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Tangier Island, Virginia: As she surveys her waterlogged front lawn, Bonnie Landon doesnt dare think about the future. The present is upsetting enough. Its been less than a year since her husband of almost six decades, Harold, died. Now she fears she will be forced to abandon the home they shared for their entire marriage.

Landon, 77, lives on Tangier Island, a tiny and remote community in Virginias Chesapeake Bay located 150 kilometres from Washington DC. The only way to reach it is by a ferry ride that takes between 45 minutes and an hour from the US mainland. Once you arrive, mobile phone service is virtually non-existent. The marshy island which spans just three square kilometres is so small most people get around on golf carts rather than cars. No alcohol is allowed to be sold, reflecting the deeply conservative and devoutly Christian nature of the community.

Bonnie Landon stands in front of her home amid her flooded lawn on Tangier Island in Virginia.Credit:Amanda Andrade-Rhoades

Landons lawn is submerged in ankle-deep water following a storm the previous night. It wasnt an especially dramatic downpour, but because of Tangiers low-lying topography, even minor storms can trigger heavy flooding. This happens when the tide comes up, Landon says. She adds that the problem has been getting increasingly bad over recent years.

While the western side of Tangier is partially protected by a break wall of rocks, the eastern side, where Landon lives, is entirely exposed to the elements. We need a seawall bad on this side of the island, she says, the desperation rising in her voice. Without it, well just be underwater.

Shes not alone in her pessimism. Tangier Island is groaning under the weight of severe economic, demographic and environmental strain so much so that its very existence is in doubt. While tourists commonly say that visiting Tangier feels like stepping into the past, scientists say it instead offers a glimpse of the future in a world of catastrophic climate change.

According to US census data, around 1000 people lived on the island in the 1940s - a figure that has plunged to just 400 or so today. The decline is so severe experts have labelled it a demographic collapse.

Most everybody who graduates high school leaves the island now, says ferry captain Mark Haynie, who was born and raised on the island. Theres a lot less people around than when I was a boy.

The islands crab and oyster harvesters known as watermen are struggling to make a living because of environmental regulations and falling prices. Worst of all, an estimated two-thirds of the islands land mass has disappeared since 1850. Much of what remains are swampy wetlands unfit for human habitation.

In a couple more years you might not see none of this, waterman Clayton Parks says as he gazes at Tangier harbours distinctive wooden crab shanties. Were getting washed away.

Until recently, Tangier was famous for two reasons: being the soft shell crab capital of America and the unique dialect of English that is spoken on the island. In 2015, it shot to international attention when a paper in the journal Scientific Reports predicted its residents could become some of Americas first climate refugees. According to the papers authors, the island may have to be abandoned within 25 years because of sea level rise associated with climate change.

Tangier Island is a deeply conservative and devoutly Christian society.Credit:Amanda Andrade-Rhoades

As world leaders prepare to meet in Glasgow for a crucial climate summit next week, Tangier Island is precisely the type of place environmentalists point to when arguing for dramatic cuts to carbon emissions.

The catch is that most of the islands residents dont believe that they are living on the climate change frontline. Instead, they largely blame naturally occurring factors that have ravaged the island for centuries.

I dont believe its got anything to do with the changing climate, Landon says of the tides she fears will one day engulf her street.

Even typical storms can cause major flooding on the streets of Tangier Island.Credit:Amanda Andrade-Rhoades

James Eskridge, Tangier Islands mayor for the past 14 years, never tires of telling the story. After all, getting a phone call from Donald Trump was one of the highlights of his life. In June 2017, a CNN crew visited the island and asked Eskridge if he had a message for Trump.

I said, Yes, tell him I love him like family, Eskridge recalls over lunch at Lorraines, a seafood restaurant near the towns marina. Like nine in 10 of the islands residents, Eskridge voted Trump in the 2016 election. There are very few Democrats on the island, Eskridge says. We allow them to live here.

