debt limit gave treasury more ability to manage the treasury's cash but it also constrained treasury to make sure we were not issuing too much debt. the debt limit evolved over time. in more recent years, it has been used as a backwards looking constraint on spending or has been attempted to be used in that way and also for political purposes. the cosmos as of that in the last decade plus, we have had will they or won't they default episodes. it takes a lot of political pressure in order to get a debt limit raised. host: the debt limit raised by $480 billion dollars. expected until we have another debt limit default clips that will be a part -- cliff that will be approaching. guest: at this point, the debt limit poses a danger to the u.s. economy that is no longer worthwhile. the congress authorizes the spending and taxes. for better or worse, congress mandates the deficit. treasury should be able to undergo the actions necessary to finance that deficit. we do face a run-up in our debt levels that is unsustainable. all of human history suggests that that is not going to work out well

each individual treasury debt. for specific purposes for example issuing debt for the panama canal with the advent of world war i and the massive increase in government spending, and became a reasonable thing to do so the debt limit on one hand, the treasury's more ability to better advantage the treasury's cash and debt but on the other hand also to make sure the treasury was not issuing too much debt in the amount of spending that ought has been authorized. involved overtime and recent years, as you know the audience knows, has kind of as a backwards looking constraint on spending. were attempted to be used in that way and also for other and a consequence of that in the last say days - every few years, default episodes where it takes a lot of political pressure to get aca debt limit race of the government does not default on its obligation. >> is raised by hundred million dollars expected b to buy the treasury departments two or three months or so here until we have another debt limit vote for at least default cl

more ability to better manage the treasury cash and debt on the other hand constrained treasury to make sure they were issuing too much debt relative to the muscle spending congress authorized brief debt limit evolved over time and more recenter years, is been used kind of as a backwards the spending or at least attempted to be used in that way. the consequence of that in the last eight decades, we've had these every two years with false episodes where it takes a lot of political pressure to get a debt limit raised if they don't default on their representation. >> they raised by 480 milli- dollars expected to by the treasury department two or three months here until we have another debt limit default approaching. is it worth still having a debt limit if we continue to have these issues? >> i believe the debt limit poses a danger to the u.s. economy in our financial system no longer worthwhile. the congress authorizes spending attack as a treasury does the budget mandate deficit, the treasury should be able to vent undertake actions necessary to finance thatt deficit. i will also stress

how does treasury -- how does congress work cooperatively with the treasury to avoid ransomware? >> we made the first of our sanctions to avoid crypto payments. we want to work closely with congress. one of the most important areas is ensuring we have a work force for these issues going forward. we look forward to looking for the authorities to hire the people we need and also to the budgeting increases that are part of the president's fy22 budget to make sure we ever the personnel needed to avoid cryptocurrency, but also the changes in our payment system that are making it harder for our regimes to better make changes that we want to with our adversaries. >> talk more about cooperation to disrupt ransomware. >> as you know, many of these crypto exchanges and cyber criminals that facilitate ransomware had an impact here. our goal was to work closely with our allies and partners to disrupt those actors that exist in their countries. a big piece of this is going to be ensuring that these countries also take actions to make sure that anti-money laundering rules are followed by crypt

treasury and janet yellen. because of the stakes and the possibility of a default of the world's largest economy, it has been the purview of the federal reserve to offer commentary on what the stakes might be to the economy if that happened so i think you hear commentary from jay powell, not so long ago, saying congress should act to address the debt ceiling and make sure the united states can pay its bills to stop there -- offer their recommendation on how to do that, saying they should raise the debt ceiling which i think is something we saw at the roundtable with the white house is a prevailing view among the wall street and the economist community. pedro: he is a reporter for finance -- yahoo! finance. if you want to ask him questions, you are invited to call (202) 748-8001 for republicans, (202) 748-8000 for democrats, and (202) 748-8002 for independents. you report on matters of the economy. what are those leaders in washington and wall street or otherwise looking at as far as decisions made here and how

