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WATCH: Sen Warren unloads on Trump’s Fed nominee Kevin Warsh in explosive hearing showdown

Wed, 22 Apr 2026 09:03:10 -0400

Sparks flew on Capitol Hill as Sen. Elizabeth Warren, D-Mass., accused Federal Reserve nominee Kevin Warsh of being a potential "sock puppet" for President Donald Trump.

Warsh, tapped by Trump in January to lead the Federal Reserve, faced a two-and-a-half-hour confirmation hearing before the Senate Banking, Housing, and Urban Affairs Committee.

If confirmed, he would take the helm of the world’s most powerful central bank, shaping interest rates, borrowing costs and the financial outlook for millions of American households for the next four years.

WHO IS KEVIN WARSH, TRUMP'S PICK TO SUCCEED JEROME POWELL AS FED CHAIR?

In her opening remarks, Warren sharply criticized Warsh’s record and questioned his independence, arguing he is "uniquely ill-suited for the job as Fed chair" and warning he could give Trump influence over the central bank.

She accused Warsh of enabling Wall Street during the 2008 financial crisis, which fell during his tenure as a Federal Reserve governor when he served from 2006 to 2011.

"In our meeting last week, we discussed the 2008 financial crash, where 8 million people lost their jobs, 10 million people lost their homes and millions more lost their life savings," Warren said. "Giant banks, however, got hundreds of billions of dollars in bailouts… and he said to me that he has no regrets about anything he did."

She added that Warsh "worked tirelessly to arrange multibillion-dollar bailouts" for Wall Street CEOs, with nothing for American families.

The hearing grew more tense as Warren pivoted to ethics concerns, pressing Warsh over his undisclosed financial holdings and questioning him over links to business dealings connected to the late convicted sex offender Jeffrey Epstein.

The two spoke over each other and raised their voices in a heated exchange on Capitol Hill.

WARSH'S $226 MILLION FORTUNE UNDER SCRUTINY AS FED NOMINEE FACES SENATE CONFIRMATION

Sen. Elizabeth Warren: The Fed has been plagued by deeply disturbing ethics scandals in recent years. It’s critical that the next chair have no financial conflicts — none. You have more than $100 million in investments that you have refused to disclose. So let me ask: do the Juggernaut Fund or THSDFS LLC invest in companies affiliated with President Trump or his family, companies tied to money laundering, Chinese-controlled firms, or financing vehicles linked to Jeffrey Epstein?

Kevin Warsh: Senator, I’ve worked closely with the Office of Government Ethics and agreed to divest all of my financial assets.

Warren: Could you answer my question, please? You have more than $100 million in undisclosed assets. Are any of those investments tied to the entities I just mentioned? It’s a yes-or-no question.

Warsh: I have worked tirelessly with ethics officials and agreed to sell all of my assets before taking the oath of office.

Warren: Are you refusing to tell us if you have investments in vehicles linked to Jeffrey Epstein? You just won’t say?

Warsh: What I’m telling you is those assets will be sold if I’m confirmed.

Warren: Will you disclose how you plan to divest these assets? The public might question your motives if, for example, someone who profits from predicting Fed policy cuts you a $100 million check as you take office.

Warsh: I’ve reached a full agreement with the Office of Government Ethics and will divest those assets before taking the oath.

Warren: I’m asking a very straightforward question. Will you disclose how you divest those assets?

Warsh: As I’ve said, I’ve worked with ethics officials.

Warren: I’ll take that as a no.

In a separate exchange, Warren invoked Trump’s past statements about the Fed and challenged Warsh to prove his independence in real time.

She insisted that Warsh answer whether he believes Trump won the 2020 presidential election and if he would name policies of the president with which he disagrees. The hopeful future Fed chair dodged the question and said he would remain apolitical, if confirmed.

THE ONE LINE IN WARSH’S TESTIMONY SIGNALING A BREAK FROM THE FED’S STATUS QUO

Warren: Donald Trump has made clear he does not want an independent Fed. He has said, "Anybody that disagrees with me will never be Fed chairman." He’s also said interest rates will drop "when Kevin gets in." Let's check out your independence and your courage. We'll start easy. Mr. Warsh, did Donald Trump lose the 2020 election?

Warsh: Senator, we should keep politics out of the Federal Reserve.

Warren: I’m asking a factual question.

Warsh: This body certified the election.

Warren: That’s not what I asked. Did Donald Trump lose in 2020?

Warsh: The Fed should stay out of politics.

Warren: In our meeting, you said you’re a "tough guy" who can stand up to President Trump. So name one aspect of his economic agenda you disagree with.

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Warsh: That’s not something I’m prepared to do. The Fed should stay in its lane.

Warren: Just one place where you disagree.

Warsh: I do have one disagreement — he said I looked like I was out of central casting. I think I’d look older and grayer.

Warren: That’s adorable. But we need a Fed chair who is independent. If you can’t answer these questions, you don’t have the courage or the independence.

EARTH DAY: Three big signs the climate movement is running out of gas

Wed, 22 Apr 2026 05:00:44 -0400

Former White House chief of staff (and potential 2028 presidential hopeful) Rahm Emanuel is associated with the phrase: "You never want a serious crisis to go to waste." His point was parlaying voters’ short-term anxiety into long-term political gain.

Yet with a gallon of gasoline averaging more than $4 in early April, the normal deafening chorus from the environmental movement has fallen to a dull murmur – even in the lead-up to Earth Day, their holiest of high holidays. With the world gripped by an energy crisis, the relative quiet from climate groups is an acknowledgment that their beliefs are no solution.

Consider California Gov. Gavin Newsom. Last July, he declared that his state’s, "economic growth comes not in spite of clean energy but because of it." Now, he is including his administration’s role to "responsibly increase oil production" in a press release.

TRUMP'S UN SPEECH REVEALS INCONVENIENT TRUTH OF MASSIVE GREEN ENERGY COSTS

Here are three examples of shifting climate politics, and their implications for the future.

EV Demand Remains Low

During the Biden administration, the push to force consumers into electric vehicles was everywhere. At the federal level, $7,500 tax credits were handed out. California implemented mandates requiring 100% of new cars and light trucks sold qualify as "zero-emission" by 2035.

In June 2022, as gas prices soared, then-Michigan Sen. Debbie Stabenow, a Democrat, announced "it didn’t matter how high" gas cost because she drove an EV.

How times (and the numbers) have changed. In 2024, the Big Three automakers in Stabenow’s home state lost a combined $52 billion on EVs – higher than their entire combined net profits.