Mayor James Ooker Eskridge has lunch at Lorraines Seafood Restaurant on Tangier Island.Credit:Amanda Andrade-Rhoades

A few days after the CNN interview aired, Eskridge, a lifelong waterman, was out crabbing when his son drove out in a boat to find him. He said, Dad youve got to get home, the President wants to talk to you. I said, The President of what? I didnt know if someone was joking with me.

Trump and Eskridge spoke for around 10 minutes, bonding over their opposition to environmental red tape and scepticism about climate change. Eskridge says Trump assured him: Tangier is not going anywhere. The abundance of Trump 2024 flags already flying on the island suggest the former president remains as popular as ever here. We were very disappointed, Eskridge says of Trumps 2020 election defeat. I know its controversial, but Im not so sure he lost, he adds, backing Trumps unfounded claims of widespread election fraud.

Eskridge, known universally on the island by his childhood nickname of Ooker, has a Jesus fish tattoo on one arm and a star of David on the other. Over the years he has named his pet cats after an array of famous conservative figures including right-wing pundit Ann Coulter and Supreme Court justice Samuel Alito.

Mark Haynie drives a boat between Crisfield, Maryland and Tangier Island in Virginia.Credit:Amanda Andrade-Rhoades

As a waitress brings out servings of soft shell crab sandwiches and fries smothered in crab dip, Eskridge reflects on what makes Tangier such an unusual place. The isolation from the rest of society, he says, fosters a sense of community that has largely disappeared from modern America.

My kids live on the mainland and dont even know who their neighbours are. Thats so odd to me to live by somebody for years and never talk to them. Its a different world.

Then there is another byproduct of Tangiers remoteness: the language islanders use among themselves.

This time of year, people say Hawkins is coming, Eskridge says. To prove his point he yells out to a diner at a nearby table: You know who Hawkins is, dont you?

Oh yeah, replies Mark Crockett, a local waterman and ferry operator. We dont want to see Hawkins just yet, were not ready for him.

Jamie Parks brings a plate of crabby fries to a table at Lorraines Seafood Restaurant.Credit:Amanda Andrade-Rhoades

Eskridge explains that Hawkins, in the Tangier lexicon, means cold weather and little or no money being made. I dont know where it came from: my father said it and my grandfather used to say it.

Other local phrases include to have the mibs (to smell), to be dry as Peckards cow (to be thirsty) and to be selling cakes (to have your fly down). Islanders also use what is known as backwards talk in which they say the opposite of what they actually mean. To describe a stranger as ugly, for example, is to say you think they are attractive.We tone it down when were talking to folks from the mainland, Eskridge says of the dialect.

After lunch he takes The Sydney Morning Herald and The Age on a golf-cart tour of the island and a boat ride to his yellow-and-lime green crab shanty. He says journalists from 40 countries have visited the island in recent years, but proudly notes this is his first time hosting a reporter from Australia.

Along the way Eskridge inspects his crab pots to see what has arrived overnight. Hes a man in his element, doing what he believes God put him on earth to do. Explaining why he never wants to live anywhere else, he says: Its the freedom we have here. Crabbing, working the water, you are your own boss, you make your own hours.

Like the scientific experts, Eskridge believes his beloved island is in a fight for survival. Its disappearing, he says of the place where he grew up, and his father, grandfather and great-grandfather before that. Weve lost five or six other smaller communities around Tangier that have gone underwater.

James Ooker Eskridge takes in a crab trap.Credit:Amanda Andrade-Rhoades

But he disagrees with them on the cause of the problem. Rather than rising tides caused by climate change, he says coastal erosion is to blame. Im not concerned about sea level rise, he says. If I see the sea level rising I will say so, but to me the sea looks the same as when I was a kid.

He regards the debate about shifting from fossil fuels to renewables as a distraction from his mission to get as much of the island as possible protected by stone breakwalls. Solar panels would be good for the island if we could pile them up on the shoreline and make a seawall out of them, he quips.

David Schulte, a marine biologist with the Army Corps of Engineers who co-wrote the attention-grabbing 2015 paper on climate changes impact on Tangier, insists a sea wall will not be enough to save the island.

