Economy
Rural lenders, crop insurance agents push for bolstered safety net at farm bill hearing
WASHINGTON — Rural bank executives and crop insurance agents testified at a Thursday Senate hearing in support of a modernized crop insurance market that helps upstart producers manage growing risks, and supports food security. The witnesses told the Senate Committee on Agriculture, Nutrition, and Forestry that crop insurance represents one of the most important financial […]
U.S. default could begin June 8 without agreement, top economist tells Congress
WASHINGTON — Unless Congress can strike a deal, the U.S. Treasury will likely default on the nation’s bills starting June 8, triggering major consequences for the economy, according to Mark Zandi of Moody’s Analytics. The risk assessment organization’s chief economist testified before the U.S. Senate Committee on the Budget Thursday and urged lawmakers to suspend […]
Bernie Sanders unveils push for $17-an-hour federal minimum wage, citing state increases
WASHINGTON — U.S. Sen. Bernie Sanders on Thursday announced Democrats’ plans to mark up legislation to increase the federal minimum wage to $17 an hour, pointing to an increase in the cost of living. Outside the U.S. Capitol, Sanders, a Vermont independent and chairman of the Health, Education, Labor and Pensions Committee, said the panel […]
At a McDonald’s in Kentucky, 10-year-olds worked past midnight, Department of Labor finds
WASHINGTON — Children as young as 10 were found working past midnight at a McDonald’s restaurant in Louisville, Kentucky, the U.S. Department of Labor said in announcing numerous civil penalties levied on fast-food franchises. As part of an investigation into federal child labor law violations in the Southeast, the Department of Labor said that three separate franchises […]
U.S. could default as early as June 1, Yellen warns Congress
WASHINGTON — U.S. Treasury Secretary Janet Yellen warned Monday that the U.S. could default in as soon as one month if Congress does not act to raise the nation’s borrowing limit — a prediction that prompted President Joe Biden to call a meeting with congressional leaders next week. In a letter to lawmakers, Yellen wrote […]
Converting office spaces is hard. These changes could make it easier
PORTLAND — Stroll around America’s vacant downtowns, and a seemingly obvious solution emerges to the housing shortages and homelessness problems in many states: Why not turn all those unoccupied offices into living spaces? Especially in cities such as Portland, where the office vacancy rate in the urban core peaked at an estimated 27% earlier this […]
U.S. House GOP pushes through debt ceiling increase coupled with massive spending cuts
WASHINGTON — U.S. House Republicans on Wednesday struggled but whipped just enough votes to pass their plan to temporarily raise the nation’s borrowing limit and also cut spending by slashing key parts of President Joe Biden’s climate and tax law, potentially risking some veterans’ health benefits and imposing more work rules on the nation’s safety […]
U.S. House GOP plan would expand work requirements for food aid for older adults
WASHINGTON — Hundreds of thousands of low-income Americans could face higher barriers to food assistance under the U.S. House Republican plan to cut spending while temporarily lifting the debt limit, advocates say. House Speaker Kevin McCarthy’s Limit, Save, Grow Act proposes returning discretionary spending to fiscal 2022 levels in exchange for raising the nation’s borrowing […]
U.S. House GOP unveils plan on debt ceiling, spending cuts; Biden slams ‘wacko notions’
WASHINGTON — U.S. House Republicans unveiled a debt limit proposal Wednesday that would lift the nation’s borrowing capacity by $1.5 trillion or suspend it through March. The bill, introduced by Speaker Kevin McCarthy, carries along with it numerous Republican initiatives that are unlikely to get the bipartisan support necessary to clear the divided Congress. That […]
U.S. House speaker vows vote soon on spending cuts coupled with debt limit increase
U.S. House Speaker Kevin McCarthy traveled to the New York Stock Exchange on Monday to press for the Republican approach to raising the nation’s debt limit in front of a new audience, calling on Democrats to agree to future spending cuts without any tax increases. McCarthy repeatedly criticized President Joe Biden and blamed him for […]
Montana Food Bank Network, others, urge support for federal money for food for children
The Montana Food Bank Network is again asking the Gianforte Administration to participate in a federal program that has helped provide food for children and families since the pandemic — to the tune of an estimated $27 million last year, according to the Network. This year, federal guidelines mean less money for Montana, but a […]
Mortgage rates are stabilizing, but that may not be enough to help house hunters
Home prices are cooling off and mortgage rates fell last week, but the fallout from recent bank closures could continue to make it hard for some Americans to buy homes, economists say. Mortgage rates fell to 6.32% for a 30-year fixed rate mortgage, Freddie Mac data released on Thursday shows. Last fall, the 30-year fixed […]