Connect with us

Economics

House Republicans fear Trump too much to aid Ukraine

Published

on

Listen to this story.
Enjoy more audio and podcasts on iOS or Android.

Your browser does not support the <audio> element.

America’s Congress does not have a reputation for productivity, but its failure to authorise more aid for Ukraine is unusual even for the underachievers on Capitol Hill. And the legislation’s already grim prospects are diminishing as the presidential election approaches.

On February 13th the Senate approved a $95bn bill. Most of that funding is meant to assist Ukraine and replenish America’s dwindling weapons stocks. The legislation also includes $14bn for Israel, $9.2bn for humanitarian relief and some $8bn for the Indo-Pacific. Almost every Democrat and 22 Republicans voted in favour.

That is as far as the legislation is likely to go. A wing of isolationist Republicans has always opposed helping Ukraine, but now some legislators previously supportive of Ukraine argue that they shouldn’t help until America resolves its border crisis. Donald Trump, aiming to keep America’s immigration mess as a campaign issue, ordered Republicans to oppose a compromise. He also has insisted any foreign assistance should come in the form of loans to be repaid in the future.

Chuck Schumer, the Senate majority leader, called on the House to take up the bill, as it would almost certainly pass the House if voted on. But Mike Johnson, the Republican House speaker, listens more closely to Mr Trump than he does to Democratic senators. “The mandate of national-security supplemental legislation was to secure America’s own border before sending additional foreign aid,” Mr Johnson said before the bill passed. “Now, in the absence of having received any single border policy change from the Senate, the House will have to continue to work its own will.”

Republicans apparently had the great misfortune of getting what they asked for. First, they demanded that the border and Ukraine be linked. When Senate negotiators offered the toughest immigration law in decades, most Republicans rejected the offer. A foreign-aid-only bill passed, and now Mr Johnson is complaining that it does nothing to control immigration.

Republicans have such a small majority in the House that a few anti-Ukraine congressmen could challenge Mr Johnson as speaker if he were to allow a vote on military aid. He could theoretically offer amendments or restart the whole process, though there is little evidence that this House is capable of doing much. He could also split the bill into pieces and offer separate votes for Ukraine and Israel, for example, though that too appears unlikely.

Perhaps the only hope for Ukraine funding is a parliamentary manoeuvre known as a discharge petition. The time-consuming, multi-step process allows a simple majority of the House to force a vote on legislation. The mechanism could take more than a month to play out, and it hasn’t been successfully used in nearly a decade. Both sides seem to agree the tactic is unlikely to succeed.

Even though a majority of the House still supports Ukraine, many Republicans don’t feel strongly enough to defy House leadership and Mr Trump. It’s one thing to support Ukraine; it’s another to risk losing a primary to a Trump-backed challenger. And some House Democrats plan to reject the bill because of its support for Israel. Every Democratic defection will require another Republican to step up.

Time is running out for Ukraine funding, but it’s not the only item on Mr Johnson’s agenda. The House impeached Alejandro Mayorkas, the secretary of homeland security, on the same day that the Senate passed the aid bill. And a partial government shutdown will begin on March 1st in the absence of legislative action. Mr Johnson says that is where he has directed his attention now. Yet a lapse in government funding looks increasingly likely: House Republicans have shown themselves to be as feckless on setting a budget as they have been on helping allies.

Stay on top of American politics with The US in brief, our daily newsletter with fast analysis of the most important electoral stories, and Checks and Balance, a weekly note from our Lexington columnist that examines the state of American democracy and the issues that matter to voters.

Accounting

Business Transaction Recording For Financial Success

Published

on

Business Transaction Recording For Financial Success

In the world of financial management, accurate transaction recording is much more than a routine task—it is the foundation of fiscal integrity, operational transparency, and informed decision-making. By maintaining meticulous records, businesses ensure their financial ecosystem remains robust and reliable. This article explores the essential practices for precise transaction recording and its critical role in driving business success.

The Importance of Detailed Transaction Recording
At the heart of accurate financial management is detailed transaction recording. Each transaction must include not only the monetary amount but also its nature, the parties involved, and the exact date and time. This level of detail creates a comprehensive audit trail that supports financial analysis, regulatory compliance, and future decision-making. Proper documentation also ensures that stakeholders have a clear and trustworthy view of an organization’s financial health.

Establishing a Robust Chart of Accounts
A well-organized chart of accounts is fundamental to accurate transaction recording. This structured framework categorizes financial activities into meaningful groups, enabling businesses to track income, expenses, assets, and liabilities consistently. Regularly reviewing and updating the chart of accounts ensures it stays relevant as the business evolves, allowing for meaningful comparisons and trend analysis over time.

Leveraging Modern Accounting Software
Advanced accounting software has revolutionized how businesses handle transaction recording. These tools automate repetitive tasks like data entry, synchronize transactions in real-time with bank feeds, and perform validation checks to minimize errors. Features such as cloud integration and customizable reports make these platforms invaluable for maintaining accurate, accessible, and up-to-date financial records.

