Washington Wire

President Biden marked Obamacare's 13th anniversary on Thursday by highlighting coverage gains and re-engaging with GOP lawmakers who' ve taken cuts to Social Security and Medicare off the table but are eyeing ways to scale back the 2010 health law or place new limits on Medicaid coverage for the poor. In a speech from the White House, Mr. Biden characterized…

The labor market continues to defy Federal Reserve attempts to cool hiring, with U.S. applications for unemployment benefits down again last week and remaining at historically low levels. Jobless claims in the U.S. for the week ending March 18 fell by 1,000 to 191,000 from the previous week, the Labor Department said Thursday. On Wednesday, the Federal Reserve…

Elizabeth Warren stepped up her criticism of Federal Reserve Chairman Jerome Powell following the Fed's most recent interest rate hike Wednesday, saying that he is a "dangerous man" to serve in his role. Warren told CNN's Jake Tapper in an interview that Powell is doing a "terrible job" in his position and is risking sending the economy into a recession with the…

The Federal Reserve raised interest rates by a quarter-point on March 22, 2023, bowing to market expectations that it would temper its aggressive program of rate hikes amid a still-brewing banking crisis. But the collapse of Silicon Valley Bank on March 10 forced the central bank to take a step back. This muted rate hike signals that the Fed is being cautious in…

As he mulls a 2024 presidential bid, former Vice President Mike Pence on Tuesday called for "common sense and compassionate solutions" to reform entitlement programs and the nation's debt burden, suggesting changes to Social Security and Medicare programs hurtling toward insolvency, particularly for younger generations, without naming specific…

Since a debt crisis cannot be avoided without curbing mandatory spending, some Republicans are still willing to acknowledge the third rail. These fiscally sober, and actually conservative, Republicans aren't likely to win the nomination, and they're making Trump giddy. Biden taunted congressional Republicans at his State of the Union, saying it was their "…

Biden's budget proposes increasing discretionary funding for the Department of Health and Human Services by $14.8 billion over 2023, raising taxes on people making more than $400,000 a year to keep Medicaid solvent, making ObamaCare tax premiums permanent and enacting a $35 cap on monthly insulin costs across the commercial market.

The rapid downfalls of Silicon Valley Bank and Signature Bank have zapped confidence in critical parts of the banking sector and triggered concerns about what is next to rupture. The Federal Reserve should temporarily pause interest rate hikes on Wednesday to give the financial system time to adjust to the new reality. First Republic Bank needed a $30…

Elizabeth Warren tore into Federal Reserve Chairman Jay Powell on Sunday, accusing the presidential appointee of wanting to put millions of people out of work to combat inflation by continuing to raise interest rates. Yes, he is responsible for dealing with inflation, but he is also responsible for employment, "the Massachusetts Democrat said on NBC's" Meet the…

Inflation data released last Tuesday could make the Federal Reserve's interest rate decision this week a fraught one: Price increases showed signs of remaining stubborn, which would usually call for higher rates, even as the turmoil sweeping the banking system spurs calls for caution. In fact, the increase was the fastest monthly pickup in the so-called core…

Former President Donald Trump blasted Gov. Ron DeSantis for wanting to give insurance companies widespread protections from lawsuits, calling it “the worst Insurance Scam in the entire Country!”

Inflation eased slightly in February but remained high, the Bureau of Labor Statistics reported Tuesday, complicating the next move for the Federal Reserve to lower prices while facing abrupt turmoil in the U.S. banking system. The Consumer Price Index rose 6% year-over-year in February, compared with a 6.4% annual rate in January. But with some bank stocks…

WASHINGTON- The Federal Reserve faces stinging criticism for missing what observers say were clear signs that Silicon Valley Bank was at high risk of collapsing in the second-largest bank failure in U.S. history. "It's inexplicable how the Federal Reserve supervisors could not see this clear threat to the safety and soundness of banks and to financial…

U.S. inflation data offered little respite to the Federal Reserve's growing dilemma Tuesday, as consumer price pressures remained stubbornly high over the month of February, challenging the central bank's effort to stabilize the domestic banking sector. The core inflation gain suggests the Fed may find itself challenged by the need to continue raising…

Sarafina Chitika, the deputy communications director for Warren, confirmed to The Hill that the senator believes the body should hold hearings that include testimony from the CEOs of Silicon Valley Bank and Signature Bank, both of which collapsed over the weekend. Congress passed the Dodd-Frank Act and then- President Obama signed it into law in 2010 to…

Potential cuts to Medicare benefits have been a for U.S. lawmakers in recent months. Now, recent advertisements claim President Joe Biden's administration is proposing cuts to Medicare Advantage, sometimes called "Part C." One of the ads alleges that the cuts would take away benefits for individual members. Many VERIFY readers have also asked if it's true that…

—Treasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money. Yellen tried to reassure Americans that there will be no domino effect after the collapse of Silicon Valley Bank. Silicon Valley Bank is the nation’ s 16th- largest bank.

The Federal Reserve is trying to slow the economy down, but after eight interest rate hikes in a year, it doesn't seem like the economy is taking the note. The Fed's inflation progress was top of mind this week as Federal Reserve Chair Jerome Powell took questions from both the Senate Banking Committee and the House Financial Services Committee.

The budget, with a topline total of $6.8 trillion, will not be enacted into law, but it will serve as another starting point for debates on spending as the White House and Congress head toward a debt ceiling fight later this year. The White House said the budget would reduce the federal deficit by roughly $3 trillion over a 10- year period through significant tax…