Uncertainty looms large over end to US crisis

October 16, 2013

US_crisis

Washington, Oct 16: The US is appearing to be headed towards a financial default, which economist warned will have cascading impact on the global economy, as the Congress failed to make a headway in impasse over raising the country's debt ceiling before the deadline of October 17.

Less than 50 hours left before the US has any money to pay its bill, a glommy picture of default looms over the horizon of US history, but for a last minute compromise between the stubborn Republicans leadership and a determined US President Barack Obama, who is not going to give way to what he claims “ransom from the opposition lawmakers”.

“The idea that we're going to send a signal to the world that it's an acceptable proposition – this is what some Republicans on Capitol Hill seem to be conveying – that we can cross that threshold and just hope that we can resolve this before we have to delay a payment, already, once you get to that deadline, you've entered territory that we've never entered before.

“And that sends a signal I think globally that there is uncertainty about the fidelity here in the United States to the principle that we always pay our bills on time,” the White House Press Secretary, Jay Carney, said.

“That is why this line has never been crossed, why administration after administration, both Democratic and Republican, has taken the position that we should never cross this line.

“It's why businessmen and women, CEOs who understand the impact that this would have on what they do and on the American economy have called on Congress to quit even flirting with the prospect of default,” he argued.

Craney said the US is the largest economy in the world and it has a lot of obligations which exceeds its income.

“And that is why we have to ensure that Treasury is able to borrow in order to pay our bills,” he said while justifying the massive borrowing by the US Government.

“We're still optimistic that there is a path to lift the debt ceiling in time. We're pleased with the work done thus far. But we've heard of the bipartisan legislation being prepared in the United States Senate,” the House Democratic Leader, Nancy Pelosi, told reporters after a group of Democratic lawmakers met Obama at the White House.

“We're disappointed that the House Republicans decided to sabotage or at least delay what was happening there, but are hopeful – everybody knows that time is of the essence and that if the Republicans want to put up a bill, they should do it soon.

“But they have to know if it is as it has been described, that they'll have to do that with 100 per cent Republican votes,” she said.

“We now have forty-eight hours to make sure that our country remains solvent and paying its debts – and to make sure that our workers get back to work on behalf of the American people,” said the House Democratic Whip Steny Hoyer.

Meanwhile, late yesterday night the House Republicans withdrew their latest bill to raise the debt ceiling and reopen the government because of objections from rank-and-file conservatives.

As this happened, the Senate Majority Leader Harry Reid and the Senate Minority Leader Mitch McConnell resumed negotiating on a new deal to avert a debt default and reopen the government. Media reports said they were nearing the deal.

But this needs to be approved by the House.

Under the plan, a $986 billion government funding bill would reopen federal agencies until January 15, and the debt ceiling would be lifted until February 7.

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News Network
April 8,2020

Washington, Apr 8: President Donald Trump has threatened to put a "very powerful" hold on US' funding to the World Health Organization, accusing the UN agency of being "very China centric" and criticising it for having "missed the call" in its response to the coronavirus pandemic.

Trump slammed the global health agency for its early guidance aimed at countering the international spread of the coronavirus.

"We're going to put a hold on money spent to the WHO. We're going to put a very powerful hold on it and we're going to see. It's a great thing if it works. But when they call every shot wrong, that's no good," Trump told reporters at his daily White House news conference on Tuesday.

The Geneva-headquartered World Health Organization (WHO), receives vast amounts of money from the United States.

"We pay for a majority or the biggest portion of their money. They actually criticized and disagreed with my travel ban at the time I did it. They were wrong. They've been wrong about a lot of things. They had a lot of information early and they didn't want to - they're very - they seem to be very China centric," Trump said.

The president said his administration was going to look into the US funding to the WHO.

"We give a majority of the money that they get, and it's much more than the USD 58 million. USD 58 million is a small portion of what they've got over the years. Sometimes they get much more than that. Sometimes it's for programs that they're doing, and-it's much bigger numbers. If the programmes are good, that's great as far as we're concerned," he said.

