Business News

  • The debt ceiling deal has come with just days to spare before a potential first-ever government default. On Sunday, President Joe Biden and House Speaker Kevin McCarthy reached a final agreement and they are urging Congress to quickly pass it. Biden pronounced the development “good news” in remarks at the White House announcing the agreement. This followed a tentative compromise announced late Saturday. The deal risks angering some Democratic and Republican lawmakers as they begin to unpack the concessions, which include spending cuts. McCarthy and Biden spoke Sunday evening as negotiators drafted legislative text. They face a June 5 deadline when Treasury says the U.S. would risk a debt default.

    May 28, 2023
  • An upbeat President Joe Biden says a deal to resolve the government’s debt ceiling crisis seems “very close." He spoke late Friday, shortly after Treasury Secretary Janet Yellen pushed the deadline for a potentially catastrophic default back to June 5. That announcement seemed likely to drag negotiations between the White House and Republicans into another frustrating week. House Republicans led by Speaker Kevin McCarthy spent the day negotiating by phone and computers with the White House. One Republican negotiator, Rep. Patrick McHenry of North Carolina, called Biden’s comments “a hopeful sign” but also cautioned that there’s still “sticky points” impeding a final agreement.

    May 26, 2023
  • The Biden administration will send 1,500 troops to the U.S.-Mexico border amid an expected migrant surge following the end of coronavirus pandemic-era restrictions. The White House says the troops will be sent to focus on administrative tasks so that U.S. Customs and Border Protection can work in the field. The troops will not do law enforcement work. President Joe Biden’s actions follow similar moves by then-President Donald Trump, who deployed active-duty troops to the border to assist border patrol, on top of National Guard forces that were already there, in processing large migrant caravans.

    May 02, 2023
  • The federal government will “not hesitate to crack down” on harmful business practices involving artificial intelligence, the head of the Federal Trade Commission warned Tuesday in a message partly directed at the developers of widely-used AI tools such as ChatGPT. FTC Chair Lina Khan joined top officials from U.S. civil rights and consumer protection agencies to put businesses on notice that regulators are working to track and stop illegal behavior in the use and development of biased or deceptive AI tools. Amid a fast-moving race between tech giants such as Google and Microsoft in selling advanced AI tools, Khan also raised the possibility of the FTC wielding its antitrust authority to protect competition.

    April 25, 2023
  • One of the most important munitions of the Ukraine war comes from a historic factory in Scranton, Pennsylvania. Steel rods are brought in by train to the Scranton Army Ammunition Plant to be forged into the artillery shells Kyiv can’t get enough of. The plant is at the vanguard of a multibillion-dollar Pentagon plan to modernize and accelerate its production of ammunition and equipment. It is one of just two sites in the U.S. that make the steel bodies for the 155 mm howitzer rounds that the U.S. is rushing to Ukraine. The lack of 155 mm shells has alarmed U.S. military planners, who see it as a critical shortage.

    April 23, 2023
  • President Joe Biden has signed an executive order that would create the White House Office of Environmental Justice. The president says ” The White House says the Democratic administration wants to ensure poverty, race and ethnic status don't lead to worse exposure to pollution and environmental harm. Biden wants to draw a contrast between his agenda and that of Republicans. GOP lawmakers have called for less regulation of oil production to lower energy prices. The Biden administration says the GOP's policies would surrender the renewable energy sector to the Chinese.

    April 21, 2023
  • President Joe Biden has signed an executive order containing more than 50 directives to increase access to child care and improve the work life of caregivers. But the White House said Tuesday the directives in the order would be funded out of existing commitments. That likely means the directives' impact would be limited and they'd carry more of a symbolic weight. The Democratic president was more ambitious in 2021 by calling to provide $425 billion to expand child care, improve its affordability and boost wages for caregivers. White House Domestic Policy Council director Susan Rice says the order shows Biden isn’t waiting on Congress to act.

    April 18, 2023
  • The Supreme Court is allowing challenges to the structure of two federal agencies to go forward in federal court. The high court ruled unanimously Friday to allow challenges to the structures of the Federal Trade Commission and the Securities and Exchange Commission to go forward in federal court. In one case, the FTC had brought an enforcement action against Axon Enterprise, the Arizona-based company best known for developing the Taser, arguing that its purchase of its competitor Vievu for approximately $13 million was improper. The other case involved an SEC enforcement action against Michelle Cochran, a certified public accountant. Axon and Cochran responded by suing in federal court and arguing that the structure of the FTC and SEC respectively are unconstitutional.

    April 14, 2023
  • Federal officials say they have asked the FBI to consider criminal charges against more than 250 unruly airline passengers since late 2021. The Federal Aviation Administration said Thursday that 17 of those cases have been referred to the FBI in the first three months of this year. That's a slower pace, and it seems tied to a decline in passengers acting up on planes since a judge struck down the requirement for passengers to wear masks. The FAA can levy civil fines for misbehaving on planes, but it has to ask the FBI to file criminal charges in the most serious cases.

    April 13, 2023
  • Republican House Speaker Kevin McCarthy says he’s growing increasingly concerned about President Joe Biden’s unwillingness to negotiate on lifting the nation’s borrowing authority. He says in a letter to the president dated Tuesday that the White House position “could prevent America from meeting its obligations and hold dire ramifications for the entire nation.” The White House says McCarthy and the Republicans are to blame, refusing to put forward their own budget plan before formal negotiations. The Treasury Department has resorted to “extraordinary measures” to avoid default on the nation’s $31.4 trillion borrowing authority. But those measures will run out, possibly as early as June.

    March 28, 2023
  • Treasury Secretary Janet Yellen has notified Congress that the U.S. is projected to reach its debt limit on Thursday and will then resort to “extraordinary measures” to avoid default.

    January 13, 2023
  • Thousands of flights across the U.S. were canceled or delayed after a system that offers safety information to pilots failed. The government launched an investigation into the breakdown, which grounded some planes for hours. The Federal Aviation Administration said preliminary indications traced the outage to a damaged database file.

    January 11, 2023
  • Explaining the history of locality pay and how it affects federal employees on the General Schedule.

    January 05, 2023
  • The new leader of Navy shipbuilder Bath Iron Works said he's been rejuvenated by a shift from his former aerospace job to building ships.

    December 27, 2022