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Friday, May 12, 2023

GOP Pass Border Protection Bill in House, Biden Says He Will Veto the Bill

Townhall: With fewer than eight hours remaining before the expiration of Title 42, the United States House of Representatives passed H.R. 2, the “Secure the Border Act,” by a vote of 219 to 213 — another significant legislative win for House Speaker Kevin McCarthy. All Democrats voted against the legislation, as did two House Republicans: Reps. Thomas Massie (R-KY) and John Duarte (R-CA). Ahead of Thursday’s vote, President Biden formally announced he would veto the Secure the Border Act, even as his Homeland Security secretary sought to blame Congress’ alleged inaction for the border crisis created by Biden — one that did not exist during the previous administration’s tenure with the same immigration framework and border laws (Townhall). New York Post: In the last few days leading up to the repeal of Title 42, more than 10,000 migrants per day have been apprehended crossing the border. The bill asks the Department of Homeland Security to resume building a border wall begun under the Trump administration. It also authorizes the agency to hire another 22,000 Border Patrol agents (New York Post).

Meeting to Discuss Debt Ceiling Postponed Until Next Week

Wall Street Journal: A highly anticipated meeting scheduled for Friday between President Biden and congressional leaders to chart a path forward on lifting the debt ceiling was postponed until next week, officials said. The delay will give White House and congressional staff more time to make progress in their closed-door spending talks, the officials said, adding that one of the lawmakers was unable to attend the meeting Friday because of a scheduling conflict (Wall Street Journal). Washington Post: Congressional staff and administration officials met for about two hours Thursday to discuss a potential agreement, as the parameters of a deal increasingly come into focus. Lawmakers have eyed a deal that would both raise the debt limit and enact new limits on federal spending, and could include measures such as permitting reform to spur energy production and rescinding unused covid aid money (Washington Post).

If US Defaults on Debt, Mortgage Rates Could Skyrocket by 22 Percent

Bloomberg: Higher mortgage rates are another potential risk facing the economy if the US defaults on its debt. Mortgage rates could soar to 8.4% if the debt ceiling isn’t raised, pushing the mortgage payment on a typical home 22% higher and cooling property sales, according to a report from Zillow. Borrowing $500,000 at 8.4% would mean a monthly payment of more than $3,800, compared with about $3,095 with rates at 6.3% (Bloomberg). CNN: Home values tend to fall sharply when the market is flooded with listings. But in this scenario, inventory would shrink below its already historically low levels. Low inventory would keep prices from falling too far, too fast (CNN).

EPA Proposes Regulation to Cap 90 Percent of Carbon Emissions from Large Gas Plants

NBC: The Biden administration on Thursday proposed new carbon pollution standards to restrict greenhouse gas emissions released by fossil fuel-fired power plants — an effort that, if enforced, would significantly further President Joe Biden’s ambitious climate agenda. Under the rules proposed by the Environmental Protection Agency, nearly all of the United States’ coal and large gas plants would have to reduce or capture almost all — 90% — of their carbon dioxide emissions by 2038 or be forced to retire (NBC). Spencer Brown: This new rule — one that is being inflicted without assent from Congress — will require drastic and expensive retrofits of existing power plants and a redesign of planned future plants in the United States if they intend to remain in or start operations. Currently, only one of the hundreds of coal-fired power plants in the country has carbon-capture technology in place (Townhall). Daily Wire: West Virginia Democratic Senator Joe Manchin, a frequent skeptic of Biden administration energy policies, announced on Wednesday that he would oppose every EPA nominee from the White House until the power plant rules are reversed (Daily Wire).

Disney Stock Sees Rapid Falloff After Layoffs

Wall Street Journal: Walt Disney shares are sliding Thursday after the company reported that income from its traditional television business had declined sharply and its streaming segment is still a long way from achieving profitability. Shares of the entertainment giant retreated nearly 9% to $92.22, putting it on pace for its largest percentage decline since Nov. 9 when it fell over 13%. The stock is the worst performer in the S&P 500 and Dow Jones Industrial Average for the day. The drop comes despite Disney sharply reducing losses in its streaming business in the second quarter, helped by higher prices for Disney+. But it also lost about 300,000 subscribers in the U.S. and Canada, while its global subscriber count was also sliced due to cancellations in India, where Disney last year lost the rights to stream a popular cricket league that powered new sign-ups (Wall Street Journal). Clay Travis: Disney’s stock is down massively today as the collapse of cable & satellite combined with the end of streaming growth has Disney screwed in both directions. Only the amusement parks are saving them right now. Look at this ten year chart. Look at the ten year chart. Almost no growth (Twitter).