. ♪ ♪ >> deputy treasury secretary wally adeyemo testified on the sanctions. that hearing is an hour and 45 minutes. [background noises] [background noises] [background noises] [background noises] >> this hearing is in a hybrid format. members have the option to appear in person or virtually. our sole witness is in person wally adeyemo. if there is a technology issue we will move either next person for the speaking order will be as usual by seniority of members of checked and all turning to karmic intent democratic and republican. today we welcome deputy secretary wally adeyemo to this committee for an updated international policy issues. we have done important bipartisan work on this committee. i think a senator to me and especially senator crapo who was chair when i was ranking up until this year. we were able to make important progress holding countries like russia and north korea accountable for its header to me and i have worked together to pass tough fentanyl sanctions to stop the flow of illegal opiates from china or mexico they're taking such a toll. o

i think we need the approval of the treasury secretary realistically, we work with treasury and and we're constrained for very specific circumstances, unusual and exigent circumstances. there are a number of tests in the law, and i think it's an arrangement that works. >> thank you. you know, recently, federal reserve governor michelle bowman gave a speech in which she discussed the evolution enhancement of bank supervision, particularly during the covid pandemic. and in that speech, she stated that the fed avoided overreacting and instead approached supervision anymore measured way that allow banks the flexibility to work with their customers. there are a range of topics she's addressed and others have with bank regulation, and just will share this from her paper. she says the goal of this initiative is to ensure our supervisory approaches accommodate a much broader range of activities, while ensuring we don't create an unlevel playing field with unfair advantage or unfair disadvantages for some types of firms versus others. and for that reason, i'm working on a bill that would study the

treasury to more easily fund the first world war. upto until that point, congress usually authorized each individual treasury debt and for example issuing for the panama canal but with the advent of world war i and increase in government spending the debt limit on the one hand gave treasury more ability to better manage the cash and debt but on the other hand constrained the treasury to make sure that they were not issuing too much debt relative to the amount of spending that congress had authorized. it evolved over time and it has been used kind of as a backwards looking constraint on spending or at least has been attempted to be used in that way and also for other w political purposes. as a consequence of that in the last eight decades plus, we have had these every few years will they or won't they default episodes where it takes a lot of political pressure to get the debt limit raised so they do not default on their obligations. >> raised by $480 billion and expected to buy the right treasury departments two or three months or so

i want to thank secretary of treasury, secretary yellen. congress secretary mondo i see her on screen there good to see you. and the leaders of some of america's most important businesses and institutions. the american association of retired persons at aarp, bank of america, citibank, intel, j.p. morgan, nasdaq, the national association of realtors, and a raytheon. joining me today to talk about the need to raise the debt limit. wewe have not failed to do that since our inception as a country. we need to active. these leaders know they need to act. the united states pays its bills. it's who we are it's who we will be god willing. that is called the full faith andth credit of the united states. let me be clear, raising the debt limit is paying our old debts. it has nothing to do with new spending or what may be coming this year or other years. it has nothing to do with my plans on infrastructure building back better, both of which are paid for but not in the queue right now. it is about paying for what waco and preventing a catastrophic even

after that point we expect treasury will be left with very limited cash. it would be deleted quickly. this has been seen in the past and this group knows even delaying action can cause harm to business and consumer confidence, raising borrowing costs disrupt financial market eight downgrade of u.s. credit rating. let me be clear this is a catastrophic outcome in this catastrophe would occur on two dimensions. the first is the financial system and macroeconomy. if congress does not take action to raise the debt limit would recent insufficient level to pay the american bills. america would default for the first time in history and default will call into question the full faith and credit of the united states. our country been likely face a financial crisis causing interest rates to rise quickly and restricting access to credit are fragile recovery would be thrown into reverse. we would likely experience a recession, millions of jobs to be lost in the pain we endure it will pass the resolution of the crisis. the second catastrophe would be borne by all of the

