Latest news with #Moody
The Hill
4 days ago
- Business
- The Hill
Why we should stop worrying and learn to love the national debt
Moody's recent downgrade of the U.S. credit rating has put the national debt in the spotlight once again. Recent increases in Treasury bond yields and the passage of President Trump's 'Big Beautiful Bill,' which is likely to further increase the debt, have added to worries about the country's fiscal position. Former President Barack Obama's budget director, Peter Orszag, joined the chorus, warning in a New York Times essay that it is now time to worry about the debt. There are three main concerns about government debt: fear of default, fear that more debt will lead to higher interest rates jeopardizing private investment, and lastly, the concern that our deficits are sustained by the grace of foreign nations, such as China. All of these concerns stem from a misguided understanding of the government's role in the monetary system. The discourse around the national debt likens the government to a private-sector entity that can be forced into default by its creditors. But the U.S. government is not like a family or a business — it cannot default on debt denominated in dollars, since it is the issuer of dollars. Although our government can choose not to pay its bills — by, for instance, refusing to raise the artificially imposed debt ceiling — it technically can never run out of money to pay bondholders. As former Federal Reserve Board Chair Alan Greenspan rightly recognized: 'The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.' Families and businesses need to earn income or sell assets to pay back their debt. But for the government, paying its debt merely amounts to exchanging one liability for another. An exchange between Jon Stewart and the former Kansas City Fed President Thomas Hoenig illustrates the point well. Responding to a question about why we couldn't just print money to pay our debt to foreigners, Hoenig said, 'All you're doing there is changing one debt for another, because the printing of money is a liability, is a debt of the Federal Reserve System. That dollar, that liability that the Fed created, it's now owed to China.' Indeed, U.S. dollars are recorded as liabilities on the Fed's balance sheet — this is not controversial. When the U.S. government pays back its bondholders, it simply creates more of this liability on the Fed's balance sheet. The second concern about government debt stems from the belief that government borrowing taps into a limited source of private savings, driving up interest rates. The recent swings in bond yields seem to lend credence to this belief. In reality, when the government spends, it adds to national income and hence to private sector savings. Government deficits equal, dollar for dollar, the net savings of the non-government sector, which includes U.S. businesses and households. This is simple accounting. Thus, government deficits create savings sufficient to buy the debt the government issues. Even more important, interest rates on Treasury bonds are not really market-determined; they closely track the policy rate set by the Fed. While it's true that the premium on longer-term bonds is (somewhat) market-determined, even that can be tightly controlled by the Fed, if it so chooses, which the Fed has done with quantitative easing policies. Thus, the U.S. government is currently spending more on interest payments not because markets are penalizing it, but because the Fed has raised interest rates. Besides, the recent swings of interest rates have been in the tens of basis points. The Fed could literally lower interest rates by 400 basis points tomorrow. If the Fed were to reduce its target and promise to keep it there, long-term Treasury bond rates would fall by hundreds of basis points — cutting government spending on interest in half, if not more. Lastly, the common refrain that the U.S. government's ability to run large deficits depends on the willingness of China to lend to us is also wrong. If China stops buying U.S. Treasury bonds, this will not jeopardize the U.S. government's ability to finance itself. The U.S. government is self-funded — that is, it creates the money that it spends. If China does not want U.S. Treasury bonds, the result might be a higher premium demanded for bonds of certain maturities. But there is a buyer of last resort in the U.S. Treasury market — the Federal Reserve — one of whose main responsibilities is to maintain an 'orderly market' for U.S. Treasury securities. The Fed can take up any bonds that China decides it doesn't want and at whatever rate the Fed wants to set. The debt worriers have been wrong before and will be proven wrong again. Government debt is not the big bad wolf. It is a safe asset that plays an important function in financial markets and portfolios. Neither are deficits abnormal for a country like the U.S. — good economic performance in the U.S. requires that the government generally spend more into the economy than it takes out through taxes; this is what allows the private sector to save and accumulate safe assets, such as government bonds. The budget deficit and resulting debt ratio outcomes in the future will largely depend on economic performance and Fed behavior. More important, large deficits need not jeopardize our economy's performance and our standard of living. It is time we stop worrying about deficits and debt and start loving the economic growth they generate. Yeva Nersisyan is economics chair at Franklin & Marshall College and L. Randall Wray is professor of economics at the Levy Economics Institute of Bard College.