Remember when then-President Joe Biden traveled to Michigan for a photo op with Ford’s new F-150 Lightning all electric truck? Facing flagging demand, Ford ceased production of the Lightning last year, noting, "the American consumer is speaking clearly."

Indeed, they are. A recent Wall Street Journal story described "mostly empty and losing money" EV production plants throughout the Rust Belt as part of "America’s messy breakup with electric vehicles." Even if consumer interest in EVs ticks upward as some analysts expect, the reaction from the politicians is the true tell.

Communist Cuba Bailed Out By Russian Oil

The conflict in Iran has overshadowed the sad plight of the people of Cuba. Amid more than six decades of misery under a communist regime, the lights have literally gone out since January’s removal of Venezuelan dictator Nicolas Maduro. Cut off from the cheap oil from their socialist sympathizing neighbor, Cuba has plunged into a humanitarian crisis. The New York Times documented patients suffering or dying in hospitals without power, and ambulances parked because drivers can’t find gas.

Cuba relies on oil and gas for more than 90% of its electricity, compared to just 2% from renewables. The situation got so dire that President Donald Trump – often maligned by his critics for so-called lack of empathy – allowed a Russian oil tanker to reach Havana, noting, "they have to survive."

BIDEN WANTED TO DRIVE RELIABLE ENERGY 'INTO A DITCH,' SAYS TRUMP ENERGY SECRETARY

Just as there are no atheists in foxholes, there are precious few environmentalists when basic humanitarian necessities are lacking.

American Energy Dominance Has Softened The Blow

While current elevated gas prices are painful, countries more energy dependent than the United States feel the squeeze. In March, the Philippines shifted to four-day workweeks. Slovenia became the first European Union country to ration fuel. Thousands of gas stations across Australia, which import 90% of its fuel from the Middle East, ran out of fuel.

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It’s a different story here at home, where U.S. crude oil imports from the Persian Gulf have fallen to the lowest level in 40 years amid increasing domestic production.

Meanwhile, prices in the U.S. for natural gas, responsible for nearly half (43%) of our nation’s electricity, have remained relatively flat, while spiking roughly 70% in Europe and Asia.

President Trump deserves great credit for his renewed focus on American energy dominance.

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This Earth Day, the climate movement will once again make their chicken little cries, but the uproar is a far cry from recent years past. There are far fewer hyperbolic claims that "the world is going to end in 12 years if we don't address climate change," as U.S. Rep. Alexandria Ocasio-Cortez declared in 2019.

International affairs lay bare the inextricable link between energy and national security, a lesson most reasonable Americans inherently understand. The climate movement knows that even in this critical moment, their brand of politics has been defeated by common sense.

Virginia Dems send Spanberger bill that could let some repeat offenders out without secured bond, expert warns

Mon, 09 Mar 2026 15:57:36 -0400

A top national figure in the bail industry warned of the dangers behind a Virginia bill heading to Gov. Abigail Spanberger’s desk that would remove bond requirements for previously convicted felons.

Virginia state Del. Katrina Callsen, D-Charlottesville, drafted HB 357, which critics say makes it easier for criminals to get out of jail on an unsecured bond. The bill passed both chambers in Richmond along party lines.

In comments to ӣ��Ƶ Digital on Monday, National Association of Bail Agents President Michelle Esquenazi said she was familiar with the Virginia legislation and that it will only serve to erode public safety.

"We believe any time recidivist offenders are released due to unsecured bail policies, it puts communities in direct danger," Esquenazi said. "Many are unaware of how secured bonds insulate public safety throughout the United States of America."

ICE NABS IRANIAN NATIONAL WITH RAPE, SODOMY CONVICTIONS AFTER VIRGINIA DEMOCRATS MOVE TO CURB COOPERATION

"This bill is in direct contrast to the needs of all communities in Virginia, whether they are Republican, Democrat, or Independent."

Esquenazi said criminals don’t choose victims based on political ideology and that policymakers have failed to understand that bringing criminals to justice should be nonpartisan.

While Callsen did not respond to requests for comment, similar legislation in recent years has often come about as a wish for offenders to receive "second chances" — a dynamic ӣ��Ƶ Digital asked Esquenazi about.

"The secured bail industry is an industry of second chances," she said.

"However, if you're going to continue to commit crime, policymakers have to understand and take into account that committing crime is not a mandate. It's a career choice."

VIRGINIA GOV SPANBERGER CUTS TIES WITH ICE IN FEDERAL IMMIGRATION ENFORCEMENT COOPERATION

Policies like HB 357 serve to give recidivists more than just second but third and subsequent chances because a second chance is "only a title," which the policies themselves far exceed, she said.

Justice Forward Virginia, a progressive criminal justice reform group focused on advancing related legislation, listed the bill in its section of 2026 priorities. The group did not respond to a request for comment.

Callsen’s bill removes language from Code of Virginia § 19.2-123 governing "Release of accused on unsecured bail or promise to appear" that currently states any person arrested for a felony or who is on bond for an unrelated arrest or on parole may only be released upon securing a secured bond.

Instead, it retains only language providing preestablished conditions of release for that offender.

Other critics took to X, including Club For Growth’s Andrew Follett, who posted a passage from Soviet dissident Alexander Solzhenitsyn about a civilian being punished more for being caught with a concealed knife than a felon for whom it would be "mere misbehavior; tradition" — and commented that "Democrats have a crush on criminals — it isn’t more complicated than that."

"Under leftist ideology, society is responsible for crime, not individuals," Follett said.

"Or, [Virginia House] Speaker Don Scott is preparing for his next arrest," quipped another X user.

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Scott, D-Portsmouth, served more than 7 years of a 10-year 1994 sentence for federal crack cocaine-related charges — and was one of thousands of convicts who had their rights to vote and serve in office restored by GOP Gov. Robert F. McDonnell in 2013.

After former President Biden pardoned him in 2025, Scott said that his "journey from being arrested as a law student to standing here today as the first Black Speaker of the House of Delegates in Virginia’s 405-year history is a testament to the resilience of the human spirit and transformative power of second chances," according to Hampton Roads’ ABC affiliate.

Wisconsin voters approve cash bail amendment

Wed, 05 Apr 2023 07:39:08 -0400

It will be harder to get out of jail on bail before trial in Wisconsin under an amendment to the state constitution approved by voters on Tuesday.

Judges will now be able to consider past convictions for violent crimes when setting bail for someone accused of a violent crime. They also will be allowed to set conditions meant to protect public safety when releasing someone before trial.

