The White House is going after a top House Republican who said the collapse of Silicon Valley Bank and Signature Bank demonstrate the need for government spending cuts.
House Budget Chair Jodey Arrington . Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images
"This is the best time to do it,” he told the outlet. “That interest rate pressure that is creating some risk in the banking industry is a result of the inflation that has been induced by the massive amounts of spending.” Instead, Bates said, Republicans are "exploiting the bank failures they helped cause and threatening to worsen economic volatility unless they can implement their budget policies."Silicon Valley Bank’s collapse was spurred in part by their sale of long-term bonds at a massive loss due to Federal Reserve interest rate hikes aimed at cooling off inflation.
"1,000% agree," said Rep. Blake Moore , a more moderate member of the tax-focused Ways and Means Committee. "It's bad economic policy that leads to catastrophic events later on, and hopefully we can squash it."
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lee Zeldin kicks off new venture, has no 2024 Republican White House favorite — yet“I haven’t made any endorsements for the 2024 race. But I believe in a robust Republican field,” Zeldin told The Post on Tuesday.
Read more »
White House homes in on Republican tax plans as budget debate escalatesFIRST ON FOX: The White House is slamming House Republicans, telling Fox News Digital that the budget being discussed by GOP lawmakers is simply “deficit-escalating tax welfare for the rich.”
Read more »
Biden White House closely watching Federal Reserve following bank failures | CNN PoliticsAll eyes are trained on the Federal Reserve as it prepares to announce another potential interest rate hike Wednesday afternoon -- exactly 10 days after the Biden administration stepped in with dramatic emergency actions to contain the fallout from two bank failures.
Read more »
Top Republican says he returned donations from a recent fundraiser at Signature Bank headquartersThe new House Financial Services Committee chairman leading an investigation into two of the largest bank failures in history says his team has returned all donations from a fundraiser with executives in Signature Bank’s boardroom days before its collapse.
Read more »
Biden’s climate change ‘zealotry’ contributed to Silicon Valley Bank collapse, Republican AGs charge16 AGs scolded Janet Yellen, Jerome Powell and others for contributing to the failure of SVB by prioritizing Biden’s climate agenda over sound banking practices.
Read more »
Biden issues first veto, taking on new Republican HousePresident Joe Biden has issued the first veto of his presidency in an early sign of shifting White House relations with the new Congress since Republicans took control of the House in January.
Read more »