WASHINGTON (AP) — The federal government's watchdog agency said Thursday a White House office violated federal law in withholding security assistance to Ukraine.
The Government Accountability Office said in a report that the Office of Management and Budget violated the law in holding up the aid. The freeze is at the center of the impeachment of President Donald Trump.
The independent agency, which reports to Congress, said OMB violated the Impoundment Control Act in delaying the security assistance Congress authorized for Ukraine for “policy reasons,” rather than technical budgetary needs.
“Faithful execution of the law does not permit the President to substitute his own policy priorities for those that Congress has enacted into law,” wrote the agency's general counsel, Thomas Armstrong, in the report.
OMB has argued the hold was appropriate and necessary.
“We disagree with GAO's opinion. OMB uses its apportionment authority to ensure taxpayer dollars are properly spent consistent with the President's priorities and with the law," said OMB spokeswoman Rachel Semmel.
Trump was impeached last month on charges of abusing his power for pressuring Ukraine to investigate Democratic rivals, as he was withholding the aid, and for obstructing Congress' ensuing probe. The Senate is set to begin its trial on Thursday.
Stocks began the week closing at session lows on a day when bond yields rose and President Biden decided to stick with Jerome Powell as Fed Chair. Bryan Lee, Chief Investment Officer at Blue Zone Wealth Advisors, joins Cheddar News' Closing Bell, where he breaks down the day's activity and discusses what the Fed now needs to do going forward.
President Joe Biden announced Monday he is re-nominating Federal Reserve Chairman Jerome Powell after weeks of speculation that he would choose Democrat and Fed Governor Lael Brainard to fill the role. Biden could be looking for continuity as the U.S. continues to grapple with COVID-19 and high inflation, and investors could be on the same page: markets and treasuries ticked up after the White House made the announcement. MarketWatch Senior Reporter Greg Robb joins Cheddar News' Closing Bell to discuss Powell's re-nomination, what we can expect from the Fed's December meeting, whether it will speed up its taper timeline, and more.
President Joe Biden named Jerome Powell, initially appointed by President Trump, to keep his seat as the chair of the Federal Reserve on Monday amid the ongoing challenges of the pandemic, inflation, and unemployment. David Beckworth, a former international economist for the Treasury Department and a senior fellow with the Mercatus Center, joined Cheddar to discuss what he sees as the practicality of Biden's decision. "What Powell brings to the table is he's built up political capital with Republicans and Democrats," he said. "It's easy for him to get the job done. I think in one way he was the path of least resistance for the president."
In a surprise turn of events, Elizabeth Holmes took the stand in her own defense on Friday and is expected to continue her testimony later today. Holmes, who founded a blood testing start-up Theranos back in 2003, faces 11 counts of wire fraud as well as conspiracy to commit wire fraud. Aron Solomon, Chief Legal Analyst, Esquire Digital joined Cheddar's Opening Bell to discuss.
Jill and Carlo cover the developing story out of suburban Milwaukee, where a speeding SUV careened through a Christmas parade. Looters get more brazen in San Francisco, the missing Chinese tennis star resurfaces, and more.
Michael Tubbs, former Mayor of Stockton, California and author of 'The Deeper the Roots,' joined Cheddar Movers to talk all about his new memoir, and his ongoing fight to make meaningful change in his community.
The House narrowly passed President Biden's $1.7 trillion Build Back Better bill, the largest expansion of the social safety net in decades. The final vote was 220 to 213, with only one Democrat joining all Republicans in opposing the bill. It now heads to the Senate, where it faces an uncertain fate. Jennifer Haberkorn, congressional reporter for the Los Angeles Times, joins Cheddar News' Closing Bell, where she breaks down the current version of the bill, where it goes next, and what it could mean for the country if it eventually reaches the president's desk.
