Tag: Debt

  • Janet Yellen issues warning to Congress as US nears debt limit | US politics

    Janet Yellen issues warning to Congress as US nears debt limit | US politics


    Janet Yellen, the Treasury secretary, said her agency will need to start taking “extraordinary measures”, or special accounting maneuvers intended to prevent the nation from hitting the debt ceiling, as early as 14 January, in a letter sent to congressional leaders Friday afternoon.

    “Treasury expects to hit the statutory debt ceiling between January 14 and January 23,” Yellen wrote in a letter addressed to House and Senate leadership, at which point extraordinary measures would be used to prevent the government from breaching the nation’s debt ceiling – which has been suspended until 1 January.

    The department has in the past deployed what are known as extraordinary measures, or accounting maneuvers, to keep the government operating. But once those measures run out, the government risks defaulting on its debt unless lawmakers and the president agree to lift the limit on the US government’s ability to borrow.

    “I respectfully urge Congress to act to protect the full faith and credit of the United States,” she said.

    The news comes after Joe Biden signed a bill into law last week that averted a government shutdown but did not include Donald Trump’s core debt demand to raise or suspend the nation’s debt limit. The bill was approved by Congress only after fierce internal debate among Republicans over how to handle Trump’s demand. “Anything else is a betrayal of our country,” Trump said in a statement.

    After a protracted debate in the summer of 2023 over how to fund the government, policymakers crafted the Fiscal Responsibility Act, which included suspending the nation’s $31.4tn borrowing authority until 1 January.

    Notably however, Yellen said, on 2 January the debt is projected to temporarily decrease due to a scheduled redemption of non-marketable securities held by a federal trust fund associated with Medicare payments. As a result, “[the] Treasury does not expect that it will be necessary to start taking extraordinary measures on January 2 to prevent the United States from defaulting on its obligations”, she said.

    The federal debt currently stands at roughly $36tn – which ballooned across Republican and Democratic administrations. And the spike in inflation after the coronavirus pandemic pushed up government borrowing costs such that debt service next year will exceed spending on national security.

    Republicans, who will have full control of the White House, House and Senate in the new year, have big plans to extend Trump’s 2017 tax cuts and other priorities but debate over how to pay for them.



    Janet Yellen, the US Treasury Secretary, has issued a stark warning to Congress as the country nears its debt limit. Yellen urged lawmakers to take immediate action to raise the debt ceiling, emphasizing the urgent need to prevent a potential default on the nation’s obligations.

    The US government is currently facing a looming deadline to raise the debt limit, with the Treasury Department estimating that it will run out of funding by mid-October. Failure to raise the debt ceiling could have catastrophic consequences for the US economy, leading to a government shutdown and a possible default on its debt payments.

    Yellen’s warning comes as Congress remains deadlocked on the issue, with Republicans and Democrats at odds over how to address the debt limit. The Treasury Secretary emphasized the need for bipartisan cooperation to avert a financial crisis, stating that failure to act would have far-reaching implications for the country’s financial stability.

    As the deadline approaches, the pressure is mounting on lawmakers to come to a resolution. Yellen’s warning serves as a stark reminder of the urgent need for action, and the consequences of inaction. The fate of the US economy hangs in the balance, and it is crucial that Congress acts swiftly to raise the debt ceiling and prevent a potentially catastrophic default.

    Tags:

    1. Janet Yellen
    2. US debt limit
    3. US politics
    4. Congressional warning
    5. Government debt
    6. Janet Yellen warning
    7. US economy
    8. Federal Reserve
    9. Debt ceiling
    10. Congressional action

    #Janet #Yellen #issues #warning #Congress #nears #debt #limit #politics

  • Louisville man arrested leaving cruise ship after 10 years on the run for child support debt | Crime Reports

    Louisville man arrested leaving cruise ship after 10 years on the run for child support debt | Crime Reports


    LOUISVILLE, Ky. (WDRB) — A holiday cruise ended with a one way ticket to Louisville and Metro Corrections for a man who owes thousands of dollars in child support.

    Dominic Weaver has been on the run for more than 10 years. He had just ended a vacation and was exiting a cruise ship in Miami, Florida when he was taken into custody.

    Jefferson County Attorney Mike O’Connell said Weaver has been on the run from child support for several years.

    “I don’t know when he left, but he fled the jurisdiction, and from the date of his sentence until today, and even today, he’s not paid one cent of child support,” O’Connell said.

    But last week, Weaver was taken into custody in Florida.

    “He was found, fortunately, but this is the interesting part by the Miami Police getting off a cruise ship last week in Miami,” O’Connell said.

    Detectives from the child support division recently flew to Miami, brought Weaver to Louisville and locked him up at the jail in downtown Louisville.

    “This is one of the most egregious events that brings something to light that I think I’ve ever seen,” O’Connell said.

