Latest news with #USHouse
Sky News AU
26-05-2025
- Politics
- Sky News AU
‘A big win': Trump's school choice policy ‘popular' with Americans
American Culture Project Senior Fellow Corey DeAngelis says the Trump Administration's focus on nationwide school choice is 'popular' with the American public. The US House has narrowly passed US President Donald Trump's 'big, beautiful' tax and spending bill after weeks of negotiations. 'Red states right now are already passing school choice policies, including my home state of Texas, becoming the 16th state to go all in on school choice,' Mr DeAngelis told Sky News host Rita Panahi. 'This is a big win, it's $5 billion, it's a start, and hopefully, once families get a taste of school choice in those blue states, they will demand their state legislators go all in too.'
Hindustan Times
26-05-2025
- Politics
- Hindustan Times
India views China as 'primary adversary', Pakistan as 'ancillary problem': US report
India perceives China as its 'primary adversary' and Pakistan as 'an ancillary security problem to be managed' despite the military clashes this month triggered by New Delhi's military strikes on terrorist facilities, according to a new assessment by the US Defense Intelligence Agency (DIA). Pakistan, on the other hand, sees India as an 'existential threat' and will continue the development of tactical nuclear weapons to counter India's conventional military advantage, while tensions between India and China on the Line of Actual Control (LAC) are 'capable of escalating quickly', DIA director Lt Gen Jeffrey Kruse said in his worldwide threat assessment to the US House armed services subcommittee on intelligence. India launched Operation Sindoor on May 7 to target terrorist infrastructure in territories controlled by Pakistan in retaliation for the Pahalgam terror attack that killed 26 civilians last month. The strikes triggered four days of intense clashes using drones, missiles and long-range weapons that ended with an understanding between the two countries on halting military actions on May 10. The DIA assessment, presented on May 11, said the Indian and Pakistani militaries had 'agreed to a full ceasefire' after multiple rounds of missile, drone and loitering munition attacks and heavy artillery fire during May 7-10. Kruse concluded: 'India views China as its primary adversary and Pakistan more an ancillary security problem to be managed, despite cross-border attacks in mid-May by both India's and Pakistan's militaries.' On the other hand, the DIA said, Pakistan regards India as 'an existential threat and will continue to pursue its military modernisation effort, including the development of battlefield nuclear weapons, to offset India's conventional military advantage'. Pakistan is modernising its nuclear arsenal and 'almost certainly procures WMD-applicable goods from foreign suppliers and intermediaries', the assessment said. 'Pakistan primarily is a recipient of China's economic and military largesse, and Pakistani forces conduct multiple combined military exercises every year with China's PLA', it said. Chinese-origin combat jets such as the JF-17 and J-10C and the PL-15 missile were extensively used by Pakistan during the recent clashes. The DIA said foreign materials and technology supporting Pakistan's weapons of mass destruction (WMD) programmes are 'very likely acquired primarily from suppliers in China, and sometimes are transshipped through Hong Kong, Singapore, Turkey and the United Arab Emirates'. The assessment further said tensions between India and China along the Line of Actual Control (LAC) are 'capable of escalating quickly', and the Indian government's defence priorities will 'probably focus on demonstrating global leadership, countering China, and enhancing New Dehli's military power'. 'To counter Chinese influence and boost its global leadership role, India is giving priority to advancing its bilateral defence partnerships in the Indian Ocean region through exercises, training, arms sales, and information sharing,' the assessment said. Last October, India and China reached an agreement on disengagement of forces two remaining 'friction points' on the LAC and the leadership of the two countries agreed to revive several mechanisms to resolve the long-standing border dispute and to normalise relations. The DIA said the 'disengagement did not resolve the longstanding dispute about border demarcation but reduced some tension still lingering from a 2020 incident when troops on both sides were killed in a clash' along the LAC. The DIA further assessed that India will continue promoting its 'Make in India' initiative to build its domestic defence industry, mitigate supply chain concerns, and modernise its military. India also continued military modernisation efforts in 2024 by conducting a test of the nuclear-capable Agni-I Prime MRBM and the Agni-V multiple independently targetable reentry vehicle and by commissioning its second nuclear-powered submarine to 'strengthen its nuclear triad and bolster its ability to deter adversaries'. The DIA also concluded that India will maintain its relationship with Russia because it views these ties as 'important for achieving its economic and defence objectives and sees value in the offset deepening Russia-China relations'. While India has reduced its procurement of Russian-origin military equipment, it still relies on Russian spare parts to maintain its large inventory of Russian-origin tanks and combat jets to counter perceived threats from China and Pakistan, the assessment said.
