Treasury on new financial sanctions:

“On a daily basis, Russian financial institutions conduct about $46 billion worth of foreign exchange transactions globally, 80 percent of which are in U.S. dollars. The vast majority of those transactions will now be disrupted.” Sberbank (the largest financial institution in Russia) holds the largest market share of savings deposits in the country, is the main creditor of the Russian economy and is deemed by the government of Russia to be a systemically important financial institution …

CBO estimates that, even without any new spending programs, the US will need to borrow enough money to cover a deficit of $781 billion in FY23, or $3.7 trillion from FY23 through FY26.

Would GOP support lifting debt limit to an amount certain to cover only those obligations?

https://twitter.com/SenToomey/status/1442874528846077958

If Republicans are worried about facilitating D higher spending by making it easier to borrow, I can see why they would object to a debt limit suspension.

But it seems like negotiating over the $ amount would be an easy way to satisfy those concerns.

YELLEN pinpoints the debt limit X date: Oct. 18.

So where are we?

-GOP blocked CR/debt limit increase
-Dems will have to decouple to keep govt funded
-Now clear, they have about 2 weeks to sort this out.

Longer it takes, more markets start to freak.

on.wsj.com/3F29VxF Can they revise the budget resolution to include a debt limit increase in 18 days?

@billhoagland tells me yes, but they need to get to work yesterday.

NEW: Sen. Ron John­son said in an interview that some 46 Re­pub­li­cans have signed on to a letter he circulated pledging not to help raise the debt ceiling.

w/ ⁦@siobhanehughes⁩ wsj.com/articles/most-… Johnson says Democrats need to take responsibility for past spending, especially $1.9 trillion Covid relief bill.

CBO last month actually lowered its projections for deficits over the next decade, saying the relief package had spurred faster growth that will offset the costs.

Pelosi says $600 UI payments should be tied to the jobless rate, shrink as economy improves. (More on that idea here: google.com/amp/s/www.wsj.…)

She cites Yale study we reported on that found no evidence the payments are discouraging people from working: wsj.com/articles/is-60… But she made clear that “in this agreement, it’s $600.”

“The amount of money that’s given as an enhancement for UI should relate to the rate of unemployment. So that as that goes down you can consider something less than the $600. But in this agreement, it’s $600.”

The House passed a bill Monday night that significantly scaled back the paid sick-leave program it had tried to en­act days ear­lier.

Democrats and admin officials billed it as a technical corrections bill.

w/ ⁦@nataliewsj⁩ ⁦@siobhanehughes⁩ wsj.com/articles/house… Democratic aides were alarmed by the changes, which were passed with no objections because House lawmakers are away from Washington. The changes weren’t shown to most lawmakers before the vote.

NEW: The Trump administration is weighing changes that would tighten eligibility requirements for disability benefits, especially for older workers, according to a draft proposal from the Social Security Administration.

on.wsj.com/2uxVphn The draft proposal would upend the way officials consider an applicant's age, education and past work experience when reviewing their disability claim.

Under current rules, older, less educated workers with limited work experience are more likely to qualify for benefits.