Condenetint http://condenetint.com/ Wed, 21 Jul 2021 20:01:23 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://condenetint.com/wp-content/uploads/2021/06/cropped-icon-32x32.png Condenetint http://condenetint.com/ 32 32 US Treasury could run out of liquidity by November if $ 22 trillion debt limit is not lifted, CBO warns https://condenetint.com/us-treasury-could-run-out-of-liquidity-by-november-if-22-trillion-debt-limit-is-not-lifted-cbo-warns/ https://condenetint.com/us-treasury-could-run-out-of-liquidity-by-november-if-22-trillion-debt-limit-is-not-lifted-cbo-warns/#respond Wed, 21 Jul 2021 19:36:04 +0000 https://condenetint.com/us-treasury-could-run-out-of-liquidity-by-november-if-22-trillion-debt-limit-is-not-lifted-cbo-warns/

Top line

The US Treasury risks running out of liquidity as early as October if the debt limit is not lifted in the coming weeks, the Congressional Budget Office warned on Wednesday, giving urgency to a problem that appears to be at a standstill in Washington as Democrats and Republicans remain at a deadlock over the cost of President Joe Biden’s lofty infrastructure ambitions.

Highlights

In accordance with Bipartite finance law 2019, Congress faces an August 1 deadline to increase the current debt limit, which is the maximum amount of debt the Treasury can issue to the public and other federal agencies, or extend its suspension. in place.

Treasury should take “extraordinary measures” to fund government operations if no action is taken, CBO warned Wednesday, saying the department’s few options include cutting investments in federal pension funds, health benefits and disability funds for federal government employees and retirees.

However, even these measures would only help briefly, the CBO continued, estimating that the Treasury would likely be cash-strapped in the first quarter of the next fiscal year, which begins October 1 and most likely by October or November.

If the treasury runs out of cash, the CBO says the government would effectively be unable to meet its obligations, forcing it to delay payments, default on debt obligations, or both.

The report came hours after senses Chuck Schumer (DN.Y.) and Mitch McConnell (R-Ky.), Who lead their respective parties to the chamber, fought to raise the debt limit, McConnell saying that he can’t imagine “a single Republican” voting for it given increased government spending during the pandemic.

Schumer fired back in the Senate, claiming that McConnell’s statements on the debt limit are “shameless, cynical and utterly political,” and claiming that the current national debt, which stands at $ 28.5 trillion, is the “Trump debt” and “Covid debt”.

In addition to holding stand-alone votes to raise or suspend the debt limit (which would require some Republican support), Democrats could include a debt ceiling proposal in a budget reconciliation bill to pass guidelines. single party, although the fate of such a bill is uncertain and negotiations could last beyond September.

Crucial quote

“Unless legislation is enacted to increase or suspend the debt limit, the Treasury must take extraordinary steps to continue funding government activities after August 1,” the CBO warned in the report. “Even then, such measures will only be available for a limited time.”

Chief critic

“I can’t imagine that a single Republican in this environment we find ourselves in right now – this free on all taxes and spending – voting to raise the debt ceiling,” McConnell said. Told Punchbowl news in an interview on Wednesday. “I think the answer is they need to include it in the reconciliation bill,” he added, referring to a $ 3.5 trillion infrastructure package Democrats hope to pass. without the support of Republicans.

Large number

35 trillion dollars. This is how much the CBO expects the country’s debt to swell by the end of this year, before adjusting fiscal stimulus.

Key context

Amid inflationary concerns that have rocked the markets in recent months, the gap between government spending and revenue has widened. inflated to over $ 2.2 trillion in fiscal 2021, less than last year’s $ 2.7 trillion at this time, but far more than historic deficits of less than $ 1 trillion . A larger deficit usually means the government takes on more debt, which can ultimately limit the government’s willingness and ability to increase spending in order to curb economic downturns or fight pandemics. According to the Treasury, Congress has either increased, extended, or revised the definition of the debt limit 78 times since 1960, and it has never failed to act on the debt limit when necessary. Yet the Treasury had to temporarily implement “extraordinary measures” when Congress failed to respond quickly, including more recently in 2013, when the government suspended investments in pension funds and has taken unprecedented steps to restructure its debt

Further reading

U.S. National Debt Expected to Approach $ 89 Trillion by 2029 (Forbes)

National debt set to become bigger than the entire US economy, says CBO (Forbes)

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Warren warns Biden administration about PPP fees https://condenetint.com/warren-warns-biden-administration-about-ppp-fees/ https://condenetint.com/warren-warns-biden-administration-about-ppp-fees/#respond Wed, 21 Jul 2021 19:24:52 +0000 https://condenetint.com/warren-warns-biden-administration-about-ppp-fees/

The program, which has enjoyed wide bipartisan support, was first adopted in March 2020 to keep workers attached to their jobs. The PPP allowed banks to issue government-guaranteed loans that could be canceled if companies maintained their payrolls. Banks charge fees for their role. The program was closed to new applicants at the end of May.

