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The AP Interview: Yellen says debt standoff risks ‘calamity’

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The AP Interview: Yellen says debt standoff risks ‘calamity’

DAKAR, Senegal (AP) — U.S. Treasury Secretary Janet Yellen mentioned in an Related Press interview Saturday she expects Congress will finally vote to lift America’s debt restrict, however calls for by Home Republicans for spending cuts in return for backing a rise are “a really irresponsible factor to do” and threat making a “self-imposed calamity” for the worldwide financial system.

The Biden administration and Republican lawmakers have been at loggerheads over how one can enhance the federal government’s authorized borrowing capability. On Thursday, the federal government bumped up towards the $31.381 trillion debt cap, forcing the U.S. Treasury Division to take “extraordinary” accounting steps to maintain the federal government operating.

Requested within the interview, performed throughout her journey to Africa, about such speak of withholding approval for a better debt restrict until there are accompanying spending cuts, Yellen referred to as that stance “a really irresponsible factor to do” and mentioned it might have critical penalties even earlier than “the day of reckoning.”

“It’s attainable for markets to change into fairly involved about whether or not or not the U.S. pays its payments,” she mentioned, pointing to the unfavourable financial impacts of a debt showdown in 2011.

As for a possible default, she mentioned, that “would impose a self-imposed calamity in america and the world financial system.” The Treasury’s extraordinary steps up to now imply that the U.S. authorities ought to be capable to function till some level in June, when the restrict would should be elevated to keep away from what may very well be important financial harm.

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Yellen mentioned she has not spoken with the U.S. Rep. Kevin McCarthy, the newly elected Republican speaker of the Home. McCarthy has but to spell out the scale and goal of the spending cuts that he contends are wanted to place the federal authorities on a more healthy monetary path.

President Joe Biden and administration officers have referred to as for a “clear enhance” — not linked to cuts — to the borrowing capability, saying that the dangers of an prolonged deadlock might result in a deep recession that might echo dangerously worldwide if religion is misplaced within the credit score of the U.S. authorities.

“Congress wants to grasp that that is about paying payments which have already been incurred by choices with this and previous Congresses and it’s not about new spending,” Yellen mentioned. She mentioned she believes in ensuring that authorities debt ranges are sustainable, “however it may’t be negotiated over whether or not or not we’re going to pay our payments.”

Regardless of the dire warnings, Yellen mentioned she believes the scenario finally shall be defused as a result of lawmakers can recognize the escalating hazard if the federal authorities was unable to pay all of its payments: crashing monetary markets, mass firings, and an financial downturn that would jeopardize America’s place on the earth hierarchy.

“I consider ultimately we’ll discover a manner round this,” Yellen mentioned.

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The treasury secretary mentioned that White Home and officers from her division “are assembly to debate attainable paths ahead. And we may have discussions with members of Congress to attempt to perceive what they see as a path ahead.”

The White Home mentioned Friday that Biden “seems to be ahead” to sitting down with McCarthy to debate a spread of matters. However its assertion got here with no invitation or a date for a gathering.

Yellen mentioned the administration’s place stays to not negotiate over the debt restrict, however she didn’t element attainable methods being mentioned contained in the White Home to make sure the ceiling is raised.

“Congress has to do it,” she mentioned. “It must be accomplished. It might’t be one thing that’s contingent on cuts.”

Yellen sat down for the Saturday interview in the course of a continent-spanning journey, by which she met together with her Chinese language counterpart in Switzerland earlier than heading to Senegal, Zambia and South Africa.

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The Biden administration is making an attempt to sign its help for bettering the economies of African nations, lots of which have younger populations that can finally make these nations the drivers of development in a long time to return. At an African nation summit held in Washington final month, Biden mentioned he would go to the continent this 12 months in an indication of the will to extend engagement with america.

Earlier than the interview, Yellen went to Senegal’s Goree Island, touring a constructing often known as the Home of Slaves that was a middle for the Atlantic slave commerce that outlined a lot of American historical past.

