President Joe Biden on Monday urged Senate Republicans to stop blocking legislation to increase the debt ceiling as the US hurtles towards an October 18 deadline that could ultimately see it default on its loan obligations, an almost-unheard of scenario that would likely trigger a global economic crisis.
In an uncharacteristically partisan speech from the White House, Mr Biden derided Republicans’ use of a procedural mechanism called the filibuster to block a vote on increasing the debt ceiling in the Senate as “reckless” and “dangerous.”
“Not only are republicans refusing to do their job, they’re threatening to use their power to prevent us from doing our job: saving the economy from a catastrophic event,” said Mr Biden.
“Quite frankly it’s hypocritical, dangerous and disgraceful.”
“Their obstruction and their responsibility knows absolutely no bounds, especially as we’re clawing our way out of this pandemic.”
The Democratic-controlled House of Representatives passed legislation last month to raise the debt ceiling and avoid a US loan default.
But Senate Republicans’ use of the filibuster requires a 60-vote threshold for the legislation to pass the Senate – and Democrats only have 51 votes, including that of Vice President Kamala Harris.
Senate Minority Leader Mitch McConnell insisted that Democrats must raise the debt ceiling, but without any Republican votes, in a letter to Mr Biden on Monday.
“Republicans’ position is simple,” wrote Mr McConnell. “We have no list of demands. For two and a half months, we have simply warned that since your party wishes to govern alone, it must handle the debt limit alone as well.”
Mr McConnell has said that Democrats should use a complicated, lengthy legislative procedure called reconciliation to pass the debt ceiling increase with only 51 votes – the same mechanism that Democrats are using to advance Mr Biden’s $3.5 trillion spending package on social safety net programmes and green energy initiatives.
But Senate Majority Leader Chuck Schumer has ruled out that option, which would require approval from the Senate parliamentarian and eat up valuable time on the Senate floor that Democrats want to advance other priorities.
Mr McConnell also noted that Mr Biden opposed raising the debt ceiling when he was a senator while former president George W. Bush was in office.
However, Democrats did not use the filibuster under Mr Bush, allowing Republicans to raise the debt ceiling in a party-line vote alone.
“I plan on talking to Mitch about it,” Mr Biden told reporters after his speech. “I hope we can have some intelligent and honest conversation about what he’s proposing.”
“The easiest way to do this is if Republicans will not use the filibuster and will let us vote on what is already in the Senate right now, passed by the House to raise the debt limit.”
Despite growing calls from the left-flank of the Democratic party to abolish or reform the filibuster, White House press secretary Jen Psaki said last week that Mr Biden still does not support reforming the filibuster to pass the debt ceiling increase.
Defined benefit and defined contribution schemes explained
Defined Benefit Plan (DB)
A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.
Defined Contribution Plan (DC)
A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.
Results
1. Lewis Hamilton (Mercedes) 1hr 32mins 03.897sec
2. Max Verstappen (Red Bull-Honda) at 0.745s
3. Valtteri Bottas (Mercedes) 37.383s
4. Lando Norris (McLaren) 46.466s
5.Sergio Perez (Red Bull-Honda) 52.047s
6. Charles Leclerc (Ferrari) 59.090s
7. Daniel Ricciardo (McLaren) 1:06.004
8. Carlos Sainz Jr (Ferrari) 1:07.100
9. Yuki Tsunoda (AlphaTauri-Honda) 1:25.692
10. Lance Stroll (Aston Martin-Mercedes) 1:26.713,
Everton 1 Stoke City 0
Everton (Rooney 45 1')
Man of the Match Phil Jagielka (Everton)
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Stats at a glance:
Cost: 1.05 billion pounds (Dh 4.8 billion)
Number in service: 6
Complement 191 (space for up to 285)
Top speed: over 32 knots
Range: Over 7,000 nautical miles
Length 152.4 m
Displacement: 8,700 tonnes
Beam: 21.2 m
Draught: 7.4 m
Our legal advisor
Rasmi Ragy is a senior counsel at Charles Russell Speechlys, a law firm headquartered in London with offices in Europe, the Middle East and Hong Kong.
Experience: Prosecutor in Egypt with more than 40 years experience across the GCC.
Education: Ain Shams University, Egypt, in 1978.
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching