WASHINGTON (Reuters) – A shock primary election defeat for Eric Cantor, the No. 2 Republican in the U.S. House of Representatives, left his political party in chaos on Wednesday as financial markets worried the shakeup might renew budget fights that in the past have caused government shutdowns and near credit defaults.
Cantor, who has served as House Majority Leader since 2011, unexpectedly lost in Tuesday’s vote to college economics professor David Brat, an activist in the Tea Party movement, which wants to reduce federal government spending and taxes and advocates for a smaller government.
WASHINGTON (Reuters) – Republican lawmakers are scrambling to identify the party’s future leaders after the shock primary election defeat of Eric Cantor, the No. 2 Republican in the House of Representatives, by an upstart candidate from the Tea Party movement.
House Majority Leader Cantor was defeated on Tuesday in a primary race in his Virginia district by a political rookie backed by the conservative Tea Party, which will see the result as an opportunity to increase its influence in Congress.
WASHINGTON (Reuters) – A Senate panel, responding to what President Barack Obama calls an “urgent humanitarian situation,” on Tuesday advanced legislation significantly increasing funds to handle a surge of foreign children entering the United States illegally.
Democratic Senator Barbara Mikulski, who chairs the Senate Appropriations Committee, included up to $2.28 billion for the Department of Health and Human Services to feed and shelter the estimated 130,000 minors expected to arrive in the fiscal year that begins on Oct. 1.
WASHINGTON (Reuters) – President Barack Obama established an interagency group on Monday to handle the growing influx of children coming to the United States illegally without parents or relatives accompanying them.
In a memo that describes an “urgent humanitarian situation,” Obama has put the Federal Emergency Management Agency in charge of coordinating humanitarian relief to the children, including housing, care, medical treatment and transportation.
WASHINGTON (Reuters) – Tens of thousands of children unaccompanied by parents or relatives are flooding across the southern U.S. border illegally, forcing the Obama administration and Congress to grapple with both a humanitarian crisis and a budget dilemma.
An estimated 60,000 such children will pour into the United States this year, according to the administration, up from about 6,000 in 2011. Now, Washington is trying to figure out how to pay for their food, housing and transportation once they are taken into custody.
WASHINGTON, May 22 (Reuters) – The U.S. Senate aims to vote
to confirm three candidates to the Commodity Futures Trading
Commission in early June, a senior Democratic aide said on
Thursday, to fill a leadership gap at the futures and swaps
The agency played a crucial role in reforming financial
markets after the 2007-2009 credit crisis, bringing largely
unregulated swaps trading by Wall Street giants such as Bank of
America and JPMorgan under its control.
DETROIT/WASHINGTON (Reuters) – General Motors Co is recalling more than 284,000 older Chevrolet small cars in the United States and other markets because of a potential fire hazard, bringing U.S. recalls at the automaker this year to 29 and a record number of vehicles.
The two recalls are the latest announced by GM, the largest U.S. automaker. The recall with the highest profile was of cars with defective ignition switches linked to at least 13 deaths. The Detroit company has been criticized by safety advocates and fined by U.S. safety regulators for its delayed response in catching the faulty switch.
WASHINGTON (Reuters) – The U.S. Senate on Wednesday approved Stanley Fischer’s nomination to the Federal Reserve Board of Governors, adding a potentially influential voice to the developing debate over Fed policy in the post-crisis era.
Fischer, 70, was approved on a 68-27 vote, with all the opposition coming from Republicans. A separate vote, still unscheduled, must be held to confirm his appointment as vice chairman of the U.S. central bank.
WASHINGTON (Reuters) – General Motors Co was slapped on Friday with a $35 million U.S. fine for its delayed response to an ignition switch defect in millions of vehicles, as federal regulators accused a long line of company officials of concealing a problem that is linked to at least 13 deaths.
U.S. Transportation Secretary Anthony Foxx announced the fine, which is the maximum the agency can impose. Other investigations into the automaker’s handling of the recall are being conducted by the federal government and could come with more severe punishments.
WASHINGTON (Reuters) – General Motors Co was slapped on Friday with a $35 million U.S. fine for its delayed response to an ignition switch defect in millions of vehicles.
U.S. Transportation Secretary Anthony Foxx announced the fine, which is the maximum the agency can impose. Other investigations into the automaker’s handling of the recall are being conducted by the federal government.