You can build a ring of stone around the edge of the island, but the problem is that sea levels are going to continue to rise and convert the high ground the town is sitting on into swamp and marsh, he says. And you really cant live in marsh.

For a forthcoming paper in the peer-reviewed journal Frontiers in Climate, Schulte found alarming declines in the height of Tangiers three upland ridges. He says its an important contribution to the debate over sea level rise and erosion. These ridges are not on the coast, so are not subject to coastal erosion. Any decline in their extent can be directly attributed to sea level rise.

Even more worryingly, he found that sea level rise in the Chesapeake Bay is trending towards the higher end of estimates, meaning the island could be uninhabitable within 20 to 25 years.

In the next couple of decades a combination of sea level rise and erosion is going to drive them off the island unless significant action is taken. I dont think theres any way to save Tangier without a massive engineering undertaking.

This would involve raising the height of the island ridges, temporarily relocating all residents and retrofitting the islands plumbing and electricity systems an expensive and laborious exercise. Given the islands small and declining population, its a price American taxpayers may not be willing to pay.

Waves break on the shoreline on Tangier Island.Credit:Amanda Andrade-Rhoades

Heartened by the attention the island has received in recent years, Eskridge is more optimistic. I think well get the help that we need in time, but its taking a while, he says. The fight for Tangiers survival is not one he can conceive of losing. When we talk about saving the island, Im not just talking about a piece of land. Im talking about a culture and a way of life. Weve been here for hundreds of years and we plan to be here for hundreds more.

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The Trump-loving, climate-sceptic island sinking into the sea - Sydney Morning Herald

Federalist Culture Editor Emily Jashinsky and D.C. Columnist Eddie Scarry discuss American Crime Story: Impeachment, Ryan Murphys stab at the scandalous affair between Bill Clinton and Monica Lewinsky.

Emily Jashinsky: Ryan Murphy usually loses me around the first episode of his series and seasons. His insane output means a lot of his work is formulaic, and his critical acclaim means a lot of it is exhaustingly self-indulgent.

But American Crime Story: Impeachment is Murphy at his best, giving strong women their due with balance and passion. He also does something rare, capturing D.C. as the fluorescent-lit hellscape that it is while also conveying the citys drama and gravity without being overly romantic.

The casting is both perfect and terrible. Edie Falco is a letdown. Colbie Smulders is a vision. I think Sarah Paulson and Murphy are doing Linda Tripp justice, something shes never really been afforded. What do you think, Eddie? The casting is a little controversial, but who are your standouts and letdowns?

Eddie Scarry: The only real disappointment Ive had with the casting is with Monica! The real one is and was a lot more attractive and had a certain confidence. Or that was my impression at the time as a young not-yet-gay boy catching glimpses of her on TV.

Beanie Feldstein just fit my memory, and I wonder if Lewinsky (credited as a producer on the show) was in favor of that casting. Otherwise, Sarah Paulson as Tripp is my absolute favorite thing on TV of 2021.

I didnt know much about the real Linda Tripp because much of what I learned about the Clinton impeachment was done years later, as an adult and through reading. So if she was anything like this character in the show then, well, she was certainly a character.

Why do you hate Falco? She might yet have her moment as Hillary.

EJ: The confidence point is an excellent one. We see glimpses of it from Feldstein, but not with the swagger of someone who would walk around in a beret. We know Lewinsky said she was involved in pretty much every minute of the show. I think that raises a lot of serious questions. The show is obviously dramatized, so are we to assume Lewinsky rubber-stamped exaggerations and fictionalizations of the events? If so, whats accurate (and new) and whats dramatized?

Falco should have used the prosthetics to look more like Hillary. Thats kind of how ACS works. Its a distraction that she didnt. Id like to see more of her too, although Im glad they let Tripp repeat the gossip about the Clintons coming into the White House with bad attitudes and a sense of entitlement. The Paula Jones casting is incredible too, although I didnt love Taran Killam as her husband it was cartoonish.

All that aside, do you think the show is succeeding because of 90 nostalgia and the benefit of built-in familiarity, or because its also good on its own merits? I think the latter is true, but I can understand the argument for the former.

