The Biden administration on Monday issued a statement saying it will veto a GOP-led bill aimed at bringing down energy costs by making it easier for energy companies to get permits for domestic drilling.
“This Administration is making unprecedented progress in protecting America’s energy security and reducing energy costs for Americans – in their homes and at the pump. H.R. 1 would do just the opposite, replacing pro-consumer policies with a thinly veiled license to pollute," the Office of Management and Budget said in a statement on Monday.
"It would raise costs for American families by repealing household energy rebates and rolling back historic investments to increase access to cost-lowering clean energy technologies,” it continued.
The agency also highlighted that oil and gas companies are already making record profits and should be investing that money into expanding production.
In response, House Majority Leader Steve Scalise of Louisiana criticized the administration's handling of energy issues.
“Voters gave House Republicans the majority to reverse this insanity and make energy affordable again, and that’s exactly what the Lower Energy Costs Act does,” he said. “We will pass the bill this week, and urge the Senate and President Biden to work with us to make America energy independent again and provide the much-needed relief that hardworking desperately need.”
Cash-short banks have borrowed about $300 billion from the Federal Reserve in the past week, the central bank announced Thursday.
A total of 33 states and the District of Columbia now allow at least some form of sports wagering, but the prospects are mixed for expanding sports betting to additional states this year.
The National Oceanic and Atmospheric Administration has released its 2023 Spring outlook and the ongoing trend of unseasonable weather could be continuing.
Adam Bry, co-founder and CEO of drone manufacturer Skydio, joined Cheddar News to discuss the company's latest funding round and the Russia-US drone collision.
The San Francisco Board of Supervisors voiced support for the city's reparations committee's recommendation to pay eligible Black adult residents $5 million
The Federal Reserve on Wednesday evening said its long-awaited digital payment system, the FedNow Service, will start operating in July. The service is designed to provide a national platform for financial institutions to settle payments in real-time and at lower cost. That could include large banks, payment processors, and the U.S. Treasury.
A week after the second-largest bank collapse in U.S. history, Treasury Secretary Janet Yellen is set to tell the Senate Finance Committee that the nation's banking system “remains sound” and Americans "can feel confident” about their deposits.
A federal judge in Texas raised questions Wednesday about a Christian group's effort to overturn the decades-old U.S. approval of a leading abortion drug, in a case that could threaten the country's most common method for ending pregnancies.
Texas Rep. Greg Casar spoke with Cheddar News to give his thoughts on abortion rights and union protection.
Texas officials have announced a takeover of Houston’s nearly 200,000-student school district.
