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There’s roughly a week until the U.S. government could become short of money because it can’t borrow to fulfill all of its obligations, and the partisan disagreement over whom would be to blame for any possible economic fallout reflects the broad divide between Republicans and Democrats over raising the debt limit. 

Asked whom the American public would hold responsible if a deal isn’t reached in time, GOP lawmakers told Fox News Digital on Tuesday that the blame would certainly lie at President Joe Biden and the Democrats’ feet. Most pointed to House Republicans’ recently-passed Limit, Save, Grow Act as evidence that the GOP did its part to avert any debt crisis.

Democrats, meanwhile, accused House Speaker Kevin McCarthy and his conference of holding the debt limit ‘hostage’ and pointed out that it was Congress’ constitutional obligation to act on the debt ceiling, rather than Biden’s. 

‘President Biden waited 97 days to speak with Kevin McCarthy about this debt ceiling stuff, so if anything untoward happens, this is 100% the Biden-Schumer shutdown,’ said Rep. Derrick Van Orden, R-Wis., on the steps of the U.S. Capitol. Asked if he believes Americans would feel the same way, he added, ‘I think if more media outlets report it honestly like you’re doing, they would, if they’re told the truth.’

Republican Study Committee Chairman Kevin Hern, R-Okla., maintained that McCarthy and Biden would reach a deal before the government runs out of cash, declaring, ‘First and foremost, we’re going to pay our debts. We always have, we always will, so I think that’s the headline.

Hern said ‘I do’ when asked if he feels Americans would blame the left for any repercussions of letting negotiations get down to the line in terms of timing, and knocked Biden for his recent trip to the G7 summit in Japan as talks went on. ‘When you look at the leadership that we have done in the House, doing our responsibility of passing a bill, the Senate hasn’t done their job, and the president was off gallivanting around the world when he could’ve been working to get this done,’ Hern explained.

Rep. Ben Cline, R-Va., in charge of the RSC’s budget taskforce, shared a similar sentiment regarding the other side of the aisle. ‘Absolutely – they’re the ones who have been delaying the whole time, they’re the ones who want to keep spending, and continue to keep punting on responsibility for this enormous debt that this country’s incurred,’ Cline said.

‘Joe Biden’ was Rep. Byron Donalds’, R-Fla., point-blank answer when asked whom Americans will direct their anger at. ‘Because the one thing Joe Biden has been successful at is creating crises he cannot solve. He’s done it every single time,’ Donalds said. 

On the other side of the aisle, Rep. Zoe Lofgren, D-Calif., simply told Fox News Digital when asked who would be to blame, ‘It’s Congress’ job, only Congress can raise the debt limit.’

‘It’s pretty obvious who to blame here – the extremist Republicans who control Kevin McCarthy. I mean, they’re the ones who made him go through 17 votes to get elected Speaker. They’re holding the country hostage,’ said Rep. Seth Moulton, D-Mass. ‘We didn’t like Donald Trump, we didn’t like his tax cuts. It’s created much of this deficit. And yet we raised the debt limit three times under Trump because it’s the right thing to do for the country.’

Asked if Americans would feel the same, Moulton said, ‘Look I hope they do, because that’s the truth.’

Rep. Jason Crow, D-Colo., said public blame would fall on ‘anyone who is standing in the way of actually moving this forward and doing so quickly.’

‘We’re already way too close, we shouldn’t have been this close to a default,’ Crow said. ‘The Republicans and Speaker McCarthy in particular need to come to the table in good faith and get this done, because we can’t be playing games with the American economy and American workers.’

‘We have a Republican-controlled House, and it’s a Republican-controlled House that’s brought us to the brink,’ Crow added.

This post appeared first on FOX NEWS

Above is an AI image to illustrate that while, on Monday, Granddad Russell (IWM) was offering a helping hand to his wife Granny Retail (XRT), today they both looked more vulnerable.

Just as the S&P 500 failed to clear its 23-month moving average, we are hoping that IWM not only holds its 80-month MA (green on the monthly chart), but also holds its 50-DMA (blue on the daily chart). 

Real Motion, our proprietary indicator that lets you see hidden strength or weakness during market trends, shows momentum still above its 50 and 200-DMAs. It also remains, despite the price drop, in a bullish diversion, meaning momentum is okay.