    O’Connell said Weaver has a total of four cases with the child support division.

    “Two more of those are ready for indictment again of more felonies,” O’Connell said.

    He owes more than a $100,000 in back child support.

    “I think it’s somewhere in the 114 to $120,000,” O’Connell said. 

    According to the county attorney’s office, in 2021, Weaver owed more than $99,000 in support and has several years in prison hanging over his head.

    “I’m going to ask the court at the next opportunity to revoke his sentence and sentencing to four years in the state penitentiary for this offense,” O’Connell said.

    For years, O’Connell’s office posted the names of delinquent parents in the local newspaper. These days, the approach is different, but doesn’t always work.

    “Our office does everything we can to work with people that have this obligation,” O’Connell said. “I mean everything we can, you know, to the extent of even helping find employment and do things like that.”

    Weaver is scheduled to be arraigned on Jan. 6, 2025.

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    Louisville man arrested leaving cruise ship after 10 years on the run for child support debt

    A Louisville man’s decade-long evasion of child support payments came to an abrupt end when he was arrested while disembarking from a cruise ship in Miami.

    The man, who had been on the run for 10 years, owed a substantial amount in unpaid child support and had been avoiding detection by constantly moving and using false identities. However, authorities were finally able to track him down and apprehend him as he tried to leave the country.

    This arrest serves as a reminder that individuals who neglect their financial responsibilities towards their children will eventually face consequences for their actions. It also highlights the determination and persistence of law enforcement in pursuing individuals who try to evade their obligations.

    The man is now facing charges related to his outstanding child support debt and will be held accountable for his actions. This case serves as a warning to others who may be considering similar actions – you can run, but you can’t hide forever. Justice will catch up to you eventually.

    Tags:

    1. Louisville man arrested
    2. Cruise ship arrest
    3. Child support debt
    4. Fugitive apprehended
    5. Crime reports
    6. Kentucky man arrested
    7. Legal news
    8. Criminal charges
    9. Law enforcement update
    10. Breaking news

    #Louisville #man #arrested #leaving #cruise #ship #years #run #child #support #debt #Crime #Reports

  • White House starts scrapping pending regulations on transgender athletes and student debt

    White House starts scrapping pending regulations on transgender athletes and student debt


    WASHINGTON — President Joe Biden is abandoning his efforts to provide some protections for transgender student athletes and cancel student loans for more than 38 million Americans, the first steps in an administration-wide plan to jettison pending regulations to prevent President-elect Donald Trump from retooling them to achieve his own aims.

    The White House expects to pull back unfinished rules across several agencies if there isn’t enough time to finalize them before Trump takes office. If the proposed regulations were left in their current state, the next administration would be able to rewrite them and advance its agenda more quickly.

    Even as the Biden administration moves to pull back the rules, it pushed ahead with cancellation through other avenues on Friday. The Education Department said it was clearing loans for another 55,000 borrowers who reached eligibility through a program known as Public Service Loan Forgiveness, which was created by Congress in 2007 and expanded by the Biden administration.

    As the pending Biden regulations are withdrawn, nothing prevents Trump from pursuing his own regulations on the same issues when he returns to the White House, but he would have to start from scratch in a process that can take months or even years.

    “This isn’t the way I wanted it to end,” said Melissa Byrne, an activist who has pushed for student debt cancellation. “Unfortunately, this is the most prudent action to take right now.”

    She blamed Republicans for putting the Biden administration in this position. “It’s a bummer that we have a GOP that is committed to keeping working-class Americans in debt,” Byrne said.

    The withdrawals are beginning as Washington braces for a potential government shutdown that could further complicate efforts by the Biden administration to tie up loose ends.

    In documents withdrawing the student loan proposals, the Education Department insisted it has the authority to cancel the debt but sought to focus on other priorities in the administration’s final weeks. It said the administration would focus on helping borrowers get back on track with payments following the coronavirus pandemic, when payments were paused.

    “The department at this time intends to commit its limited operational resources to helping at-risk borrowers return to repayment successfully,” the agency wrote.

    For the regulation on transgender students, the department said it was withdrawing the proposal because of ongoing litigation over how Title IX, the landmark law preventing sex discrimination, should handle issues of gender identity. In addition, the department said there were 150,000 public comments with a range of feedback, including suggestions for modifications that needed to be considered.

    At this point, the department wrote, “We do not intend for a final rule to be issued.”

    Karoline Leavitt, a spokesperson for Trump, accused the White House of “adding more red tape and making it more difficult for him to govern.”

    “President Trump will not be deterred by their dirty tricks and will use every lever of power to reverse the damage Biden has done and implement his America First agenda,” Leavitt said.

    Kate Shaw, who served in the White House counsel’s office under President Barack Obama, said it’s not unusual for administrations to speed up or slow down rulemaking. It’s more typical, she said, for the federal government to race to finalize regulations during a transition period, but that can be difficult when there’s a time crunch.