Time of India
4 days ago
- Sport
- Time of India
'Not lifting the trophy is frustrating, but we're close': Tom Moody opens up on Desert Vipers' retentions, ILT20's evolution and road ahead
Desert Vipers have twice finished runners-up in ILT20. (Creimas) The International League T20 (ILT20) - UAE's premier franchise league - has taken a major step towards its fourth season with the announcement of player retentions. Each team was permitted to retain up to eight players ahead of the first-ever ILT20 auction, scheduled for September. Among them, Desert Vipers made the most significant move, retaining seven players from their 2025 squad - the most by any franchise - and signing USA wicketkeeper-batter Andries Gous as their lone direct addition. The decision aligns with their philosophy of continuity and consistency. The Vipers' retained list includes Lockie Ferguson (captain), Sam Curran, Wanindu Hasaranga, Max Holden, Dan Lawrence, David Payne, and Khuzaima bin Tanveer, one of UAE's fast emerging bowlers. Go Beyond The Boundary with our YouTube channel. SUBSCRIBE NOW! In an exclusive interview with Tom Moody, the team's Director of Cricket, admitted that whittling down the squad to meet the retention cap was a challenge, especially given the team's emphasis on stability and squad cohesion over the years. 'It's a very difficult process, particularly given the philosophy that we've tried to carry through from year one and that's to try to have some sort of continuity and consistency with our squad. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo To build that familiarity around the environment that we're building,' he explained. 'Unfortunately, you have to make some difficult decisions.' Tom Moody with Desert Vipers captain Lockie Ferguson in ILT20. (Creimas) Ferguson will continue as captain despite missing a few games last season due to rotation and fitness. Moody emphasised that his off-field value and leadership made him the ideal candidate. 'We think the leadership role is more than someone that is available 100% of the time. There's no guarantee the captain or any player for that matter is going to be available for 100% of the time. What Lockie could offer from a leadership perspective outweighed the fact that he might miss a game or two.' Backing Ferguson is Curran, who stepped in as captain during Lockie's absence and has impressed the management with his on-field maturity. 'Sam has got a lot of great leadership qualities and we enjoyed him taking over the reins for those few games,' Moody said. Auction focus: Pakistan players, local talent in sight Lockie Ferguson has been retained by the Desert Vipers for the fourth season of ILT2. (Creimas) The upcoming ILT20 auction will be the first of its kind for the league, and Moody's experience with player auctions in the IPL and other global leagues will be invaluable. He laid out a clear strategy - fill remaining gaps and build on existing relationships. 'We'll be looking in the auction for obvious talent that fits the voids that we have in our squad.' The Vipers have previously featured a number of Pakistan players, and Moody confirmed they remain part of the franchise's recruitment radar. 'We've had a number of Pakistan players involved with us and we've enjoyed a good relationship with them both on and off the field. They'll be a playing group that we'll be looking at closely.' The team is also closely monitoring UAE players. 'We could only retain one UAE player, and we believe Bin Tanveer is a really exciting talent. We'll be certainly looking closely at ones we've had an ongoing relationship with.' Moody warned that the auction could present unexpected challenges, but said the key lies in staying flexible and avoiding emotional decisions. 'Auction can be volatile. Players attract more attention than expected, and prices go up. It's important that you remain focused on your plan and not get caught too much in the emotion... and be well prepared with other options.' As for the Vipers' repeated heartbreaks in finals, Moody prefers to see the glass half full. Desert Vipers have retained Sam Curran for the next season of ILT20. (Creimas) 'Not taking that final step is frustrating. I'd be reluctant to think that we need to do too many things differently because I think once you as a franchise, both on and off the field, get a lot of the things right to put yourself in that consistent position of playing finals, I think it's a matter of time that you jump that final hurdle,' Moody said. 'We only have to look at the last final. It's the smallest of margins that can turn a final one way or the other... not getting too caught up in those setbacks and disappointments is important. If anything, we should celebrate that we're consistently putting ourselves in a position to win trophies.' With a solid core, measured planning, and a clear developmental pathway in place, the Desert Vipers are not just chasing silverware - they're shaping their identity as one of ILT20's most consistent teams. ILT20's impact and the Vipers' bigger picture Moody credited the ILT20 with raising the standard of cricket in the UAE, likening its role to what the IPL did for India in its early years. 'I've personally seen the development of young players with the exposure and experiences that they've had in the first three seasons. We've seen a lot of players really develop underneath our feet.' The ILT20 Development Tournament has become a key scouting ground for franchises, offering local talent a stage to perform under pressure. 'It enables us to do the necessary scouting with them performing right in front of us.' Catch Manika Batra's inspiring story on Game On, Episode 3. Watch Here!
Al Etihad
5 days ago
- Business
- Al Etihad
Tom Moody sees growth and ambition for Desert Vipers and UAE cricket
9 July 2025 00:50 KUUMAR SHYAM (ABU DHABI)Desert Vipers coach Tom Moody is optimistic about both his team's trajectory in the International League T20 (ILT20) and the wider development of UAE cricket, citing progress in player maturity, strong franchise stability and a consistent upward guided the Vipers to two finals in the three seasons of the UAE's flagship franchise cricket tournament, the veteran Australian coach also conceded that the franchise has done everything and yet, fell short of winning the title.'We had the opportunity to reflect on what we've done well. And there are a lot of things that we've done well. You don't reach two finals in three years without getting a lot of things right,' Moody said.'As we look to continue to evolve and grow as a franchise, that's exactly what we're intending to do in Season 4 and beyond – evolve both on and off the field.'This season the league has advanced as it vies for better positioning in a crowded cricket calendar and the T20 World Cup happening next year in India in that time frame. A few more tweaks are also being introduced for ILT20 4.A strong proponent of the ILT20, Moody said. 'The ILT20 as a whole has got a big advantage that it is contained in one geographical spot. So when it comes to logistics, travel, training and recovery – all those types of things – we're pretty central. Our circus is very much contained, and that's a huge plus for a positive environment. A lot of players and coaches like the consistency of that.'All six participating franchises have announced a few players they would retain, and Vipers, known for including a quartet of Pakistani players last season as the only franchise to sign the countrymen, have not yet expressed intention to retain any of them early rest of the five franchises have Indian owners and so Vipers remain the only avenue for players from Pakistan and Bangladesh. To a question from Aletihad on the luxury of exclusivity on such player options, Moody, chose to play with a straight bat.'Everyone's got the opportunity to pick from the global cricketing pool,' he said. 'We have enjoyed the relationships we've had with a few Pakistan players over the last couple of years. We pick what we feel is the most fitting players and skill sets that we need for our squad.'Moody did take note of the development in UAE's local talent. 'The exposure that the UAE players have got from the beginning to this point now, we've seen a huge uptick not only in skill improvement but also in performing under pressure,' he said.'There is improvement, both mentally and technically. And I'm sure that this upward curve is only going to continue... patience is required,' Moody said. 'We've only really seen the rise of UAE cricket over recent years. What we're seeing is significant growth and players continuing to develop with exposure, particularly through the ILT20 and the various development tournaments.'For UAE cricket to take the next leap, Moody believes consistent performances from the national side players in the ILT20 will in due course attract attention on the world stage. 'Once the consistency of performances in existing tournaments is there, naturally the opportunities will continue to be given to the UAE to take that next step up.'On action elsewhere, Moody last week questioned India's chances in the second Test against England, which India won, thanks to Shubhman Gill's team having more all-rounders than specialist batsmen. Comparing the argument with the demand for all-rounders in T20 leagues, Moody said: 'In Tests, you're dealing with ever-changing conditions, over five days of cricket. And you want more specialists in those positions, whereas in T20 cricket, having the depth is an option that provides you with the opportunity to pivot a lot quicker in the shorter format.' Source: Aletihad - Abu Dhabi
Business Times
5 days ago
- Business
- Business Times
De-dollarisation and shifting safe havens
[SINGAPORE] Donald Trump's second term as US president has reasserted America's economic might with a mix of bombast, brinkmanship, and a brand of economic nationalism that is as familiar as it is destabilising. The recent passage of expansive tax reform has raised serious questions about US debt sustainability; the Congressional Budget Office (CBO) projects a deficit of US$1.9 trillion for this fiscal year alone, with federal debt forecast to climb to 118 per cent of GDP by 2035. Moody's downgrade of the US credit rating to Aa1 is not just a symbolic fall from grace, it marks the twilight of the era of 'risk-free' US Treasuries. Elevated yields at the long end of the yield curve reflect investor anxiety over the sheer