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What the death of America’s border bill says about toxic congressional politics

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THE LIFE of the Senate’s bill to increase border security in exchange for sending aid to Ukraine was wretched and short. Its three main negotiators released the text on Sunday. On Monday it had the support of Mitch McConnell, the chamber’s top Republican. By Tuesday it was dead. “It looks to me, and to most of our members, as if we have no real chance here to make a law,” Mr McConnell conceded.

But that is only because of the petulant actions of those members. Republicans’ negative reactions in both chambers of Congress were overwhelming and swift—considering the bill is 370 pages long. Mike Johnson, the Republican speaker of the House of Representatives, posted on X (formerly Twitter) that the bill would be “dead on arrival” in the lower chamber. That is despite voters’ approval: a recent poll from YouGov suggests that a narrow plurality of Americans support the compromise.

Senators used to be more willing to do the hard work of governing than House members. They were supposed to be the grown-ups. Indeed, the willingness of the bill’s chief negotiators to try to craft a bipartisan compromise on an issue as toxic as immigration in an equally toxic political environment was something of a throwback to a more congenial time. But that distinction has faded as the Republican Party writ large has come under the thumb of Donald Trump, who has delighted in campaigning on border chaos, and who would not be denied the opportunity to keep doing so. “Only a fool, or a Radical Left Democrat, would vote for this horrendous Border Bill,” the former president wrote on his social-media platform, Truth Social.

Republican senators quickly fell into line. James Lankford, a senator for Oklahoma who had spent months as the lead Republican negotiating the bill, delivered a defiant message to his party on the Senate floor. “You can do press conferences without the other side,” he said, “but you can’t make law without the other side.”

The bill’s death is a blow to President Joe Biden, who supported it in large part because he needs to secure the border to help his electoral prospects. In a non-election year, the bill’s border provisions would be a Republican dream. It is far more conservative than any attempt at bipartisan immigration reform in this century. It would grant the Department of Homeland Security (DHS) the power to shut down the asylum system to those crossing illegally if the number of people trying to cross exceeds a certain threshold. But there would be limits on how long the emergency power could be used, and the small number of migrants who show up at a port of entry with an appointment would still be processed. The bill would make it harder for migrants to pass their preliminary asylum interviews, limit parole at the border—a presidential authority that Republicans say the Biden administration has used too liberally—and expand detention.

The bill contains some carrots for the many Democrats squeamish about restricting asylum. It would create a path to residency for Afghans who had helped American forces prior to their disastrous withdrawal from Afghanistan in 2021. It would slightly expand legal immigration by offering 50,000 additional immigrant visas each year for five years, and protect the children of long-term visa holders from deportation. But it notably does not contain a pathway to citizenship for undocumented immigrants, nor relief for migrants brought to America as children.

More than border security is at stake. The $118bn bill included $60bn to support Ukraine in its fight against Russia, $20bn for border enforcement and the immigration system, $14bn for Israel and $10bn for humanitarian aid to be spread across Gaza, the West Bank and Ukraine, among other things. How the president can accomplish these objectives without funds appropriated by Congress is now unclear. Mr Biden can tweak the immigration system using executive action. But America needs a lot more asylum officers and Border Patrol agents, and that takes a lot of cash.

Also unclear is Congress’s ability to accomplish anything at all. Chuck Schumer, the Senate majority leader, is pushing for a foreign-aid package for Ukraine, Israel and Taiwan. It is in effect the border bill minus the border provisions. Such a bill might get 60 votes in the Senate, where support for Ukraine among Republicans is stronger than in the House.

But any one House member can call a vote for Mr Johnson’s removal as speaker. Marjorie Taylor Greene, a MAGA congresswoman from Georgia, has threatened to do so should he move to fund Ukraine. The mutiny against former speaker Kevin McCarthy last year proves that is not an empty threat. Even with a speaker, and that is a low bar, the House is flailing. On February 6th Mr Johnson failed to convince his slim majority to impeach Alejandro Mayorkas, the DHS secretary, and to pass aid for Israel.

The approaching election, Mr Trump’s long shadow and the intransigence of the House Republican caucus mean that little governing will happen on Capitol Hill this year. The only thing Americans can be sure to expect is more political theatre.

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

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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.

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Economics

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

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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.

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Economics

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

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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.

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