The amendment’s passage, which appeared as two separate ballot questions that were approved by wide margins, is the latest victory in a Republican-backed push to enact stricter bail laws across the country. But criminal justice experts warn that it will result in higher cash bail amounts and disproportionately keep poor defendants behind bars.

WISCONSIN RESIDENTS SET TO VOTE ON AMENDMENT THAT WOULD MAKE IT HARDER TO GET OUT OF JAIL BEFORE TRIAL

Bail is meant to ensure people return to court and isn't intended to be a punishment, since defendants are presumed innocent until convicted. Criminal justice advocates say that if a judge believes someone is a threat to public safety, they should have the power to hold them without bail instead of setting high bail amounts that could still let out wealthy defendants before trial.

Wisconsin law sets such a high bar for holding someone without bail that the option is almost never used.

WISCONSIN TEEN WHO SHOT 8 PEOPLE AT A MILWAUKEE MALL SENTENCED TO 15 YEARS IN PRISON

Support for stricter bail laws in Wisconsin grew after Darrell Brooks drove his SUV through a Christmas parade in Waukesha in 2021, killing six people and injuring more than 60. Brooks was out on $1,000 bail for another charge. His bail for the parade killings was set at $5 million to prevent his release.

A separate bill passed by the Republican-controlled Legislature last month lays out the details of the amendment, including a list of more than 100 offenses that would be considered violent crimes, such as homicide, sexual assault, arson and human trafficking.

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But opponents have raised concerns that some of the crimes listed, such as watching a cockfight or leaving a firearm where a child gains access to it, should not make it harder to get out of jail. Research shows that people who stay in jail before trial are more likely to be unemployed or reoffend after their case ends. It's not uncommon for people to lose their jobs or homes while sitting in jail on a bail they can't afford.

IMF delays $6 billion bailout for cash-strapped Pakistan

Fri, 10 Feb 2023 14:36:29 -0500

The International Monetary Fund delayed a $6 billion bailout for cash-strapped Pakistan over its failure to meet the terms of a previous deal, officials said Friday, as the country struggled with a worsening economic crisis and a deadly wave of violence.

Pakistani officials said progress had been made toward reviving the bailout. A critical part of the loan, $1.1 billion, has been on hold since December as officials reviewed the country's compliance with a 2019 agreement.

The stall reflects Pakistan's struggle for economic stability after summertime floods killed 1,739 people, destroyed 2 million homes and caused $30 billion in damage. The impoverished country also has been hit by a wave of violence, including a mosque bombing last month in Peshawar that killed 101 people.

Analysts say the revival of the IMF’s bailout will help Pakistan because a release of the next installment of loans could encourage other international financial institutions to help the Islamic nation.

Prime Minister Shahbaz Sharif blames his predecessor, Imran Khan, now the opposition leader, for violating the terms of the 2019 agreement. Khan was ousted through a no-confidence vote in the parliament in April.

BOMB IN SOUTHWEST PAKISTAN KILLS SOLDIER, INJURES 11 PEOPLE

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Pakistan wants to avoid defaulting, but it's struggling under depleting foreign exchange reserves, which have fallen to below $3 billion. Analysts say that's enough only to pay for imports for the next two weeks.

The IMF said in a statement that "virtual discussions will continue in the coming days" to make progress on the deal.

The fund has given new instructions to Pakistan to raise and collect taxes, as well as slash subsidies without burdening poor people, government officials said.

Sharif last week warned that Pakistan would have difficulty complying with the IMF’s conditions.

On Friday, Pakistani Finance Minister Ishaq Dar said Pakistan will impose additional taxes of 170 billion rupees and slash subsidies to meet the deal's terms.

Biden launches $6B effort to save distressed nuclear plants

Tue, 19 Apr 2022 18:35:23 -0400

WASHINGTON — The Biden administration is launching a $6 billion effort to rescue nuclear power plants at risk of closing, citing the need to continue nuclear energy as a carbon-free source of power that helps to combat climate change.

A certification and bidding process opened Tuesday for a civil nuclear credit program that is intended to bail out financially distressed owners or operators of nuclear power reactors, the U.S. Department of Energy told The Associated Press exclusively, shortly before the official announcement. It’s the largest federal investment in saving financially distressed nuclear reactors.

NUCLEAR POWER IS EXTREMELY SAFE -- THAT'S THE TRUTH ABOUT WHAT WE LEARNED FROM JAPAN

Owners or operators of nuclear power reactors that are expected to shut down for economic reasons can apply for funding to avoid closing prematurely. The first round of awards will prioritize reactors that have already announced plans to close.

The second round will be opened up to more economically at-risk facilities. The program was funded through President Joe Biden’s $1 trillion infrastructure deal, which he signed into law in November.

"U.S. nuclear power plants contribute more than half of our carbon-free electricity, and President Biden is committed to keeping these plants active to reach our clean energy goals," Energy Secretary Jennifer Granholm said in a statement. "We’re using every tool available to get this country powered by clean energy by 2035, and that includes prioritizing our existing nuclear fleet to allow for continued emissions-free electricity generation and economic stability for the communities leading this important work."

A dozen U.S. commercial nuclear power reactors have closed in the past decade before their licenses expired, largely due to competition from cheaper natural gas, massive operating losses due to low electricity prices and escalating costs, or the cost of major repairs.

BIDEN REVIVES OBAMA-ERA LOAN PROGRAM THAT FUNDED SOLYNDRA AND COST U.S. TAXPAYERS MORE THAN $500 MILLION

This has led to a rise in emissions in those regions, poorer air quality and the loss of thousands of high-paying jobs, dealing an economic blow to local communities, according to the DOE. A quarter or more of the fleet is at risk, the DOE added. The owners of seven currently operating reactors have already announced plans to retire them through 2025.

Most U.S. nuclear plants were built between 1970 and 1990 and it’s costing more to operate an aging fleet. The only nuclear plant under construction in the United States is in Georgia. Costs have ballooned and another delay was announced in February.

The shuttered reactors include Indian Point Energy Center in New York, Pilgrim Nuclear Power Station in Massachusetts, Fort Calhoun Nuclear Generating Station in Nebraska and Duane Arnold Energy Center in Iowa. Entergy cited low natural gas prices and increased operating costs as key factors in its decision to close Indian Point last year. New York officials sought the shutdown, saying the plant 24 miles (39 kilometers) north of Manhattan posed too great a risk to millions of people who live and work nearby.

