Senate also has votes to clear package, but timeline could be delayed
Hardline conservatives said the debt-limit package will not produce the scale of spending cuts they wanted, while liberal Democrats said they were uncomfortable with concessions Biden made on safety-net programs. Biden officials are planning to hold half a dozen briefings over the next two days for congressional Democrats about changes to specific areas.
The Wall Street Journal looks at the big decline in hog prices and hog sector profits. Details in Markets section. The Dept. of Justice responds to comments on proposed settlement in poultry industry info sharing on worker wages. Turkey's President Recep Tayyip Erdogan won a historic third term, extending his 20 years at the top of Turkey's political landscape. Erdogan defeated challenger Kemal Kilicdaroglu in Sunday's runoff election after failing to win an outright majority in the first round of votes in mid-May.Equities today: Asian and European stock markets were mostly firmer overnight. U.S. stock indexes are pointed toward higher openings. In Asia, Japan +0.3%. Hong Kong +0.2%. China +0.1%. India +0.2%.
The 10-year Treasury yield climbed 13 basis points for the week to 3.82%, the highest point since early March. The odds of a Fed rate hike next month have jumped to 70%. • S&P CoreLogic Case-Shiller national home price index for March is out at 9 a.m. ET. • California water agency overestimates supply. The California Department of Water Resources routinely overestimates the state's water supplies during drought and has made only limited progress in accounting for climate change in its water-supply forecasts. Los Angeles Times.— Russia warns Black Sea grain deal in jeopardy.
Russia's Investigative Committee, the nation's primary criminal investigative body, has launched a criminal inquiry against Graham following these remarks, although the specific crime he is accused of remains unclear. The attack came as Russia launched a third round of strikes in 24 hours on Kyiv, Ukraine's capital, following a rare daytime attack on Monday.
The bill under consideration has to navigate through the House Rules Committee before reaching the House floor. The House Rules Committee, a potent entity, controls the flow of most legislation. As part of his Speaker of the House election, McCarthy appointed three conservative Republicans to this committee. However, two of these appointees, Reps. Ralph Norman and Chip Roy , have suggested they would reject the bill.
However, the deal has drawn criticism from many progressive Democratic members, who have expressed dissatisfaction with the spending restrictions on domestic programs. They have also objected to provisions that reduce funding for the Internal Revenue Service and alter work requirements for food stamp recipients. Rep. Greg Casar , who serves as the whip for the House's progressive caucus, referred to the deal as a "ransom payment" during an appearance on MSNBC.
— Congressional leaders in essence are telling appropriators to finish their job, or else… If the House and Senate fail to enact the 12 appropriations bills by the end of this calendar year, all discretionary accounts are subject to a 1% cut basis the debt-limit agreement. This automatic sequester would apply to accounts Democrats have disguised as"emergency" . Republicans say this is protection against the Democratic Senate that wants another year-end omnibus spending blowout.
— China has formally declined a U.S. request for a meeting between Defense Secretary Lloyd Austin and China's new Defense Minister Li Shangfu. The proposed meeting was intended to occur during the upcoming annual Shangri-La Dialogue security forum in Singapore.
— RFS update. The Office of Management and Budget has now scheduled 29 meetings related to the final rule from the Environmental Protection Agency on the Renewable Fuel Standard levels for 2023 and beyond. These projects support the Conservation Evaluation and Monitoring Activity , a new agency program that provides financial aid to farmers and ranchers to measure organic carbon levels in their soils before and after implementing conservation practices. Samples taken from up to one meter deep in the soil will be tested for organic carbon levels and results shared with the producer. The regional projects aim to train individuals in soil sampling and raise awareness among producers about CEMA.