Yet, with today’s selloff, and considering we might have hit the top of this year’s trading range in SPY, Granny remains a concern.

Granny XRT fell in price closer to the March low. Momentum though is now going sideways sitting on the Bollinger band, perhaps getting ready for a mean reversion. That would be a better sign for everyone if XRT holds here and turns higher.

These two key Family members in the Economic Modern Family are not only telling a story–they are the story. And that story reflects a thin veil of optimism, but with enough doubt that, unless both move higher from here, the market could return to risk-off. That is, until SPY tests the lower regions of its persistent trading range.

For more detailed trading information about our blended models, tools and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.

IT’S NOT TOO LATE! Click here if you’d like a complimentary copy of Mish’s 2023 Market Outlook E-Book in your inbox.

“I grew my money tree and so can you!” – Mish Schneider

Get your copy of Plant Your Money Tree: A Guide to Growing Your Wealth and a special bonus here.

Follow Mish on Twitter @marketminute for stock picks and more. Follow Mish on Instagram (mishschneider) for daily morning videos. To see updated media clips, click here.

Mish in the Media

Mish and Caroline discuss profits and risks in a time where certain sectors are attractive investments on TD Ameritrade.

Powell eyes a pause, Yellen hints at the need for more rate hikes, and debt ceiling talks face challenges… what a way to end the week, as Mish discusses on Real Vision’s Daily Briefing for May 19th.

Mish provides a roundup of the commodities and currency pairs to watch this week on CMC Markets.

Mish explains how the Retail ETF is at a critical level on Business First AM.

In this video, Mish walks you thru the Dollar, Euro, GBP, Gold, Silver and more.

Mish walks you through the fundamentals and technical analysis legitimizing a meme stock on Business First AM.

In this appearance on Fox Business’s Making Money with Charles Payne, Mish and Charles discuss if economy has contracted enough with support in place, and present 3 stock picks.

Mish covers the trading range and a few of her recent stock picks on Business First AM.

In this appearance on Real Vision, Maggie Lake and Mish discuss current state of the market, from small caps to tech to gold.

Coming Up:

May 24th & 25th: Mario Nawfal Twitter Space

May 25th: Wolf Financial Twitter Space

May 31st: Singapore Radio with Kai Ting 6:05pm ET MoneyFM 89.3.

June 2nd: Yahoo Finance

ETF Summary

S&P 500 (SPY): 23-month MA 420; support 415.Russell 2000 (IWM): 170 support, 180 resistance.Dow (DIA): 336 the 23-month MA.Nasdaq (QQQ): 336 cleared or the 23-month MA; now it’s all about staying above.Regional Banks (KRE): 42 now pivotal resistance, 37 support.Semiconductors (SMH): 23-month MA at 124 now more in the rear-view mirror.Transportation (IYT): 202-240 biggest range to watch.Biotechnology (IBB): 121-135 range to watch from monthly charts.Retail (XRT): This could be the new harbinger like KRE was in March. Poor Granny.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

PacWest Bancorp, one of the lenders seeking to survive the U.S. regional banking crisis, said on Monday it had agreed to sell a $2.6 billion real estate construction loan portfolio at a discount in a bid to improve its balance sheet.

PacWest’s shares rose 15% on the deal, which gives the California-focused bank breathing space to cope with a flight of deposits that followed the collapse of Silicon Valley Bank and other regional peers over the last two months.

PacWest has lost three-quarters of its market value since the regional banking crisis started on March 8. It lost 16.9% of its total deposit base at the outset, and has been trying to claw some of it back.

PacWest sold 74 real estate construction loans that have an outstanding balance of $2.6 billion to property firm Kennedy-Wilson Holdings for $2.4 billion — a $200 million discount, a regulatory filing showed on Monday.

Kennedy-Wilson said it will also assume $2.7 billion in potential funding obligations associated with the loans, and will take over, subject to clearances secured by PacWest, an additional six real estate construction loans with a balance of about $363 million.

PacWest will have to pay Kennedy-Wilson a fee equal to 0.15% of the total commitments of the loans, according to the filing.