scale of US refinancing needs. Trump's tariff war aims to fire on two fronts – checking Chinese expansion and plugging a widening US fiscal gap. But here, too, the math is sobering. Even under the most aggressive assumptions – universal tariffs at 20 per cent – the projected revenue gain is a modest US$185.2 billion, barely sufficient to cover annual debt interest payments. Divergence, de-dollarisation and defensive shifts As we enter the third quarter of 2025, three themes dominate the investment landscape: pragmatic de-escalation in tariff tensions, divergent equity performance, and fiscal headwinds which are negative for government bonds and the dollar – but positive for gold. The abrupt de-escalation of US-China tensions has caught markets off guard. After months of hawkish rhetoric, a US-China trade truce is finally underway. With Republican rifts in his backyard, waning poll numbers, and the need to refinance US$7.8 trillion in debt, Trump's embrace of progressive policies underlines efforts to reframe Republicans as the working-class party ahead of 2026 midterms. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Nevertheless, the damage has been done. Despite rising Treasury yields, the dollar tumbled 10.8 per cent in the first six months of 2025, underscoring the growing scepticism about the greenback's long-term viability as the global reserve currency. Post Liberation Day, gold, long considered a hedge against inflation and uncertainty, has decoupled from its traditional inverse correlation with bond yields. Central bank demand for gold reached 1,045 tonnes in 2024 – 121 per cent above the 2010 to 2021 historical average – signalling a broader de-dollarisation trend that extends beyond geopolitics into fundamental shifts in reserve management. Our strategic positioning reflects these tectonic shifts. US equities remain slightly underweight, primarily due to overstated earnings expectations (11 per cent versus 7 per cent in other developed markets, or DMs) and the dollar's structural weakness. Still, pockets of strength remain. Technology, bolstered by resilient AI demand and Nvidia's recent strong guidance, offers a compelling case for selective exposure. Europe, by contrast, benefits from relative fiscal sustainability and resurgent defence spending. Asia ex-Japan remains a deep-value play, with valuations at a 33 per cent discount to DMs and earnings growth forecast at 12.4 per cent. In fixed income, stagflation risks and long-end volatility have risen. Spikes in long-duration Treasuries and Japanese government bond yields reflect sticky inflation unlikely to subside given tariff uncertainties, labour market constraints, and money supply growth. On both a three-month and 12-month basis, we downgrade DM government bonds to Neutral as higher long-term yields and curve steepening are expected. In credit, stay with quality in the A/BBB bucket and adopt a duration barbell approach with two to three-year and seven to 10-year investment-grade exposure. We like US Treasury Inflation-Protected Securities (TIPS), capital securities, and short-duration quality credit. Our two to three-year CIO Liquid+ strategy remains well-positioned for stagflationary conditions. We remain less convinced on high yield given spread-widening risks. In private assets, seek opportunities in middle-market buyouts and growth private equity. Middle-market companies possess lower purchase multiples, providing room for larger future value expansion. Besides, the requirement for lower leverage in middle-market deals augers well for their outlook in a high interest rate environment. Nuclear energy: Igniting Prometheus' atomic flame If the first half of the 21st century has taught investors anything, it is that the future often looks unthinkable – until it happens. Nowhere is this more evident than in nuclear energy. Once a byword for risk and controversy, nuclear power is quietly re-emerging as a compelling investment thematic, driven by a perfect storm of geopolitical, environmental, and technological tailwinds. First, let us consider the state of energy security. With ongoing conflict in the Middle East, tensions in Europe, and the weaponisation of trade routes, dependence on fossil fuels has become a strategic liability. Supply chains built on the whims of energy cartels or vulnerable chokepoints are no longer tenable. While the nuclear supply chain remains imperfect, it offers a viable avenue for energy diversification. Second, climate imperatives are accelerating policy momentum. Carbon taxation will eventually hit the bottom lines of companies, shifting energy demand towards more sustainable forms of power generation. Nuclear power is uniquely placed to deliver consistent, zero-emission energy at scale. For policymakers