Twenty more reactors faced closure in the last decade before states stepped in to save them, according to the Nuclear Energy Institute, the industry’s trade association. Illinois is spending nearly $700 million to keep three plants open while additional renewable resources come online.

Low electricity prices are the main cause of this trend, though federal and state policies to boost wind and solar have contributed as well, the NEI added.

There are 55 commercial nuclear power plants with 93 nuclear reactors in 28 U.S. states. Nuclear power already provides about 20% of electricity in the U.S., or about half the nation’s carbon-free energy.

If reactors do close before their licenses expire, fossil fuel plants will likely fill the void and emissions will increase, which would be a substantial setback, said Andrew Griffith, acting assistant secretary for nuclear energy at DOE.

While natural gas may be cheaper, nuclear power hasn’t been given credit for its carbon-free contribution to the grid and that has caused nuclear plants to struggle financially, Griffith added.

The bailout for the nuclear industry is reminiscent of assistance the auto and airline industries received after the 2008 economic collapse and the coronavirus pandemic, respectively.

SENATE GOP BLASTS 'BLUE STATE BAILOUT' IN BIDEN'S $1.9T CORONAVIRUS BILL
With barely a month left in office, former President George W. Bush authorized $25 billion in loans to General Motors and Chrysler from a $700 billion bailout fund initially intended to save the largest U.S. banks. After President Barack Obama took office in 2009, he appointed a task force to oversee GM and Chrysler, both of which eventually declared bankruptcy. The companies took an additional roughly $55 billion in aid and were forced to close factories and overhaul operations before recovering and adding jobs. Most of the industry’s bailout loans have been repaid.

More recently, airlines received $54 billion in taxpayer money to keep people employed through the pandemic, but they eliminated tens of thousands of jobs anyway by offering incentives for employees to quit or retire early.

David Schlissel, at the Ohio-based Institute for Energy Economics and Financial Analysis, said he wishes the federal government, before it allocated the $6 billion, had analyzed whether that money might have been better spent on ramping up renewables, battery storage and energy efficiency projects, which can be done quickly and cheaply to displace fossil fuels.

Now that the money is already set aside for nuclear plants, the federal tax credits for renewables should be extended and more should be invested in energy efficiency, he said, because the faster that’s done, the faster the nation reduces its dependence on fossil fuels and its emissions. Also, the nuclear plants are going to eventually retire, some sooner than later, so carbon-free sources of energy need to be in place for when they do, he added.

The Sierra Club has a nuclear free campaign that says nuclear is not a solution to climate change, and "every dollar spent on nuclear is one less dollar spent on truly safe, affordable and renewable energy sources."

BONGINO: DESTRUCTION OF US FOSSIL FUEL HAS BEEN BIDEN ADMIN'S 'ENERGY SUICIDE PLAN' SINCE DAY 1

California is slated to close its last remaining nuclear power plant, Diablo Canyon, in 2025. Officials there think they can replace it with new solar, wind and battery storage resources, though skeptics have questioned whether California’s all-in renewable plan can work in a state of nearly 40 million people.

The Energy Department intends to accept annual applications for the civil nuclear credit program through fiscal 2031, or until the $6 billion runs out. Nuclear plant owners or operators can bid on credits for financial assistance to keep operating. To qualify, plant owners or operators have to show the reactors are projected to retire for economic reasons and emissions would increase. The department would also determine, with input from the U.S. Nuclear Regulatory Commission, that they can operate safely.

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Maria Korsnick, president and chief executive officer of NEI, said she thinks the federal program will level the playing field for nuclear energy and help clear a path to pass even more intensive policies, such as a nuclear production tax credit proposed in Biden’s now-stalled Build Back Better plan.

Democrats have said they hope to resuscitate parts of the social and environmental package and win over voters weary of the two-year-old pandemic and coping with the worst inflation in decades.

NYC Mayor de Blasio accuses Trump of 'stabbing his hometown in the back' over bailouts

Tue, 05 May 2020 14:26:49 -0400

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New York City Mayor Bill de Blasio on Tuesday called President Trump a “hypocrite” who “seems to enjoy stabbing his hometown in the back” after Trump shot down the idea of coronavirus bailouts for the hardest-hit states, which are run by Democrats.

“The president of the United States – a former New Yorker who seems to enjoy stabbing his home town in the back – [is] talking about no bailout for New York,” de Blasio said at a press briefing Tuesday,” the mayor said, before comparing Trump to former President Herbert Hoover.

“What kind of human being sees the suffering here and decides that people in New York City don’t deserve help? What kind of person does that?” he added.

With New York City tax revenue decimated by the coronavirus lockdown, de Blasio has asked the federal government for a $7.4 billion bailout for the city.

CORONAVIRUS SPARKS UNPRECEDENTED STRUGGLE FOR NYC'S HOMELESS SHELTERS

Trump in an interview with the New York Post sided with Senate Majority Leader Mitch McConnell, who expressed hesitation about additional assistance for governments in “blue states,” those hardest hit by coronavirus. Trump added that it would be unfair to Republicans.

“I think Congress is inclined to do a lot of things but I don’t think they’re inclined to do bailouts. A bailout is different than, you know, reimbursing for the plague,” Trump told the Post.

“It’s not fair to the Republicans because all the states that need help — they’re run by Democrats in every case. Florida is doing phenomenal, Texas is doing phenomenal, the Midwest is, you know, fantastic — very little debt,” the president continued.

“I don’t think the Republicans want to be in a position where they bail out states that are, that have been mismanaged over a long period of time,” he said.

NYPD OFFICERS SAY CORONAVIRUS SOCIAL DISTANCING POLICING NEEDS TO END

“Who cares who runs the states?” de Blasio exclaimed. “The people need help. They’re Americans who need help right now.”

“Do you not care about that firefighter, that EMT, that paramedic, that police officer, that health care worker because they live in a state run by a Democrat or a city run by a Democrat?” he continued. “Does that make them less American in your view, Mr. President?”

De Blasio then compared Trump to Hoover, historically known for his fiscal conservatism during the Great Depression.

“Even Herbert Hoover in his worst moments didn’t try and pit Americans against Americans, one part of the country against another,” de Blasio said. “In a crisis, a leader is supposed to bring us together.”

New York Gov. Andrew Cuomo has also repeatedly called for more money from the federal government to help state and local governments in New York. He called his state "the No. 1 giver" to the federal government and called Southeastern states "takers."