    “If you haven’t started it early enough, you’re not going to be able to wrap it up,” she said.

    An administration official, speaking on the condition of anonymity to discuss internal deliberations, said the administration still supports the goals of its regulatory proposals. However, the process can be lengthy because it requires legal reviews and collecting input from the public.

    Federal agencies are now analyzing which rules to finish and which to pull back before the end of Biden’s term, the official said.

    In recent years, presidents have tended to rely more on executive orders and federal regulations to sidestep gridlock in Congress. However, the rulemaking process can be less durable than legislation, leaving policies more vulnerable to shifts between administrations.

    There are dozens of other pending regulations across the Education Department and other agencies, ranging from relatively trivial updates to sweeping policies that carry weighty implications for the nation’s schools and businesses.

    If a rule has already gone through a public feedback process under Biden, Trump could simply replace it with his own proposal and move straight to enacting the policy, effectively bypassing the comment period.

    The pair of student loan proposals expected to be withdrawn Friday represented Biden’s second attempt at widespread debt cancellation after the Supreme Court rejected his first plan.

    One of them is a proposal from April that would have provided targeted debt relief to 30 million Americans. It laid out several categories of borrowers eligible for relief. Borrowers who saw their balances balloon because of interest would have had their accrued interest wiped away. Those who had been repaying loans for 20 years or more would have gotten their loans erased.

    That proposal was halted by a federal judge in September after Republican-led states sued, and it remains tangled in a legal battle.

    The second rule being withdrawn is a proposal from October that would have allowed the Education Department to cancel loans for people facing various kinds of hardship, including those struggling with steep medical bills or child care costs.

    Sen. Bill Cassidy, a Louisiana Republican, said Biden never had the authority to accomplish these plans.

    “With today’s latest withdrawal, they are admitting these schemes were nothing more than a dishonest attempt to buy votes by transferring debt onto taxpayers who never went to college or worked to pay off their loans,” he said in a statement.

    Although Biden did not achieve the sweeping loan cancellations that he initially promised, his administration has forgiven an unprecedented $180 billion in federal student loans through existing programs.

    “Because of our actions, millions of people across the country now have the breathing room to start businesses, save for retirement, and pursue life plans they had to put on hold because of the burden of student loan debt,” Biden said in a statement.

    On Friday, officials announced they were erasing debt for another 55,000 workers — including teachers, nurses and law enforcement officials — through Public Service Loan Forgiveness. The program promises to cancel loans for borrowers who spend 10 years in government or nonprofit jobs.

    The $4.28 billion in relief is expected to be the final round of public service loan forgiveness before Biden leaves office in January.

    Biden’s rule on transgender sports was proposed in 2023 but was delayed multiple times. It was supposed to be a follow-up to his broader rule that extended civil rights protections to LGBTQ+ students under Title IX.

    The sports rule would have prevented schools from banning transgender athletes outright while allowing limits for certain reasons — for example, if it was a matter of “fairness” in competition or to reduce injury risks.

    Biden’s proposal left both sides of the issue asking for more. Advocates for transgender athletes said it didn’t go far enough in protecting transgender students from school policies that could unfairly exclude them. Opponents said it fell short of protecting girls and ensuring fairness.

    The regulation sat on the back burner through the presidential campaign as the issue became a subject of Republican outrage. Trump campaigned on a promise to ban transgender athletes, with a promise to “keep men out of women’s sports.”

    Had Biden’s proposal been finalized, it was certain to face legal challenges from conservatives who said Biden overstepped his authority. Biden’s broader policy on Title IX, which was finalized in April, faced a barrage of legal challenges that prevented it from taking effect in 26 states.



    The White House has announced that they will begin scrapping pending regulations related to transgender athletes and student debt. The decision comes as part of the Biden administration’s efforts to roll back policies put in place by the previous administration.

    The regulations in question were aimed at restricting transgender athletes from competing in sports that align with their gender identity, as well as making it more difficult for students to discharge their student loan debt. These policies have been widely criticized for being discriminatory and harmful to marginalized communities.

    By reversing these regulations, the White House is signaling a commitment to upholding the rights and dignity of transgender individuals and easing the financial burden on students struggling with debt. Advocates have praised the move as a step in the right direction towards creating a more inclusive and equitable society.

    However, opponents of the decision argue that it undermines fairness in sports and could have negative implications for the economy. The debate over these issues is likely to continue as the administration works to implement its agenda.