The loans carry floating interest rates that currently average 8.4%, substantially higher than PacWest’s fixed-rate loan portfolio, which was put together when interest rates were much lower. The floating rates allowed PacWest to sell the real estate construction loans at a small discount that reflected a decline in the value of the underlying real estate assets, rather than the rise in interest rates.

“We believe the decline in risk-weighted assets should offset the loss (from the sale of the loans at a discount), which should result in modest improvement in regulatory capital ratios,” Wedbush analysts wrote in a note.

The transaction is expected to close in multiple tranches during the second quarter and early part of the third quarter, PacWest said.

The Los Angeles-based lender has also said it is exploring a sale of its $2.7 billion lender finance loan portfolio, which it expects to have completed by next month.

“It takes pressure off the bank from the funding side as they dispose off these loans — they won’t have to use either extensive deposits or borrowings to fund that part of the portfolio,” said Gary Tenner, managing director at D.A. Davidson & Co.

PacWest had indicated in May it was in talks with potential partners and investors about strategic options. Earlier this month, it said it had posted more collateral to the U.S. Federal Reserve to boost the bank’s liquidity.

PacWest raised $1.4 billion in March from investment firm Atlas Partners SP by borrowing against some of its assets, but that deal has not been sufficient to meet all the bank’s liquidity needs.

This post appeared first on NBC NEWS

Netflix’s crackdown on password sharing has come to the U.S.

The streaming service said it began alerting members on Tuesday about its new sharing policy, noting that Netflix accounts are only to be shared within one household.

“Your Netflix account is for you and the people you live with — your household,” the company said in an email, which it posted to its blog on Tuesday.

The email goes on to say that members can transfer a profile of someone outside of their household so the person can begin a new membership they pay for on their own. Or they can pay an extra fee — $7.99 a month — per person outside of their household using their account.

On Netflix’s subscription plans page, it notes that extra members can be added to its standard and premium plans without ads.

Netflix warned it would be tightening its guidelines on password sharing in a push to boost revenue and subscriber numbers, soon after the company began seeing growth stagnate.

Originally, Netflix was expected to rollout its crackdown on people who borrow other accounts to create their own profiles in late in the first quarter, but alerted investors and customers during an earnings call last month that it was pushing it until the second quarter.

The company has said than more than 100 million households share accounts, which is about 43% of its global user base. Due to this, Netflix said it has affected its ability to invest in new content.

Earlier this year Netflix outlined password-sharing guidance in four other countries: New Zealand, Canada, Portugal and Spain. Netflix said it would ask members in those countries to set a “primary location” for their accounts, and allow users to establish two sub accounts for those who don’t live in their home base for extra fees.

Read more: Netflix’s expected password-sharing crackdown puts college students on edge

In Tuesday’s notice, the company didn’t provide such specifics for U.S. households, and rather gave the two options of either transferring a profile or paying a fee for an extra member.

The company said it had seen its subscriber growth impacted internationally where it already rolled out such initiatives during the first quarter. But Netflix still managed to add 1.75 million customers during the quarter.

In Latin America, Netflix executives said it saw cancellations after the news was announced, affecting near-term growth. But, those password borrowers would later activate their own accounts and add existing members as “extra member” accounts. As a result, the company has seen more revenue, they said.

Netflix executives have likened the paid sharing transition to that of price increases: people initially balk and cancel, then slowly return and sign up for their own accounts.

In addition to its crackdown on password sharing, Netflix also recently introduced a cheaper, ad-supported tier in an effort to boost revenue. Both measures came in response shortly after Netflix reported its first subscriber loss in more than a decade in early 2022.

Media companies across the board have been looking for ways to make their streaming plays profitable, leaning on methods such as content cost-cutting, advertising and finding other ways to attract more customers to their platforms.

On Tuesday, Warner Bros. Discovery relaunched its streaming service as Max, which is a combination of its HBO Max and Discovery+ services.

Paramount Global also announced this week that its Paramount+ with Showtime combined app would be available in late June. Disney has also recently announced it’s adding Hulu content to Disney+.

This post appeared first on NBC NEWS

When Peloton unveiled its 2019 holiday commercial depicting a husband who gifted his wife a stationary bike for Christmas, the ad was widely panned as sexist, dystopian and reminiscent of a hostage video.

People took umbrage at the commercial’s characters — a white, upper-middle-class family — and said it sent a range of dangerous messages about everything from gender norms to body dysmorphia. 