The economist and former Federal Reserve chair has emphasised her need to scale back racial and revenue inequality, a component of the systemic racism tied to slavery and its aftermath of segregation. For Democrats, the difficulty of how one can bridge that divide is not only a matter social justice however political pragmatism, provided that Black voters are a key constituency for successful elections.

Yellen mentioned the administration has not turned to reparations — funds and different packages meant for the descendants of slaves — to deal with the inequality.

“The administration has not embraced reparations as a part of the reply,” mentioned Yellen, including that “we now have a program to attempt to handle these points that includes many optimistic steps and changes and rising alternative.”

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America is making an attempt to enchantment to African nations on ethical phrases, saying that assist and loans from the U.S. shall be clear and honest in ways in which Chinese language investments haven’t been.

Relations between the U.S. and China — the world’s two largest economies — have taken on an more and more antagonistic streak amid the geopolitical fallout from China’s friendship from Russia, the persistence of the coronavirus and an period of open globalization that has given approach to nationwide safety priorities.

The previous two U.S. presidential administrations have challenged China’s commerce practices, with the Biden administration limiting the export of superior pc chips because it concurrently tries to spice up the U.S. sector.

“This isn’t competitors with China — we need to deepen our engagement with Africa,” Yellen mentioned. “We need to ensure that we don’t create the identical issues that Chinese language funding has typically created right here. That we now have transparency, that we now have initiatives that actually convey broad based mostly advantages to the African folks and don’t go away a legacy of unsustainable debt.”

Yellen mentioned she had been struck throughout her time in Senegal by “a way of dynamism and optimism amongst all the authorities officers and personal sector those who I’ve met with.” She pointed to feminine entrepreneurs who acquired seed cash by way of the Senegalese authorities.

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“There’s a type of vibrancy in regards to the nation and a can-do spirit that we noticed,” Yellen mentioned. “They’re arising with very modern and authentic concepts about what they will do to each fulfill native wants and will simply discover a world market.”

___

Related Press author Josh Boak in Baltimore contributed to this report.

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‘Agatha All Along’ Trailer: Kathryn Hahn Investigates Wanda’s Dead Body and Teams Up With a Witchy Aubrey Plaza in ‘WandaVision’ Spinoff

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‘Agatha All Along’ Trailer: Kathryn Hahn Investigates Wanda’s Dead Body and Teams Up With a Witchy Aubrey Plaza in ‘WandaVision’ Spinoff

Marvel has unveiled the first trailer for “Agatha All Along,” the upcoming spinoff of the hit Disney+ series “WandaVision.”

Kathryn Hahn reprises her role as Agatha Harkness in the “WandaVision” spinoff series. Jac Schaeffer, head writer of “WandaVision,” serves as executive producer and head writer for the show. Variety exclusively broke the news on the upcoming Marvel series for Disney+ back in October 2021.

The official logline reads: “The infamous Agatha Harkness finds herself down and out of power after a suspicious goth teen helps break her free from a distorted spell. Her interest is piqued when he begs her to take him on the legendary Witches’ Road, a magical gauntlet of trials that, if survived, rewards a witch with what they’re missing. Together, Agatha and this mysterious teen pull together a desperate coven, and set off down, down, down The Road.”

The cast includes Aubrey Plaza as the witch Rio Vidal; Joe Locke as Billy Kaplan; Patti LuPone as Lilia Calderu, a 450-year-old witch; Sasheer Zamata as the sorceress Jennifer Kale; Ali Ahn; Debra Jo Rupp and more. The trailer mashes together genres as it begins like a hardboiled murder mystery with Hahn playing a detective investigating Wanda’s dead body (after she seemingly died at the end of “Doctor Strange in the Multiverse of Madness”). Then all sorts of witch mayhem ensues, and Agatha reunites with some old sorceress pals to regain her power.

