Larry Summers has President Biden’s ear — but not always his support
White House officials want the influential economist on their side, even if they don’t take his advice all the time
By Jeff Stein and Tyler PagerGOP states sue Biden administration to overturn student debt relief
The lawsuit challenges the White House's authority to cancel up to $20,000 in student debt for some borrowers. Meanwhile, the Education Department, in a reversal, said some privately-held loans will be excluded from forgiveness.
By Jeff Stein and Danielle Douglas-GabrielSenate passes bill to avert shutdown, fund government until Dec. 16
Democrats and Republicans agreed to a stopgap spending bill that includes $12.4 billion in new assistance to Ukraine.
By Jacob BogageBiden administration to grant Puerto Rico shipping waiver after uproar
The White House is pushing agencies to act quickly in approving a waiver that would allow a diesel shipment to land in Puerto Rico.
By Jeff Stein and Toluse OlorunnipaCBO: White House plan to cancel student loan debt costs $400 billion
Supporters of student debt cancelation have argued some estimates overstate the policy’s price-tag.
By Jeff Stein and Danielle Douglas-GabrielFed unsure of economy’s direction as Wall Street meltdown worsens
Powell’s latest remarks noting uncertainty ahead come as the Fed’s anti-inflation fight is making slow progress, leaving the institution and its boss vulnerable to criticism over the cost to workers and businesses of continued rate hikes.
By David J. LynchCalifornia is awash in renewable energy — except when it’s most needed
The state has moved quickly to build up solar power, but has not yet figured out how to store it for when demand peaks or to avert blackouts.
By Erica WernerClash over energy projects could threaten government funding bill
Democrats want to include Sen. Joe Manchin's proposal in legislation to avoid a shutdown. Republicans don’t.
By Jacob BogageLong-distance passenger trains and grain shipments to be stopped, as rail strike looms
Top Republican lawmakers are preparing for Congress to intervene, though they said they still prefer a voluntary deal between unions and railroads to avert a freight rail strike.
By Jeff Stein and Lauren Kaori GurleyU.S. to redirect Afghanistan’s frozen assets after Taliban rejects deal
The Treasury Department said an oversight body will deploy $3.5 billion of Afghanistan’s central bank reserves to help stabilize the country’s ravaged economy.
By Jeff SteinU.S. sent $1.3 billion in small business covid aid abroad, raising new fraud fears
The new report from the Small Business Administration inspector general raises concern the money might have benefited overseas crime syndicates.
By Tony RommThis Midwestern factory was dead. Electric vehicles revived it.
A sweeping retooling of the U.S. auto industry is underway, as automakers modernize old factories and break ground on new ones for the electric era.
By Jeanne WhalenBiden’s visit shows high stakes of $20 billion Ohio chip factory
President Biden on Friday celebrated the start of construction of a $20 billion project aiming to reassert the United States as a major technology manufacturer after decades of offshoring, with the building of two giant Intel factories that could deliver tens of thousands of jobs in coming years.
By Jeanne WhalenThousands allegedly bilked U.S. for free internet — in one child’s name
The potential scam targeted the Affordable Connectivity Program, renewing fears that a program meant to close the country’s digital divide is at risk of fraud
By Tony RommEuropean Central Bank raises rates to tackle inflation, despite slowdown risks
The European Central Bank raised interest rates for the second time this year in a risky bid to cool off inflation without driving the economy into recession.
By David J. LynchTreasury will warn White House that crypto needs major regulations
A new assessment from the Biden administration is expected to find that cryptocurrencies pose threats to investors.
By Jeff Stein and Tory NewmyerIRS move toward free e-filing could end years of corporate domination
The tax agency got $15 million in the Inflation Reduction Act to study making its own free digital tax-filing platform, long a priority for Democrats.
By Jacob BogageG-7 nations say they will cap the price of Russian oil
The move targets a major source of revenue for the Kremlin’s war in Ukraine
By Jeff Stein and Emily RauhalaWhite House seeks $47 billion for covid, monkeypox, Ukraine and floods
The request sets the stage for a September showdown on Capitol Hill, where Republicans repeatedly have blocked Democrats’ attempts to pass more covid aid.
By Tony Romm