Washington Wire

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…

In spotlighting his Medicare plans, Biden is seeking to sharpen a contrast with Republicans and cast himself as a protector of cherished retirement programs— both for his likely reelection campaign and for a looming congressional battle with House conservatives who are demanding steep cuts in federal spending in order to raise the nation's borrowing…

President Biden has thrust GOP proposals to cut Social Security and Medicare spending into a looming faceoff over the country's debt ceiling. While Republican leaders insist they have no plans to slash entitlements, previous remarks and proposals from GOP figures have fueled Democratic rhetoric on the issue. Social Security, Medicare and Medicaid make up…

U.S. payroll growth has topped estimates for 10 straight months in the longest streak in decades, a trend that, if extended, will boost pressure on the Federal Reserve to keep raising interest rates. Beginning in April last year, the median forecast in each survey of economists fell short of the government’ s initial estimate of payrolls by an average of 100,000 a…

WASHINGTON— Hot inflation data could lead the Federal Reserve to raise interest rates to higher levels and at an accelerated pace, Federal Reserve Chairman Jerome Powell told the Senate Banking Committee on Tuesday. "Although inflation has been moderating in recent months, the process of getting inflation back down to 2 percent has a long way to go and is likely…

In the eyes of many Democrats, any change to Medicare, Medicaid or Social Security that erodes benefits provided under current law would be considered a cut— and therefore stands as a non-starter with liberals as Congress seeks ways to rein in deficit spending. But with Medicare projected to experience funding shortfalls in 2028, and Social Security to follow…

That's a far cry from the COVID record high rate of 34% in April 2020, and well below the pre-pandemic level of 8.8% for all of 2019.. It started with a much larger than anticipated pile-up of cash, due to lockdowns and stimulus checks flowing, which resulted in extra savings of $2.7 trillion by the end of 2021, according to Moody's Analytics. The Federal Reserve Bank…

In his state of the union address, President Biden delivered a broadside against "some Republicans" who have raised the possibility of reducing Social Security and Medicare benefits. Sen. Scott's sunset law proposal is sheer nonsense, at least with respect to Social Security and Medicare. The damage, however, has been done and when President Biden delivered a…

The GOP response to President Joe Bi d e n's truthful statement that some Republicans want to sunset Medicare and Social Security has been highly gratifying. In other words, the party has reacted with sheer panic- plus a startling lack of message discipline, with both Mike Pence and Nikki Haley saying that actually, yes, they do want to privatize or "reform" Social…

Most lawmakers— Republicans and Democrats alike— have declared the marquee safety-net programs of Medicare and Social Security off-limits for cuts as a divided Washington heads for a showdown over the national debt and government spending. But while top Democrats say they will not negotiate government spending with Republicans when the GOP is refusing to…

The Federal Reserve's inflation fight takes another job-market punch as Treasury yields roar past 4%. The Federal Reserve's inflation fight suffered yet another setback on Thursday, as more evidence of a hot jobs market could fuel further wage increases and trigger bets on more aggressive interest-rate hikes in coming months. Labor Department data…