Biden unveils $6 trillion 2022 budget that includes costly pandemic recovery and jobs plans
President Joe Biden on Friday unveiled a $6 trillion budget proposal for fiscal year 2022, which includes his costly initiatives already announced, including the American Jobs Plan and American Families Plan.
It also includes his proposal to raise the corporate tax rate to 28 percent and increase the capital gains tax on the wealthiest Americans to 39.6 percent, but it still runs a deficit of $1.8 trillion for FY 2022 and continues to run trillion-dollar deficits yearly over the next decade.
Shalanda Young, acting director of the Office of Management and Budget, said that after 2030, the budget policies will then start to reduce annual deficits, speaking on a call with reporters.
The budget unveiling traditionally kicks off lengthy negotiations or fights with Congress, which must approve federal spending.
The Biden administration released its budget on a Friday afternoon before a holiday weekend and as Congress leaves town for a week.
Senate Republican Leader Mitch McConnell pounced on Biden's proposed deficit spending.
"Now we know why the Administration tried to bury their budget announcement on the Friday before a holiday weekend," he said in a statement.
"President Biden’s proposal would drown American families in debt, deficits, and inflation. Even after the massive tax hikes Democrats want to force on the American people, they’d still have the government running trillion-plus-dollar deficits every year. Democrats want to borrow and spend on a scale that America has not seen since we had to fight and win World War II. Our debt burden would break all records, eclipsing even the 1940s."
Federal spending would rise to about 25 percent of GDP and the budget forecasts the economy would grow 5.2% this year.
The proposal includes $36.5 billion for Title I schools, subsidies for child care, funding for universal pre-K and two years of tuition-free community college.
As the president faces increasing pressure to act on gun violence with multiple deadly mass shootings having occurred in his young presidency, he is also asking for $2.1 billion, an increase of $232 million above the previous year, to address the problem.
This is separate from the $5 billion he’s proposing to address community violence in the American Jobs Plan.
Source-ABC
Coachella confirms dates for 2022
It's official: Coachella will return in 2022.
The much-anticipated, celebrity-attracting festival, held in the desert of Indio, California, is set to take place over two weekends next spring: April 15-17, and April 22-24.
Coachella hasn't taken place since 2019 -- its planned 2020 festival was one of the first big events to be postponed due to the COVID-19 pandemic. Organizers had initially planned to move it from its April dates to October of 2020 before canceling Coachella for the year altogether.
In January of this year, California's Riverside County nixed any planned return for Coachella in April 2021. Reports claimed that that organizers were postponing to October 2021, but those dates were never officially announced.
Advance tickets for Coachella 2022 go on sale this Friday, June 4 -- you can register for access to the sale now via Coachella.com.
Coachella 2020's headliners included the reunited Rage Against the Machine, as well as Travis Scott and Frank Ocean. The 2022 lineup has yet to be announced.
Source-ABC
TCIG Statutory Body Executives Welcome & Orientation Session
On Tuesday May 25, 2021, the TCIG Audit Committee hosted a Welcome & Orientation Session with the Chairmen and CEOs of the Statutory Bodies within the Turks and Caicos Islands. This was the first session of this kind to be held with all the Senior Executives in one sitting.
Present were His Excellency the Governor Mr. Nigel Dakin, Honorable Premier Mr. Washington Misick, Deputy Governor Mrs. Anya Williams and Permanent Secretary of Finance, Mrs. Athenee Basden. Remarks were also received on behalf of the Attorney General Mrs. Rhondalee Braithwaite-Knowles. Also in attendance were the Chairmen and CEOs of the following Statutory Bodies.
1. Human Rights Commission
2. Integrity Commission
3. Civil Aviation Authority
4. National Health Insurance Board
5. TCI Community College
6. Invest TCI
7. Tourist Board
8. National Trust
9. Financial Intelligence Agency
10. Ports Authority
11. National Insurance Board
12. Telecommunication Commission
13. Airport Authority
14. Financial Services Commission
15. Gaming Commission
The session was opened by the Chairman Sanfra Foster who invited the executives in her remarks to lead intentionally and model accountability in their respective roles. She shared that the people in the room were most significant as collectively they are responsible for managing $558 Million Dollars in TCIG Assets and represented $492.6 Million Dollars or Half Billion Dollars in total equity as of September 2020. She articulated the need for effective management by executives and proper oversight and governance by board members.