ES: I would guess its probably true that the audience likes seeing this culture-defining saga play out in a storified and dramatized way that we all have such sharp memories about. But I also think that for a lot of people whove tuned in, they had no idea that all of this started with Vince Foster and Whitewater and a special counsel, and then there were these colorful people like Ann Coulter and Matt Drudge pulling so many strings.

All of that to me is SO MUCH more fascinating than the low-rent Monica-Clinton affair. And I would think a lot of people finding out about that stuff for the first time are also really fascinated by it.

EJ:Okay, I agree completely with that. Great point. Fearful of being in bed with the vast right-wing conspiracy, legacy media has smoothed out the rough edges of the Clinton administration for decades. But its a fascinating story! And Murphy is actually diving in, from Drudge to Coulter to Paula Jones.

That story has been waiting to be told in this format. And Murphy is subtly very brave by letting Smulders really nail Ann Coulter and her lesser-known contributions to the saga. She comes across exactly as she should, unusually witty and surprisingly brilliant for someone so young and beautiful.

Ill also add that I think the Clinton-Lewinsky scandal is often depicted as a fling and Murphy is plumbing the depths of the relationship to great effect. It was both sexual and emotional, and Lewinsky, having received hatpins and copies of Leaves of Grass from the leader of the free world, was obsessively in love. Its easier to understand why when you have the full context.

Do you think the show is having any meaningful effect on the publics perception of the entire ordeal?

ES: Right, the perception created by the media at the time was that the affair was this sexual spicy secret that two naughty adults were caught with but it was way more serious. Im not some feminist champion or a storied Monica sympathizer, but something I do hope people take from the show is that to be the subject of a national pile-on, the butt of endless jokes, whether on late-night TV or now the internet, can be a very debilitating and lonely thing, especially for someone who doesnt work in the business like you and me.

Thats what happened to Lewinsky and she was arguably the first one to suffer it. At 24!

The rest is here:
Is 'Impeachment' Changing The Way America Sees The Clinton Affair? - The Federalist

House Democratic leaders abandoned a third attempt on Thursday to clear a Senate-passed bipartisan infrastructure bill, as progressives held firmly opposed without deeper assurances that a larger package of social benefits is a slam dunk.

The third punt in a month came after President BidenJoe BidenWhite House unveils strategy for 2050 net-zero goal Southwest investigating report pilot said 'Let's go Brandon' on flight House Rules Committee won't meet Monday on reconciliation package MORE made a rare visit to the Capitol to beseech House Democrats to help him advance his agenda as a matter of demonstrating that American democracy can still function.

The visit was hailed by lawmakers of all stripes, but it did little to convince the liberals to vote immediately on the infrastructure bill. And the delay has sparked a new round of finger-pointing from lawmakers already frustrated with the months-long impasse and Bidens sinking approval numbers.

Not good optics. Its terrible optics, conceded Rep. Alan LowenthalAlan Stuart LowenthalProgressives see infrastructure vote next week Progressives win again: No infrastructure vote Thursday Pelosi vows to bring infrastructure to vote on Thursday MORE (D-Calif.), who wanted the House to pass the infrastructure bill on Thursday.

People are frustrated right now, added Rep. Jim CostaJames (Jim) Manuel CostaInfrastructure setback frustrates Democrats nearing victory on spending Progressives win again: No infrastructure vote Thursday Biden leaves meeting saying 'it doesn't matter' when bill is passed MORE (D-Calif.), a moderate Blue Dog. Theres a lack of trust, and you got a lot of members here that have been here four years or less and they dont seem to understand how you get things done.

One of the Blue Dog Coalition leaders, Rep. Stephanie MurphyStephanie MurphyProgressives win again: No infrastructure vote Thursday Democratic chairmen say they are not giving up on adding drug pricing measure Democrats call for removing IRS bank reporting proposal from spending bill MORE (D-Fla.), later issued a statement, saying the group is extremely frustrated that legislative obstruction of the[infrastructure bill] continues not based on the bills merits, but because of a misguided strategy to use the bill as leverage on separate legislation.

