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US Postal Service reports $2.5 billion quarterly loss

US Postal Service reports $2.5 billion quarterly loss

By David Shepardson WASHINGTON, Aug 7 (Reuters) - The U.S. Postal Service reported a $2.5 billion net loss for the fiscal third quarter, nearly $600 million less of a loss than the same quarter last year, and urged a series of actions from Congress to address its mounting financial crisis. U.S.
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Appeals court blocks Trump's ballroom, says Congressional approval needed

Appeals court blocks Trump's ballroom, says Congressional approval needed

The court said it would stay the ruling for two weeks to allow the administration to appeal to the U.S. Supreme Court.
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The IRS Funding Boost That Triggered a Congressional Backlash

The IRS Funding Boost That Triggered a Congressional Backlash

The Inflation Reduction Act of 2022, signed into law by President Joe Biden, included several provisions aimed at reducing inflation and investing ...
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Bold America Invests $300,000 in Linda Sánchez's Reelection Campaign Amid Runoff Election

Bold America Invests $300,000 in Linda Sánchez's Reelection Campaign Amid Runoff Election

Bold America, a political action committee formed by former members of the Congressional Hispanic Caucus, has allocated $300,000 to support the reelection campaign of Rep. Linda Sánchez in California's Congressional District 41. Sánchez, a Democrat, is preparing for a runoff election in November against Republican Mitch Clemmons. This financial backing is part of a broader strategy by Bold America, which has received significant contributions from the United Democracy Project, a super PAC associated with the American Israel Public Affairs Committee (AIPAC). The United Democracy Project has been active in various races, spending over $1.6 million in support of candidates aligned with its interests. Sánchez, who has faced scrutiny for not disclosing stock transactions as required by the STOCK Act, is among several candidates receiving substantial outside financial support in this election cycle.
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FCC Lifts Cap on Broadcast Station Ownership, Allowing Greater Media Consolidation

FCC Lifts Cap on Broadcast Station Ownership, Allowing Greater Media Consolidation

FCC Lifts Cap on Broadcast Station Ownership, Allowing Greater Media Consolidation
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Congress Faces Urgent Deadline to Address Social Security Funding Crisis

Congress Faces Urgent Deadline to Address Social Security Funding Crisis

Congress is under pressure to address the looming financial shortfall in Social Security and Medicare, with the Social Security Trust Fund expected to deplete its reserves by the fourth quarter of 2032. This would result in only 78% of scheduled benefits being paid out unless Congress intervenes. The Medicare Hospital Insurance Trust Fund is also projected to face a shortfall by 2033. Lawmakers are divided on solutions, with proposals ranging from tax increases to benefit cuts, but no consensus has been reached.
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U.S. Rep. Dale Strong Advocates for USPS Reform with PERFORM Act

U.S. Rep. Dale Strong Advocates for USPS Reform with PERFORM Act

U.S. Representative Dale Strong (R-Huntsville) is spearheading efforts to reform the U.S. Postal Service (USPS) through the introduction of the Postal Executive Responsibility, Fiscal Oversight, and Results-based Management (PERFORM) Act. This legislation aims to hold USPS leadership accountable by prohibiting the Postmaster General from receiving performance-based bonuses if the agency fails to meet delivery standards or financial benchmarks. The bill has garnered support from Alabama's entire congressional delegation, with Senators Tommy Tuberville and Katie Britt introducing a companion bill in the Senate. Strong has also been vocal about the need for broader reforms, including the potential privatization of the USPS, citing unsustainable financial losses and service delays.
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Union representing IRS workers asks judge to block Trump tax audit immunity deal

Union representing IRS workers asks judge to block Trump tax audit immunity deal

The labor union representing Treasury Department and Internal Revenue Service workers has asked a judge to block a sweeping tax audit immunity agreement for President Donald Trump
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Fairshake Crypto PAC Influences Key Primary Wins in Michigan and Washington

Fairshake Crypto PAC Influences Key Primary Wins in Michigan and Washington

The Fairshake Crypto PAC, a political action committee network supported by major cryptocurrency firms, has played a significant role in recent primary elections in Michigan and Washington. In Michigan's 4th Congressional District, Republican incumbent Bill Huizenga secured his party's nomination with substantial financial backing from Fairshake affiliates, including nearly $512,000 from Defend American Jobs. This support underscores Huizenga's advocacy for clearer digital-asset regulations. In Washington, Democratic incumbents Suzan DelBene, Kim Schrier, and Marilyn Strickland, along with Republican Amanda McKinney, also benefited from Fairshake's financial contributions, totaling over $1.3 million across these races.
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Senators Debate Social Security Reform Amid Impending Funding Shortfall

Senators Debate Social Security Reform Amid Impending Funding Shortfall

U.S. senators are engaged in a debate over how to address the impending funding shortfall of the Social Security program. With projections indicating that the Social Security retirement trust fund could be depleted by late 2032, lawmakers are considering various proposals to ensure the program's long-term solvency. The bipartisan PROMISE Act, introduced by Senators Dick Durbin and Bill Cassidy, aims to establish a formal process for Congress to consider a long-term solvency package. Meanwhile, Senator Elizabeth Warren advocates for a tax-focused approach, proposing that higher-income Americans contribute more by increasing or eliminating the payroll tax cap. Senator Bernie Sanders supports expanding benefits through higher taxes on wealthy individuals.
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Avila Chevalier Seeks Membership in Congressional Black and Hispanic Caucuses

Avila Chevalier Seeks Membership in Congressional Black and Hispanic Caucuses

Darializa Avila Chevalier, a democratic socialist who recently won a primary against New York Rep. Adriano Espaillat, plans to join both the Congressional Black Caucus and the Congressional Hispanic Caucus. This move would make her the third Afro-Latino lawmaker to be a member of both caucuses simultaneously. Avila Chevalier has already engaged in discussions with several Black Caucus members, including House Minority Leader Hakeem Jeffries, expressing her enthusiasm for joining and contributing to their efforts. The Black Caucus Chair, Rep. Yvette Clarke, stated that established processes would determine future membership after the new Congress begins. Meanwhile, a staffer for the Hispanic Caucus confirmed that all incoming Latino members are eligible to join once sworn in.
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U.S. Lawmakers Reintroduce Corporate Tax Transparency Bill Amid IRS Funding Push

U.S. Lawmakers Reintroduce Corporate Tax Transparency Bill Amid IRS Funding Push

On July 16, Senator Chris Van Hollen and Representative Brittany Pettersen reintroduced the Disclosure of Tax Havens and Offshoring Act. This legislation mandates American multinational corporations to disclose expanded financial information on their offshore operations, known as public country-by-country reporting (CbCR). The bill aims to enhance transparency and create a fairer corporate tax system. The European Union and Australia have already implemented similar laws, providing insights into offshore tax avoidance by large companies. In parallel, Representatives Suzan DelBene, Terri Sewell, Judy Chu, and Ro Khanna introduced a bill to restore $83 billion in IRS funding, focusing on enforcement against high-net-worth individuals and large corporations.