to suspend the debt ceiling and the treasury department has said that it will run out of money to pay the government spills in the middle of the month which would cause a default on government debt payments unless congress takes action to extend the debt ceiling and when the senate is back in session, live coverage on "c-span2". >> c-span is your unfiltered view of government, and by these television companies and more read including cox. and is committed to providing eligible families to access to affordable internet predict in the digital divide in engaging. cox, support c-span as a public service, along with these other television dividers getting a front row seat to democracy. >> the treasury department said that it will run out of money to pay the government spills in the middle of the month which would cause a defaulting government debt payments unless congress takes action to expand the debt ceiling today president biden met with business leaders and ceos the discuss the debt ceiling in they urged republicans not to block an extension of the debt limit morning of the economic d

we have seen this reported infighting between the treasury and the business _ between the treasury and the business department. we do not need that sort— business department. we do not need that sort of— business department. we do not need that sort of infighting when we are in the _ that sort of infighting when we are in the emergency we are in now. come on, in the emergency we are in now. come on. prime _ in the emergency we are in now. come on, prime minister, directly address the energy— on, prime minister, directly address the energy crisis. the on, prime minister, directly address the energy crisis.— the energy crisis. the government insists it is — the energy crisis. the government insists it is in _ the energy crisis. the government insists it is in control _ the energy crisis. the government insists it is in control of _ the energy crisis. the government insists it is in control of the - insists it is in control of the situation and is working with businesses to find a solution which will keep factories open. the business _ will keep factories open. the business secr

the american treasury is the bedrock. our credibility, we are being watched right now by allies and unfortunately our enemies. our credibility is essential. trust in america, the u.s. dollar in the financial system is critical to the world economy and eventually world peace. this is a time i think we show american confidence, not american incompetence. pres. biden: i'm glad you raised that point. when i got back from the g7 and meetings with colleagues and heads of state, brian moynihan knows about this as well, we are not only being measured in terms of our strength and reliability based upon the size of our military or the physical strength we possess. but it is on whether or not we can function. there is a great debate going on and i'm not exaggerating. there is a great debate going on whether or not in the 21st century, the second quarter of the 21st century, can democracy function with things moving so rapidly? and i can tell you a couple of folks i have spent a lot of time with of late, mr. putin and mr. xi jinping,

i know the treasury has a a recommendation to these other questions. there are some guiding bipartisan principles this committee is recognized for years regarding sanctions and let me just briefly outline those. number one, which impose sanctions on a multilateral basis whenever possible. they are more effective, they garner broader political support we impose them in coordination with allies. number two, preserving strengthening humanitarian exceptions and licensing important to ensure people do not suffer from shortages of food, medicine and other necessities because of the sanctions. number three, for if it sanctions to be affected and must have clear targets, goals and objectives were to for trying to change countries and other actors behavior they need to understand how once they do better, they can free themselves from sanctions. fourth, the u.s. must a better job of a regularly assessing the effectiveness of sanctions. we need to communicate those findings better to banks and other entities that are implementing sanctions policy. at last, the ex

in the treasury-— in the treasury. there were quite keen to make — in the treasury. there were quite keen to make sure _ in the treasury. there were quite keen to make sure that - in the treasury. there were quite keen to make sure that the - in the treasury. there were quite - keen to make sure that the message was out _ keen to make sure that the message was out there that this was not something that they weren't engaged in meetings about, bailouts, but i find, _ in meetings about, bailouts, but i find, surely— in meetings about, bailouts, but i find, surely you've done this yourself, _ find, surely you've done this yourself, and actually, but we do with these — yourself, and actually, but we do with these sources, they are not going _ with these sources, they are not going off— with these sources, they are not going off piece, they're doing this with the _ going off piece, they're doing this with the authorisation of the bosses _ with the authorisation of the bosses. so, this is not someone going _ bosses. s