The Power of Double-Entry Bookkeeping
Double-entry bookkeeping remains a cornerstone of precise transaction management. By ensuring every transaction affects at least two accounts, this system inherently checks for errors and maintains balance within the financial records. For example, recording both a debit and a credit ensures that discrepancies are caught early, providing a reliable framework for accurate reporting.

The Role of Timely Documentation
Prompt transaction recording is another critical factor in financial accuracy. Delays in documentation can lead to missing or incorrect entries, which may skew financial reports and complicate decision-making. A culture that prioritizes timely and accurate record-keeping ensures that a company always has real-time insights into its financial position, helping it adapt to changing conditions quickly.

Regular Reconciliation for Financial Integrity
Periodic reconciliations act as a vital checkpoint in transaction recording. Whether conducted daily, weekly, or monthly, these reviews compare recorded transactions with external records, such as bank statements, to identify discrepancies. Early detection of errors ensures that records remain accurate and that the company’s financial statements are trustworthy.

Conclusion
Mastering the art of accurate transaction recording is far more than a compliance requirement—it is a strategic necessity. By implementing detailed recording practices, leveraging advanced technology, and adhering to time-tested principles like double-entry bookkeeping, businesses can ensure financial transparency and operational efficiency. For finance professionals and business leaders, precise transaction recording is the bedrock of informed decision-making, stakeholder confidence, and long-term success.

With these strategies, businesses can build a reliable financial foundation that supports growth, resilience, and the ability to navigate an ever-changing economic landscape.

Continue Reading

Economics

A protest against America’s TikTok ban is mired in contradiction

Published

on

AS A SHUTDOWN looms, TikTok in America has the air of the last day of school. The Brits are saying goodbye to the Americans. Australians are waiting in the wings to replace banished American influencers. And American users are bidding farewell to their fictional Chinese spies—a joke referencing the American government’s accusation that China is using the app (which is owned by ByteDance, a Chinese tech giant) to surveil American citizens.

Continue Reading

Economics

Home insurance costs soar as climate events surge, Treasury Dept. says

Published

on

Firefighters battle flames during the Eaton Fire in Pasadena, California, U.S., Jan. 7, 2025.

Mario Anzuoni | Reuters

Climate-related natural disasters are driving up insurance costs for homeowners in the most-affected regions, according to a Treasury Department report released Thursday.

In a voluminous study covering 2018-22 and including some data beyond that, the department found that there were 84 disasters costing $1 billion or more, excluding floods, and that they caused a combined $609 billion in damages. Floods are not covered under homeowner policies.

During the period, costs for policies across all categories rose 8.7% faster than the rate of inflation. However, the burden went largely to those living in areas most hit by climate-related events.

For consumers living in the 20% of zip codes with the highest expected annual losses, premiums averaged $2,321, or 82% more than those living in the 20% of lowest-risk zip codes.

“Homeowners insurance is becoming more costly and less accessible for consumers as the costs of climate-related events pose growing challenges to both homeowners and insurers alike,” said Nellie Liang, undersecretary of the Treasury for domestic finance.

The report comes as rescue workers continue to battle raging wildfires in the Los Angeles area. At least 25 people have been killed and 180,000 homeowners have been displaced.

Treasury Secretary Janet Yellen said the costs from the fires are still unknown, but noted that the report reflected an ongoing serious problem. During the period studied, there was nearly double the annual total of disasters declared for climate-related events as in the period of 1960-2010 combined.

“Moreover, this [wildfire disaster] does not stand alone as evidence of this impact, with other climate-related events leading to challenges for Americans in finding affordable insurance coverage – from severe storms in the Great Plans to hurricanes in the Southeast,” Yellen said in a statement. “This report identifies alarming trends of rising costs of insurance, all of which threaten the long-term prosperity of American families.”

Both homeowners and insurers in the most-affected areas were paying in other ways as well.

Nonrenewal rates in the highest-risk areas were about 80% higher than those in less-risky areas, while insurers paid average claims of $24,000 in higher-risk areas compared to $19,000 in lowest-risk regions.

In the Southeast, which includes states such as Florida and Louisiana that frequently are slammed by hurricanes, the claim frequency was 20% higher than the national average.

In the Southwest, which includes California, wildfires tore through 3.3 million acres during the time period, with five events causing more than $100 million in damages. The average loss claim was nearly $27,000, or nearly 50% higher than the national average. Nonrenewal rates for insurance were 23.5% higher than the national average.

The Treasury Department released its findings with just three days left in the current administration. Treasury officials said they hope the administration under President-elect Donald Trump uses the report as a springboard for action.

“We certainly are hopeful that our successors stay focused on this issue and continue to produce important research on this issue and think about important and creative ways to address it,” an official said.

Continue Reading

Trending