In “WandaVision,” Hahn is first introduced as Agnes, Wanda Maximoff (Elizabeth Olsen) and Vision’s (Paul Bettany) nosy neighbor in Westview. Eventually, she reveals her true identity as Agatha, a powerful witch who has lived for centuries due to her magical abilities. After an epic fight in the “WandaVision” finale between Agatha and Wanda, the superhero uses her powers to trap Agatha as her fake persona Agnes.

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Before the title was revealed to be “Agatha All Along,” Marvel built up mystery around the series by calling it “Agatha: House of Harkness,” “Coven of Chaos,” “Darkhold Diaries” and “The Lying Witch With Great Wardrobe” — but it was clear Agatha was up to her witchy antics and fiddling with the title.

The hit song “Agatha All Along,” written by Kristen Anderson-Lopez and Robert Lopez, also became an internet sensation after its debut in the seventh episode of “WandaVision.” Although the return of “Agatha All Along” for the spinoff has not been confirmed, the Oscar-winning songwriters spoke to Variety about the inspiration behind the iconic melody. 

“Agatha All Along” will debut with two episodes on Sept. 18 on Disney+. Watch the trailer below. 

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Indian PM Modi visits Russia visit for first time since start of Ukraine war

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Indian PM Modi visits Russia visit for first time since start of Ukraine war
  • Indian Prime Minister Narendra Modi begins his first visit to Russia since Putin launched his invasion of Ukraine on Monday.
  • India’s relationship with Russia has become more fraught since Russia invaded Ukraine. India has maintained a neutral stance toward the conflict, advocating for a peaceful solution. Russia has grown closer to India’s rival, China.
  • Russia is an important trading partner and defense supplier for India. Russian gear comprises some 60% of India’s military equipment, a researcher said. More than 40% of India’s oil imports come from Russia, according to analysts.

India’s prime minister begins a two-day visit to Russia on Monday, his first since Moscow launched its invasion of Ukraine, a war that has complicated the relationship between the longtime partners and pushed Russia closer to India’s rival China.

Prime Minister Narendra Modi’s visit will include a meeting with President Vladimir Putin, whom he last saw in Russia in 2019, in the far eastern port of Vladivostok. The two leaders also met in person in September 2022 in Uzbekistan, at a summit of the Shanghai Cooperation Organization bloc.

Russia has had strong ties with India since the Cold War, and New Delhi’s importance as a key trading partner for Moscow has grown since the Kremlin sent troops into Ukraine in February 2022. China and India have become key buyers of Russian oil following sanctions imposed by the United States and its allies that shut most Western markets off to Russian exports.

STAMPEDE THAT KILLED 121 IN INDIA WAS CAUSED BY SEVERE OVERCROWDING AND LACK OF EXITS, AUTHORITIES SAY

Under Modi’s leadership, India has avoided condemning Russia’s war in Ukraine while emphasizing the need for a peaceful settlement.

The partnership between Moscow and New Delhi has become fraught, however, since Russia started developing closer ties with India’s main rival, China, because of the hostilities in Ukraine.

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Modi notably stayed away last week from the most recent summit of the Shanghai Cooperation Organization, in Kazakhstan.

Russian President Vladimir Putin, left, and Indian Prime Minister Narendra Modi greet each other before their meeting in New Delhi, India on Dec. 6, 2021. Modi on Monday begins a two-day visit to Russia that is his first since Moscow sent troops into Ukraine, a conflict that has complicated the relationship between the longtime allies by pushing Russia closer to India’s rival China. (AP Photo/Manish Swarup, File)

Chietigj Bajpaee, senior South Asia research fellow at the U.K.-based Chatham House, said India is becoming increasingly estranged from forums in which Russia and China play a prominent role.

“This is evident in India’s relatively low key presidency of the Shanghai Cooperation Organization last year, and now the decision by Modi not to attend this year’s summit,” Bajpaee said.