treasury, a statement the treasury denied. �*, ., . ., ., ., ., denied. there's a certain amount of briefin: denied. there's a certain amount of briefing going _ denied. there's a certain amount of briefing going on — denied. there's a certain amount of briefing going on behind _ denied. there's a certain amount of briefing going on behind the - denied. there's a certain amount of briefing going on behind the scenesi briefing going on behind the scenes where _ briefing going on behind the scenes where kwasi kwarteng is the same warm _ where kwasi kwarteng is the same warm words, quite like this, got to -et warm words, quite like this, got to get it_ warm words, quite like this, got to get it past— warm words, quite like this, got to get it past the treasury, the truth is we _ get it past the treasury, the truth is we need — get it past the treasury, the truth is we need to have a plan and we need _ is we need to have a plan and we need to— is we need to have a plan and we need to get— is we need to have a plan and we need to get on with it. but

treasury is going to be pulling back on issuance. we could see supply cuts to coupons in the november 3 refunding. even as we are approaching a time where the fed is removing accommodation by tapering asset purchases, perhaps as soon as early november, you have treasury likely to cut supplies by much more. the impact is less issuance for the market to take in 2022 and we think that relieves upward pressure on rates. while we think the next move is higher, we think the degree of another move higher in 2022 is limited by these factors. alix: i was talking to gina adams and i asked her how earnings matter this season. when you have macro factors causing uncertain the, how are you reading earnings season? zachary: earnings season is important and we are focused on the ability of these companies to pass on rising costs to the consumer. so far they have been fairly successful and earnings have not been hit by higher inflation. if that starts to shift, perhaps you have more issues in the equity market and more volatility that causes more of

. >> treasury secretary janet young told center as the treasury department will likely exhaust all of its tools to avoid a default of the government's obligations if congress does not raise the debt limit by october 18. her announcement came as a banking committing oversight city the covid-19 economic loss she joined at the hearing by chairman jerome powell this runs two and half hours. >> will come to order. this hearing is in a hybrid format or witnesses are in person members have the option to appear either in person or virtually. for those joining remotely if your minors once you start speaking there will be a slight edge late before you are displayed on the screen. to minimize background noise please click the mute button until it's your turn to speak or ask questions. you shall all have one box on your screen labeled clock will show you how much time is remaining. you will hear a bell ring and 3d and the time is expired will move onto the next senator. speaking orders as usual that's by seniority of the members of checked and before the gavel came down at 10:00 a.m. either virtu

we agree that the 10-year treasury yield or any treasury yield should be tethered to what global bond yields are to a degree. we are seeing some central banks that are maybe not quite hawkish yet, but a little bit less dovish. we see global yields rise little bit, that could help lift u.s. yields also. jonathan: they are certainly turning hawkish, that's for sure. brazil, not so much turkey, but mexico and the mix as well. still ahead, the final spread, the week ahead, featuring the fed speak and a payrolls report. from new york, this is bloomberg. ♪ jonathan: live from new york city, this is "bloomberg: real yield." on the week ahead, plenty of economic data on tuesday. initial jobless claims out thursday and we close out the week with the main event, the payrolls report on friday. let's go to our final thoughts from our guests. the median estimate, 488 k in the payrolls report. the range is only 500 k this time around. what are you looking for this time around? matt: we are looking something close to the median estimate, john. the payroll reports have been coming out all over the

he also said he is in discussion with the treasury, but the treasury said actually, no he isn't. there has been a lot of back—and—forth about this today. firstly, some newspaper reports earlier today claimed that the business secretary had requested billions from the treasury to try and help some of these firms, something the business secretary denied. but he did say he was working with the chancellor to get through this situation. soon after he said that, the treasury source then told me that was not the case, he was mistaken in the chancellor has not been involved in any kind of talks, so i think what this kind of reveals is that the government itself does not yet have the answer for this, they do not have the pot of cash which these firms are calling for, and this is certainly something that will be an ongoing talk of discussion particularly with the government's own spending review coming up later this month. meanwhile, pressure really building on them both from the firms, some of whom have already had to halt production in the last in the last couple of weeks, but also f