"But we want to look into it, WHO, because they called it wrong. They (WHO) called it wrong. They missed the call. They could've called it months earlier. They would have known and they should have known and they probably did know. So, we'll be looking into that very carefully, and we're going to put a hold on money spent to the WHO," Trump said.

Meanwhile, Senator Jim Risch, chairman of Senate Foreign Relations Committee, called for an independent investigation into the WHO's handling of the COVID-19 response.

"The WHO has failed not only the American people, it has failed the world with its flagrant mishandling of the response to COVID-19," said Risch.

WHO Director general Tedros Adhanom Ghebreyesus' apparent unwillingness to hold the Chinese Communist Party to even the minimum standard of global health and transparency hindered the world's ability to blunt the spread of this pandemic, he said.

"It is completely unacceptable that the world's global health organization has become a political puppet of the Chinese government," he alleged, adding that "an independent investigation into the WHO's handling of the COVID-19 response is imperative."

The United States is the largest contributor to the WHO.

"Our valuable tax payer dollars should go towards investments to prevent the spread of disease, not to aid and abet cover-ups that cost lives and isolate portions of the world's population on political grounds, as has been the case with Taiwan," Senator Risch said.

A bipartisan group of nearly two dozen lawmakers announced Tuesday to introduce a resolution to defund the WHO until Ghebreyesus resigns and an international commission investigates the organisation's role in covering up the Chinese Communist Party's failed COVID-19 response.

"The WHO helped the Chinese Communist Party hide the threat of COVID-19 from the world and now more than 10,000 Americans are dead, a number that is expected to rise dramatically in the coming weeks," Congressman Guy Reschenthaler alleged.

"The United States is the largest contributor to WHO. It is not right that Americans' hard-earned tax dollars are being used to propagate China's lies and hide information that could have saved lives. This bill will hold the WHO accountable for their negligence and deceit," he asserted.

The United States' intelligence community has reported that the Chinese government hid the threat of COVID-19 and, as a result, made it difficult for the rest of the world to respond early, appropriately and aggressively, said Congressman Fred Keller.

"For reasons beyond understanding, the WHO acted as a silent partner in this effort instead of protecting the lives of millions across the world, including hundreds of thousands of American citizens. Our hard-earned tax dollars should not go to a global organization more concerned with not offending the Chinese government than providing accurate information and protecting innocent lives," Keller said.

Senator Marco Rubio accused the Chinese Communist Party of using WHO "to mislead the world."

"The organisation's leadership is either complicit or dangerously incompetent. I will work with the Trump Administration to ensure that WHO is independent and has not been compromised by the CCP before we continue our current funding, he added.

According to Johns Hopkins University, there are over 1.43 million confirmed coronavirus cases across the world and over 82,000 people have died due to the disease. The US has nearly 400,000 infections, the highest in the world.

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Agencies
May 6,2020

Italian researchers have claimed that they have successfully developed a vaccine to contain coronavirus (COVID-19) which is likely to work on humans, a report said.

Luigi Aurisicchio, CEO of Takis, the firm developing the medication, said that a coronavirus candidate vaccine has neutralised the virus in human cells for the first time, the Arab News reported.

"This is the most advanced stage of testing of a candidate vaccine created in Italy. Human tests are expected after this summer," Aurisicchio was quoted as saying to Italian news agency ANSA.

"According to the Spallanzani Hospital, as far as we know we are the first in the world so far to have demonstrated neutralisation of the coronavirus by a vaccine. We expect this to happen in humans too," he added.

The researchers experimented with the vaccine on mice that had successfully developed antibodies that blocked the virus from infecting the cells. They further observed that the five vaccine candidates generated a large number of antibodies, and selected two with the best results.

All of the vaccine candidates currently being developed are based on the genetic material of DNA protein "spike", the molecular tip used by the coronavirus to enter human cells.

They are injected with the so-called "electroporation" technique, which consists of an intramuscular injection followed by a brief electrical impulse, helping the vaccine break into the cells and activating the immune system, the report said.

Researchers believe that this makes their vaccine particularly effective for generating functional antibodies against the "spike" protein, in particular in the lung cells, which are the most vulnerable to coronavirus.