Some of the frustration was also directed toward the Senate centrist holdouts Joe ManchinJoe ManchinWhite House unveils strategy for 2050 net-zero goal Biden sets off high-stakes scramble over spending framework Buttigieg twins dress as 'twinfrastructure' for Halloween MORE (D-W.Va.) and Kyrsten SinemaKyrsten SinemaBiden sets off high-stakes scramble over spending framework Officials, lawmakers express optimism that infrastructure, spending vote is near Buttigieg on passing spending packages: 'We are the closest we have ever been' MORE (D-Ariz.) who have resisted large parts of Bidens agenda and forced him to settle far below his initial request of $3.5 trillion in new spending.

Basically its the [dis]trust of Manchin and Sinema, said Rep. Steve CohenStephen (Steve) Ira CohenProgressives win again: No infrastructure vote Thursday Liberals defy Pelosi, say they'll block infrastructure bill Can the US Navy fight and win a war? MORE (D-Tenn.). Thats the problem.

But there was also grumbling that Biden and his administration have bungled the negotiations from the start by focusing initially on the Senate and leaving House members feeling left out.

"Even in the beginning of the summer, this was about the White House and the Senate, and the House was excluded," said Rep. Alexandria Ocasio-CortezAlexandria Ocasio-CortezHillicon Valley Feds zero in on groups critical to national security Ocasio-Cortez defends climate provisions in spending bill: 'I have to live in this future' On The Money The big business wins in Build Back Better MORE (D-N.Y.). "This is, I think, the result of that omission."

Despite the delay, Democrats were optimistic that negotiators could reach a deal within days on the social benefits bill, paving the way for both proposals to hit the floor next week.

Still, Speaker Nancy PelosiNancy PelosiBiden sets off high-stakes scramble over spending framework Biden expresses confidence domestic agenda will pass by end of week Are the 'Baptists' or 'bootleggers' calling the shots in electric vehicle tax credit debate? MORE (D-Calif.) and her leadership team wanted to expedite that timeline by clearing the bipartisan infrastructure bill on Thursday to give Biden a big legislative victory as he left for Europe for a global climate change summit. Leadership also hoped to boost Democratic gubernatorial candidates in Virginia and New Jersey, where voters go to the polls on Tuesday.

Democrats are particularly anxious about the fate of Terry McAuliffe in Virginia, who was the favorite months ago but is now running neck and neck with Glenn Youngkin, the GOP candidate, in the final stretch.

A Fox News poll released Thursdayfound Youngkin leading by 8 points among likely voters. Among registered voters, the same poll showed the candidates1 point apart, well within the survey's 2.5 percentage point margin of error.

Rep. Don Beyer (D-Va.), a former Virginia lieutenant governor, said it was frustrating that House Democrats were repeatedly falling short of deadlines to pass the bipartisan infrastructure bill.

It would have demonstrated a strong president and a unified Democratic Party, Beyer said of the idea of the House clearing the bill before Tuesdays gubernatorial race in his state.

The bipartisan infrastructure bill would also renew federal highway programs that are currently set to expire on Oct. 31. Faced with the impasse, Democratic leaders instead hastily scheduled a vote Thursday night on a short-term extension through Dec. 3, which lawmakers passed handily on a bipartisan basis.

Lawmakers similarly had to enact a short-term patch for expiring highway programs last month when House Democratic leaders also had to postpone plans to vote on the bipartisan infrastructure bill due to progressive resistance.

Pelosi originally made a commitment to a group of moderate Democrats in August that the House would take up the bipartisan bill by Sept. 27. The vote was pushed to Sept. 30, then to Oct. 1, and then delayed again as progressives held firm in their position.

Thursdays vote to renew the highway programs capped a long day for Democrats in Washington racing to advance Bidens sweeping economic agenda.

It began, in an unexpected move, when the White House unveiled a $1.75 trillion framework Thursday morning for the social spending package that includes funding for universal preschool, an expansion of Medicare to include hearing coverage, and a new surtax on multimillionaires.