, a statement the treasury denied. there's a certain amount of briefing going on behind the scenes where kwasi kwarteng is saying warm words, quite like this, got to get it past the treasury, the truth is we need to have a plan and we need to get on with it. but also the truth is we should not be in a situation where we wait until there's a crisis and then react. here, though, it is not the political ping—pong that matters, rather what the cost of energy might do to the price of a cup of tea. our political correspondent ione wells told me that energy intensive industries are finding the situation particularly challenging. everybody is dealing with this rising gas prices, but for energy intensive firms, things like steel, cement, ceramics, chemicals, huge huge amounts of energy every day, these bills have hit them incredibly hard. they have been meeting with government, calling for some kind of intervention. the two things you are calling for, some kind of subsidies, temporarily, to get them through this period. or so

treasury yields tick higher. china adds to risk sentiment, returning to the market after a weeklong holiday. the pboc pulls back support, joining cash from the system. happy friday, and happy jobs day . we are expecting a solid jobs number. 500,000 jobs added to the u.s. economy. will that be enough to lift the fog of uncertainty that is plaguing markets? late yesterday, the market is keeping an intense mood, and numbers today might help give us a rally in the equities market. what we really need for the rally to gain a stronger footing is a sense that inflation is getting under control through the narrative of the fed, and indications that supply chain pressures are easing. we need time, and we are far from pressures easing. tesla talking about the continued supply chain issue that is not allowing them to meet demands. we will have the job numbers today that give us a sense of direction of a fed taper in november. let's see how we are looking today. that fog of uncertainty means we can push slightly higher when

the statement the treasury denied. there is a certain amount _ statement the treasury denied. there is a certain amount of _ statement the treasury denied. there is a certain amount of kind _ statement the treasury denied. there is a certain amount of kind of- is a certain amount of kind of briefing going on behind—the—scenes, kwasi karteng saying warm words, quite like this, got to get it past the treasury but the truth is we need a plan and they need to get on with it but also we should not be in this situation, where we wait until there is a crisis and then react. here it is not the political ping—pong that matters, rather what the cost of energy might do to the price of a cup of tea. katie prescott, bbc news. our political correspondent ione wells is here. what is the government likely to do? as we have heard, the government is under increasing pressure for manufacturing firms to step in and support them either through subsidies or industry price cap like we have with households. this morning, the business secretary reiterated that he is in discussion with firms abou

bob miller saying maybe we neutralized the impact of the treasury market. what is your thought on that? >> i think it is important, but you have to take a step back and think, what else is available in the broader universe of fixed income? because despite the fact that there might be a little give and take of neutralization in the treasury market, i do think we will continue to see robust corporate credit issuance and issuance across the board of fixed income, so it can still go up a bit and be a compelling place for issuers to be borrowing capital. as we start to see more of these moving pieces where perhaps we have a fed taper and an accelerating or steady issuance and corporate credit, but then investors are saying, hey, the fed's tapering, inflation is game on. i need to be in equities, loans, something with some sort of inflationary protection and upside. that demand picture starts to really get more skewed. one of the things we saw this past week is a pretty hefty outflow from u.s. ig and high yields. the ig one is disconcerting because you did see ca

and number ten, which is _ between the treasury and number ten, which is not _ between the treasury and number ten, which is not an unfamiliar story to many— which is not an unfamiliar story to many of— which is not an unfamiliar story to many of us, — which is not an unfamiliar story to many of us, it is also the treasury is at _ many of us, it is also the treasury is at odds — many of us, it is also the treasury is at odds with the business secretary, and the analysis of the office _ secretary, and the analysis of the office for— secretary, and the analysis of the office for budget responsibility, who are — office for budget responsibility, who are basically saying, yes, it may— who are basically saying, yes, it may be — who are basically saying, yes, it may be short—term, cost and things, but the _ may be short—term, cost and things, but the long—term gain is far too important — but the long—term gain is far too important.) but the long-term gain is far too important-— but the long-term gain is far too imortant, ,, h, important] phillips, nigel nelson, we