Cuomo said the state has paid $161 billion more than it received in federal spending since 2015, and for every $1 New York state gives to the federal government it receives 91 cents back.

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Cuomo's remarks came after Trump tweeted that he was "open to discussing anything" but questioned why taxpayers should "be bailing out poorly run states."

Greg Gutfeld slams Democratic governors over bailout requests: 'I just, I don't buy it'

Thu, 23 Apr 2020 18:31:10 -0400

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Greg Gutfeld on Thursday criticized Democratic governors as being "unable to make an adult decision" despite the ongoing coronavirus pandemic.

The impassioned statement came during a discussion on "The Five" about the ongoing dispute between some liberal governors and Senate Majority Leader Mitch McConnell, R-Ky., over whether states should receive federal money to help close budget gaps wrought by a suspension of economic activity due to the pandemic.

"It seems to me," Gutfeld began, "before the virus, there were cities run by Democrats declaring bankruptcy without the help of a pandemic. They were just declaring bankruptcy, or they were just broke. I just, I don’t buy it.

THE CORONAVIRUS PANDEMIC, STATE-BY-STATE

"This whole segment angers me because we’re ... just falling back into the same mistakes that we make every time," Gutfeld went on. "But this time is different. This time is different because it could cost you a civilization.

"We’re not, like, arguing about, you know, a government shutdown," Gutfeld continued. "We’re not arguing about whether we close down some of the parks because we’re having a sequestration. It’s not even an impeachment discussion."

McConnell said this week that he would be in favor of allowing states to declare bankruptcy instead of being bailed out by federal taxpayers.

"My guess is that their first choice would be for the federal government ... to borrow money from future generations and send it down to them now so that they don't have to do that," McConnell said. "That's not something I'm going to be in favor of."

CLICK HERE FOR COMPLETE CORONAVIRUS COVERAGE

On Thursday, New York Gov. Andrew Cuomo accused McConnell's home state of Kentucky of "living off the money" New Yorkers "generate" while claiming the Empire State takes in less money than it pays out in federal taxes.

"Senator McConnell, who is getting bailed out here?" Cuomo asked rhetorically.

"This is where our leaders cannot even make an adult decision which actually could ruin everybody’s lives," Gutfeld concluded. "We could all be destroyed. That’s why I have to stop every time I'm about to say something because it's going to use 16 different words beginning with the letter 'F.'

Tucker Carlson rips universities for accepting coronavirus aid money: 'They do enough harm to this country'

Wed, 22 Apr 2020 21:50:43 -0400

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Tucker Carlson blasted American universities and the federal government Wednesday night after some of the country's richest colleges received $14 billion in coronavirus aid money meant for small businesses.

"University presidents get to pay themselves and they pay themselves more than you might think, a lot," the "Tucker Carlson Tonight" host said. "Columbia University, for example, is getting $12.8 million in bailout money despite having an $11 billion endowment. The president of that school, a person called Lee Bollinger, makes more than $2 million a year."

HARVARD WON'T 'SEEK OR ACCEPT' STIMULUS MONEY AFTER CALLS FROM TRUMP TO RETURN CASH

Carlson name-checked other institutions who benefited from the aid, making special mention of the amount of money paid to the football coaches at archrivals Michigan and Ohio State -- two universities which received federal money.

"Meanwhile, the University of Pennsylvania, a school for kids on the Harvard wait list, received $9.9 million. The president of UPenn, Amy Gutmann, makes nearly $3 million. That's about a third of the entire bailout," Carlson said. "If paying Amy Gutmann is such a priority, maybe the school could find that money in their $14.7 billion endowment."

Carlson described universities as "one of the most powerful political interest groups in the nation."

"And that's why the government is blowing billions, giving them cash that they don't need at the same time that you're wondering how to pay your mortgage, "Carlson said.

CLICK HERE FOR COMPLETE CORONAVIRUS COVERAGE

Carlson then criticized Harvard University for not refusing aid money until they were "shamed" into doing so, then calling for new laws to prevent such handouts in the future.

"Harvard has announced they won't be taking bailout funds. Why? Because they spent a week being shamed in public over it, because they have a $40 billion endowment," Carlson said. "But it shouldn't take shame for Harvard to do the right thing. They should be decent enough to do it. That's a pipe dream, they're not even close to decent. But in the absence of their decency, we need better laws.

"Not a single cent ever should be spent making rich universities even richer," Carlson added. "They do enough harm to this country."

US movie theaters request coronavirus bailout from government

Wed, 18 Mar 2020 20:40:58 -0400

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As movie theaters darken their screens indefinitely to curb the spread of coronavirus, the National Association of Theater Owners (NATO) is requesting relief from the federal government.

The top 10 theater chains in the U.S. have shut their doors or are in the process of doing so. As such, the theater trade group that represents most of the industry’s cinemas said Wednesday it was asking for immediate federal help for its chains and 150,000 employees.

Saying the movie theater industry is “uniquely vulnerable” to the crisis, the organization requested loan guarantees, tax benefits for employees, and funds to make up for lost ticket sales and concessions. The group noted that screens may go dark for two to three months.

“This is an unprecedented challenge to the business,” said John Fithian, president and chief executive of NATO. "We're looking to Congress and White House to understand this is a cultural institution where people gather."

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Fithian didn’t specify a dollar amount but said theaters could be saved for a fraction of what the airline industry is requesting (the White House proposed $50 billion for airlines). For less than the cost of one airline company, all theaters in the association could be saved, Fithian said.

“We want our policymakers to know that at the end of this thing, when people have been cooped up in their house for several months, they'll need a break to go out and do something collectively that's affordable and fun and away from what they've just been through," he said. “But we still need to be viable."

NATO said that it would pull from reserves to supply $1 million in aid for now-unemployed theater workers. Movie studios are expected to contribute to the fund.

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Following federal guidelines against gatherings of more than 10 people, the theater’s largest cinemas, including AMC Theaters and Regal Cinemas, closed their doors. Hollywood postponed the release of nearly all of its March and April releases, and many of its May ones, too.

Some studios have decided to move their releases straight to on-demand streaming. Universal announced that its upcoming releases “The Hunt,” “Invisible Man” and “Emma" will be released for home viewing on Friday.

“Bloodshot,” the Vin Diesel sci-fi thriller that came out in theaters last Friday, will be available for digital purchase on Tuesday, Sony Pictures announced.

"Sony Pictures is firmly committed to theatrical exhibition and we support windowing," Sony Pictures Chairman Tom Rothman said in a statement. “This is a unique and exceedingly rare circumstance where theaters have been required to close nationwide for the greater good.”

