The GOPAC Newsletter

News of Interest

WG Economy

Views About Bank Failures and SVB

WG Economy | David Winston

May 3, 2023

With the fall of Silicon Valley Bank, Signature, and now First Republican,
we have witnessed three bank failures since March. Many financial
prognosticators seem to believe that we haven't seen the last of the
collapses. Elizabeth Warren and others on the left have been quick to jump
on the situation, blaming deregulation as having "made the too big to fail
problem even worse" and comparing it to the 2008 financial collapse. But in
the case of SVB, $42 billion were withdrawn in one day, and as Axios
pointed out, withdrawals happened at the rate of $4.2 billion an hour or
more than $1 million per second for ten hours. This is a phenomenon that
would never have happened in 2008. [1]WG Economy, May 3, 2023.pdf

Republicans aren't disappearing - and may even be growing stronger

Washington Examiner | Michael Barone, Senior Political Analyst

May 3, 2023

Reports of the death of the Republican Party continue to be premature.

You've heard the litany, often from reporters and commentators who never
liked Republicans and, lately, from others who can't stomach former
President Donald Trump. And they've got something of a point. Republicans
have lost four of the last seven presidential elections and won fewer
popular votes than Democrats in six of the seven. Republicans are no longer
competitive in the nation's largest state, California, which they carried
in nine of 10 elections from 1952 to 1988, during what political analyst
Sean Trende calls the "Eisenhower alignment." [2]Read more

Iowa Democrats say they will hold 2024 caucuses on the same day as
Republicans

Des Moines Register | Brianne Pfannenstiel

May 3, 2023

Iowa Democrats will propose holding their 2024 caucuses the same day as
Iowa Republicans, moving the party closer to an unsanctioned place at the
front of the presidential nominating calendar.

But key changes mean the caucuses would look dramatically different than in
years past. The party has proposed casting presidential preferences
entirely by mail and only conducting party business on caucus night.

And it may or may not release the caucus winner on caucus night.

It's the latest step forward in what is expected to be a complicated,
monthlong interstate and cross-party effort to set the 2024 presidential
nominating calendar after the Democratic National Committee voted earlier
this year to upend tradition and boot Iowa Democrats from their place at
the front of the line. [3]Read more

Republicans demand answers from regulators on possible Chinese exposure of
Americans' financial data

Sen Tommy Tuberville and Rep Jim Banks are raising concern over two
Chinese-linked stock trading platforms operating in the US

Fox News | Brandon Gillespie

May 3, 2023

EXCLUSIVE: Two Republican members of Congress are demanding answers from
top financial regulators concerning the possibility Americans' financial
data may have been, or is at risk of being, exposed to members of the
Chinese Communist Party (CCP) through two widely-used stock trading
platforms operating within the U.S.

In a Wednesday letter to the heads of the U.S. Securities and Exchange
Commission (SEC) and Financial Industry Regulatory Authority (FINRA), Sen.
Tommy Tuberville, R-Ala., and Rep. Jim Banks, R-Ind., called on the two
agencies to ensure Chinese-linked companies Webull Financial, LLC and
Moomoo, Inc. are complying with American laws and regulations when it comes
to protecting American consumers' data. [4]Read more

Biden beware: Manchin and Sinema align with Republicans in debt
negotiations

While their Democratic colleagues insist on no negotiations until the
borrowing limit is lifted, the duo is positioning themselves as potential
players in any future Senate talks.

Politico |Burgess Everett

May 3, 2023

Joe Manchin and Kyrsten Sinema saved the filibuster and cut down President
Joe Biden's agenda, delighting Republicans. Now they're breaking with
Democrats on the debt limit, and Republicans hope they keep it coming.

Two centrists, who spent Biden's first two years in office at odds with the
left, are glaring outliers on the debt drama in the party's 51-member
Senate caucus. While their Democratic colleagues insist on no negotiations
until the debt ceiling is lifted, Manchin and Sinema are not only pushing
for a bipartisan deal but positioning themselves as potential players in
any future Senate talks on a way out of the crisis. [5]Read more

WG Discussion Points

The Trillion Dollar President

WG Discussion Points | David Winston

April 28, 2023

The House has passed its bill to raise the debt limit, but the President
still insists he will not negotiate. As we dive further into the debate
here are five things you need to know about the White House spending
record.
1. Biden has Normalized the Covid 2020 Emergency Budget.
2. Biden's Addition to the National Debt Outdoes Trump.
3. Yearly Federal Revenues Increased 43% in Two Years.
4. A Balanced Budget Could Have Been Within Reach.
5. Biden Budget Sets New Records For Future Yearly Spending That Could Top
$10 Million

[6]WG Discussion Points, April 28, 2023.pdf

For more on the debt ceiling, see our latest video below and David's
[7]Roll Call column. [8]

[9]video

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