it was the world's money, based on us treasury's base layer money. they turned it from money, which is always fungible. money is fungible. they made it a non fungible token by pulling around off the swift system. therefore, it was no longer fungible. that meant it was, it was inevitably over at this moment, was coming from that, that day that you decided to win the battle by losing the war. that happened, yellen says, i don't think we're about to lose control of inflation. this came just like 36 hours after jack dorsey had triggered a huge conversation about hyperinflation. so janet young, the treasury, secretary of the united states in charge of maintaining the value of the currency. she comes out and says that, you know, officially denied that right? they verbiage and rhetoric that came out of the treasury and central bank during the 1973 period in america. right before a massive inflation hit is almost verbatim what we're hearing today. the big difference being that the inflation of the seventy's was transitory genuinely transitory because america

treasury treasury department about american citizens who are holding their wealth overseas. and so, if that was what happened with bank secrecy, and we saw a legislative response, what i would like to see is something similar now with the "pandora papers," with regards to the nonbank enablers. host: clark in tennessee, good morning. are you with us? caller: yes. host: go ahead, sir. caller: i would like this gentleman to explain dark money. host: dark money, mr. rudolph. guest: whether it is called covert money or dark money, that is a really important issue, carter. money that is not transparent. in the case of the enablers act, we are talking about not even public transparency, but it is dark to the government and to law enforcement. dark money can refer to -- it can refer to campaign-finance and the types of nonprofits that are used to, get money into elections it can refer -- get money into elections. it can refer to how money is put into our political system. i've had a report on that topic. but we live in a society where we need to live up to our values of transparent

secretaries of the treasury also have, the unique and huge we import empower, to invoke what the treasury calls, extraordinary measures. that is where the united states of america's tonight. treasury secretary janet yellen is already taking extraordinary measures, to try to delay the day and the hour, which the government of the u.s. will default on its debt. those extraordinary measures, include, suspending investments in certain federal workers pension funds, among other things. the exact day on which we will hit the debt limit, is unknown, because it literally depends, among other things, on exactly how much money, the federal government collects, each day, the daily cash flow, into the united states treasury, which is mostly tax revenue, fluctuates between, 50 billion dollars a day, and over 300 billion dollars a day. so, if janet yellen has a string of 300 billion dollar days, in the treasury, then, we might hit the debt limit on october 25th. instead of october 18th. and janet yellin as a string of 50 billion dollar days of the treasury, then we could hit the debt ceiling sooner tha

janet yellen expects the treasury to exhaust all of the treasury's extraordinary measures. so far janet yellen is the only one in washington who has taken extraordinary measures to avoid the first default on america's debt in history. mitch mcconnell has taken the distressingly ordinary measure of imposing an increase in the debt limit and at the same time he has taken the measure of a 60-vote threshold to raise the debt ceiling. mitch mcconnell has given no reason he's asking every republican senator to vote against allowing the democrats to have a simple majority vote on increasing the debt limit. "the new york times" reports today senator blunt said 40 or 45 republicans would be willing to agree to allow a debt ceiling increase to come to a vote as long as they did not have to cast a public ballot. in other words, 45 republican senators would be happy to allow the debt ceiling increase to come to a vote if they weren't senators. senators have to vote publicly. that's the job. that is the thing that senator roy blunt is saying republican senators do not want to do. they d