While the controversy eventually faded from the headlines, the public remembered. The ad solidified Peloton’s nascent identity as a high-end bike company reserved for a certain type of person at a certain income level.

Now, the company is ready to change that perception. 

Peloton on Tuesday is launching a new marketing campaign that bills the retailer as a company for anyone, regardless of age, fitness level and income — or whether they shelled out thousands for a pricey piece of equipment. 

The brand relaunch comes a little over a year into Barry McCarthy’s tenure as CEO. He has worked to transform Peloton from a hardware-focused company into one that’s just as invested in its app and the high-margin subscription revenue that it brings. 

Since McCarthy, a former Netflix and Spotify executive, replaced founder John Foley in February 2022, the company has been on the defense.

It has worked to rein in its gargantuan costs, remedy recalls and find new revenue streams as demand for its connected fitness products slowed and consumers became more cautious about their discretionary spending. 

While the company has yet to return to profitability, it has managed to stop the bleeding. With a new marketing chief at the helm, Peloton says it’s ready to reintroduce itself to the world and shed the image the holiday ad seared into some minds.

“We know that the perception externally does not match the reality of who we are,” Peloton’s chief marketing officer, Leslie Berland, who started with the company in January and led the relaunch, told CNBC in an interview. “This company historically has been thought of as an in-home bike company for fitness enthusiasts but over the years, it has evolved into something that is much more bigger, much broader than that.” 

Peloton focuses on the app

The relaunch comes along with a new, tiered app strategy that includes an unlimited free membership option (with no credit card required) and levels that cost $12.99 and $24 monthly.

The content people will have access to varies by the level and, in some cases, legacy users will have less access come December when a grace period ends. Currently, people who pay $12.99 a month to use the Peloton app can do a bike class every day, but in December, they’ll only be able to do three per month.

The relaunch includes a “Gym” function that allows users to take Peloton’s app into the gym with them and create custom workouts. 

Peloton is also saying goodbye to its trademark fire engine red and black colors in favor of a new mix of hues it says better captures the “energy” of a workout and the “afterglow” that comes. New branding materials include shades of purple, pink, green and a lighter red.

In a splashy 90-second marketing video shared with CNBC, Peloton’s app takes center stage. It shows people of all shapes, sizes, fitness abilities and ages using it to take strength and yoga classes at home, but also in gyms, which have long been considered a threat to Peloton’s business. 

While Peloton features its Bike, Tread and Row machines in the clip, it does not show the hardware until about 30 seconds into the video.

The message is a far cry from Peloton’s earlier commercials and marketing materials, which predominantly featured ultra-fit athletes using its equipment.

″[We’re] now leaning in for the first time to the idea that OK, not everyone is going to bring premium Peloton hardware into their home,” Tom Cortese, Peloton’s co-founder and chief product officer, told CNBC in an interview. “Our members have a phone, we’re on their phone, they take their phone where they want to go and if you want to put [the Peloton app] on someone else’s hardware, that’s fine, and if you want to bring it into someone else’s gym, that’s great.”

Peloton insisted the focus on selling subscriptions does not mean it has abandoned its hardware business, and said the company is on a dual track with both. The new campaign focuses on the app because there’s been so little advertising of it, and market research shows just 4% of consumers know about it, the company said.

“When we first started coming out of Covid, and the press likes to be tough on Peloton, it was ‘everyone’s going back to the gyms’ but we know that our members were using our products in the gym,” said Jennifer Cotter, Peloton’s chief content officer.  

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She pointed out that Peloton’s strength training content, not its cycling or running classes, is the No. 1 type of class for digital members and the No. 2 among those who have Peloton hardware. It shows how eager users are to consume Peloton content that has nothing to do with its equipment.

“When it comes to this initiative, we’re just excited that No. 1, our members will feel reflected and new members will feel like Peloton is for them,” said Cotter. “And then, you know, the tiering structure allows us to welcome people up the ramp.” 

Briana Deserio, 32, has been a Peloton member since the early days of the pandemic. She said the brand’s competitive and aspirational appeal originally led her to buy a Bike. 

When briefed about the company’s new marketing strategy, she said she supports the move and its focus on being inclusive. But she said there’s a chance making Peloton accessible to everyone could dilute its brand.