The moves left Hollywood wondering whether the traditional release model -- movies playing exclusively in theaters for 90 days -- would survive beyond the pandemic.

Fithian told The New York Times he believed the traditional model would survive the shutdown.

“In almost all of our conversations with our studio partners, it’s been about postponing the theatrical release because of a pandemic,” he said. “It has not been about changing the business model, with one exception: Universal and ‘Trolls.’”

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Universal announced family film “Trolls World Tour” would be available for in-home rental on April 10, the same day as its scheduled release date in theaters that remain open.

The Associated Press contributed to this report.

Mnuchin says coronavirus crisis ‘worse than 9/11’ for airline industry

Tue, 17 Mar 2020 13:19:15 -0400

Treasury Secretary Steven Mnuchin said that the coronavirus pandemic is "worse than 9/11" for the airline industry as he discussed the Trump administration's economic relief plans at a White House coronavirus briefing Tuesday.

"I think, as you know, this is worse than 9/11. For the airline industry, this is, they are almost ground to a halt," Mnuchin said to reporters.

Mnuchin, after the briefing, was slated to head over to Capitol Hill to pitch the Trump administration's $850 billion stimulus package to Republican senators at their weekly policy lunch. That package includes $58 billion for the airline industry, along with a roughly $500 billion payroll tax cut and $250 billion in Small Business Administration loans.

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"The airline industry will be in good shape," Trump added as reporters pushed Mnuchin on specifics in the administration's proposal.

Discussing the Trump administration's stimulus package more broadly, Mnuchin said that he planned to shepherd the president's plan along in Congress much as he served as the point person negotiating a smaller coronavirus package with House Speaker Nancy Pelosi that passed the House of Representatives early Saturday morning.

"We look forward to having bipartisan support -- we're now working with the Senate -- to pass this legislation very quickly. And these will be payments to small businesses," Mnuchin said. "We've talked about loan guarantees to critical industries such as airlines and hotels, and we've also talked about a stimulus package to the American worker. You can think of this as something like business interruption payments for the American workers."

Mnuchin also discussed other measures the Trump administration is taking to reduce the economic sting out of the quasi-shutdown of the American economy as local, state and federal governments work to contain the spread of the virus that was declared a pandemic last week by the World Health Organization.

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The treasury secretary said Trump favors a payroll tax holiday but that the administration is looking at sending checks to Americans "immediately" to help cover coronavirus-related expenses. Sen. Mitt Romney, R-Utah, and Rep. Tulsi Gabbard, D-Hawaii, have each made similar proposals in Congress in recent days.

Mnuchin, in an interview with Chris Wallace on "ӣ��Ƶ Sunday," pitched "a big stimulus program because we need to help American workers now." But he made clear that he and the president are not asking for a bailout.

"If you're providing liquidity to good businesses that just need liquidity for 3 to 6 months," he said, "that's not a bailout."

ӣ��Ƶ' John Roberts contributed to this report.

Mnuchin says Trump administration not pushing bailouts as he seeks to calm economic anxieties on ӣ��Ƶ Sunday

Sun, 15 Mar 2020 10:30:39 -0400

Treasury Secretary Steven Mnuchin said Sunday that the Trump administration is not asking Congress for bailouts when it pushes for money to help protect certain American businesses disproportionately affected by the coronavirus pandemic as he sought to calm fears surrounding the volatile stock market and the effect of the coronavirus on the economy.

Speaking on "ӣ��Ƶ Sunday" with Chris Wallace, Mnuchin said that he and President Trump are hoping for "a big stimulus program because we need to help American workers now." He specifically mentioned businesses like airlines and cruise lines within the travel industry as possible targets for stimulus funds, but told Wallace the administration does not want a bailout.

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"If you're providing liquidity to good businesses that just need liquidity for 3 to 6 months," Mnuchin said, "that's not a bailout."

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Mnuchin said the administration's efforts will focus more on individuals than corporations.

"To the extent that we need to support different businesses that are impacted, again our focus is going to be on stimulus for the workers and getting money to the workers that are impacted," he said.

Early Saturday morning the House of Representatives passed a coronavirus relief bill, which Mnuchin was heavily involved in negotiating and received the backing of President Trump. According to House Speaker Nancy Pelosi, D-Calif., the bill includes paid emergency leave with two weeks of paid sick leave and up to three months of paid family and medical leave. “We have also secured enhanced unemployment insurance, a step that will extend protections to furloughed workers,” she said.

Pelosi also said the bill included food security measures and increased federal funds for Medicaid. Mnuchin said the Trump administration is working with the Senate to shepherd the bill through for the president's signature.

"I'm speaking to senators, I don't wanna predict, I think there's a lot of bipartisan support, I hope they pass this bill," Mnuchin said. If the bill cannot make it through the Senate, he said he will work to come up with a compromise bill between the GOP-controlled Senate and the Democrat-controlled House.

"Whatever we need, we are gonna get from Congress," he said.

Also in his interview with Wallace on Sunday, Mnuchin went out of his way to ease investors' fears after a week that saw trading stopped on two separate occasions because of sharp sell-offs and the worst day for the market since 1987. Mnuchin said the drop in the market was related to the coronavirus fears. He said he was optimistic about the U.S. government's ability to stop the spread of the disease, which would eventually lead to the market getting back on track.

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"If the medical professionals are correct and we're doing all the things, I expect we'll have a big rebound later in the year," he told Wallace. "This will have an end to it as we confront the virus."

Emphasizing how difficult it is to predict the top of the market or the bottom of the market, Mnuchin pleaded with investors to focus on where the market would end up in the long-term.

"People who brought stocks after the crash in [1987], people who bought stocks after the financial crisis [in 2008] did really well. So in terms of long-term investors, I have every confidence that this market is going to be higher down the road and the U.S. is still the greatest place to invest."

ӣ��Ƶ' Alex Pappas, Samuel Chamberlain and Chad Pergram contributed to this report.

Sanders, Trump, Clinton, Cruz: There's not a dime's worth of difference between them

Thu, 11 Feb 2016 00:00:00 -0500

What if all the remaining presidential candidates really want the same things? What if they all offer essentially the same ideas couched in different words? What if these primary races have become beauty pageants largely based on personality and advertising?

What if our system of governance is so deep into the fabric of big government in the second decade of the 21st century that all the presidential candidates really believe that most voters actually want the government to care for them?

