Latest news with #JohnVelis
Yahoo
4 days ago
- General
- Yahoo
Scouting America Western Massachusetts honors leaders at annual dinner
HOLYOKE, Mass. (WWLP) – The 'Scouting America Western Massachusetts Council' held its annual distinguished citizen dinner Wednesday evening in Holyoke. Eversource conducts 'Turtle-palooza' wildlife protection training in Agawam Several community leaders who have made an impact on the region were honored Wednesday. These leaders include NASA astronaut Cady Coleman, State Senator John Velis, and Westfield State President Dr. Linda Thompson. The event supports local scouting programs, providing youth with hands-on opportunities to build character, leadership, and a lifelong dedication to service. John Willemain with the Council told 22News, 'It's a tremendous program and it's been shown with studies that any youth who was in scouting for any period does much better in their development and growth down the road.' WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
27-05-2025
- Politics
- Yahoo
Governor Healey joins veterans and their families for Memorial Day observance in Agawam
AGAWAM, Mass. (WWLP) – Governor Maura Healey joined veterans and their families for a Memorial Day observance in Agawam. This ceremony united people to honor the brave service members who've given their lives for our country. The sun shined on the rows of white and grey headstones of fallen military heroes at Massachusetts Veterans Memorial Cemetery in Agawam, adorned with American flags. Veterans and their loved ones gathered to honor their memory and bravery during a ceremony. 'I've been here before it a couple of times because my father, this is her first time, and it's very moving,' said Joseph Calvanese of Ludlow. 'You don't feel sad, you feel happy, and I guess that's the way we're supposed to feel. But, you know, it's not as easy, you know, as you think,' added Maria Calvanese of Ludlow. Governor Maura Healey recognized these families for their strength and relicense as they came out to visit their loved ones in their final resting place. 'I ask everybody across Massachusetts to step out of themselves for a moment and find a way to reflect on maybe to pray for, maybe to think about service in your own way, and to do it to honor the legacy of those who served,' said Governor Healey. She stood alongside other officials like State Senator John Velis and Springfield Mayor Domenic Sarno in giving their remarks. As we remember and honor these fallen soldiers, officials express that we must also recognize the importance of their sacrifice in defending our freedoms and keeping us safe. 'We live in a free country because of them. I get to walk my son to the park, and have some peace and tranquility because of the sacrifice that generations upon generations of American service members made. And whether it's the freedom of speech to believe in whatever I want to believe in,' said Massachusetts Secretary of the Executive Office of Veterans' Services, Jon Santiago. Governor Healey also noted the work being done in Massachusetts to support veterans, like building the new Veterans home in Holyoke and activating the military asset security strategies task force to make sure the military in the commonwealth is advocated for in Washington, DC. And her next big goal will be making investments to reduce the homeless population among veterans. Governor Healey also addressed that Military recruitment numbers are low across the country, and she said she hopes more people will consider joining. WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Politico
23-05-2025
- Business
- Politico
Investors Are Sending a Warning to Congress. Will Washington Listen?
As Republicans haggled this week over a tax bill that would add trillions to federal deficits, the long-term cost of financing the national debt surged. That wasn't a coincidence — it was a warning. And it was as gently as the bond market is going to warn the U.S. that the path of the national debt is a problem. In conversations with investors this week, I heard a new level of focus on the sheer volume of debt that Washington is set to pump out and, in some cases, real concern about how it will play out in markets. It was a shift from the perennial elite conversation, where the consensus has generally been that the debt is a worry, but not an immediate one. 'For the first time in my professional life, we're seeing a shift, with investors looking askance at Treasury debt,' said John Velis, Americas macro strategist at BNY Mellon, a bank responsible for safekeeping $53 trillion in assets. Congress is not known for heeding gentle warnings. The proximate cause of the market response, beyond the congressional debate itself, was a downgrade by credit ratings firm Moody's of the U.S. government's status as a borrower — a move they warned was possible back in 2023. It's not that the Moody's decision told bond investors something they didn't already know. But 'the downgrade focused minds,' Velis said. Investors are absorbing the details about how much new debt the U.S. is going to be issuing — as well as considering the high volume of debt that's going to come from other governments across the world — and they're saying they need a more attractive return to lend to the U.S. Treasury. That means a larger proportion of tax dollars will be swallowed by interest payments on federal debt rather than something more productive. Yields on 20-year and 30-year government bonds closed out Wednesday and Thursday above 5 percent. That's high, but not frightening — yet. Still, if lawmakers don't react to more benign signals, they likely won't act until something more painful happens — a more pronounced jump in yields, a default, a failed auction of U.S. debt, etc. When will that happen? Who knows? It could be months, or it could be decades. But there might not be a big warning beforehand. A lot of investors lose money when Congress abruptly changes course after a sell-off; nobody wants to sell low and then buy high. That leads to a weird game theory calculation that can have the effect of restraining a disapproving market reaction: If traders think lawmakers will respond to their negative reaction by reversing the policy, they might hold off — until there's a horrifying plunge. Josh Frost, who oversaw debt management under President Joe Biden as assistant Treasury secretary for financial markets, called it an 'unstable equilibrium.' 'Markets have generally been burned by policy U-turns,' Frost told me, adding: 'It's awfully hard to sell out of a position only to buy it back a day later.' At least a few important lawmakers in Washington are already watching this dynamic closely. Before the run-up in yields this week, House Budget Chair Jodey Arrington (R-Texas) told me the bond market would be the ultimate arbiter of what is an acceptable tax-and-spend package. 