But progressives insisted that they at least needed legislative text to feel confident enough in backing the bipartisan infrastructure bill.

With House Democrats able to afford only three defections and still pass legislation on their own, progressives made clear that they could prevent the bipartisan bill from passing even if a handful of Republicans voted for it.

This is the whole thing: We need to see what were doing because we didnt want delays, and we wanted to make sure that we could go from a framework to legislation. And because of our clear position on that, we got legislation, said Rep. Pramila JayapalPramila JayapalBiden sets off high-stakes scramble over spending framework Officials, lawmakers express optimism that infrastructure, spending vote is near Infrastructure setback frustrates Democrats nearing victory on spending MORE (D-Wash.), head of the Congressional Progressive Caucus (CPC).

Other progressives attempted to spin Thursdays developments as a win for Biden and his party, even though the pair of bills remained stuck in limbo. Rep. Veronica EscobarVeronica EscobarProgressives see infrastructure vote next week Progressives win again: No infrastructure vote Thursday Lack of trust mangles Democratic efforts to reach deal MORE (D-Texas), a senior whip for the Congressional Progressive Caucus, argued that Bidens Build Back Better framework won a critical endorsement from the roughly 100-member CPC and that progressives and moderates significantly narrowed their differences, agreeing which key policy provisions were in or out.

It is going to make a deep and lasting impact on families in economically disadvantaged communities like mine. And the amount between infrastructure and the framework for climate change that amount combined is nearly $1 trillion, Escobar, who represents El Paso, told The Hill.

I think the president should embrace this as a victory, she said, because what he got from the Progressive Caucus was an endorsement of the framework and a commitment that we will help him get those bills across the finish line with our votes.

--Updated at 8:38 p.m.

Read more here:
Progressives win again: No infrastructure vote Thursday | TheHill - The Hill

Happy Monday and welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. Subscribe here: thehill.com/newsletter-signup.

Todays Big Deal: High tensions and high stakes between House progressives and Sen. Joe ManchinJoe ManchinWhite House unveils strategy for 2050 net-zero goal Biden sets off high-stakes scramble over spending framework Buttigieg twins dress as 'twinfrastructure' for Halloween MORE (D-W.Va.) Well also look at the latest on the debt ceiling and stablecoin rule proposals.

For The Hill, Im Sylvan Lane. Write me at slane@thehill.com or @SylvanLane. You can reach my colleagues on the Finance team Naomi Jagoda at njagoda@thehill.com or @NJagoda and Aris Folley at afolley@thehill.com or @ArisFolley.

Lets get to it.

Manchin frustratesDems with latest outburst

Sen. Joe Manchin (D-W.Va.) on Monday refused to sign off on a $1.75 trillion social spending and climate measure at the heart of President BidenJoe BidenWhite House unveils strategy for 2050 net-zero goal Southwest investigating report pilot said 'Let's go Brandon' on flight House Rules Committee won't meet Monday on reconciliation package MOREs economic agenda, throwing a wrench into plans for a swift House vote this week.

The upshot: His words had a deflating effect on Democratic colleagues who had hoped Manchin would be more of a team player,taking a potential Tuesday vote on the infrastructure bill off the table.

I say at some point, close the deal, Senate Democratic Whip Dick DurbinDick DurbinBiden sets off high-stakes scramble over spending framework Manchin, Sinema put stamp on party, to progressive chagrin Manchin signals he'll support .75T price tag for spending plan MORE (Ill.) said with a little exasperated sigh when asked by reporters about Manchins comments.

Sen. Mazie HironoMazie Keiko HironoDemocrats face ire of women over loss of paid leave Patience wears thin as Democrats miss deadlines Democrats face critical 72 hours MORE (D-Hawaii) also expressed her growing impatience and frustration.

I would like to ask Joe Manchin, You know what Joe, we really need to be moving.' ... I don't think we're moving too fast, she said.

Jordain Carney and Alexander Bolton have the latest here.

House Democrats brush off Manchin: While liberals were exasperated, Democratic negotiators in the House said theyre on the brink of sealing a deal on Bidens economic agenda despite Manchins barbs.

