The magnitude of these challenges, however, may be cause for political optimism. Induced by a pernicious mix of post-pandemic economic pain and Russia’s war in Ukraine, short-term energy market volatility has the world on edge, frustrating an already dire outlook for global efforts to limit warming to 1.5 degrees Celsius. Admittedly, the energy and climate setting that the members of the 118th Congress will inherit in 2023 is bleak. One area for bipartisan hope: Energy-permitting reformĪs Congress tilts right, hope remains that new House leadership may actually help to stimulate permitting reform that would further anchor the United States’ status as a major conventional and, increasingly, clean energy superpower. Josh Lipsky is senior director of the GeoEconomics Center and a former International Monetary Fund advisor. That may be one rare issue of bipartisan consensus in the new Congress. But if inflation stays high or the United States enters a recession, expect tougher hearings and sharper questions directed at the Fed. He was confirmed to a second term just last year. Both parties have given Chairman Jay Powell a fair amount of deference during the pandemic. No matter what the final count looks like, the new Congress will be focused on the Federal Reserve. Markets would breathe a sigh of relief, but there are only a few weeks to pull it off and complicated legislative maneuvers to make it work. ![]() Biden may be hoping that they can push the issue past the 2024 election. One thing to watch out for is an effort by Democrats to pre-empt the battle by raising the debt limit during a lame-duck session before the new Congress is sworn in. The question is: Will Congress play chicken with the debt limit amid the possibility of a global economic recession? The world will be carefully watching this fight play out over the coming months and hoping cooler heads prevail. Instead, a looming default can be used as negotiating leverage on other priorities such as spending cuts. Of course, both parties know this, and no one wants to increase pain during an economic slowdown. If the debt ceiling isn’t raised before then, the consequences could be credit downgrades, spiraling interest rates, and shocks in the stock market. According to Treasury Secretary Janet Yellen, the United States may reach its limit as soon as the summer of 2023. The most pressing challenge is finding a way to raise the debt ceiling. The shift of a few seats in the House could have major real-world global economic repercussions. There’s a fight brewing over the debt limit. John Herbst is the senior director of the Eurasia Center and a former US ambassador to Ukraine. The outgoing Congress will likely ensure adequate funding for Ukraine through 2023 during the lame-duck session and the incoming Congress is also likely to maintain that support. ![]() Bottom line? Strong support for Ukraine will continue. Another factor is the underperformance of the populist or Donald Trump wing of the party this suggests that their influence in Congress-and possibly against aid to Ukraine-will not increase. While the Republicans will hold the majority in the House in January, it will not be a large one and the Democrats held the Senate. While it was never certain that such an election result would have led to those consequences, it appears that the Republican wave never materialized. Prior to the vote, some analysts predicted that a strong Republican victory with populist candidates in the vanguard would strengthen the hand of those who want to sharply decrease US assistance to Ukraine. Jefferson wanted to reward his longtime ally with the Boston collectorship, but first, he needed to keep the long-serving Dearborn in the War Department until the foreign crisis with Great Britain over trade restrictions and the impressment of American sailors was resolved.Counter to previous expectations, the outcome of the midterm elections does not portend a change in US policy towards Ukraine. The president did so to nominate Henry Dearborn, his friend and the secretary of war, to this important position before his eventual retirement to Monticello. In 1806 Lincoln had written to Jefferson proposing to resign his office, but Jefferson asked him to stay on until he had appointed a successor. The president’s “high misdemeanor,” according to Quincy, was that he kept Benjamin Lincoln, the customs collector for the port of Boston, in federal office despite the man’s protestations that he was too old, and too feeble, to do his job. This time was different, as Quincy alleged that Jefferson had failed to carry out his duties as chief executive. 25, 1809, Quincy rose to denounce the president as he had done numerous times in the past.
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