“It’s kind of like a club and now everyone’s coming into the club,” said Deserio. 

Berland, Peloton’s new marketing chief, isn’t concerned about the brand losing strength. She said the new marketing strategy reflects what the company already is.

“Our members, our instructors, our classes, our content. That is unchanged. The company has evolved into all of this,” said Berland. “It’s time for the brand and the marketing to represent all of that and all of its vibrancy.”

Liz Coddington, Peloton’s chief financial officer, said creating different points of entry to the company’s content will set it up for long-term growth. 

“What we’re doing is we are opening up the total addressable market to Peloton to people who may not have considered us in the past because we weren’t really speaking to them,” said Coddington.

“The real goal truly is just to bring more people into the ecosystem of Peloton however they want to come in, and then help them on their journey in how they want to consume our content over time, whether it’s through the free option, through the lower tier or through the higher tier or eventually buying or renting our hardware,” she said.

The company has not incorporated potential upside from the app and marketing strategy into its financial outlook, and said some paid app members will likely downgrade to the free membership option. 

In the past, churn rates have briefly spiked when Peloton changed prices, but soon returned to typical levels, she said. 

“We are optimistic about it,” said Coddington. “But it’s hard to know until we know.”

This post appeared first on NBC NEWS

A mother whose 20-year-old daughter was murdered, allegedly by a suspected MS-13 gang member who had been released into the U.S. as an unaccompanied minor, gave an emotional plea to lawmakers on Tuesday to secure the southern border — warning that the crisis ‘is a safety issue for everyone living in the United States.’

‘For me, this is not a political issue. This is a safety issue for everyone living in the United States,’ Tammy Nobles, whose daughter Kayla Hamilton was killed last year, told lawmakers on a Judiciary Committee immigration subcommittee. ‘This could have been anyone’s daughter. Kayla wasn’t doing anything wrong, and she didn’t deserve to be murdered. I don’t want any other parents to live the nightmare I am living.’ 

‘I am her voice now, and I am going to fight with everything I have to get her story told and bring awareness of the issue at the border,’ she said.

Hamilton, who was autistic, was raped and killed in her mobile home last year. Earlier this year, police arrested an El Salvadoran 17-year-old who authorities said is linked to the MS-13 street gang and who was released into the U.S. into the custody of his aunt after being encountered at the border.

An interim staff Judiciary committee report released Tuesday faulted the Biden administration for a failure to vet the suspect, calling it a ‘tragic example of the failure to enforce U.S. immigration law.’

‘Tragically, Secretary Mayorkas and his department missed key warning signs about the alien’s propensity for violence, which law enforcement officials investigating the murder later uncovered,’ the report says.

A DHS official told Fox News Digital that Customs and Border Protection (CBP) reviews both biometric and biographic information for those encountered at the border against several federal agencies’ databases.

‘If we determine that the individuals pose a threat to national security or public safety, we deny admission, detain, remove, or turn them over to another agency for prosecution, as appropriate. We work closely with our interagency and international partners to detect and prevent people who pose national security or public safety risks from entering the United States,’ the official said.

At the hearing, Nobles paid tribute to her daughter.

‘She always kept her friends close and never forgot anyone. She was kind, caring, thoughtful and funny. She loved life and God. She showed the world that being yourself was okay, and you didn’t have to follow everyone else,’ she said.

She described in harrowing terms the night that Kayla was killed, describing how he allegedly used an iPod charger to strangle her before sexually assaulting her. He allegedly robbed her of her phone and $6.

She then spoke about how the U.S. needs to secure its southern border.

‘The United States government has to secure our border. We need to properly vet all border crossers. The government could have placed a phone call to authorities in El Salvador and found out that he was a gang member. But they didn’t,’ she said. 

‘If we had stricter border policies, my daughter would still be nothing will bring my daughter back, nor the pain, nor fix. I’m not having her here and I want to prevent this from happening to someone else’s child. This is about protecting everyone here in the United States.’