seeking to hit net-zero targets without sacrificing industrial productivity, nuclear is becoming not just acceptable, but essential. Third, AI and the growing need for processing power will accelerate energy demand at an exponential scale. With commodity trade increasingly encumbered by protectionism, one way to mitigate the inflationary consequence of such demand would be to introduce feasible substitutes such as nuclear power. Fourth, technological innovation is breaking down old barriers. Small Modular Reactors (SMRs) represent a leap forward, offering lower startup costs and the option to be developed in locations previously deemed unsuitable for larger nuclear power plants. For investors, the implications are clear. The nuclear theme is no longer niche – it is investable. Opportunities span the full value chain: physical uranium as a commodity play; miners who supply it; utilities with substantial nuclear in their energy mix; and manufacturers of next-generation reactor technologies such as SMRs. Much like gold, nuclear represents a long-term hedge – not against inflation, but against energy insecurity, climate inaction, and geopolitical unpredictability. In a world beset by volatility, the atom may yet prove to be a surprisingly stable investment opportunity. Trump's economic strategy has made waves – some intentional, many collateral. While markets are beginning to price in a world of persistent policy risk, stretched fiscal metrics and shifting trade dynamics, this moment also invites a rethink of long-term portfolio construction and the discipline to heed the timeless adage: Time in the market beats timing the market. The writer is chief investment officer, DBS Bank
Politico
5 days ago
- Business
- Politico
Weil in motion
Good morning and welcome to Tuesday. When Democrat JOSH WEIL talked to Sen. BERNIE SANDERS about his Florida Senate campaign, the Vermont independent's advice to him was to 'go big.' What Sanders meant by that, Weil said in a recent interview with Playbook, was for him to 'hold nothing back' and 'go after every last voter.' Weil said Sanders told him not to moderate his progressive messages on health care or housing. It's just one of the theories Weil will test as he works to challenge GOP Sen. ASHLEY MOODY, who was appointed by Gov. RON DESANTIS in a state where Republicans have outregistered Democrats by 1.3 million active voters. He'll also test his fundraising prowess anew. Weil got plenty of national attention in April after raising $14 million for an ultimately unsuccessful House special election campaign. So far, he's a far cry from that figure: Campaign finance documents filed early show Weil raised roughly $124,400 during the second quarter and spent $90,000, with just less than $222,000 cash on hand. The total reflects 13 days of being a candidate, given that Weil made his run official June 18. Campaign spokesperson TJ HELMSTETTER said the fundraising represented more than 5,000 small-dollar donors, with an average donation of $18.68. Campaign manager GABRIELLE ADEKUNLE said donors to Weil were attracted to how he was 'a regular person who is taking on the establishment' and predicted the campaign would be able to assemble a 'grassroots army' rather than donations from billionaires. Weil, a teacher who's taking a leave of absence to run for office, is the only major Democratic candidate to file to run for Senate thus far, though ALEXANDER VINDMAN — the whistleblower who reported President DONALD TRUMP's 2019 call with Ukrainian President VOLODYMYR ZELENSKYY — told CBS Miami's Jim DeFede a couple of months ago that he was also considering a bid. Moody hasn't yet released second quarter fundraising numbers. Most candidates release their filings right on deadline, which isn't until next week. Her campaign did not respond to a request for comment on Weil's candidacy or fundraising total, but records show Moody is already far ahead. She brought in $1.2 million through her joint fundraising committee and raised roughly $400,000 in her campaign account during the first three months of this year for the 2026 election. Moody has yet to attract a major GOP challenger. Weil told Playbook he'd received a 'fantastic' reception since launching his campaign and wouldn't be taking donations from corporations or lobbyists. But because Moody seems poised not to face a Trump-endorsed challenger, any candidate she faces would need a massive war chest to run competitively. When Florida was still a purple state, it was typical for elections to surpass $100 million. 'We built a really great fundraising financial infrastructure during the last campaign,' Weil said, referring to the special election in April. 