Hindustan Times
26-05-2025
- Politics
- Hindustan Times
China adversary, Pakistan ancillary problem for New Delhi: US report
India perceives China as its 'primary adversary' and Pakistan as 'an ancillary security problem to be managed' despite the military clashes this month triggered by New Delhi's military strikes on terrorist facilities, according to a new assessment by the US Defense Intelligence Agency (DIA). Pakistan, on the other hand, sees India as an 'existential threat' and will continue the development of tactical nuclear weapons to counter India's conventional military advantage, while tensions between India and China on the Line of Actual Control (LAC) are 'capable of escalating quickly', DIA director Lt Gen Jeffrey Kruse said in his worldwide threat assessment to the US House armed services subcommittee on intelligence. India launched Operation Sindoor on May 7 to target terrorist infrastructure in territories controlled by Pakistan in retaliation for the Pahalgam terror attack that killed 26 civilians last month. The strikes triggered four days of intense clashes using drones, missiles and long-range weapons that ended with an understanding between the two countries on halting military actions on May 10. The DIA assessment, presented on May 11, said the Indian and Pakistani militaries had 'agreed to a full ceasefire' after multiple rounds of missile, drone and loitering munition attacks and heavy artillery fire during May 7-10. Kruse concluded: 'India views China as its primary adversary and Pakistan more an ancillary security problem to be managed, despite cross-border attacks in mid-May by both India's and Pakistan's militaries.' On the other hand, the DIA said, Pakistan regards India as 'an existential threat and will continue to pursue its military modernisation effort, including the development of battlefield nuclear weapons, to offset India's conventional military advantage'. Pakistan is modernising its nuclear arsenal and 'almost certainly procures WMD-applicable goods from foreign suppliers and intermediaries', the assessment said. 'Pakistan primarily is a recipient of China's economic and military largesse, and Pakistani forces conduct multiple combined military exercises every year with China's PLA', it said. Chinese-origin combat jets such as the JF-17 and J-10C and the PL-15 missile were extensively used by Pakistan during the recent clashes. The DIA said foreign materials and technology supporting Pakistan's weapons of mass destruction (WMD) programmes are 'very likely acquired primarily from suppliers in China, and sometimes are transshipped through Hong Kong, Singapore, Turkey and the United Arab Emirates'. The assessment further said tensions between India and China along the Line of Actual Control (LAC) are 'capable of escalating quickly', and the Indian government's defence priorities will 'probably focus on demonstrating global leadership, countering China, and enhancing New Dehli's military power'. 'To counter Chinese influence and boost its global leadership role, India is giving priority to advancing its bilateral defence partnerships in the Indian Ocean region through exercises, training, arms sales, and information sharing,' the assessment said. Last October, India and China reached an agreement on disengagement of forces two remaining 'friction points' on the LAC and the leadership of the two countries agreed to revive several mechanisms to resolve the long-standing border dispute and to normalise relations. The DIA said the 'disengagement did not resolve the longstanding dispute about border demarcation but reduced some tension still lingering from a 2020 incident when troops on both sides were killed in a clash' along the LAC. The DIA further assessed that India will continue promoting its 'Make in India' initiative to build its domestic defence industry, mitigate supply chain concerns, and modernise its military. India also continued military modernisation efforts in 2024 by conducting a test of the nuclear-capable Agni-I Prime MRBM and the Agni-V multiple independently targetable reentry vehicle and by commissioning its second nuclear-powered submarine to 'strengthen its nuclear triad and bolster its ability to deter adversaries'. The DIA also concluded that India will maintain its relationship with Russia because it views these ties as 'important for achieving its economic and defence objectives and sees value in the offset deepening Russia-China relations'. While India has reduced its procurement of Russian-origin military equipment, it still relies on Russian spare parts to maintain its large inventory of Russian-origin tanks and combat jets to counter perceived threats from China and Pakistan, the assessment said.