Alvin Bragg Looks to Bring Charges Down on Marine Who Saved Subway Car from Erratic Passenger

Katie Pavlich: Manhattan District Attorney Alvin Bragg plans to bring manslaughter charges against former Marine Daniel Penny after he saved lives and protected fellow New Yorkers from a violent, longtime criminal on the subway. Last week Jordan Neely, who was previously arrested 40 times and attempted to kidnap a seven year old girl, was subdued by Penny and others after threatening violence against subway passengers. As a result of Neely’s actions and threats, he died. Video shows Penny putting Neely in a recover position after stopping his threatening posture (Townhall). Daily Mail: Penny’s lawyers said the Long Island-native ‘could not have foreseen Neely’s untimely death.’ They also said the ex-Marine was merely trying to restrain Neely until the cops arrived. The veteran’s legal team also took aim at ‘elected officials’ calling on them to ‘address the mental health crisis on our streets on subways.’ It had earlier been reported that Bragg was planning to summon a grand jury to consider charges for Penny before he proceeded with taking action tonight (Daily Mail).

Elon Musk Announces New CEO of Twitter

Wall Street Journal: NBCUniversal’s head of advertising Linda Yaccarino is in talks to become the new CEO of Twitter, according to people familiar with the situation. Ms. Yaccarino, chairman of global advertising and partnerships at NBCU, has been with NBCU for more than a decade, where she has been an industry advocate for finding better ways to measure the effectiveness of advertising. As head of NBCU’s advertising sales, she was key in the launch of the company’s ad-supported Peacock streaming service (Wall Street Journal). Elon Musk: Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks! My role will transition to being exec chair & CTO, overseeing product, software & sysops (Twitter).

CNN Gets Rebuked for Town Hall Featuring Trump

Either way you look at it, CNN loses. Democrats rail the decision for the news network to host Trump while republicans love how the former President was prepared and took the moderator to task in a funny way that captured the crowd. Associated Press: CNN is facing a backlash over its town hall featuring former President Donald Trump, an event that swiftly turned chaotic in a stark display of the tightrope facing journalists covering a leading 2024 Republican candidate who refuses to play by the rules. The town hall Wednesday was the first major television event of the 2024 presidential campaign, and CNN defended its decision to hold it as a chance to put Trump in front of a wider audience, outside of the conservative media bubble he has largely kept to since early in his presidency. Critics said the event, which was staged in front of Republicans and unaffiliated voters who were expected to vote in the GOP primary, instead turned into a Trump campaign rally that produced little actual news and allowed Trump to repeat longstanding falsehoods while dodging difficult questions (Associated Press). Outkick: The current batch of CNN hosts are best described as toned-down versions of Rachel Maddow without the chops or charisma. And no one is watching. Fewer than 700,000 viewers tune in to primetime (Outkick).

Iran Cracks Down on Women Not Wearing Hijabs

Jerusalem Post: The Islamic Republic of Iran issued a new order to the police to enforce the country’s strict control over women, stating if a woman fails to wear a hijab in a vehicle, the authorities can impound the car after a warning (Jerusalem Post). Associated Press: Billboards across Iran’s capital proclaim that women should wear their mandatory headscarves to honor their mothers. But perhaps for the first time since the chaotic days following Iran’s 1979 Islamic Revolution, more women — both young and old — choose not to do so. Such open defiance comes after months of protests over the September death of 22-year-old Mahsa Amini in the custody of the country’s morality police, for wearing her hijab too loosely. Authorities have made legal threats and closed down some businesses serving women not wearing the hijab. Police and volunteers issue verbal warnings in subways, airports and other public places. Text messages have targeted drivers who had women without head covering in their vehicles (Associated Press).

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California’s Santa Ana School District Allows Woke Ethnic Studies Courses to Be Embedded into the Curriculum

National Review: California’s Santa Ana Unified School District (SAUSD) recently approved two new courses: Ethnic Studies: World Geography (three votes in favor; one abstention) and History 10 Ethnic Studies World Histories (passed unanimously). Both have been widely criticized as biased and bigoted. Ethnic Studies: World Geography is a full-year social-studies course for high-school students in the district, and its stated purpose is to study “political and social hegemonies between cultures of power and indigenous groups” as a way to “develop empathy for individuals and groups as well as to challenge established stereotypes and Eurocentric perspectives of disputes between cultures of power and populations.” “Essential questions” posed to students throughout the course include: “How do insecurities in regards to self-image affect communities of color?”; “What role does white privilege play in the disenfranchisement of the perspectives and challenges of communities of color?”; “What are examples of racism, colorism, or white supremacy in your daily life around Santa Ana” (National Review).