'I keep hearing people use this term like 'fundraising magic' … but it was acquiring really good data, building a really strong system that can push out great messages at a high volume and a high frequency. And all of that still exists. So we feel really good about our ability to fundraise here in Florida, and to be able to fund the type of operation we need to push deep and go out to where the voters are in all 67 counties.' The fundraising documents from Weil's campaign show one of the largest expenses the operation made was in June for nearly $20,000 to a video production company to create his campaign launch video. He recently joined protestors in the Everglades at the 'Alligator Alcatraz' immigration detention facility, and told Playbook one of the biggest disappointments he had about Secretary of State MARCO RUBIO — who used to hold the Senate seat Weil is vying for — was how he stepped away from sweeping bipartisan immigration reform. 'He got so close,' he said. 'I was really disappointed to see him back off from that during the first Trump administration, and even now, with the role that he has as secretary of State and being a prominent Cabinet member.' Have a tip, story, suggestion, birthday, anniversary, new job, or any other nugget that Playbook should look at? Get in touch at: kleonard@ ... DATELINE TALLAHASSEE ... A NEW FIRST FOR DESANTIS — In his seventh year as governor, DeSantis has now done something that he had never done before: Late last week, he allowed three bills to become law without his signature. The Florida Constitution gives the governor a timeline to act on legislation once it is formally presented. The governor can either sign a bill into law, veto it or take no action. But if the governor does nothing, the bill becomes law without his signature. DeSantis had never gone this route until now. The three bills he allowed to become law included a measure (HB 1219) dealing with non-compete agreements that was supported by Citadel, the hedge fund created by billionaire KEN GRIFFIN. Griffin has been a big Republican donor and last year was a major backer of the effort against recreational marijuana. The two other bills that became law included one (HB 677) that extends fertility benefits to state workers who have been diagnosed with cancer and one (HB 6503) that allows a payment to a victim in a Sarasota accident. With these final bills resolved, DeSantis has now acted on all 2025 legislation. In the end, he signed 248 bills into law and vetoed 11. — Gary Fineout PROPERTY INSURANCE PULLBACK — 'As Florida lawmakers in 2022 tried to bolster the troubled property-insurance system, they drew attention for setting aside $3 billion in state money to help insurers with critical backup coverage,' reports Jim Saunders of News Service of Florida. 'But last week, DeSantis signed a bill that pulled back $2.1 billion of that money, which was expected to go unused. The bill essentially put the money back in the state's coffers, where it can be used for other things or saved.' — '30-day public comment period underway for new Medicaid managed care program,' reports Christine Sexton of the Florida Phoenix. — 'Millions in compensation claims approved for Florida victims,' reports Jim Saunders of News Service of Florida. PENINSULA AND BEYOND CHECKING IN ON NEW HOMELESSNESS LAW — 'It's been about six months since a new, controversial state law banning unauthorized camping or sleeping on public or private properties went into full effect. But just how effective the law has been at curbing homelessness is uncertain — it depends on who you ask,' reports Lillian Hernández Caraballo of Central Florida Public Media. — 'State abruptly drops sex case against friend of Alexander brothers due to lack evidence,' by Charles Rabin of the Miami Herald. CAMPAIGN MODE GOV ON MUSK, 3RD PARTY — 'DeSantis has a message for Elon Musk: Forget starting a new party,' reports POLITICO's Gary Fineout. 'Instead, Florida's GOP leader said Musk should either primary Republicans or help pass constitutional amendments dealing with term limits and a balanced budget. … DeSantis, who offered up his commentary with no prodding or questioning from reporters, praised Musk for his past efforts, including helping Republicans in 2024 and his bid to curb government spending. But he said creating a third party would likely just end with Democrats winning elections.' NEW MESSAGING AFTER BBB — House Democrats' campaign arm is out with new Facebook and Instagram ads that'll run this week to message around the midterms. The ads target House Republicans for voting for the 'One Big Beautiful Bill' that reduces taxes and cuts spending on safety-net programs, specifically bringing attention to how the bill could cause rural hospitals to close. The Democratic Congressional Campaign Committee is working to flip seats