We intend to pass both bills through the House in the next couple of days, Rep. Pramila JayapalPramila JayapalBiden sets off high-stakes scramble over spending framework Officials, lawmakers express optimism that infrastructure, spending vote is near Infrastructure setback frustrates Democrats nearing victory on spending MORE (D-Wash.), the head of the Congressional Progressive Caucus, told CNN Monday not long after Manchins press conference.

The state of play: Negotiators worked through the weekend and into Monday to iron out the last stubborn wrinkles in the $1.75 trillion plan talks that seemed to focus most intently on a contentious provision to rein in prescription drug prices.

I believe that the president is speaking out of the experience that he has had of negotiating ... with these senators, she said. So I trust the president; he's going to deliver 51 votes. And I think we just need to bring all the temperature down a little bit.

Mike Lillis and Scott Wong bring us up to speed.

A MESSAGE FROM CITI

Tackling the startup worlds gender, race and ethnic funding gap.

With our $200 million Impact Investment Fund we are seeking opportunities to invest in businesses that are led or owned by women and minority entrepreneurs, helping to create equitable access to venture capital funding.

LEADING THE DAY

Yellen says reconciliation a 'viable' way to tackle debt limit

Treasury Secretary Janet YellenJanet Louise YellenG-20 leaders endorse global minimum tax On The Money The big business wins in Build Back Better Yellen says spending bill would lower inflation, reduce household costs MORE said using a budget procedure known as reconciliation is a viable solution to raising the debt ceiling for Democrats if Republicans wont take action to prevent the nation from defaulting on its national debt.

In a recent interview with The Washington Post, Yellen reiterated that tackling the debt ceiling should absolutely be done on a bipartisan basis, as it has in the past. But if a current standoff between Republicans and Democrats over the debt ceiling doesnt let up, Yellen said Democrats may have to handle the problem themselves.

If Democrats have to do it by themselves, thats better than defaulting on the debt to teach the Republicans a lesson, she said.

To me, as the person who has to pay the bills and watches this on a daily basis our funds dwindling in our account over time I very much want to make sure that this is addressed. And this Section 304 procedure is one way in which that could occur, Yellen said, referring to a section of the budget procedure she said could be used to tackle the debt ceiling.

Aris Folley has more here.

REALM OF THE COIN

White House, bank watchdogs call for tougher stablecoin oversight

Two federal bank regulators and a White House commission on Monday called for increasing federal supervision and regulation of digital tokens with values tied to government currencies or other financial assets.

In a Monday report, the Federal Deposit Insurance Corp. (FDIC), Office of the Comptroller of the Currency (OCC) and the Presidents Working Group on Financial Markets said Congress should pass legislation bringing so-called stablecoins under close federal watch.

I break it down here.

JES WALKS AWAY

Barclays CEO stepping down after Epstein probe

Barclays CEO Jes Staley is stepping down from his post following an investigation into his ties to convicted sex offender Jeffrey Epstein.

In a statement on Monday, Barclays said the company and Staley were informed of the probes preliminary findings on Friday evening, which led to the resignation decision.

In view of those conclusions, and Mr Staleys intention to contest them, the Board and Mr Staley have agreed that he will step down from his role as Group Chief Executive and as a director of Barclays, the bank said, according to CNBC.

While it did not reveal many details on those conclusions, Barclays did say the investigation makes no findings that Mr. Staley saw, or was aware of, any of Mr Epsteins alleged crimes, which was the central question underpinning Barclays support for Mr Staley following the arrest of Mr Epstein in the summer of 2019.

Mychael Schnell has more here.

A MESSAGE FROM CITI

Tackling the startup worlds gender, race and ethnic funding gap.

With our $200 million Impact Investment Fund we are seeking opportunities to invest in businesses that are led or owned by women and minority entrepreneurs, helping to create equitable access to venture capital funding.

Good to Know

A group of about 250 millionaires on Monday urged top Democrats to include a proposal to tax billionaires' investment gains annually in their social-spending package, after the proposal was left out of a framework the White House released last week.

