From the News

The House cleared legislation early Wednesday morning to raise the debt limit through next year's midterm elections, staving off an unprecedented federal default just in time for the deadline set by the Treasury Department.

Congress must pass legislation to regulate cryptocurrencies before their rapid growth and popularity pose dangers to investors and the financial system, the chairman of the Joint Economic Committee said.

The Labor Department’s report that the economy added 559,000 jobs in May, an acceleration from April, buoyed Democrats and the Biden administration on Friday, adding new fuel to the president’s claims that vaccinations and his economic program are beginning to get the economy back on track after a halting recovery from pandemic recession.

The recent move by Republican governors and state legislators to end pandemic-era federal unemployment programs earlier than their Sept. 6 expiration date will cost local economies more than $12 billion, a new report from Congress’s Joint Economic Committee found.

The 24 states that plan to cut off federal unemployment benefits in the coming weeks stand to have their economies lose a combined $12 billion, according to a report from the U.S. Congress Joint Economic Committee, countering claims from Republican lawmakers and business groups who say dropping the $300-a-week benefits is necessary for a continued economic recovery.

Joint Economic Committee Democrats Chairman - Senator Martin Heinrich (D-NM)

From the News

Dec 15 2021

THE HILL: House clears bill to raise debt limit

Nov 17 2021

BLOOMBERG: Crypto’s Boom Demands Response From Congress, Key Lawmaker Says

Jun 04 2021

NEW YORK TIMES: President Biden praises ‘historic progress’ in job gains, crediting his policies.

Jun 03 2021

CNBC: Ending federal unemployment benefits early will cost states more than $12 billion, new report finds

Jun 02 2021

FORBES: States Cutting $300-A-Week Unemployment Benefits Face $12 Billion Economic Hit, Congressional Committee Says