"We are working hard for a vaccine coming from Italian research, with an all-Italian and innovative technology, tested in Italy and made available to everyone," Aurisicchio was quoted by the Arab News report.

"In order to reach this goal, we need the support of national and international institutions and partners who may help us speed up the process," he noted.

The total number of COVID-19 infections, fatalities and recoveries since the pandemic began has risen to 213,013 in the country.

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News Network
June 23,2020

Jun 23: US President Donald Trump has issued a proclamation to suspend issuing of H-1B visas, which is popular among Indian IT professionals, along with other foreign work visas for the rest of the year.

Trump said the step was essential to help millions of Americans who have lost their jobs due to the current economic crisis.

Issuing the proclamation ahead of the November presidential elections, Trump has ignored the mounting opposition to the order by various business organisations, lawmakers and human rights bodies.

The proclamation that comes into effect on June 24, is expected to impact a large number of Indian IT professionals and several American and Indian companies who were issued H-1B visas by the US government for the fiscal year 2021 beginning October 1.

They would now have to wait at least till the end of the current year before approaching the US diplomatic missions to get stamping. It would also impact a large number of Indian IT professionals who are seeking renewal of their H-1B visas.

“In the administration of our Nation's immigration system, we must remain mindful of the impact of foreign workers on the United States labour market, particularly in the current extraordinary environment of high domestic unemployment and depressed demand for labour,” said the proclamation issued by Trump.

In his proclamation, Trump said that the overall unemployment rate in the United States nearly quadrupled between February and May of 2020 -- producing some of the most extreme unemployment rates ever recorded by the Bureau of Labor Statistics.

While the May rate of 13.3 percent reflects a marked decline from April, millions of Americans remain out of work.

The proclamation also extends till the end of the year his previous executive order that had banned issuing of new green cards of lawful permanent residency.

Green card holders, once admitted pursuant to immigrant visas, are granted "open-market" employment authorisation documents, allowing them immediate eligibility to compete for almost any job, in any sector of the economy, he said.

“American workers compete against foreign nationals for jobs in every sector of our economy, including against millions of aliens who enter the United States to perform temporary work. Temporary workers are often accompanied by their spouses and children, many of whom also compete against American workers,” Trump said.

“Under ordinary circumstances, properly administered temporary worker programmes can provide benefits to the economy. But under the extraordinary circumstances of the economic contraction resulting from the COVID-19 outbreak, certain non-immigrant visa programmes authorising such employment pose an unusual threat to the employment of American workers,” he said.

For example, Trump said, between February and April of 2020, more than 17 million United States jobs were lost in industries in which employers are seeking to fill worker positions tied to H-2B nonimmigrant visas.

“During this same period, more than 20 million United States workers lost their jobs in key industries where employers are currently requesting H-1B and L workers to fill positions,” he said.

“Also, the May unemployment rate for young Americans, who compete with certain J non-immigrant visa applicants, has been particularly high -- 29.9 percent for 16-19-year-olds, and 23.2 percent for the 20-24-year-old group,” he said.

“The entry of additional workers through the H-1B, H-2B, J, and L non-immigrant visa programmes, therefore, presents a significant threat to employment opportunities for Americans affected by the extraordinary economic disruptions caused by the COVID-19 outbreak,” Trump said.

Trump observed that excess labour supply is particularly harmful to workers at the margin between employment and unemployment -- those who are typically "last in" during an economic expansion and "first out" during an economic contraction.

In recent years, these workers have been disproportionately represented by historically disadvantaged groups, including African Americans and other minorities, those without a college degree, and Americans with disabilities, he said.

The proclamation suspends and limits entry into the US of H-1B, H-2B and L visas and their dependents till December 31, 2020. It also includes certain categories of J visas like an intern, trainee, teacher, camp counselor, or summer work travel programme.

The new rule would apply only to those who are outside the US, do not have a valid non-immigrant visa and an official travel document other than a visa to enter the country.

According to the proclamation, it does not have an impact on lawful permanent residents of the United States and foreign nationals who are spouses or child of an American citizen.

Foreign nationals seeking to enter the US to provide temporary labour or services essential to the food supply chain are also exempted from the latest proclamation.

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