It's a Deal
President Biden reached a deal with Republicans on the debt ceiling.
Catch me up.
Over the weekend, Biden and House Speaker Kevin McCarthy (R-CA) reached an agreement to suspend the debt ceiling — avoiding an economic crisis. It comes as the Treasury Department updated the default deadline to June 5. Biden and Democratic lawmakers wanted a clean raise to the debt ceiling with no budget changes. However, Republicans (who control the House) said they wouldn’t get anything through unless Uncle Sam tightened up (at least some of) his purse strings. Now, the two sides have agreed to suspend the debt ceiling until January 2025, pending approval from both chambers.
What did they agree to?
The deal would cut about $30 billion in unspent Covid relief money, taking money away from several fed programs, including rental assistance programs and small business loans. The deal would also reallocate $20 billion of the IRS's $80 billion in new funding. There are also new work requirements for SNAP benefits eligibility. Most able-bodied adults up to 54 years of age would have to work for at least 80 hours a month to get help — up from age 49. There are also new rules to make it easier for energy projects to get permits. Vet benefits like medical care and toxic burn pit assistance remain untouched — and so do student loan payments which are back on in August.
The House is expected to vote as early as tomorrow before sending the legislation to the Senate. McCarthy needs almost every House Republican vote to get the bill through. That likely includes the votes of the far-right Freedom Caucus which says the cuts don’t go far enough. Some Senate Democrats blamed the GOP for “hostage-taking” the debt talks and said this can’t be “the norm” moving forward. Biden might have to do some convincing, especially with the changes to SNAP benefits. The president has said he will sign the bill as soon as it reaches his desk.
After weeks of back and forth, the US government is close to passing a debt ceiling bill. Now, it’s up to lawmakers on Capitol Hill to pass it before the country is expected to default on its debt on June 5.
Who’s going to trial…
Texas Attorney General Ken Paxton (R). Over the weekend, the Texas House voted to impeach Paxton on 20 articles including bribery and obstruction of justice. In 2020, he made headlines as former President Trump's ally who challenged the 2020 election results. That same year, senior staff members in Paxton’s office wrote a letter to federal law enforcement and called for an investigation into the AG's improper influence, abuse of office, and other possible crimes. Last week, the House General Investigating Committee filed its impeachment resolution and found that Paxton, who served as AG since 2015, allegedly helped one of his political donors during an FBI probe. Investigators also reportedly say Paxton directed his staff to rewrite an opinion on COVID-19 to help out this same donor. Now, the Republican-led Texas House said 'that's proof enough' and voted to impeach the AG — the state’s first impeachment since 1975. Paxton called the proceedings “illegal, unethical, and profoundly unjust.”
On Pause: Paxton is temporarily suspended from office while his case moves to the state’s Senate for trial. Until then, Gov. Greg Abbott (R) could appoint someone to be interim AG or Paxton’s duties will be redirected to First Assistant Attorney General Brent Webster.
Who's getting five more years...
President Recep Tayyip Erdoğan. Over the weekend, Turkey’s two-decade president won reelection after a runoff. The country’s been dealing with a struggling economy, a high refugee population, and the fallout of devastating earthquakes. Erdoğan’s challenger (and critics) pointed to these issues, but it wasn’t enough to keep him from securing his seat. Turkey is a key NATO player, with analysts expecting Erdoğan to continue his role as a middleman between Russia and other Western countries. In his speech, Erdoğan reportedly said, “We hope to be worthy of your trust, as we have been for 21 years.” His opponent apparently called the elections “the most unjust ever,” and claimed many of the country’s resources were used to fund Erdoğan’s campaign.
…Oh and speaking of NATO, at least 30 NATO peacekeepers were injured in clashes with Serb protesters yesterday. Tensions are high after ethnic Albanian mayors took office in northern Kosovo. The area is known to have an ethnic Serb majority, which rejected the election results back in April. Kosovo and Serbia have had a border conflict since Kosovo claimed independence in 2008 — something Serbia won't recognize.
Who's closing a chapter...
Elizabeth Holmes. Today, the Theranos founder is expected to report to a Texas federal prison to serve an 11-year sentence for defrauding investors. Last year, she was convicted of fraud and conspiracy relating to her Silicon Valley blood-testing startup. Spoiler: the tech didn’t work.
What could be mistaken for the Chicago River...
Who's on fire...
relaxin’ all cool
What do you get when you put innovative, temp-regulating materials with stylish designs? Deliciously soft loungewear and cooling, comfy bras from GIAPENTA, of course. They’re designed for women, by women. And they’re perfect for building day-to-night, travel, and do-nothing outfits that’ll keep you cool all summer long. We’re eyeing…
A comfier-than-comfy cross-back t-shirt bra ($68). The ultra-soft memory foam cups and cooling tech fabric make this the ultimate lounge bra. Now available in expanded sizes.
Flattering joggers that feel like a dream ($78). Buttery-soft (and sustainable) fabric, a tapered fit, and roomy front pockets? We’ll take all four colors.
An effortlessly chic U-neckline tank ($48). AKA, a slouchy-soft staple you can pair with any bottom for an easy, breezy look. Cue sigh of relief.
Even cooler? Skimm’rs get 20% off.
Sign up for the Daily Skimm email newsletter. Delivered to your inbox every morning and prepares you for your day in minutes.