The testimony came during the third in a series of hearings held by Republicans on the committee on ‘Biden’s Border Crisis.’ Republicans have blamed the policies of the administration for the ongoing crisis at the border — including a greater use of ‘catch-and-release’ and reduced interior enforcement

Democrats and the administration have accused Republicans of failing to provide additional resources to secure ports of entry, and of refusing to work with Democrats on a ‘comprehensive’ immigration reform bill to fix what they say is a ‘broken’ immigration system.

Fox News’ Mitch Picasso contributed to this report.
 

This post appeared first on FOX NEWS

The Trump campaign is mocking Ron DeSantis ahead of the launch of his presidential campaign, swiping at the Florida governor for his plans to announce on Twitter.

Sources told Fox News Digital that DeSantis will formally announce his 2024 presidential bid Wednesday at 6 p.m. ET during a conversation with Elon Musk on Twitter.

‘Announcing on Twitter is perfect for Ron DeSantis,’ a Trump adviser told Fox News Digital. ‘This way he doesn’t have to interact with people, and the media can’t ask him any questions.’

And Karoline Leavitt, the spokesperson for Make America Great Again Inc., slammed DeSantis’ plans to announce his campaign on Twitter as ‘one of the most out-of-touch campaign launches in modern history.’

‘The only thing less relatable than a niche campaign launch on Twitter, is DeSantis’ after party at the uber elite Four Seasons resort in Miami,’ Leavitt said in a statement. ‘Every day more and more Americans are realizing just how out of step Ron DeSantis is with their values and how unelectable he really is.’

‘From his votes to cut Social Security and Medicare, to his support of a national sales tax that would raise taxes on 90% of families and support of Obama’s TPP which sent jobs to China, to his vote against funding for President Trump’s wall – Ron DeSantis just isn’t ready to be President,’ she continued. ‘President Trump is ready on day one to turn our country around, reverse Biden’s disastrous policies and make America great again.’

Trump has previously taken aim at DeSantis as the Florida governor mulled a potential White House bid, nicknaming him ‘Ron DeSanctimonious.’ And early this year, the former president charged that the governor was a ‘RINO GLOBALIST’ and began referring to him as ‘DeSanctus.’

Pointing to his support for DeSantis in 2018, Trump argued that if the governor joined him in the 2024 Republican nomination race, ‘I do think it would be a great act of disloyalty because, you know, I got him in. He had no chance. His political life was over.’

DeSantis, despite being on the sidelines, has been considered a top 2024 contender, but former President Donald Trump remains the GOP favorite, polling far ahead of any other Republican candidate for the White House

Meanwhile, along with his expected announcement, DeSantis is expected to file paperwork with the Federal Election Commission, which officially launches his GOP presidential campaign. His first national TV interview following the announcement will be with Fox News’ Trey Gowdy on Wednesday at 8 p.m. ET on ‘Fox News Tonight.’

As for Twitter, Trump uses his own social media platform, Truth Social. It is unclear if he will use Twitter during the 2024 campaign cycle.

Fox News’ Paul Steinhauser and Andrew Murray contributed to this report.

This post appeared first on FOX NEWS

The House passed legislation Tuesday to reject a Biden administration environmental regulation that targets heavy-duty vehicle tailpipe emissions.

In a 221-203 vote, the House approved the resolution with 217 Republicans and four Democrats voting in favor. In April, Rep. Troy Nehls, R-Texas, a member of the Transportation Committee’s Highways and Transit subcommittee, introduced the resolution as a companion bill to one that Sen. Deb Fischer, R-Neb., unveiled in the Senate two months earlier.

‘Folks, I want to be crystal clear today,’ Nehls remarked on the House floor ahead of the vote. ‘Woke bureaucrats in Washington are on a climate justice crusade using the heavy hand of government to go after the trucking industry that keeps America moving. And in the last three decades, we’ve made significant, significant strides in the right direction to decrease emissions and increase efficiency.’

‘The EPA unilaterally imposed this detrimental rule which could lead to a litany of further supply chain disruptions across the country, hit the smaller mom-and-pop trucking companies the hardest and pass along increased costs to the American consumer,’ he said. ‘This is exactly why it is imperative that the House passes this joint resolution to nullify this burdensome regulation.’

In December, the Environmental Protection Agency (EPA) finalized the rules that it said at the time were the ‘strongest-ever national clean air standards to cut smog- and soot-forming emissions from heavy-duty trucks.’ The new standards went into effect on March 27 but will be implemented for new trucks sold after 2027.