What if all major candidates in both major political parties promise a federal government that can right any wrong, regulate any behavior, tax any event, solve any problem and borrow unlimited amounts of money?

What if the federal government is broke? What if it is politically committed to spending more money than it collects in revenue? What if all the candidates believe in borrowing money today and again borrowing money next year to pay off today’s debts? What if rolling over federal debt never pays off or even pays down the principal?

What if none of the candidates cares about increasing the inflationary pressures and tax burdens on generations of Americans as yet unborn? What if they all want to spend hundreds of billions of dollars a year more than is collected in revenue? What if they all refuse to address the issue of how to pay back responsibly all the borrowed money from the past 100 years?

What if today we are the victims of this borrowing and spending mentality begun by President Woodrow Wilson and followed by nearly all of his successors up to President Obama? What if all the candidates in the presidential primaries plan to continue this self-destructive process?

What if the modern federal government has never paid back a loan in full without using borrowed money, and none of the candidates running for president cares about that, and all have indicated that they would continue to do the same? What if, as of today, nearly 20 cents of every dollar collected in revenue must legally be paid to lenders to the federal government as interest on their loans? What if American military leaders have argued that the government’s debt is a greater threat to national security than is ISIS?

What if, when these candidates talk about curing cancer or eradicating the heroin epidemic or providing clean water, they are doing so to tug at your heartstrings? What if they are all mimicking President Obama’s politically successful demonstrations of empathy?

What if these issues -- genuine problems in contemporary America -- are not federal problems because they do not spring from areas of governance delegated by the Constitution to the federal government? What if health, safety, welfare and morality are the core of the states’ responsibilities and not the federal government’s?

What if all these candidates don’t care about the Constitution and its guarantees of personal freedom, its checks and balances, and its division of governmental powers, even though, before entering office, they will be required to take a solemn oath to preserve, protect and defend the Constitution?

What if the candidates all want to rearrange borders of countries in the Middle East using the American military? What if they all think they can use the blood of young Americans to force democratic governmental structures upon foreign peoples whose cultures have rejected repeatedly the concepts of majority rule, due process and natural rights over the course of a thousand years of religious
civil wars?

What if the candidates all fail to see that the more innocents we kill abroad, the more we use force to tell others how to live, the more harm comes to us -- to our people, to our culture and to our freedoms?

What if all the candidates for president favor the government using torture, detaining persons without trial, continuous surveillance of all the telephone calls, emails, and text messages of all persons in America -- even though these behaviors are profoundly unconstitutional, morally un-American, uniquely destructive of personal liberty in a free society and fail to enhance public safety?

What if all these candidates -- in differing degrees -- reject the concept of limited government? What if they all want to bribe the rich with bailouts and the middle class with tax breaks and the poor with welfare? What if these candidates and their supporters and their attitudes about the role of government in our lives have reduced government at this sad time in our history to a game whereby everyone tries to live at someone else’s expense?

What if none of the candidates recognizes that government is an artificial creation based on force and ought to be exercised minimally? What if none of them understands that prosperity comes from the free choices of investors, workers and consumers, and not from the decisions of the federal government’s central planners?

What if none of these current candidates acknowledges that individuals are sovereign, our rights are inalienable, our property belongs to us, our souls are immortal, and that the government works for us -- not the other way around?

What ever happened to the right to be left alone? Where is a candidate who will defend it? What are lovers of liberty to do?

Obama to warn GOP in economy speech ahead of debt ceiling, shutdown battles

Sun, 15 Sep 2013 05:03:18 -0400

President Barack Obama is marking the fifth anniversary of the Lehman Brothers collapse by trying to lay claim to an economic turnaround and warning Republicans against moves that he contends would risk a backslide.

His message to the GOP: Don't oppose raising the nation's debt limit, don't threaten to close down the government in a budget fight, and don't push to delay the health care law or starve it of federal money.

The economic emphasis, after weeks devoted to the Syrian crisis, begins coming into focus in a series of events kicked off by a Rose Garden speech Monday. It's a determined effort to confront public skepticism about his stewardship of the economy and to put down his marker for budget clashes with Congress in the weeks ahead.

The White House argues that a better capitalized and better regulated financial sector is extending more credit, fueling an economy now able to withstand headwinds such as spending cuts and tax increases.

"You can draw this straight line from the health of the financial system to the ways the financial system impacts the economy," said Jason Furman, the chairman of Obama's Council of Economic Advisers.

Obama can point to a growing economy, rising housing prices, 35 straight months of hiring, a rebounding stock market and other signs of recovery.

Five years after the federal government stepped in and infused banks with $245 billion in taxpayer money to avert a financial meltdown, the government has been paid back nearly in full.

Sunday is the fifth anniversary of Lehman's bankruptcy, which was the largest in U.S. history. The firm's demise marked the beginning of the global financial crisis and was a major catalyst of the financial meltdown.

"We've put more people back to work, but we've also cleared away the rubble of crisis and laid the foundation for stronger and more durable economic growth," Obama said during his recent trip to Russia.

"And as Congress takes up important decisions in the coming months, I'm going to keep making the case for the smart investments and fiscal responsibility that keep our economy growing, creates jobs and keeps the U.S. competitive. That includes making sure we don't risk a U.S. default over paying bills we've already racked up."

Obama intends to highlight that progress to economists and other guests at the White House on Monday, and his National Economic Council is set to release a report detailing the economic advances.

Obama planned to discuss the economy as part of an interview airing Sunday on ABC's "This Week" and scheduled a speech Wednesday to the Business Roundtable, an association of CEOs from the biggest U.S. companies.

But the public is not convinced that the economy is on the mend. Only one-third say the economic system is more secure now than in 2008, and 52 percent say they disapprove of Obama's handling of the economy, according to a Pew Research Center poll. There is still plenty of pain to justify their pessimism.

Despite job growth, the unemployment rate remains high at 7.3 percent. Though the rate has fallen, one of the reasons is because some people have dropped out of the labor force and no longer are counted as job seekers. The income gap between the very rich and the rest of the population is the biggest since 1928.

"We have genuinely made progress. We genuinely have more work to do," said Furman.

What's more, some banks that received government aid because they were deemed "too big to fail" are now bigger than they were in 2008, but they are smaller as a share of the economy than the largest banks in other big economies. Three years after Obama signed a sweeping overhaul of lending and high-finance rules, execution of the law is behind schedule.

"We should not accept a financial system that allows the biggest banks to emerge from a crisis in record-setting shape while ordinary Americans continue to struggle," said Sen. Elizabeth Warren, a Massachusetts Democrat who watched over the bank bailout as head of a special oversight panel.