A confrontation in June 2020 along the disputed China-India border dramatically altered their already touchy relationship as the rival troops fought with rocks, clubs and fists. At least 20 Indian soldiers and four Chinese soldiers were killed. Tensions have since persisted despite talks.

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Those tensions have seeped into how New Delhi looks at Moscow.

“Russia’s relations with China have been a matter of some concern for India in the context of Chinese increased assertiveness in the region,” D. Bala Venkatesh Verma, a former Indian ambassador to Russia, told The Associated Press.

But Modi also will seek to continue close relations with Russia, an important trading partner and major defense supplier for India.

Since Western sanctions blocked Russian oil exports after the start of the Ukraine war, India has become a key buyer of Russian oil. It now gets more than 40% of its oil imports from Russia, according to analysts.

India is also strongly dependent on Russia for military supplies, but with Moscow’s supply line hit by the fighting in Ukraine, India has been diversifying its defense procurements, buying more from the U.S., Israel, France and Italy.

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“Defense cooperation will clearly be a priority area,” Bajpaee said, adding that 60% of India’s military equipment and systems is “still of Russian origin.”

“We’ve seen some delay in the deliveries of spare parts … following the Russian invasion of Ukraine,” he said. “I believe both countries are due to conclude a military logistics agreement, which would pave the way for more defense exchanges.”

India has adopted a neutral stance, neither condemning nor condoning Russia’s war on Ukraine, and has called for negotiations to end the fighting. That in turn has bolstered Putin’s efforts to counter what he calls the West’s domination of global affairs.

Facing an arrest warrant by the International Criminal Court for actions over the war in Ukraine, Putin’s foreign travel has been relatively sparse in recent years, so Modi’s trip could help the Russian leader boost his image.

“We kind of see Putin going on a nostalgia trip — you know, he was in Vietnam, he was in North Korea,” said Theresa Fallon, an analyst at the Center for Russia, Europe, Asia Studies. “In my view, he’s trying to demonstrate that he’s not a vassal to China, that he has options, that Russia is still a great power.”

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Alexander Gabuev, head of the Carnegie Russia Eurasia Center, said that Putin’s interactions on the world stage show he “is far from isolated” and that Russia is not a country to be discounted.

Trade development also will figure strongly in the talks, particularly intentions to develop a maritime corridor between India’s major port of Chennai and Vladivostok, the gateway to Russia’s Far East.

India-Russia trade has seen a sharp increase, touching close to $65 billion in the 2023-24 financial year, due to strong energy cooperation, Indian Foreign Secretary Vinay Mohan Kwatra told reporters Friday.

Imports from Russia touched $60 billion and exports from India $4 billion in the 2023-24 financial year, Kwatra said. India’s financial year runs from April to March.

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He said India was trying to correct the trade imbalance with Russia by increasing its exports. India’s top exports to Russia include drugs and pharmaceutical products, telecom instruments, iron and steel, marine products and machinery.

Its top imports from Russia include crude oil and petroleum products, coal and coke, pearls, precious and semi-precious stones, fertilizer, vegetable oil, gold and silver.

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India’s Modi makes first Russia visit since Ukraine invasion

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India’s Modi makes first Russia visit since Ukraine invasion

India’s Prime Minister Narendra Modi has arrived in Moscow for a two-day visit, his first since Russia sent troops into Ukraine – an action that has complicated the relationship between the longtime partners and pushed Russia closer to India’s rival, China.

Modi was set to have dinner with Russian President Vladimir Putin on Monday, followed by talks at the Kremlin on Tuesday.

“I look forward to reviewing all aspects of bilateral cooperation with my friend President Vladimir Putin and sharing perspectives on various regional and global issues,” said Modi in a statement.

“We seek to play a supportive role for a peaceful and stable region.”

 

Modi last travelled to Russia in 2019, when he attended a forum in the far eastern port of Vladivostok and met with Putin. The leaders also saw each other in September 2022 at the Shanghai Cooperation Organisation summit, held in Uzbekistan.