The group listened intently to the importance of the Statutory Bodies to the TCI Government and their significance in the wider economy. Key points were discussed around the governance and reporting requirements under the Constitution, Public Finance Management Ordinance and Regulations in addition to the role of Boards and their Executives.
The half-day agenda also involved group discussions led by the Audit Committee Members around the issues and concerns raised in the Statutory Body Governance Review Report conducted in January 2018 (aka Turnbull Report). A Risk Matrix was shared by the CIA using five key points from the report which highlighted areas of responsibility where management and oversight are crucial. Executives offered feedback to the report findings and there was a mutual understanding and acceptance that a formal follow up process is needed to identify the progress made and the opportunities which still may exist in these entities. The Audit Committee promised to engage with each entity to review the recommendations made in the report and to update the risk matrix once evidence of resolve and sustainability has been provided.
The Audit Committee views this Welcome and Orientation Session as a tremendous starting point in its aim of helping to improve the governance, risk and control framework across the Statutory Bodies. It also seeks to build on the collaboration and relationships established with the executives, providing support and guidance while influencing leaders to be intentional as they drive improved team and entity performance. Further sessions with management teams and board members will be held throughout the year.
Ministry of Tourism Hosts Business Continuity Sessions
The Ministry of Tourism, Environment, Heritage, Culture, Maritime, Gaming & Agriculture is ensuring that tourism related small businesses are better positioned to deal with disruptions.
On Wednesday, May 19, 2021 the Ministry held the final sessions of Business Continuity virtually with participants from Providenciales.
The workshops began prior to the pandemic and was hosted by the Ministry of Tourism and facilitated by Hon. Jamell Robinson of Learn and Lead Educational Center a Turks and Caicos Based company that has provided various tutorial and training services since 2008.
Minister of Tourism, Hon. Josephine Connelly, expressed pleasure in the continual partnership and efforts put forth by all. She noted that the sessions were timely as it allows for businesses to re-examine their purpose. Covid-19 has been a shock to the economy and the new norm is still being shaped and our business approach must reflect the same.
She further stated that collaborative efforts go a long way in assisting with recovery and preparing businesses to handle threats from a multi-hazard approach. She expressed optimism for the industry as tourism regains its footing and thanked her team at the Ministry of Tourism for their continual efforts.
RTC News understands that some 30 organizations participated in the exercise comprising of small businesses alongside government agencies and the District Commissioners on respective islands.
It is the Ministry of Tourism’s intent to increase engagement with stakeholders, creating better communication and efficiency in the delivery of products and services.
PUBLIC FORECAST FOR WEDNESDAY 26TH MAY, 2021
HIGH PRESSURE RIDGING CONTINUES TO DOMINATE THE WEATHER PATTERN OVER THE BAHAMAS THROUGH TONIGHT.
SPECIAL WARNINGS: BEACHGOERS IN THE CENTRAL AND SOUTHEAST BAHAMAS SHOULD CONTINUE TO EXERCISE CAUTION FOR RIP CURRENTS ALONG EAST COAST BEACHES.
AREA: ALL AREAS
WEATHER: PARTLY TO MOSTLY SUNNY, WARM AND A BIT BREEZY WITH THE CHANCE OF A LIGHT PASSING SHOWER OR TWO TODAY… BECOMING MOSTLY FAIR AND MILD TONIGHT.
ADVISORY: A SMALL CRAFT CAUTION IS IN EFFECT IN THE CENTRAL AND TURKS & CAICOS ISLANDS.
WINDS: EASTERLY AT 10 TO 15 KNOTS IN THE NORTHWEST BAHAMAS, AND NORTHEAST TO EAST AT 15 TO 20 KNOTS IN THE CENTRAL AND SOUTHEAST BAHAMAS.
SEAS: 2 TO 4 FEET IN THE NORTHWEST BAHAMAS, AND 4 TO 7 FEET IN THE CENTRAL AND TURKS & CAICOS ISLANDS.
TODAY’S HIGH TEMPERATURE: 88°F / 31°C
OVERNIGHT LOW TEMPERATURE: 72°F / 22°C
SUNSET: 7:51 PM
SUNRISE: 6:21 AM THU.
MOONRISE: 8:25 PM
MOONSET: 7:19 AM THU.
LOW TIDE: 2:19 PM
HIGH TIDE: 8:44 PM
LOW TIDE: 3:15 AM THU.
