Economy


Speaker of the House Kevin McCarthy, R-Calif., speaks during a news conference in Statuary Hall at the Capitol in Washington, Thursday, Jan. 12, 2023. McCarthy rounded his first full week as House speaker in the most outwardly orderly way. There was hardly a hint of the chaotic, rebellious fight it took for the Republicans to arrive here, having barely installed him as the leader with the gavel. (AP Photo/Jose Luis Magana)
MAGA Republicans Plan to Hold the Economy Hostage to Cut Social Security and Medicare

The debt ceiling is a numerical limit, set by Congress, on how much money the federal government can borrow to pay its bills. Increasing the debt ceiling is a routine congressional task, but Republicans want to hold it hostage to make cuts to Social Security and Medicare, even though failing to raise the limit would cause massive economic devastation.

Money In Hand
Minimum Wage Will Rise To $12 In Virginia

The Federal minimum wage still sits at $7.25 per hour.  Here’s the good news: at $11 an hour in 2022, Virginians did make significantly more than the federal minimum wage of $7.25. Here’s the not-so-good news: even at nearly $4 more an hour than some Americans, that’s not a sustainable living wage in the commonwealth....

House Minority Leader Kevin McCarthy, R-Calif., walks to the chamber for final votes as the House wraps up its work for the week, at the Capitol in Washington, Friday, Dec. 2, 2022. McCarthy is seeking enough GOP backing to become Democrat Nancy Pelosi's successor when Republicans take control of the House in the new Congress. (AP Photo/J. Scott Applewhite)
House Republicans’ Agenda Focuses on Social Security Cuts and Sham Investigations—Not Working Families

Between Republicans’ economic agenda, spurious investigations, and threatened impeachments, the House is looking at a busy but unproductive year.

AP Photo/Carolyn Kaster, File
10 Ways the Federal Government Delivered for American Workers and Families This Year

Under Democratic control, the federal government acted to lower healthcare and prescription drug costs; fight climate change and lower energy costs; invest in gun safety and mental healthcare; and implement a generational investment in American industry, manufacturing, and infrastructure.

FILE - Freight train cars sit in a Norfolk Southern rail yard on Sept. 14, 2022, in Atlanta. The Biden administration is saying the U.S. economy would face a severe economic shock if senators don't pass legislation this week to avert a rail worker strike. The administration is delivering that message personally to Democratic senators in a closed-door session Thursday, Dec. 1.  (AP Photo/Danny Karnik, File)
Biden Signs Bill to Block Rail Strike to Protect Economy; Senate Voted Down Effort to Give Rail Workers Paid Sick Days

Democratic lawmakers tried to pass a second bill that would have added paid sick days to the agreement, but were unable to reach the 60-vote threshold needed in the Senate, due to most Republican senators opposing the measure.

Vice President Kamala Harris speaks at campaign event for Maryland gubernatorial candidate Wes Moore, Saturday, Oct. 29, 2022, in Baltimore, Md. (AP Photo/Julio Cortez)
Biden-Harris Administration Announces Over $13 Billion to Help Cut Winter Energy Costs for Struggling Families

With many American families facing record-high energy costs this coming winter, the Biden-Harris administration has announced several steps to help lessen the burden. 

AP Photo/Andrew Harnik
The Republican Party’s Economic Agenda Includes Tax Cuts for Corporations and Cuts to Social Security and Medicare

Republicans have said they want to extend the Trump tax cuts, which mostly benefited billionaires and corporations; cut spending on Social Security and Medicare; and repeal the Inflation Reduction Act, which lowered the cost of prescription drugs and raised taxes on corporations.