In his June letter to the SBA, Warren referred to a class action lawsuit filed by American Video Duplicating Inc. against Citigroup, Wells Fargo, Bank of America and other lenders who alleged “banks have systematically failed to pay borrowers’ agents – in most cases accountants – their share of the processing fees set under the program, agents stiffeners an average of $ 22,000. A Bank of America spokesperson noted that all litigation on the matter, including this lawsuit, was over, citing the December legislation that led to the resolution of many PPP disputes. The other banks mentioned did not immediately respond to requests for comment on the lawsuit.

Warren cited the original SBA rules that the so-called agent fees would be paid by the lender, followed by later rules that transferred responsibility to the borrowers.

Warren asked for data on the number of loan applications submitted with the help of an agent and information on why the SBA changed its guidelines – in addition to payments made to agents.

Ratliff CPA Firm filed a lawsuit in July 2020, on behalf of the SBA, against First-Citizens Bank & Trust Company, Intuit Inc. and Intuit Financing Inc., Pinnacle Bank and Truist Bank, for the stated purpose “to recover damages and interest penalties resulting from a program to submit the actual submission of false payment claims to the Small Business Administration. A spokesperson for Truist did not comment, saying the bank was not discussing the pending litigation. The other defendants did not immediately respond to requests for comment.

The Justice Department declined to join the prosecution in March.

Dick Harpootlian, co-counsel to Ratliff CPA, said he gave a presentation on the lawsuit to Warren’s office and the SBA in June, ahead of Warren’s letter.

His presentation focused on the change in language surrounding PPP, as banks were originally supposed to pay their agents, but this later caused confusion and was amended by law in December 2020. say borrowers had to pay agents.

“And here’s the problem,” Harpootlian said, “no one will take credit for putting this on the bill… and again, who gets screwed? These small businesses that have provided service in a very difficult time.

Harpootlian said that if there was a chance anyone was paying attention to the suit, he knew it would be Warren, which is why his team decided to present it to him. “Whether it’s overdraft fees or any consumer protection from the banks, she’s been a champion,” he said.

In terms of the unpaid amount, Harpootlian in its presentation estimated that as of August 8, 2020, “given that many large banks have refused to pay and given the volume of lawsuits filed, it seems reasonable to assume that it exceeds 100 $ million. ”

Marc Caputo contributed to this report.

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Democrats slam McConnell for debt ceiling time bomb https://condenetint.com/democrats-slam-mcconnell-for-debt-ceiling-time-bomb/ https://condenetint.com/democrats-slam-mcconnell-for-debt-ceiling-time-bomb/#respond Wed, 21 Jul 2021 18:52:53 +0000 https://condenetint.com/democrats-slam-mcconnell-for-debt-ceiling-time-bomb/

“This debt is Trump’s debt. It’s Covid’s debt, ”said Senate Majority Leader Chuck Schumer. “And the bottom line is that Leader McConnell shouldn’t be playing political games with the full faith and credit of the United States. Americans are paying their debts.

Schumer met with Senate Finance Chairman Ron Wyden (D-Ore.) And Senator Elizabeth Warren (D-Mass.) To debrief on the issue Wednesday morning, after McConnell told Punchbowl News he “I can’t imagine a single Republican” voting to raise the debt limit amid Democrats “free for all” for taxes and spending.

Congress has avoided defaults on the country’s finances more than two dozen times in the past three decades. With a particularly uncertain deadline this time around, however, failure to act quickly could create turmoil in financial markets, increase costs for U.S. borrowers, and hurt the government’s credit rating at a time when the Biden administration is focused on a full economic recovery.

Senate Republicans have signaled for months that they likely lack the backing to suspend the debt limit without some spending concessions from the majority party, raising the possibility of yet another standoff at high stakes. A group of GOP senators held a press conference on Wednesday to complain about Democrats’ “tax and spending frenzy”, warning of skyrocketing inflation and strained economic growth.

Senator Lindsey Graham (RS.C.), the leading Republican on the budget committee, said he would have more to say on the debt limit next week. Minority Whip John Thune (RS.D.) said there was no appetite among Republicans for a sharp increase in debt as Democrats piled on that number.

But Warren insisted Wednesday that “there is no compromise,” noting that Democrats voted three times during Donald Trump’s presidency to avoid a debt ceiling crisis.

