The US economy could depend on McCarthy corralling his extremist Republican troops
The US economy could depend on McCarthy corralling his extremist Republican troops.
This is where the risk to Americans comes in. It’s hard to see how a rookie speaker, with a tiny majority and a conference containing plenty of extremists, can engineer either of these outcomes.
Most countries don’t require the legislature to raise the government’s borrowing threshold. But the quirky situation in the US has made a once routine duty an opportunity for political mischief in a polarized age. Since the government spends more than it makes in revenue, it must borrow money to service its debt and pay for spending that Congress has already authorized. It has no problem getting more credit since the US pays its bills and has always had a stellar credit rating, despite one previous downgrade.
McCarthy beseeched his conference in a closed-door meeting on Tuesday to line up behind a bill that would raise the debt limit for a year but require a flurry of spending concessions from Biden. He styled the measure as an initial way of forcing the president to the negotiating table. But the bill is purely tactical since it’s got no chance of passing the Democratic-led Senate.
But in a sign of how difficult it will be for the speaker to even pull this gambit off, there were signs of internal disagreement on what should be in the package among GOP members.
Rep. Scott Perry, the chairman of the hardline House Freedom Caucus, was frustrated about a lack of specificity in the plan and wanted steeper cuts.
“I don’t know what’s in the package completely. That’s the issue,” Perry told reporters. Some members seem reluctant to commit so far. Conservative Rep. Tim Burchett told CNN’s Manu Raju, “I’m open to it but I’m still a ‘no’ vote.
It is not unusual for various factions in a congressional majority to haggle over details before a final package is agreed. And House Financial Services Chair Patrick McHenry, a McCarthy ally, was confident the plan would pass the House. “The question is, what does the White House then do once we pass this package? We’ve clearly stated there is no clean debt ceiling that will pass the House,” he added. “So we’ll have the first opening offer here. And we’ll see if the president’s willing to come to the table and negotiate like previous presidents have.”
McHenry’s comment, however, reflected a big flaw in the GOP strategy since it relies on McCarthy’s belief that Biden will have no choice but to come to the table. The White House has insisted the House should do its job and pass a simple bill that only raises the borrowing limit
In effect, McCarthy has already set up a severe test of his leadership since there’s no guarantee that he can pass the measure in a House where he can only lose four votes and in which there are few signs the fractious GOP can agree on what programs to cut and by how much. And even if the measure does squeeze through the House in the coming weeks, it will likely be an idealized Republican product on which Biden and the Democratic Senate will never bite. Any subsequent package that emerged would almost certainly feature concessions that could splinter its GOP support.
Still, the speaker was typically bullish when he predicted Monday he’d have the votes to pass his initial bill.
“I think we got 218 to raise the debt ceiling,” McCarthy told CNN. “We’ve got a lot of consensus within the conference. We’ll get together and work through it.”
The Ashley Marie Collection – Natural Hair Care for Gen Z by Gen Z
As a new generation of beauty consumers emerges, the beauty industry is undergoing a significant transformation. Gen Z consumers, in particular, are highly conscious about the ingredients in their beauty products. With a population that accounts for almost 30% of the world, Gen Z (born roughly between 1996 and 2012) are a major focus for several brands.
The desire to be environmentally and socially aware, has led to a change in this generation’s values and spearheaded the movement, urging companies to take action on the climate crisis. This is not merely rhetoric. Based on a survey conducted by Capgemini, in 2021, approximately 69 percent of surveyed participants belonging to Generation Z stated that they were willing to spend more on health and beauty products that contain natural and clean ingredients.This trend has led to the rise of natural beauty products, and the Ashley Marie Collection is at the forefront of this movement.
Created by 17-year-old entrepreneur Ashley Marie Gibson, the Ashley Marie Collection features a range of natural hair care products that cater specifically to the evolving needs of Gen Z consumers. Don’t be fooled by her young age – Ashley is a total boss. As a Gen-Z entrepreneur, Ashley is passionate about creating products that use natural ingredients and prioritize health and well-being. The Ashley Marie Collection reflects Gen Z’s preference for natural and eco-friendly products with its commitment to using only the cleanest, ethically sourced ingredients. All products are cruelty-free, color-safe, paraben-free, sulfate-free, and formulated with natural ingredients.
If being clean wasn’t enough, this brand checks off another box – being diverse and inclusive! The Ashley Marie Collection is an entire hair care line specifically for 4C hair, a hair type that is often overlooked in the beauty industry. The line features a range of uniquely formulated products, including a Clarifying Shampoo, Moisturizing Shampoo, Hydrating Conditioner, Protein Conditioner, Leave-in Conditioner, Coil Cream, and Curly Coil Styling Gel. All of which work wonders for kinky, thick coils and will leave strands feeling and looking even better!
It’s your last day to apply to speak at TC Disrupt
Today’s your last chance to apply to speak at TechCrunch 2023
Why should you drop everything to get that application in by 11:59 p.m. PDT today? Not only will you help inform and educate the next generation of startups — and potential unicorns — but you’ll also establish or enhance your reputation as a valued thought leader and partner. Around here we call that a win-win situation.
How to apply to speak at TechCrunch Disrupt 2023
When you apply, you’ll choose one of the two formats below and submit a title and description of your topic:
Breakout Session: Up to two people (including moderator) lead a 30-minute presentation followed by a 20-minute Q&A from an audience of up to 100 attendees. You’ll be able to display a presentation and have limited AV capabilities. You’ll present one breakout during Disrupt.
Roundtable Discussion: One person leads a 30-minute interactive conversation for an audience of up to 25 attendees. There is no presentation or AV — it’s all about organic conversation. You may potentially repeat this roundtable twice during Disrupt.
TechCrunch vets every application and then selects the finalists who will participate in the Audience Choice voting round. We’ll post the topics, descriptions and speakers online, and then TechCrunch readers will vote for the sessions they would like to see at the event. The top vote-getters will present live at Disrupt.
These are the important dates you need to know:
Application deadline: Today, April 21, by 11:59 p.m. PDT
Finalists notified: April 27
Audience Choice voting: May 1–12
Winners notified: May 15
Once more — a little louder this time: It’s your last opportunity to submit your application to speak at TechCrunch Disrupt on September 19–21! The application window slams shut today, April 21, at 11:59 p.m. PDT. One more reminder: Save up to $825 with an early-bird ticket. Buy your Disrupt pass, and join us in San Francisco!
TechCrunch+ roundup: Deep tech tips for SaaS VCs, toxic fundraising, student visa startup options
If someone said “startup” while we were playing a word association game, I’d respond with “fundraising.” (I bet you would, too.)
Asking people for money is a key aspect of every founder’s journey, but Techstars Managing Director Collin Wallace says it can also “accelerate your demise.”
For example, raising a round to rev up engineering, sales and marketing sounds positive — but what if the business itself has negative unit economics?.
“Most of the time, what stands between a company and its ability to achieve scale is not a lack of money,” writes Wallace in TC+.
“It’s better to ask: Do we have hustle problems? Product problems? Process problems? People problems? Is my business model fundamentally flawed?”
In this article, he examines four scenarios that often lead entrepreneurs to seek out new cash and explains why getting “a clear picture of what is fueling losses” is much more important.
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