Heres what else have our eye on:

Thats it for today. Thanks for reading and check out The Hills Finance page for the latest news and coverage. Well see you tomorrow.

See original here:
On The Money Presented by Citi Progressives shrug off Manchin warning | TheHill - The Hill

With less than a week until Election Day, Governor Phil Murphy got the support of a national leader known for drawing impassioned crowds: Bernie Sanders, who traveled to Rutgers University on Thursday to stump for Murphy.This is a late-in-the-race indication that party leaders know that they need to boost enthusiasm among progressive Democratic voters in this off-year election.

If Murphy succeeds over his Republican challenger on Tuesday, he will be the first Democratic governor to win re-election in New Jersey since 1977. And for that, hell owe a debt to progressives. Not just because of a late visit by Bernie, but to the many grassroots progressive groups that have spent the past four years pushing Murphy to deliver on popular progressive policies in the state, keeping left-leaning voters engaged in the process.

Founded in 2016 after Bernies historic presidential run, members of Our Revolution New Jersey have been active across NJ; with 12 local chapters and a statewide network of activists, we have pushed forward Bernies progressive platform and advancing working-class priorities. We organized rallies to hold Rep. Gottheimer accountable to NJ voters.

During Murphys first term in office, OR NJ Activist helped turn universal sick leave and a statewide $15 minimum wage from policy proposals into a reality. We organized to oppose a partisan gerrymandering bill, mobilized for cannabis justice and rallied for Medicare for All. OR members are engaged at the local level working hard to support progressive candidates and turning out the vote in local and statewide elections.

Bernie Sanders inspired an entire generation of us to get active in New Jersey politics. But here in the Garden State, it is virtually impossible to run for office as progressive; or as a young candidate, or as a woman or as a candidate of color.Why? Because New Jerseys unique and undemocratic ballot design the County Ballot Line has become a systemic barrier that helps keep status-quo politicians in place, leaving independent and progressive voters disengaged with politics.

For those who havent spent time scrutinizing their ballot, The Line refers to the cohesive column of candidates on primary ballots with incumbents names listed under the candidate running at the top of the ticket. Voters accustomed to voting the party line do exactly that and as a result, New Jersey primary elections are essentially noncompetitive. No incumbent on the line has lost for state office in 12 years, or federal office in over 50.

As activists inspired by Bernies Not Me. Us message under the Our Revolution New Jersey umbrella, we are energized by the possibilities of politics to deliver real change for people. But, the fact of the matter is most New Jerseyans think politics in the state is corrupt and that their vote doesnt matter. Between party bosses hand-selecting candidates and district gerrymandering ensuring the party boss pick is elected, its not hard to see where that perception comes from.

If party leaders would embrace competitive primary elections and abolish the line ballot system, it would help re-engage voters in the democratic process and diversify the field of candidates. It would strengthen democracy in our state. It would help Democratic candidates up and down the ballot and increase voter turnout. And, yes, it would give progressives a fighting chance in primary elections.

On many issues affecting our communities, Our Revolution New Jersey is aligned with Gov. Murphy. We support him on economic rights, equal pay, womens rights, paid leave, housing justice, and other issues.

On electoral issues, we are calling on New Jersey Democrats and Gov. Murphy to embrace diversity in our Democratic party. In order to energize a truly diverse coalition of voters, we need representation that looks and feels like the real New Jersey we live in.

Elections do have consequences and therefore we call on all Bernie progressives in New Jersey to exercise your right to vote for the candidate that aligns with our progressive ideas.

Lets continue working together to make New Jersey a truly progressive state.

Anna-Marta Visky is the state organizer of Our Revolution New Jersey. Our Revolution is dedicated to organizing a political revolution strong enough to challenge the structural forces that threaten our survival as a society. Together, we are building a national grassroots network of powerful local groups who are fighting to win progressive issue fights, elect progressive champions, transform the Democratic party and get big money out of politics.

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When Re-elected, Murphy Will Owe a Debt to Progressives; Here's What We Want In Return - InsiderNJ