In a recent House Oversight hearing, shocking revelations about the corrupt business dealings of Joe Biden and his family in China and Romania were brought to light. The evidence presented shows how the Bidens used their political influence to secure favorable deals with foreign governments, oftentimes at the expense of American interests. This video provides a thorough analysis of the evidence presented, highlighting the key takeaways from the hearing and exposing the depth of corruption within the Biden family. From Hunter Biden’s lucrative business dealings in China to Joe Biden’s role in securing a multi-million dollar energy deal in Romania, the truth about the Biden Crime Family’s corrupt activities is finally coming to light. Don’t miss this important video that uncovers the real story behind the Biden family’s dealings overseas.

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U.S. Senator James Lankford (R-OK) joins Americans for Limited Government President Rick Manning live to discuss President Biden’s refusal to get serious about the national debt crisis looming over America.

$100 billion run on deposits, rising interest rates put First Republic into FDIC receivership, JP Morgan takes over as another one bites the dust:
https://dailytorch.com/2023/05/100-billion-run-on-deposits-rising-interest-rates-put-first-republic-into-fdic-receivership-jp-morgan-takes-over-as-another-one-bites-the-dust/

The Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation put the $229.1 billion California-based First Republic Bank into receivership today on May 1, while the FDIC also entered into a “purchase and assumption agreement” with JP Morgan-Chase Bank for the nation’s largest bank to assume First Republic’s assets as well as its $103.9 billion of deposits. Another one bites the dust. Once again, like Silicon Valley and Signature Banks, the bank was caught upside down on interest rates causing a run on uninsured bank deposits of more than $100 billion in March. So, far three major bank runs have occurred in the span of a little more than a month. This thing could just be clearing its throat even as worried investors hope the worst is past us. I guess we’ll see?

Joe Biden is playing a game of chicken on default with no-strings increase of $31 trillion debt ceiling:
https://dailytorch.com/2023/05/joe-biden-is-playing-a-game-of-chicken-on-default-with-no-strings-increase-of-31-trillion-debt-ceiling/

President Joe Biden is set to meet with House Speaker Kevin McCarthy (R-Calif.) and other Congressional leaders on May 9 to discuss the looming the $31.4 trillion debt ceiling. It’s about time. So far, Biden’s only plan has been for Congress to simply increase it into perpetuity or else threaten to default, never bothering to address the dismal fiscal outlook facing the nation, even as regional banks continue to fail because of the unsustainable burden caused by taking on U.S. treasuries — a problem that will only grow as the White House Office of Management and Budget (OMB) projects the national debt will rise to $50.7 trillion by 2033. In truth it could be much larger than that, since the debt has been growing at more than 8 percent a year on average since 1980. In fact, if it continues at its current clip, it will rise to more than $100 trillion by 2037. Either way, $50 trillion or $100 trillion, or most likely somewhere in between, who is going to buy all of those treasuries? Why, U.S. banks will, naturally, as foreign governments continue to reduce their overall share of U.S. treasuries and the Federal Reserve reaches its own limit of being able to print money to pay the debt after spiraling inflation.

Speaker McCarthy roasts President Joe Biden for failing to pass the debt limit. Click the link below to email the Senate and tell them to pass the Limit, Save, Grow Act to cut government spending: https://limitgov.salsalabs.org/PassLimitSaveGrowAct/index.html

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After spying on Trump, Congress should use FISA Section 702 reauthorization to end domestic political surveillance under Title I
https://dailytorch.com/2023/04/after-spying-on-trump-congress-should-use-fisa-section-702-reauthorization-to-end-domestic-political-surveillance-under-title-i/

“We need to make changes to the FISA process. I think we should not even reauthorize FISA, which is going to come up in the next Congress.” That was House Judiciary Committee Chairman Jim Jordan (R-Ohio) — then the ranking member — in Oct. 2022, speaking with Fox Business’ Maria Bartiromo, outlining his opposition to reauthorization of section 702 of the Foreign Intelligence Surveillance Act (FISA), which expires on Dec. 31, 2023. Executive branch officials say is critical to protecting national security will expire. It is the only section of FISA that sunsets on a periodic basis, and thus, provides a periodic opportunity for members of Congress to address the decades-long problem of domestic political surveillance. Whenever the question of Section 702 has come up since 2008, attempts at intelligence reform are always deflected and rebuffed. “That’s the wrong section,” civil liberties groups are always told. And yet, once all the information from Chairman Jordan’s committee has been gathered, besides must-pass pieces of legislation, whether it be Section 702 reauthorization, the annual national defense authorizations, the $31.4 trillion national debt ceiling or the annual omnibus spending bills and appropriations bills, what other leverage do members of Congress have to enact reforms?

China has dumped $150 billion of U.S. treasuries since Jan. 2022. Is it a prelude to war?
https://dailytorch.com/2023/04/china-has-dumped-150-billion-of-u-s-treasuries-since-jan-2022-is-it-a-prelude-to-war/

Since Jan. 2022, China has reduced its U.S. treasuries held outright, from $1.03 trillion to $859 billion in Jan. 2023, a 16.8 percent decrease, according to the latest data compiled by the U.S. Treasury of foreign holders of U.S. securities. This comes atop a further decrease from its peak in Nov. 2013 at more than $1.3 trillion, bringing the total decrease to 34.7 percent the past decade. When owners of treasuries are selling more than they are buying, interest rates can rise, and when they buy more than they are selling, interest rates will fall. But could China really impact that process all that much? The real question is that of firepower. In 2013, with its peak holdings of $1.3 trillion of U.S. treasuries, China was the single largest debt holder, owning 10.7 percent of the $12.2 trillion of publicly traded debt. That was China’s high water mark, whereas, today, the debt is much larger now. With $859 billion of treasuries, China owns just 3.5 percent of the $24.6 trillion of the publicly traded national debt. Is it a paper dragon?

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By Bill Wilson I hope and pray I am wrong. Ideally, I hope the House of Representatives stands firm against demands from the Senate and White House to rubber stamp a so-called “clean” continuing resolution — one that will allow funding for Obamacare to take effect. That […]

By Bill Wilson We told you so. As Americans for Limited Government economic analysis had previously predicted — here , here , and here — there would be no tapering from the Federal Reserve’s $85 billion of quantitative easing anytime soon. Defying market expectations that the central bank would announce […]

By Bill Wilson In a revised estimate of growth in the second quarter, the Bureau of Economic Analysis now projects that the economy grew by 2.5 percent annualized , not the 1.7 percent previously estimated . The total revision amounted to $34.5 billion added to the Gross Domestic Product. However, it was almost entirely on account of adjustments made to the balance of trade, with imports […]