Moscow remains a key supplier of cut-price oil and weapons to India, especially following sanctions on Russia imposed by the United States and its allies that came in response to the Russia-Ukraine war and that shut most Western markets off to Russian exports. According to analysts, India now gets more than 40 percent of its oil imports from Russia.

But the Kremlin’s isolation from the West and blooming friendship with Beijing have impacted Moscow’s time-honoured partnership with New Delhi.

Western powers have in recent years also cultivated ties with India as a bulwark against China and its growing influence in the Asia-Pacific, while pressuring it to distance itself from Russia.

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The China factor

Modi last visited Russia in 2019 and hosted Putin in New Delhi two years later, weeks before Russia began its offensive against Ukraine in February 2022. However, the partnership between Moscow and New Delhi has become fraught as Russia has moved closer to China.

Russian President Vladimir Putin, right, and Chinese President Xi Jinping meet on the sidelines of the 2024 Shanghai Cooperation Organisation summit in Kazakhstan [File: Sergey Guneyev/Sputnik/Kremlin Pool Photo via AP]

A confrontation in June 2020 along the disputed China-India border dramatically altered their already touchy relationship as rival troops fought with rocks, clubs and fists. At least 20 Indian soldiers and four Chinese soldiers were killed. Tensions have persisted despite talks.

Modi notably missed last week’s summit in Kazakhstan of the Shanghai Cooperation Organisation, a security grouping founded by Moscow and Beijing.

‘Defence a priority’

Modi is expected to seek to continue close relations with Russia, which is also a major defence supplier for India.

With Moscow’s arms industries mostly serving the Russian military’s needs amid the fighting in Ukraine, India has been diversifying its defence procurements, buying more from the US, Israel, France and Italy.

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“Defence cooperation will clearly be a priority area,” Chietigj Bajpaee, senior South Asia research fellow at Chatham House, told the Associated Press news agency, adding that 60 percent of India’s military equipment and systems are “still of Russian origin”.

“We have seen some delay in the deliveries of spare parts … following the Russian invasion of Ukraine,” he said. “I believe both countries are due to conclude a military logistics agreement, which would pave the way for more defence exchanges.”

Indian Prime Minister Narendra Modi in Moscow
Indian Prime Minister Narendra Modi in Moscow [X/@narendramodi]

India’s neutral stance on the war in Ukraine has bolstered Putin’s efforts to counter what he calls the West’s domination of global affairs.

Following an arrest warrant issued in 2023 by the International Criminal Court for his actions in Ukraine, Putin’s foreign travel has been sparse in recent years, so, analysts say, Modi’s trip could help the Russian leader boost his clout.

“We kind of see Putin going on a nostalgia trip – you know, he was in Vietnam, he was in North Korea,” Theresa Fallon, an analyst at the Centre for Russia, Europe, Asia Studies, told AP.

“In my view, he’s trying to demonstrate that he’s not a vassal to China, that he has options, that Russia is still a great power.”

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Trade development will also figure strongly in the talks, particularly the intention to develop a maritime corridor between India’s major port of Chennai and Vladivostok, the gateway to Russia’s Far East.

Indian Foreign Secretary Vinay Mohan Kwatra told reporters on Friday that due to strong energy cooperation, India-Russia trade has increased to nearly $65bn in the 2023-24 financial year, $60bn of it being the imports from Russia. He said India was trying to correct the trade imbalance by increasing its exports.

India’s top exports to Russia include drugs and pharmaceutical products, telecom instruments, iron and steel, marine products and machinery. Its top imports from Russia include crude oil and petroleum products, coal and coke, pearls, precious and semiprecious stones, fertiliser, vegetable oil, gold and silver.

From Russia, Modi will travel to Vienna for the first visit to the Austrian capital by an Indian leader since Indira Gandhi in 1983.

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