'If the bond markets don't think we're serious,' he said, 'I'm not sure it will matter what we do, because they're going to dictate the terms.' So far, it's unclear whether the market reaction this week will be enough to actually shift the trajectory of the 'big, beautiful bill.' The legislation has cleared the House but now faces the Senate GOP gauntlet, where Sen. Ron Johnson (R-Wis.) has called for steep cuts to return the U.S. to pre-pandemic levels of spending. The hard-fought compromise among Republicans in the House was delicate enough that any changes could snarl the bill. Johnson told me at a recent POLITICO event that the initial response to his hawkish push was dismissive — Johnson summed it up as: 'That ship has sailed' — though he now says there are enough votes to block the bill absent more spending reductions. Still, when in doubt, Congress typically chooses to tax less and spend more. There are good reasons to stay calm about all this. Financial institutions hold U.S. government debt for all sorts of reasons, many of which are unlikely to change. The angst in the market this week is far from universally shared. 'There's a certain inertia behind the behavior of bond markets, in which 65 to 70 percent of holders can't really sell all that materially,' said Guy LeBas, chief fixed income strategist at Janney Capital Management. 'We can sit here and gnash our teeth about fiscal unsustainability, but none of us are doing anything about it.' To put markets at ease, Washington would not need to start balancing the budget. Despite political rhetoric suggesting otherwise, the government's finances are not like a household's — unless your family happens to issue its own currency and that currency is treated as a global reserve asset. Much of world trade is conducted in dollars, and companies and foreign governments have savings in the U.S. currency, so it is convenient for them to also own U.S. debt. Because demand for the dollar is strong, the U.S. federal government can run higher deficits than other countries. The problem, economists say, is that the debt is growing faster than the economy, driven by mandatory spending programs like Social Security and Medicare. To put this in context, all of discretionary spending — the stuff Congress fights about in funding bills — was $1.8 trillion in fiscal year 2024. The size of the deficit? $1.8 trillion. Treasury Secretary Scott Bessent has said he would like to see a deficit-to-GDP ratio of 3 percent, down from its current rate above 6 percent, which is quite high by global standards. Lazard CEO Peter Orszag, who previously led the Congressional Budget Office and the Office of Management and Budget, channeled the new mood of debt-focused dismay at the Milken Institute's Global Conference earlier this month. Previously, Orszag said, he had tended to filter out 'all the Chicken Little, kind of, 'the sky is falling' fiscal stuff, because all of the dire predictions were not happening.' 'But if you compare where we are now to where we were a decade ago, it's a lot different. The deficit is twice as high. Interest rates are dramatically higher,' Orszag argued, adding: 'I think it's time to worry again about this trajectory.' Few leaders in Washington are acting like they share that view. Let's be clear: The debate about fiscal responsibility in Washington this week was about how much worse to make the situation, not how to make it better. By extending trillions of dollars in tax cuts, and adding on some more that are politically popular without also making politically painful spending cuts, Congress is starving itself of revenue that could help pay for the programs it continues to authorize. In other words, they're giving us all back money they still want to spend. And bond investors know this.
Yahoo
23-05-2025
- Business
- Yahoo
Senate budget debate day 2 recap
BOSTON (WWLP) – The Senate is almost done with its budget negotiations after adding $74 million to the bottom line, and mostly Republican amendments remain on the table. The original bottom line of this budget is $61.32 billion, and senators have been considering 1,058 amendments that would add at least $2 billion more. During Wednesday's debates, senators dealt with more than 300 of these amendments. Senators chose to add funding for reduced fares for students on public transportation, regional libraries, a jail diversion program, and pediatric palliative care. The proceedings also included a rare real debate, instead of just pre-written remarks. Senators argued back and forth for 90 minutes on prescription drug price caps, which ultimately passed. Opponents expressed worries about passing the policy-heavy amendment without public hearings. Westfield Senator John Velis took the floor to change a policy that ends benefits for Gold-Star spouses should they remarry. The Senate president says the amendment is common sense. 'It makes no sense, we changed that so the surviving spouse can keep the benefits. That's important to families,' said Senate President Karen Spilka. Senators still need to make a decision on 156 amendments,142 of which were filed by Republicans, and the vast majority of which were filed by minority leader Bruce Tarr. Once the remaining 156 amendments are settled, the House and Senate will need to reconcile their differences and send a compromise budget to the governor's desk. WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
06-05-2025
- Politics
- Yahoo
Commission on combating antisemitism addresses hate crimes
BOSTON (WWLP) – The Special Commission on Combating Antisemitism held a hearing on Monday about the concerning rise of antisemitism and extremism in the Bay State. This group was established following the October 7 attacks in 2023 and the following rise in violence against Jewish Massachusetts residents. Western Massachusetts Senator John Velis heads up the commission and opened the meeting, acknowledging extremism on both sides of the aisle. 'This special commission will not hesitate to follow and confront antisemitism wherever it rears its vile and repugnant head, whether it's from the left or the right,' said Velis. A researcher from the Anti-Defamation League's Center on Extremism presented an analysis of hate group trends and led a discussion on the tactics extremists are using to gain explained how right-wing extremist groups are co-opting language in the news to normalize antisemitism. 'They saw criticism of Israel as a way of maybe bringing in people who might not necessarily be as antisemitic as they are by swapping out the term 'Jew' for 'Zionist,'' said researcher Ben Popp. Notably, valid criticism of Zionism can exist separately from antisemitism, and the ADL's research is meant to make people aware of hate groups' tactics. This commission regularly accepts public comment, and 22News will keep you posted on the steps this commission takes to reduce hate incidents. WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
