McCarthy endorsement, student loans, Biden document: 3 stories to watch in DC

It’s a busy Tuesday in Washington, DC Here are the top three stories in American politics to watch this week:

The Speaker of the House, McCarthy, brushed off the first incident

The Speaker of the House, Kevin McCarthy (R-CA) was able to get enough votes with the Republican caucus to introduce a bill to help set the limits for the new Congress.

However, there are now comments and concerns from moderate Republicans about how much use Speaker McCarthy gave to the ultraconservative Freedom Caucus in negotiations.

Rep. Kevin McCarthy, R-Calif., responded after winning the 15th House floor as the House entered its fifth day of trying to elect a speaker and convene the 118th Congress in Washington, early Saturday, January 7, 2023. (AP Photo/Alex Brandon)

Those concessions could be on full display during the debt crisis expected this year. And that increases the risk that political volatility could creep back into the market, similar to the 2011 credit limit crash. down America’s score for the first time. Although, unlike 2011, the US is facing an economic slowdown, if not a complete recession, this year.

McCarthy’s decision to strengthen the right-wing Freedom Caucus could cause more friction down the road with Senate Majority Leader Chuck Schumer and President Biden. It also has to square with old conservative groups – many of whom are backed by Republican foreign policy hawks – who are increasingly angry that ultraconservative partisans are pushing for less protectionism because of the geopolitical crisis. made by Russia and China.

Biden has proposed new measures for student loans

President Biden announced new measures that could significantly lower the cost of student loans for eligible Americans.

The White House said the proposal, which would reform one of the income-repayment plans, could save eligible Americans up to $2,000 annually. according to CNBC.

The Ministry of Education add low-income borrowers could see their dollar payments drop by 83% compared to current levels.

Biden’s announcement came as his original plan to forgive $20,000 in student loans is currently being reviewed by the US Supreme Court, with a decision likely to come later this year.

US President Joe Biden speaks about student loan relief at Delaware State University in Dover, Delaware, on October 21, 2022. (Photo by Oliver Contreras / AFP) (Photo provided) (by OLIVER CONTRERAS/AFP via Getty Images)

US President Joe Biden speaks about student loan relief at Delaware State University in Dover, Delaware, on October 21, 2022. (Photo by Oliver Contreras / AFP) (Photo provided) (by OLIVER CONTRERAS/AFP via Getty Images)

The US attorney has reviewed Biden’s documents

Republicans are announcing the news that the Justice Department is reviewing previously undisclosed and potentially classified documents found on former vice president Biden at a Washington mental institution.

CBS News reported US Attorney General Merrick Garland asked US Attorney John Lausch to review the documents, which were obtained by Biden’s personal lawyers last fall.

The White House said the National Archives and Records Administration was notified after the discovery and the agency collected the documents the next morning.

The Department of Justice released the documents before the midterm elections. Republicans – including former President Donald Trump, who is seeking office in 2024 – are questioning why Garland waited until after the midterm elections to announce the issue to the public.

It is not clear what was in the documents; however, Biden’s special counsel said in a statement that “the documents have not been the subject of any prior request or investigation by the (National) Archives.”

Kevin Cirilli is a visiting fellow at the Atlantic Council’s Global China Hub and the Krach Institute for Tech Diplomacy at Purdue. Follow him on LinkedIn here.

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