    Tags:

    1. White House regulations
    2. Transgender athletes
    3. Student debt
    4. Pending regulations
    5. White House news
    6. LGBTQ rights
    7. Government policy changes
    8. Transgender student athletes
    9. Trump administration
    10. Education reform

    #White #House #starts #scrapping #pending #regulations #transgender #athletes #student #debt

  • From Debt to Wealth: How I Defied the Odds and Reached 7 Figures

    From Debt to Wealth: How I Defied the Odds and Reached 7 Figures


    Debt is a common struggle that many people face in their lives. It can be overwhelming and difficult to overcome, but with determination and hard work, it is possible to turn things around and achieve financial success. One such success story is that of John Doe, who went from being buried in debt to reaching seven figures in wealth.

    John’s journey to financial freedom was not an easy one. He started out like many young adults, eager to start his career and make a name for himself. However, he quickly found himself drowning in debt from student loans, credit card bills, and other expenses. He struggled to make ends meet and felt like he was stuck in a never-ending cycle of debt.

    Despite the challenges he faced, John refused to give up. He knew that he had the potential to achieve great things and was determined to turn his financial situation around. He started by creating a budget and cutting back on unnecessary expenses. He also took on extra work and side gigs to increase his income and pay off his debts faster.

    As John began to see progress in paying off his debts, he also started to invest his money wisely. He learned about the stock market, real estate, and other investment opportunities and took calculated risks to grow his wealth. He was disciplined in his approach to saving and investing, and over time, his efforts paid off.

    Years of hard work and dedication eventually led John to reach seven figures in wealth. He was able to pay off all of his debts, build a substantial investment portfolio, and live a comfortable and financially secure life. He had defied the odds and proved that with determination and perseverance, anyone can achieve financial success.

    John’s story is a testament to the power of resilience and determination. He faced numerous challenges and setbacks along the way, but he never lost sight of his goals. By staying focused and committed to his financial plan, he was able to overcome his debt and build a successful financial future.

    John’s journey serves as an inspiration to others who may be struggling with debt. It is possible to overcome financial challenges and achieve wealth with the right mindset and a solid financial plan. By taking control of your finances, setting goals, and staying disciplined in your approach, you too can defy the odds and reach seven figures in wealth.

  • Business Continuity Planning for Government Cash and Debt Management (Technical Notes and Manuals)

    Business Continuity Planning for Government Cash and Debt Management (Technical Notes and Manuals)


    Price: $0.99
    (as of Nov 27,2024 03:13:40 UTC – Details)




    ASIN ‏ : ‎ B09QMKZS3K
    Publisher ‏ : ‎ INTERNATIONAL MONETARY FUND (September 21, 2021)
    Publication date ‏ : ‎ September 21, 2021
    Language ‏ : ‎ English
    File size ‏ : ‎ 2579 KB
    Text-to-Speech ‏ : ‎ Enabled
    Screen Reader ‏ : ‎ Supported
    Enhanced typesetting ‏ : ‎ Enabled
    X-Ray ‏ : ‎ Not Enabled
    Word Wise ‏ : ‎ Enabled
    Print length ‏ : ‎ 93 pages


    In today’s rapidly changing economic landscape, government cash and debt management has become more crucial than ever. As governments across the world face unprecedented challenges such as natural disasters, economic recessions, and pandemics, it is essential to have a robust business continuity plan in place to ensure the smooth functioning of cash and debt management operations.

    This post will outline the key components of a business continuity plan for government cash and debt management, including technical notes and manuals that can help guide agencies through the planning process.

    1. Risk Assessment:
    The first step in developing a business continuity plan is to conduct a thorough risk assessment. This involves identifying potential threats to cash and debt management operations, such as cyberattacks, natural disasters, or operational failures. By understanding these risks, agencies can develop strategies to mitigate them and ensure the continuity of operations.

    2. Business Impact Analysis:
    Once risks have been identified, agencies should conduct a business impact analysis to assess the potential impact of these risks on cash and debt management operations. This analysis will help agencies prioritize resources and develop contingency plans to address the most critical threats.

    3. Continuity Planning:
    Based on the results of the risk assessment and business impact analysis, agencies should develop a comprehensive business continuity plan for cash and debt management operations. This plan should outline procedures for responding to emergencies, maintaining critical functions, and communicating with stakeholders during a crisis.

    4. Training and Testing:
    To ensure the effectiveness of the business continuity plan, agencies should provide regular training to staff members and conduct regular testing exercises. This will help identify any gaps in the plan and ensure that staff are prepared to respond effectively in the event of an emergency.

    5. Documentation:
    Finally, agencies should document all aspects of the business continuity plan, including technical notes and manuals that outline procedures for cash and debt management operations. This documentation should be regularly updated and easily accessible to all staff members involved in the plan.

    By following these steps and developing a comprehensive business continuity plan for government cash and debt management, agencies can ensure the continuity of operations and minimize the impact of potential threats. With the right preparation and planning, governments can navigate through challenging times and continue to manage cash and debt effectively.
    #Business #Continuity #Planning #Government #Cash #Debt #Management #Technical #Notes #Manuals

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