Yahoo
24-05-2025
- Politics
- Yahoo
'Putin remains confident in Russia's ultimate victory in Ukraine,' US intelligence reports
Russian President Vladimir Putin remains committed to victory in Ukraine and his objectives have not changed since the beginning of the war, according to a recent report from the United States Defense Intelligence Agency. The , which was prepared by the DIA for the US House of Representatives, includes up-to-date information as of May 11, 2025. According to the report, " almost certainly is committed to victory in Ukraine, and his objectives remain mostly unchanged since the beginning of the war: Ukrainian neutrality and a further partition of the Ukrainian state." Moreover, Putin sees "the war in as an existential struggle against the West that will determine Russia's place in the world, Putin's hold on power, and his historical legacy." Despite recent attempts at , Putin "is prepared to use military force at least through 2025," and "remains steadfast in his demand that Ukraine be permanently prohibited from joining the North Atlantic Treaty Organization (NATO) while insisting Kyiv withdraw all its military forces from Donetsk, Luhansk, Zaporizhzhia, and Kherson Oblasts." The report further asserts that, while Russia aims to continue its war in Ukraine, it seeks to avoid direct confrontation with due to a lack of military capacity. As a result of its war in Ukraine, Russia's "capabilities to deter, fight, or militarily compete with NATO are likely to be degraded for at least the next three years." Since the start of its invasion in 2022, has lost more than "10,000 ground combat vehicles, including more than 3,000 tanks, as well as nearly 250 aircraft and helicopters, and more than 10 naval vessels," and experienced more than 700,000 military personnel casualties. According to the General Staff of Ukraine's Armed Forces, Russia's are even higher – as of May 24, Russia has lost around 979,830 troops in Ukraine since the beginning of its full-scale invasion. While Russia lacks the ability to go head-to-head with NATO, "Moscow remains fully capable of employing capabilities against the United States and allies, including and information campaigns." Furthermore, Russia has been implementing a destabilization campaign against the West, with the aim "to undermine Western cohesion and support to Ukraine." Since Jan. 2024, if not earlier, pro-Russian agents have been connected to "various , , and plots against military and civilian targets in Europe." Despite immense losses and slow advances in the war, the Kremlin is prepared to continue its strategy of attrition through at least the end of the year, calculating that it can outlast Ukrainian resources and Western support for Ukraine. Read also: Lavrov dismisses Vatican as possible venue for Russia-Ukraine peace talks We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
ABC News
23-05-2025
- Business
- ABC News
Reserve Bank on high alert for economic fallout as Donald Trump continues to spook investors
US 10-year Treasury bonds have long been considered "risk-free" — until now. That's put the usually circumspect Reserve Bank of Australia "on alert" for a potentially "cataclysmic" economic event. Up until now, if you gave the US government money over a 10-year period, you were, essentially, certain to get your money back with interest, on average, 4.25 per cent. That's known as the yield or interest rate. The return on this debt security is so stable and secure, many other securities are priced off it, including US mortgage securities. So, what happens if US bonds, or debt, become riskier, and investors demand a higher return? The answer is that the global financial system fundamentally changes, and that affects every Australian. The bond market is now regularly questioning the value and stability of US government debt. That has not happened in the post-World War II era. This week's Donald Trump's so-called Big Beautiful Bill is the latest catalyst to rile bond markets. In the lead-up to the passage of the bill through the US House of Representatives, the US Treasury Department tried to secure $16 billion of funding through the sale of 20-year bonds. It found the auction harder than usual to execute due to a lack of demand from investors. Investors are wary because President Donald Trump's tax bill is projected to add $3 trillion to $5 trillion to the US debt over the next 10 years. The passing of the bill through the US House of Representatives, by just one vote, saw bond yields soar on Thursday night (Australian time). "Over the last few years … we've gone through one of the biggest inflation periods and rate hiking cycles in