“We are not compromising with America paying its bills,” she said. “The Republicans are trying to extract something and say their influence is that they will make the United States violate its legal obligations.”

Wyden and Warren bypassed questions on Wednesday as to whether they would try to raise the debt limit thanks to the massive spending program Democrats are trying to pass without Republican support or working with the GOP to suspend the limit until ‘at a later date.

“We just want to do it – period,” Wyden said.

Two years ago, Congress struck a budget deal that suspended the debt ceiling until July 31 of this year. After that, the Treasury Department can deploy a number of tactics to delay the actual deadline and continue paying the nation’s bills on time. But Yellen and economics experts have warned those tactics could wear out sooner than expected.

It has been particularly difficult this year to determine the actual ‘X date’ or the official deadline by which the United States is in default of its financial obligations, due to the uncertainty surrounding spending related to the pandemic.

The last time McConnell and his Republican colleagues asked a Democratic president for a debt limit – almost exactly a decade ago – the country’s credit rating was lowered for the first time in U.S. history. . Democrats are now saying they will not revisit that 2011 standoff that spooked financial markets when then-President Barack Obama was in the White House.

“We saw what the Republicans did to Barack Obama on exactly this issue. This will not happen again under our watch, ”said Wyden. “Mitch McConnell apparently thinks that if he doesn’t get this political agenda – in other words, his particular priorities – we’re going to hit the US economy. It’s not going to happen. “

Senate Budget Chairman Bernie Sanders (I-Vt.) Told reporters on Wednesday he was still working to rally the 50 Democratic senators to a budget resolution, which will unlock the favored reconciliation process for the crossing of the line. Democrats’ $ 3.5 trillion spending party. bill. It is not known if the caucus will come together around an increase in the debt ceiling by accepting this budgetary framework.

Moderates like Sens. Joe Manchin (DW.Va.) and Jon Tester (D-Mont.) Have previously opposed a suspension of the debt ceiling – let alone an increase – citing out of control spending. The tester told POLITICO last month he would rather work with Republicans on a debt ceiling deal, rather than pursue a one-party approach.

Burgess Everett and Marianne LeVine contributed to this report.

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data.world achieves highest possible scores on governance and data management and solutions vision criteria in new report from leading independent research firm https://condenetint.com/data-world-achieves-highest-possible-scores-on-governance-and-data-management-and-solutions-vision-criteria-in-new-report-from-leading-independent-research-firm/ https://condenetint.com/data-world-achieves-highest-possible-scores-on-governance-and-data-management-and-solutions-vision-criteria-in-new-report-from-leading-independent-research-firm/#respond Wed, 21 Jul 2021 18:41:05 +0000 https://condenetint.com/data-world-achieves-highest-possible-scores-on-governance-and-data-management-and-solutions-vision-criteria-in-new-report-from-leading-independent-research-firm/ GlobeNewswire
2021-07-21

Company Debuts Strong Performer in Data Governance Solutions Report

AUSTIN, Texas, July 21, 2021 (GLOBE NEWSWIRE) – data.world, the cloud-native enterprise data catalog company, today announced that it has been named a Strong Performer in The Forrester Wave ™: Data Governance Solutions, Q3 2021. The platform received the highest possible score in 11 criteria, including data governance and management, data discovery and access, and solution vision. The report states that, “For organizations looking to drive data analysis, collaboration and discovery through data governance programs or to expand their capabilities, data.world is a good choice.”

“Data governance solutions are the foundation for driving data usage across organizations and improving employee data literacy,” writes Achim Granzen, senior analyst at Forrester and author of Wave. The report says solutions need to reach a wide audience of users, including IT, data stewards, data scientists and compliance officers. The report also states that “core customers are using data.world’s data catalog for data discovery and collaboration, joining technical and business areas to simplify data analysis.”

“A radical shift in data governance practices is underway, driven by an existential need for digital transformation and business optimization,” said Brett Hurt, CEO and co-founder of data.world. “Agile data governance focuses on making data a first-class citizen in the organization, alongside infrastructure and applications, and on improving the value of data over time by encouraging accessibility, contribution and collaboration of everyone in the company. We’re excited to see Forrester recognize, in our view, that data governance can be as much about business value as it is about compliance and privacy. “

Download a free copy of The Forrester Wave ™: Data Governance Solutions, Q3 2021.

About data.world

data.world makes it easy to get clear, precise and quick answers to any business question. Our cloud-native data catalog maps your siled distributed data to familiar and cohesive business concepts, creating a unified body of knowledge that anyone can find, understand, and use. data.world is an Austin-based B-certified company and public benefit corporation that is home to the world’s largest open data collaborative community. Visit data.world for more information and expert advice.