in Florida held by Republican Reps. ANNA PAULINA LUNA, CORY MILLS and MARÍA ELVIRA SALAZAR. The provision they're targeting in the ads — without going into specifics — would obligate adults on Medicaid to work or otherwise get dropped from the government health care program. Nonpartisan estimates project nearly 12 million people nationwide would be dropped from coverage, though it would be less salient in Florida because the state already has a huge uninsured population and limits Medicaid largely to the most vulnerable groups that wouldn't be forced to work. Plus, the provision won't take effect until 2027, after the 2026 midterms. The Democrats' messaging specifically focuses on threats to rural hospitals that could come as a result of more people receiving health care they can't afford to pay for. The group didn't specify how much they were spending on the ads, except to say that it was 'four figures.' — 'Heidi Brandt raises $40K in 45 days for Bridget Ziegler's School Board seat,' reports Jacob Ogles of Florida Politics. TRUMPLANDIA AND THE SWAMP FEMA'S FUTURE TBD — 'The White House on Monday opened the door to salvaging the Federal Emergency Management Agency, which President Donald Trump last month suggested should be phased out,' reports POLITICO's Irie Sentner. 'The about-face follows devastating flooding that ravaged Texas over the weekend and claimed the lives of at least 80 people, including more than two dozen children.' MORE TPS ENDING — 'The Trump administration is terminating Temporary Protected Status for Hondurans and Nicaraguans,' reports Churchill Ndonwie of the Miami Herald. 'In a document posted in the Federal Register on Monday, the notice from the Department of Homeland Security said that, after reviewing conditions in those countries, Secretary Kristi Noem concluded that conditions in Honduras and Nicaragua no longer support the designation for protection from deportation.' ANOTHER IMMIGRATION CRACK DOWN — 'According to a recent memo, the [Justice] department plans to focus not only on individuals who may have lied about a crime or having done something illegal during the naturalization process,' reports Jay Weaver of the Miami Herald. 'But authorities also plan to focus on others who may have committed a crime after becoming citizens — a generally untested legal frontier.' YOU'RE FIRED — 'U.S. Attorney General Pam Bondi fired the lead prosecutor handling the federal fraud case against St. Petersburg businessperson Leo Govoni, ostensibly in retaliation for his role in prosecuting Jan. 6 rioters,' reports Christopher O'Donnell and Dan Sullivan of the Tampa Bay Times. 'A Department of Justice memo dated June 27 and obtained by the Tampa Bay Times informed Assistant U.S. Attorney Michael Gordon that he'd been removed from federal service. The memo bore Bondi's signature. Her action removes Gordon from a high-profile Tampa case involving the embezzlement of $100 million from medical trust funds taking place in Bondi's home community. It came a day after Gordon successfully argued in court that Govoni should be denied bail.' DATELINE D.C. HAPPENING NEXT WEEK — Former national security adviser MIKE WALTZ will appear before the Senate Foreign Relations Committee next Tuesday or Wednesday for his confirmation hearing to be UN Ambassador, Axios' Hans Nichols reports. Waltz is likely to be grilled by members over his use of Signal to discuss a strike in Yemen. NO MORE RECORDS COMING — 'The Justice Department announced on July 7 that it has no evidence that sex predator Jeffrey Epstein was murdered or had a client list. It also said it will not be releasing any more documents,' reports Holly Baltz of the Palm Beach Post. STOCK ACT VIOLATION — 'Rep. Debbie Wasserman Schultz (D-Fla.), one of the more powerful Democrats in the House of Representatives, has violated a federal conflicts of interest and financial transparency law for a fourth time, congressional records indicate,' reports Dave Levinthal for Open Secrets. She was 'more than 14 months late disclosing a purchase of up to $15,000 worth of stock in New Gold Inc., a Canadian gold mining company. The price of the stock has more than tripled since Feb. 28, 2024, when the congresswoman purchased the stock, according to a report she filed last week. … Wasserman Schultz's congressional office acknowledged a phone inquiry from OpenSecrets, but did not otherwise respond to questions by phone and email.' — 'U.S. Rep. Cammack's district offices in Gainesville, Ocala remain closed following threats,' reports Elliot Tritto of the Gainesville Sun. ODDS, ENDS AND FLORIDA MEN BIRTHDAYS: Former Miami Herald reporter Marty Merzer ... state Rep. Juan Carlos Porras ... former Department of Lottery spokesperson Connie Barnes … Douglas Mannheimer.