The EPA projected that the regulations, which are more than 80% tougher than current standards, would prevent up to 2,900 premature deaths and ensure 3.1 million fewer cases of asthma.

But Republicans argued that the regulation – estimated to cost an estimated $39 billion, according to American Action Forum – was ‘onerous’ and would hurt small trucking businesses by forcing them to adopt costly technology. Led by Fischer, who said the ‘last thing this country needs is more expensive freight costs and fewer truckers,’ more than 30 senators introduced the Senate resolution to reject the rule in February.

The Senate passed the measure in a 50-49 vote on April 26, paving the way for the House vote Tuesday.

President Joe Biden, though, has vowed to veto the resolution, and the close vote in both chambers indicates there aren’t enough votes to override a veto. Democrats continue to argue that the regulations are necessary to boost public health.

‘The trucking industry is a leading source of this dangerous air pollution,’ House Energy and Commerce Committee ranking member Frank Pallone, D-N.J., said Tuesday. ‘And it is especially dangerous for the 72 million Americans who live near truck freight routes across the United States. The EPA rule will cut NOx pollution from these vehicles by nearly half in 2045.’

‘The Republican CRA that we are debating this afternoon would abandon all of the public health, economic, and environmental justice benefits that come with the EPA rule,’ Pallone said.

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EXCLUSIVE – House Speaker Kevin McCarthy was not optimistic a deal would be reached regarding the debt limit as he headed out of the Capitol on Tuesday afternoon.

Fox News asked the speaker if he thought a deal would be reached on Tuesday.

‘I don’t think we’ll get one today,’ McCarthy said as he walked past the reporter.

It’s unclear where McCarthy was heading after he left the Capitol.

McCarthy met with President Biden on Monday, and although he hailed the discussions as ‘productive,’ he told his conference later that night that the White House was still ‘dug in’ on raising taxes and increasing spending.

Monday’s meeting was the third such meeting with the president to find common ground on moving forward with a debt ceiling agreement.

Now, with only nine days left until the U.S. government is expected to run out of cash to pay its current obligations, a deal has yet to be reached.

Democrats have insisted on raising the debt limit without preconditions. But Republicans are lining up behind the House-passed Limit, Save, Grow Act, which would increase the federal borrowing limit by $1.5 trillion while also slashing spending by roughly $150 billion from this year to the next.

Both sides have agreed that action is needed to reduce the deficit, but each has different ideas about how to do it – Republicans are looking to cut spending from today’s levels, while Democrats have called to increase tax revenue from the ultra-wealthy and large corporations.

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Rep. James Comer R-Ky., has requested to meet with FBI Director Christopher Wray about subpoenaed documents allegedly related to the Biden family’s business dealings.

Comer, the House Oversight Commitee chairman, said he would review with Wray the various scenarios the committee could take if the FBI does not turn over the documents, Fox News Digital confirmed. 

One of the options is holding Wray in contempt of congress.

Comer’s request comes after the FBI didn’t turn over the document subpoenaed – an unclassified FD-1023 document which details allegations of crimes of a pay-to-play scheme in relation to the Biden family’s business dealings, a whistleblower at the federal agency told Sen. Chuck Grassley, R-Iowa. 

Grassley and Comer both requested a meeting with Wray on May 16, which hasn’t been scheduled after multiple follow-up attempts.

‘I’m going to tell Director Wray: I want to have a conversation. I’ve asked to have a conversation, because I’m gonna tell him what option B is, and let him think about it. And then he can decide,’ Comer told CNN.

‘They don’t respect anyone in Congress,’ Comer said Monday on Fox News. ‘They’ve been able to get away with this for a long time. The media continues to turn a blind eye. The Senate Republicans continue to fund the FBI. Why would you change your business model when you’re getting everything you want?’

House Speaker Kevin McCarthy, R-Calif., meanwhile said he had a conversation with Wray on Friday and remains confident that the agency will provide the document.

‘I explained to the director that we will do everything in our power, and we have the jurisdiction over the FBI, and we have the right to see this document,’ McCarthy said Sunday on Fox News. ‘I believe after this call, we will get this document.’

Fox News’ Jon Street contributed to this report.

This post appeared first on FOX NEWS