Media contact

Ed Zitron, EZPR

Email: ed@ezpr.com

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Ibotta adopts 400 classrooms with donation of $ 100,000 for back-to-school supplies https://condenetint.com/ibotta-adopts-400-classrooms-with-donation-of-100000-for-back-to-school-supplies/ https://condenetint.com/ibotta-adopts-400-classrooms-with-donation-of-100000-for-back-to-school-supplies/#respond Wed, 21 Jul 2021 13:00:00 +0000 https://condenetint.com/ibotta-adopts-400-classrooms-with-donation-of-100000-for-back-to-school-supplies/

DENVER, July 21, 2021 / PRNewswire / – Ibotta, a leading rewards platform in United States, today announced a $ 100,000 donation to provide school supplies to more than 400 classrooms across the country. Through AdoptAClassroom.org, a national non-profit organization that provides flexible funding to K-12 teachers and schools, Ibotta will provide teachers in need $ 200 so that they can buy the classroom materials they need without spending their own money.

A recent survey from AdoptAClassroom.org found that teachers spent on average $ 750 of their own money last year on school supplies. Another 45% said their spending increased once distance learning started. With more schools returning to this class this fall, teachers will have an even greater responsibility for ensuring the safety and health of their students. Ibotta therefore makes sure that the money does not come out of teachers’ pockets.

“Whether it’s helping teachers provide enough personal protective equipment like masks and hand sanitizer to arm them with basic supplies like pencils and paper, we hope this donation will help. to reduce the personal financial burden on teachers so that they can focus on the best learning experience for students, “mentioned Richard donahue, Marketing Director, Ibotta.

AdoptAClassroom.org provides teachers and school administrators with an online fundraising platform and private e-commerce marketplace of nearly 30 suppliers of school supplies and school specialties. Through its marketplace, teachers and school administrators can use donations to select exactly what they need for their classes and students.

“We are very grateful for Ibotta’s generous donation,” said Anne Pifer, executive director of AdoptAClassorom.org. “Partnerships like Ibotta’s make our work possible and help us equip more students with the materials and tools they need to learn and be successful in school.

In addition to supporting teachers with the donation, Ibotta is also helping to ease the financial burden on families as the 2021-2022 school year approaches with its “FREE Back to School for All” program. Partnering with some of the most iconic brands for kids, like Five Star, Kleenex, and Nature’s Own, Ibotta is providing millions of American children with free back-to-school supplies for the next school year. While supplies last, Ibotta is offering 100% cash back on basic lunchbox and backpack items including: notebooks, pencils, tissues, erasers, bread , fruit spreads and peanut butter.

For more information about Ibotta, visit the website here.

About Ibotta, Inc.
Based at Denver, CO, Ibotta (“I bought a …”) is a free cash back platform that delivered $ 1 billion in cash rewards accrued to its users for their purchases in stores, on mobile applications or through websites. Launched in 2012, Ibotta has more than 40 million downloads, is one of the most used purchasing and payment platforms in United States, and offers cash back rewards on purchases from over 2,700 top brands and retail partners. Ibotta was named to the 2020 Inc. 5000 list of the fastest growing private companies in the United States for the third year in a row after debuting on the list in 2018, and the company was also named a Top Workplace by The Denver Post four consecutive times.

About AdoptAClassroom.org
AdoptAClassroom.org believes that every child deserves the tools and materials they need to learn and be successful in school. The national technology-based nonprofit connects donors and sponsors with teachers and schools to help equip more classrooms and students with school supplies. Since 1998, AdoptAClassroom.org has grown $ 50 million and has supported over 5.5 million students across the United States. The 501 (c) (3) has the highest 4-star rating from Charity Navigator and a platinum transparency rating from GuideStar. To make a donation, go to www.adoptaclassroom.org.

SOURCE Ibotta

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https://www.ibotta.com

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Online Coaching Software Market 2021 with Data Analysis of Key Countries by Industry Trends, Size, Share, Company Overview, Growth, Development and Forecast by 2026 https://condenetint.com/online-coaching-software-market-2021-with-data-analysis-of-key-countries-by-industry-trends-size-share-company-overview-growth-development-and-forecast-by-2026/ https://condenetint.com/online-coaching-software-market-2021-with-data-analysis-of-key-countries-by-industry-trends-size-share-company-overview-growth-development-and-forecast-by-2026/#respond Wed, 21 Jul 2021 09:54:37 +0000 https://condenetint.com/online-coaching-software-market-2021-with-data-analysis-of-key-countries-by-industry-trends-size-share-company-overview-growth-development-and-forecast-by-2026/