debt limit gave treasury more ability to manage the treasury's cash but it also constrained treasury to make sure we were not issuing too much debt. the debt limit evolved over time. in more recent years, it has been used as a backwards looking constraint on spending or has been attempted to be used in that way and also for political purposes. the cosmos as of that in the last decade plus, we have had will they or won't they default episodes. it takes a lot of political pressure in order to get a debt limit raised. host: the debt limit raised by $480 billion dollars. expected until we have another debt limit default clips that will be a part -- cliff that will be approaching. guest: at this point, the debt limit poses a danger to the u.s. economy that is no longer worthwhile. the congress authorizes the spending and taxes. for better or worse, congress mandates the deficit. treasury should be able to undergo the actions necessary to finance that deficit. we do face a run-up in our debt levels that is unsustainable. all of human history suggests that that is not going to work out well

shery: we saw the treasury dollar resuming. what would be the broader impact given that this is not a resolution, just kicking the can down the road to december? kim: the risk of the default on debt hasn't gone away, it is just and delayed. we are likely to see a little bit of pullback in some of the strength we were seeing as we were getting close to what could have been a default. none of that's further down the road intentionally, all that remains -- all that means is the risk could move into december. shery: what about inflationary concerns? come december, there will be more talk about passing the infrastructure built. we are also talking about the tax and spending package which is $3.5 trillion. kim: if we look at things like inflation expectations and the employment cost index, both of these are suggesting in the medium-term inflation risks will prove to be firmer than expected. that's why we are forecasting that the fomc will start to raise the rate in december 2022. paul: let's talk about the reserve bank of australia.

treasury resources that he was mistaken and that the treasury and chancellor had not been involved in any kind of talked at all about support for firms. today downing street's number ten official spokesman confirmed that treasury officials have been involved in some of these discussions. there's been debate as you can tell within government itself about who has been talking about this. we've now had confirmed his apartment for business have put in a formal request to the treasury for support with firms that follows days of meetings between ministers and some of these energy intensive firms like steele, ceramics, glass, paper, all that use huge amounts of energy and been struggling with the rising bills. we do have details of what exactly this proposal is at the business secretary has submitted to the treasury but we understand and involve some kind of temporary support for some of these businesses that have been hit hard by their bills. i wish of the treasury department and uk government that controls the purse strings that would now be for them to assess this proposal that is been pu

quite an eye-catching picture put up by the treasury _ ago. quite an eye-catching picture put up by the treasury today - ago. quite an eye-catching picture put up by the treasury today of - ago. quite an eye-catching picture| put up by the treasury today of him in a laid—back grey sweatshirt with the sliders, — in a laid—back grey sweatshirt with the sliders, the sandals were in with— the sliders, the sandals were in with socks _ the sliders, the sandals were in with socks that are popular in la and in _ with socks that are popular in la and in essex. i think it really tries— and in essex. i think it really tries to _ and in essex. i think it really tries to show him as quite a young hip guy— tries to show him as quite a young hip guy in — tries to show him as quite a young hip guy in touch with the fashionistas of the country. for me, it was— fashionistas of the country. for me, it was slightly ajar and the image to see _ it was slightly ajar and the image to see him — it was slightly ajar and the image to see him against th

yes, and i asked treasury _ surprised, he's got form. yes, and i asked treasury sources, _ surprised, he's got form. yes, and i asked treasury sources, 0k, - surprised, he's got form. yes, and i asked treasury sources, 0k, what l surprised, he's got form. yes, and i | asked treasury sources, 0k, what is the form? no example sprang to my mind and i suppose i wouldn't necessarily know because the government always come out and accuse their own ministers of making things up, and i didn't get an answersoi things up, and i didn't get an answerso i kind things up, and i didn't get an answer so i kind of don't know. but the tone of the rebuke from the treasury does suggest there have been examples that have irked them before but i can't tell you what they are. but also, i think this is very unusual in borisjohnson's government. if this had happened in late 2018 and theresa may's government, and they would blame each other left right and centre, i wouldn't have been so surprised. but the fact it is happening now is very odd indeed. what does it

