic powerhouse could face a reckoning. Phoenix, rising from the Sonoran Desert, could see its growth trajectory altered. As Arizona’s urban center, it stands at the forefront of the immigration debate, potentially facing not just economic impacts but social and political upheaval as well.

These cities, along with others like San Diego and Las Vegas, are not just facing potential economic disruptions. They are staring down the barrel of profound social change. Family separations, community fragmentation, and the erosion of cultural enclaves built over generations are all possible consequences of mass deportations. Moreover, the fiscal implications are staggering. Undocumented immigrants contribute billions in taxes annually, often without receiving the full benefits of their contributions. Their sudden absence could leave gaping holes in city budgets, potentially affecting public services and infrastructure projects.

As these urban centers brace for impact, the debate rages on. Supporters of stricter immigration policies argue for the need to enforce laws and protect American jobs. Critics warn of economic devastation and the unraveling of America’s urban fabric. What’s clear is that America’s cities stand at a crossroads. The coming months and years will likely reshape urban landscapes in ways both visible and invisible. From the foods we eat to the services we rely on, from the neighborhoods we call home to the very character of our cities, the impacts of this proposed immigration crackdown could be far-reaching and long-lasting. As the nation watches and waits, these cities – vibrant, diverse, and economically vital – find themselves on the front lines of a policy that could redefine what it means to be an American city in the 21st century.

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