HIGH TIDE: 9:05 AM THU.
WEATHER OUTLOOK FOR THURSDAY: HIGH PRESSURE CONTINUES TO MAINTAIN GENTLE TO MODERATE WINDS AROUND THE BAHAMA ISLANDS.
TROPICAL WEATHER OUTLOOK: THE OFFICIAL HURRICANE SEASON COMMENCES ON THE 1ST JUNE.
George Floyd's family meets with Biden, lawmakers on policing reform
George Floyd's family came to Washington Tuesday to meet with President Joe Biden and key lawmakers involved in policing reform negotiations -- talks now stalled with no concrete progress to show one year after Floyd's death in police custody sparked worldwide protests demanding change.
Between meetings on Capitol Hill, the Floyds met with Biden and Vice President Kamala Harris at the White House behind closed doors, in order to have a "private discussion" with the family because of Biden's "personal relationship," with them, White House press secretary Jen Psaki said Tuesday.
Biden later released a statement, saying in part, "To deliver real change, we must have accountability when law enforcement officers violate their oaths, and we need to build lasting trust between the vast majority of the men and women who wear the badge honorably and the communities they are sworn to serve and protect."
He continued, "We can and must have both accountability and trust and in our justice system. The negotiations on the George Floyd Justice in Policing Act in Congress are ongoing. I have strongly supported the legislation that passed the House, and I appreciate the good-faith efforts from Democrats and Republicans to pass a meaningful bill out of the Senate. It’s my hope they will get a bill to my desk quickly."
The Floyd family told the press following the meeting that Biden expressed that he wants to wait for "the right bill and not a rushed bill." During the visit, family attorney Chris Stewart said Biden also played with Gianna, Floyd's 7-year-old daughter, in the Oval Office, and said she "had an absolute ball" during the visit, which lasted more than an hour.
"That's why this may be a sad day across the country, but this was a super happy day, seeing her smile -- like she's still smiling," said Stewart, adding, "so if everybody could just come together, Democrat or Republican, and pass the bill."
Source-ABC
First virtual Caribbean Marketplace declared a success
The first virtual staging of Caribbean Travel Marketplace (CTM) was a resounding success, organisers have reported.
More than 6,000 meetings were held over three days (May 11–13), giving buyers from 20 countries the chance to connect with suppliers representing more than 150 Caribbean hotels and tourism-related businesses.
“This virtual format allowed us to introduce the Caribbean to new buyers and travel advisors from over 20 markets that haven't been able to attend in the past,” said Vanessa Ledesma, acting chief executive officer and director general of the Caribbean Hotel and Tourism Association (CHTA), which hosts the annual CTM.
CTM 39, the CHTA said, was especially meaningful for Caribbean hospitality professionals who have been diligently working on enhancing their products from a health safety perspective.
CHTA President Pablo Torres added that the past 15 months have been the ultimate test of the region's resiliency and ability to bounce back.
“…And bounce back is exactly what we are doing. We are back and ready to open for business better than ever,” he said, noting that the region has about 30,000 new hotel rooms in the planning and construction stage and is seeing a 10 per cent increase in its inventory.
Torres further indicated that while the pandemic disrupted Caribbean tourism and the impact will be felt for years to come, traveller interest in the Caribbean is surging.
CTM 39's virtual conference platform and resources will be available online until June 30.
Source-CHTA
Caricom describes Guyana as a 'valued member'
The Caribbean Community (Caricom) has described Guyana as a “valued member” of the regional integration movement and that it was looking forward to the country's “continued contribution” to the development of the region.
In a congratulatory message marking Guyana's 55th anniversary of independence on Wednesday, Caricom Secretary General, Irwin LaRocque, said Guyana has progressed “markedly since becoming a nation.
“Guyanese have made their mark globally in diplomacy, the arts, academia and sport. A valued member of the Caribbean Community from its inception, Guyana has played a pivotal role in shaping our regional integration movement,” LaRocque said, noting that in addition, being host of the Caricom Secretariat, “confers both a symbolic and a physical dimension to the centrality of its role.
“Mr President, the Community looks forward to Guyana's continued contributions, especially in your capacity as the Lead Head of Government with responsibility for agriculture and food security in the quasi cabinet of the Conference of Heads of Government. Those priority areas have taken on increased importance under your leadership, as the Community seeks to address and recover from the devastating effects of the COVID-19 pandemic,” La Rocque said in his congratulatory message to President Irfaan Ali.
