Senate recess is on as debt limit negotiations continue
The Senate is moving ahead with its planned recess from Friday through Memorial Day on May 29, Majority Leader Chuck Schumer (D-N.Y.)said Thursday. Schumer also told senators to be prepared to return during the break within 24 hours if given notice.
“The negotiations are currently making progress,” Schumer said of debt limit talks. “As Speaker McCarthy has said, he expects the House will vote next week if an agreement is reached and the Senate would begin consideration after that.”
The current negotiations are mostly concentrated between President Biden‘s and House Speaker Kevin McCarthy‘s (R-Calif.) camps.
The Hill’s Brett Samuels gave a rundown of the main officials from each camp leading the negotiations, including Office of Management and Budget Director Shalanda Young and Rep. Garret Graves (R-La.). Learn more about the teams here.
The next House recess is the week of Memorial Day. As The Hill’s Al Weaver noted, that overlaps with the date Treasury Secretary Janet Yellen said the U.S. could default on its debts without a debt limit fix — June 1.
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CATCH UP QUICK
Dennis Kucinich, a former U.S. congressman and two-time Democratic presidential candidate, will serve as campaign manager for Robert F. Kennedy Jr.‘s 2024 Democratic bid.
The Supreme Court ruled against The Andy Warhol Foundation for the Visual Arts, saying a Warhol silkscreen of Prince infringed upon the copyright of celebrity photographer Lynn Goldsmith.
Sens. Ted Cruz (R-Texas) and Ed Markey (D-Mass.) are leading an effort to require AM radio in new vehicles amid reports that several manufacturers are removing the feature.
Vice President Kamala Harris led a virtual briefing Thursday with elected officials, local leaders and administration allies discussing the need to avoid defaulting on the nation’s debts.
Harris said, “Make sure members of Congress know a default would not be acceptable under any circumstances. Let’s organize, activate our communities, and remind folks of what’s at stake and get the word about why this issue is so important.”
The vice president said even approaching a default could negatively affect borrowing rates and retirement accounts as well as risk a recession.
Harris was at Tuesday’s debt limit talk with President Biden and the four congressional leaders. Biden is in Japan for the Group of Seven (G-7) summit through Sunday.
STATE WATCH
Disney scraps office complex project in Florida
The Walt Disney Companyis not going ahead with a $1 billion office complex that had been planned for Lake Nona, Fla. The project would have brought more than 2,000 jobs to the area, The New York Times reported.
The company has been feuding with Gov. Ron DeSantis (R) since it spoke out against legislation the governor signed restricting classroom instruction on sexual orientation and gender identity. DeSantis has since moved to strip Disney of self-governing power over the district its Disney World park is in.
Meanwhile, The Wall Street Journal reported DeSantis is expected to file paperwork for a presidential bid next week. Read more about DeSantis’s 2024 movements from The Hill’s campaign team in Thursday’s Campaign Report newsletter.
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Confidence in Supreme Court at 50-year low in 2022
A long-running survey from NORC at the University of Chicago showed the share of respondents with “a great deal” of confidence in the U.S. Supreme Court at a 50-year low (17 percent) in 2022.
“Republicans and Democrats split drastically on their views of the Supreme Court in the past year,” The Hill’s Julia Shapero noted. “While 26 percent of Republicans surveyed said they had a great deal of confidence in the court in 2022, only 9 percent of Democrats said the same.” Read more here
Florida as GOP model state
In Part 4 of a five-part series on Florida’s transformation into a solidly red state, The Hill’s Julia Manchester looks at how the state has become a conservative model for other GOP-led states.
Senate Democrats weigh in on permitting reform
Senate Democrats stepped into the debate on energy project permitting reform with a bill focused on renewable energy, community involvement and power lines. Co-sponsor Sen. Tom Carper (D-Del.) called the bill a “discussion draft.” The Hill’s Rachel Frazinhas more here.
PUNDIT CORNER
“What the markets are signaling about the risk of a US debt default” — Nicholas Sargen, Ph.D., an economic advisor for Fort Washington Investment Advisors who is affiliated with the University of Virginia’s Darden School of Business. (Read here)
“This study recognized interest rate banking risks five years before the crisis” — Steven Kamin, resident scholar at the American Enterprise Institute. (Read here)
⏲️ COUNTDOWN
537 days until the presidential election.
🗓 ON TAP TOMORROW
The Group of Seven (G-7) summit in Japan begins.
UNDER THE RADAR
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