treasuries. these debts that the united states issues in the form of a 30 year bond or a tenure bind which might be held here or upon -- here or abroad, their interest payments due and if the u.s. government cannot pay those interest payments and pay what it owes on that debt, it is possible we could get a downgrade. we saw s&p do something even though the debt ceiling was resolved in those 2011 negotiations. maybe something similar happens in this case if the dysfunction continues and if that were to happen, a failure to pay the debt could lead to further downgrades and contagion in the u.s. treasury market, which is the most liquid and the moral -- liquid in the world. basically every other financial market is indexed to it. it is not that exaggerated to say that the stakes are so large and that is why you saw the treasury secretary use words like economic catastrophe and calamity to describe what is at risk here. host: when it comes to organizations that monitor the country's credit rating, wh

it’s have a massive impact on the money the treasury collects.— the treasury collects. it's got £37,ooo,ooo,ooo - the treasury collects. it's got | £37,000,000,000 expected the treasury collects. it's got. £37,000,000,000 expected to the treasury collects. it's got - £37,000,000,000 expected to lose from this— £37,000,000,000 expected to lose from this change, and that money has to be from this change, and that money has to he found _ from this change, and that money has to be found from somewhere, the treasury _ to be found from somewhere, the treasury has made it clear it will not make—up the difference from borrowing, so you either cut spending _ borrowing, so you either cut spending or raise taxes — edits clear— spending or raise taxes — edits clear it — spending or raise taxes — edits clear it will _ spending or raise taxes — edits clear it will be down to tax rises, or the _ clear it will be down to tax rises, or the prime minister and the chancellor already put in place the special _ chancellor already put in place the special tax to fund the

the latest wheat now is the treasury has| wheat now is the treasury has received this formal request for support for some of these energy intensive industries that have been hard by the spike in wholesale gas prices leading soaring energy bills or energy already makes up a significant part of production cost. we don't have much detail of what bid for support from the treasury has been made by kwasi kwarteng but he's been meeting with firms as have other business ministers, to hear about what kind of solutions those firms would like to see. this also follows days of back and forth between ministers themselves about how much involvement the treasury had in some of these discussions because over the weekend was firstly a claim that the department for business or with the treasury for support which is something the business secretary then denied, then the business secretary said on sunday he had been in discussion with the treasury and the chancellor about how to get out of the situation, some think the treasury themselves pushed back on saying they were not involved in any talks. quite

interesting to see what the treasury has to say. budget to l the treasury has to say. budget to come. next month. thank you both very much, lovely to see you, lovely to have your contribution. lovely to have your company as well. i would love to end with a picture, a lovely image of the queen, looking spry to say the least, but using a walking stick for the first time a major public event, which is a concession that at the age of 95, with the amount of walking she has to do, probably perfectly reasonable. good luck to her with that. enjoyed, she clearly did, the service of remembrance for the centenary, many congratulations to them. that is it from the papers. coming up next, it is sport, weather and then we rejoin our colleagues for newsday. good evening, i'm tulsen tollett, and this is your sports news, where we start with football. there were ugly scenes tonight and wembley stadium as england were hosting hungry in a world cup qualifier. rounding out that and the other homes nations results isjoe wilson. england versus hungary at wembley. one team taking the knee. i

for extra _ and people turn to the treasury for extra cash— and people turn to the treasury for extra cash and there are troubles and they— extra cash and there are troubles and they are not trying to push back against _ and they are not trying to push back against that but obviously, it is struggling to hold back that and they've — struggling to hold back that and they've had a spat with them because they're _ they've had a spat with them because they're looking for intervention and support— they're looking for intervention and support businesses, high—energy businesses like steel and ceramics who were — businesses like steel and ceramics who were struggling to pay huge gas bills who were struggling to pay huge gas hiits at— who were struggling to pay huge gas bills at the moment but actually, today, _ bills at the moment but actually, today, we — bills at the moment but actually, today, we essentially steered to the fact that _ today, we essentially steered to the fact that the prime minister backing them _ fact that the prime minister backing them rather than the chan