He said Caricom pledges “its continued support and commitment to the people and Government of Guyana, especially in relation to the preservation of the country's territorial integrity”.
Source-CMC
Turks and Caicos Islands 'BBB+/A-2' Sovereign Credit Ratings Affirmed
On May 26, 2021, Standard and Poors (S&P) Global Ratings affirmed its 'BBB+' long-term and 'A-2' short-term sovereign credit ratings on Turks & Caicos Islands (TCI). S&P Global Ratings also affirmed its 'AAA' transfer and convertibility assessment on the territory. The outlook remains stable.
The report, which was issued on 26th May 2021, reflects the rating agency’s expectation that the impact of the COVID-19 pandemic is waning, and the TCI’s economy and government finances will improve in 2021. Additionally, S & P assumes that the TCI will continue its practice of prudent financial management and limited borrowing, and that reserve balances will recover over the next two years.
On the downside, the sovereign credit rating agency cautioned that they could lower their ratings over the next two years if the rebound in tourism, which they expect ‘will occur gradually in 2021, is interrupted or turns out to be weaker than expected, leading to prolonged stress on revenues that causes the government to run persistent fiscal deficits.’ S & P could also down grade the ratings in circumstances where the TCI do not achieve financial equilibrium by fiscal 2022, owing to increased government spending above historical levels.
On the upside S & P indicated that they could raise the TCI credit rating during the next two years if sustained GDP growth rate for the country achieve pre-pandemic levels thereby boosting prosperity and economic resilience. In addition to GDP growth rate the agency indicated that in circumstances where the external economic position strengthens and the quality of TCI data improves it could upgrade TCI rating.
In arriving at its decision S & P recognized the huge impact that COVID-19 has had on TCI's largely tourism-dependent economy equating to the negative 26.8% TCIG forecast in 2020 plunging it into a recession and shrinking TCI government revenues, while health and social needs spurred increased spending. Unlike many regional peers, the TCI entered the pandemic in a strong fiscal position, with sufficient cash reserves to fund its 2020/2021 fiscal deficit. S&P ratings assumes that the TCI economy will gradually rebound in 2021 resulting in a recovery sufficiently strong enough to support necessary government spending thereby limiting the need for debt financing, albeit it is still expected to borrow in FY 2021/2022 to supplement its’ spending needs. Based on current trajectory the credit ratings agency believe the TCI is poised to return to its ‘previous practice of maintaining fiscal surpluses and begin rebuilding its cash reserves as the economy strengthens over the next two years’.
The Premier in reacting to the report confirmed his expectation that the credit rating of the TCIG would remain at investment grade and his pleasure that this has now been affirmed by the S & P report. Premier Misick said “My expectation for the future is that barring any new external shocks, including a reoccurrence or resurgence of COVID-19 we are set for the return to surplus budgets, rebuilding our reserves, and an upgrade in our credit rating within the next two years.”
WhatsApp sues Indian government over new Internet rules
The messaging app WhatsApp has sued the Indian government seeking to defend its users' privacy and stop new rules that would require it to make messages "traceable" to external parties.
WhatsApp filed the lawsuit Wednesday in the Delhi High Court. It is arguing that government rules regarding the traceability of messages are unconstitutional and undermine the fundamental right to privacy.
The company currently uses end-to-end encryption for its messaging service, which encrypts messages in such a way that no one apart from the sender and receiver are able to read the messages sent between them.
The lawsuit follows sweeping regulations for technology companies announced in February that hold them more accountable for content shared on their platforms. A 90-day grace period for complying with the rules ended Wednesday.
"Civil society and technical experts around the world have consistently argued that a requirement to 'trace' private messages would break end-to-end encryption and lead to real abuse," WhatsApp said in a statement.
"WhatsApp is committed to protecting the privacy of people's personal messages and we will continue to do all we can within the laws of India to do so."
The new regulations require Internet platforms such as Facebook and Twitter to erase content authorities deem to be unlawful and to help with police investigations, including identifying the originators of "mischievous information”.
The government said it would respond to the lawsuit.
IT minister Ravi Shankar Prasad said that the government is committed to ensuring the right to privacy, but that it is not an absolute right and comes with "reasonable restrictions”.
He said in a statement that asking for details of the "first originator of information" is an example of a "reasonable restriction”.
Source-AP