This glass-half-empty-glass-half-full state of the economy has produced competing story lines about the role Obama's administration has played in getting the country to this point. Did Obama's approach validate the philosophy of spending your way out of crisis or did some of his policies actually slow the recovery?

The bank bailout, which started during the closing weeks of President George W. Bush's term, was highly unpopular but is generally credited with stabilizing the financial system.

Obama continued the program and ultimately used some of the $700 billion that had been allocated to prop up the financial system to bail out General Motors and Chrysler, a move generally accepted as a success.

Still, voters in 2009 and 2010 rebelled, and the bank bailout vote cost some lawmakers their seats.

Former Rep. Barney Frank, the Massachusetts Democrat who headed the House Financial Services Committee, noted the other day that "you don't get credit for disaster averted."

Some conservative economists say the $800 billion stimulus Obama pushed for in 2009 initially did help reverse the plunging economy, even though some liberals insist the dollar amount should have been even bigger.

But much of the credit for the current recovery, tepid as it may be, goes to the Federal Reserve. It has held short-term interests rates near zero and has undertaken a massive bond purchase program that has supported spending, lifted stocks and kept home mortgage rates at near record lows.

"The Fed was the single biggest policy move in the crisis. No question about it," said Douglas Holtz-Eakin, a former director of the Congressional Budget Office and top economic adviser to Republican Sen. John McCain's 2008 presidential campaign.

The question that defines the debate is not so much whether government steps helped, but whether it could have done more to accelerate the recovery. Many Democrats and liberal-leaning economists say the economy needed more stimulus. But Republicans, worried about skyrocketing deficits, cut back on spending instead.

Now many say the economy needs long term measures that would reduce spending on entitlement programs such as Medicare and Social Security and that would overhaul and simplify the tax system.

"We've done too much temporary targeted intervention, we're passed the time for that," said Holtz-Eakin, who now heads the American Action Forum, a conservative public policy institute. "It's no longer 2008 when things were falling like a rock. It's time to have long-term growth policies. We don't have them."

Obama and Republicans are at a stalemate, however.

Obama has proposed some changes that would reduce spending on Social Security and Medicare, including an adjustment that would lower cost-of-living adjustments. But he has insisted on more tax revenue by closing what he says are loopholes for the rich, a step Republicans won't take.

The impasse has revived threats of a government shutdown after the current budget year ends Sept. 30 and, more economically damaging, a default if Congress can't agree to raise the debt ceiling later in October.

Some conservative Republicans say they will only extend current spending levels or increase the debt ceiling if Obama delays putting in place his health care law, a condition Obama has flatly rejected.

House Speaker John Boehner, R-Ohio, has tried to keep the focus on spending reductions, even as some on his right insist on defunding or delaying the health care law.

"This year the federal government will bring in more revenue than any year in the history of our government, and yet we will still have nearly a $700 billion budget deficit," he said. "We have a spending problem. It must be addressed, period."

Creditors reach deadline to object to bankruptcy

Mon, 19 Aug 2013 11:26:40 -0400

The deadline day has arrived for creditors to oppose Detroit's request for bankruptcy protection.

Federal Judge Steven Rhodes has set Monday as the eligibility objection deadline in the bankruptcy petition by Detroit's state-appointed emergency manager Kevyn Orr.

Creditors include bond holders, insurers, banks, the city's two employee pension systems, individuals and companies.

Orr says Detroit is insolvent and unable to pay off all of its debt which could be $18 billion or more.

The city has until Sept. 6 to file its responses to the objections. A multi-day hearing on the eligibility question is scheduled to start Oct. 23.

Orr was hired by the state as emergency manager in March. He filed for bankruptcy on July 18, making Detroit the largest city in U.S. history to do so.

Study: 'Cash for Clunkers' an even bigger lemon than thought

Mon, 11 Aug 2014 10:45:06 -0400

The government’s "Cash for Clunkers" program – pitched as a plan to jump-start U.S. auto sales and clean up the environment by getting gas-guzzling vehicles off the road -- may have been a clunker itself, according to a new economic study.

Researchers at Texas A&M, in a recently released report, measured the impact of Cash for Clunkers on sales and found the program actually decreased industry revenue by $3 billion over a nine-to-11-month period. Meanwhile, the "stimulus" also cost taxpayers $3 billion.

The Car Allowance Rebate System, commonly called Cash for Clunkers, was part of a 2009 economic stimulus program that was sold as a lifeline from the federal government to a sinking U.S. auto industry.

The program let people turn in their old cars for up to $4,500 in cash to be used toward the purchase of a more fuel-efficient alternative. Nearly 700,000 vehicles were traded in through the program.

But the Texas A&M University study, for the National Bureau of Economic Research, shows the program may have actually created a drag on the economy. While the program’s fuel-efficiency restrictions led to the purchase of more fuel-efficient cars, Americans ended up buying cheaper cars than they otherwise would have, the study found.

"Strikingly, we find that Cash for Clunkers actually reduced overall spending on new vehicles," the researchers reported, noting households "tended to purchase less expensive and smaller vehicles such as the Toyota Corolla, which was the most popular new vehicle purchased under the program."

They found buyers who participated "spent an average of $4,600 less on a new vehicle than they otherwise would have."

During the two months of the program, the frequency of purchasing a new vehicle was around 50 percent higher for those who qualified for the program compared with those who did not. But after the program ended, the researchers found, car-buying habits returned to normal.

Congress originally appropriated $1 billion to the program but was forced to add another $2 billion when the program ran out of money a month after it started and two months sooner than the government expected.

Postal service ideas to make more money could include reporting potholes

Mon, 15 Dec 2014 13:58:31 -0500

In addition to carrying the mail and delivering Christmas packages, U.S. Postal Service carriers may soon be doubling as pothole reporters, air-quality testers, or bank tellers.

The USPS inspector general outlined in a report made public Monday a host of ideas to rescue the financially-troubled agency by taking advantage of its existing infrastructure to create new revenue streams that don't depend on customers buying postage stamps.

Most of the ideas would require Congress to scrap existing legislation that limits the ability of the postal service to diversify. Laws currently prohibit the agency from offering “new products that do not meet the definition of a postal service,” the report said.

In the last three years alone, the postal service has lost $26 billion.

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Mnuchin says Trump administration not pushing bailouts as he seeks to calm economic anxieties on ӣ��Ƶ Sunday