decades," Jamieson Coote Bonds senior portfolio manager James Wilson said. "Since the 1990s, in all that time, if we think back, there's been a shocking narrative about higher yields. "In reality, the 10-year US Treasury yield has] traded above 5 per cent only once and that was back in October 2023 and it lasted there for about 5 to 6 hours," he said. The 10-year US Treasury yield is yet to trade above 5 per cent this year. It's currently above 4.5 per cent. But when the passage of Trump's bill hit trading terminals across the globe, the 30-year Treasury bond yield touched a level not seen since 2007, of 5.13 per cent. The catalyst for the latest round of selling was Moody's downgrade of US debt from Aaa to Aa1. Moody's downgrade said, ever-so-subtly, US debt had become riskier for the lender. It clearly has. But how does it affect you? The problem is that many assets and securities across the globe use US Treasury bonds as a reference rate. Put simply, the more yields rise for US bonds, the higher the borrowing costs for US businesses and households. This makes it increasingly difficult for big US corporations to raise funds and grow their profits and may lead to US consumers pulling back on their spending. "So, if we think about the global cost of capital, the 10-year US Treasury is the benchmark," James Wilson said. "It gets used for corporate lending, it gets used for sovereign lending — so where the government can borrow money, and it gets used for mortgages." In short, if US government bond yields continue to rise, it risks pushing the US into recession. This would affect both Chinese and Australian economic growth, and therefore employment. This would be compounded if both bond and share markets fell together. Given that shares are valued, in part, against the "risk-free" return that can be obtained from US Treasuries, rising yields tend to put downward pressure on share prices because investors demand a higher return. "So, especially when both bonds and equities are both falling in price, this is tightening funding conditions," Barrenjoey's interest rate strategist Andrew Lilley said. "And also [it's going to cost more] if you then go to the debt market while you're paying more. "That's the way in which this kind of reinforces itself." He says, "at the margin", higher US bond yields "could push the Reserve Bank to cut the cash rate, if long-dated yields keep climbing." This would be to support Australian businesses borrowing from the US, and the economy more broadly. "Basically, the higher long-term funding costs are the lower the RBA needs to make [the cash rate]. "That's the simplest way of putting it." The Reserve Bank is known for its understated commentary. Not so this week. It made it clear to everyone that the Monetary Policy Board's decision to cut the cash rate from 4.1 per cent to 3.85 per cent was due in some part to the small but rising risk of a "severe downside scenario". Governor Michele Bullock was asked if that included a "cataclysmic" financial markets event, and a recession. "Well, yes," she responded, "we are on the alert for that, and we're paid to worry about that sort of thing." "And we have been watching that very closely as have other central banks all around the world. "I'm not putting a strong possibility on a really, really bad outcome, but I think we have to be alert that there might be [one]. "[And] if you look at our scenario analysis, it does suggest that in a really bad outcome there could possibly be an [Australian] recession, yes, but that's in the very extreme," Governor Bullock said. The Reserve Bank has already shifted its unemployment rate forecast up slightly to peak at 4.3 per cent. It's currently 4.1 per cent. "Look, without a doubt that the Reserve Bank is quite worried about the global growth story," James Wilson said. It all comes back to Trump, how his tariff policy will play out, the future credibility of US sovereign debt, and how financial markets ultimately respond to ongoing confusion about the global economic outlook. "If we are in the middle of a government debt crisis, it's something that's been brewing for 25 years," Barrenjoey's Andrew Lilley said. "And nothing in the last week has really accelerated that. "But the attention [on ballooning US government debt] just becomes salient to everybody at the same time and everybody starts saying well these government bond yields need to be higher and it's not because of the news, but it's because of the new attention." The suggestion is that US government borrowing has been on an unsustainable path now for decades. Enter Donald Trump, and the true scale of the fiscal crisis is being realised.
