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Analysis: Dueling Trumps deliver a State of the Union speech likely to widen a deep partisan divide

For over an hour Tuesday night, Presidential Trump vied with pugnacious Trump.

The White House had promised a conciliatory and uplifting State of the Union address, which stood to reason. It’s one thing to inveigh against the mess Trump said he inherited a year ago and another to laud the job he claims to have done cleaning it up.

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Gone, then, was the wreckage, the ruin and the dystopian “American carnage” he deplored in the glowering speech at his inauguration. Instead, Trump offered a vision of hopefulness and light — for a time, anyway.

“This is our new American moment,” he said loftily in the early moments of his address. “There has never been a better time to start living the American dream.”

But those grace notes were soon overshadowed by an increasingly harsh tone, as though the president couldn’t or didn’t care to contain his more ad-libbed and aggressive self.

He needled Democrats over the partial dismantling of the Affordable Care Act, one of his predecessor’s proudest achievements. He resurrected the controversy over the national anthem and the dissent of kneeling black athletes.

When he spoke of immigration, perhaps the touchiest issue facing a gridlocked Congress, he placed it in a dark frame, with talk of gang violence, of alien intruders stealing jobs and a suggestion of unending “chain” migrants — aunts, uncles, cousins and other family members — leaching taxpayer dollars.

In his closest approximation to an olive branch, Trump said he would support a proposal offering a path to citizenship for 1.8 million children — so-called Dreamers — who were brought to America illegally by their parents. But only, he said, if Democrats would agree to a border wall and other changes in legal immigration they consider anathema.

The result was groans and hisses and boos from that side of the House chamber.

The annual speech to Congress is one of Washington’s most carefully choreographed set pieces, and for portions of it Trump hewed closely to a familiar script

He assayed the state of the union, pronouncing it “strong.” He outlined an ambitious agenda — which lawmakers will mostly ignore — crowed about his achievements, made a feint in the direction of bipartisanship and saluted a large number of invited guests who served as props representing different bullet points (immigration, a strong military, the opioid addiction crisis) of his speech.

It was all terribly conventional, but only to a point.

There were many long sections that could just have easily been delivered at one of Trump’s roisterous “Make America Great Again” campaign rallies, down to the moment when the ranks of Republican lawmakers broke into a lusty chant of “USA! USA!” as the president, chin out, approvingly took in the scene.

The contrast to the last time Trump stood in the well of the House was striking.

Eleven months ago, he delivered a more subdued performance, earning plaudits and generating widespread talk of a presidential turning point or, in that most overused expression, a pivot toward a more staid and conformist style of governance.

Then, days later, Trump was back to tweeting about a “bad (or sick)” President Obama bugging Trump Tower, a figment that roused his political base but instantly banished any Democratic goodwill or notions of presidential normalcy.

Trump has shattered political convention in so many ways that it is difficult to enumerate them all. One of the most significant is this: Although the economy is perking smartly along and Americans tell pollsters they feel better about their financial well-being than they have in years, the president has gotten very little credit.

Indeed, his approval rating stands at a historical low for a chief executive this early in his term, severing the long-standing correlation between economic good times and voter satisfaction.

His speech Tuesday night, with its prime-time prominence and audience reaching in the tens of millions, offered a chance to address that problem. “Over the last year, we have made incredible progress and achieved extraordinary success,” Trump said, reeling off a number of favorable economic statistics.

But much of the address seemed aimed at a far narrower audience.

To a greater degree than any recent president, Trump has used his time in office to appease the relatively narrow slice of the electorate — older, whiter, alienated, aggrieved — that placed him in power, opting not to reach out, bend and seek to broaden that coalition.

His uncompromising performance Tuesday night perfectly encapsulated that approach. Supporters found much to like and detractors plenty to reinforce their contempt.

It is too much to expect any single speech, much less one as politically freighted as the State of the Union, to instantly bridge such a yawning gap. If anything, though, Trump’s provocative remarks seemed likely to push warring Democrats and Republicans even further apart.

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@markzbarabak



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G20 fails to deliver on sovereign debt distress | Debt News

Heads of state from the world’s most powerful countries gathered in Johannesburg, South Africa, over the weekend for a summit that had been billed, under South Africa’s G20 presidency, as a turning point for addressing debt distress across the Global South.

South African President Cyril Ramaphosa had consistently framed the issue as central to his agenda, arguing that spiralling repayment costs have left governments, particularly in Africa, with little room to fund essential services like healthcare and education.

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But despite repeated pledges – including in the leaders’ summit declaration to “strengthen the implementation of the G20 Common Framework” – South Africa did not deliver any new proposals for easing fiscal constraints in indebted nations.

Hopes that world leaders would use the G20 summit to tackle sovereign debt distress were further dashed when United States President Donald Trump, at odds with South Africa over domestic policies, skipped the meeting altogether amid Washington’s retreat from multilateralism.

The summit also marked the close of a brief period of Global South leadership in the G20, following presidencies held by Indonesia in 2022, India in 2023, and Brazil in 2024. The US is set to assume the G20 presidency on December 1.

Debt ‘vulnerabilities’

The G20 – which consists of 19 advanced and emerging economies, the European Union and the African Union – represents 85 percent of global gross domestic product (GDP) and roughly two-thirds of the world’s population.

In October, G20 finance ministers and central bank chiefs met in Washington and agreed to a consensus statement on debt.

“We recognise that a high level of debt is one of the obstacles to inclusive growth in many developing economies, which limits their ability to invest in infrastructure, disaster resilience, healthcare, education and other development needs,” the statement said.

It also pledged to “reaffirm our commitment to support efforts by low- and middle-income countries to address debt vulnerabilities in an effective, comprehensive and systematic manner”.

The communique committed to improving the much-criticised Common Framework, a mechanism launched by the G20 five years ago to accelerate and simplify debt restructuring – when countries have to reprofile debts they can no longer afford to repay.

Elsewhere, the statement advocated for greater transparency around debt reporting and more lending from regional development banks.

Record-high debt levels

According to the Institute of International Finance, a banking industry association, total debt in developing countries rose to a record high of $109 trillion by mid-2025.

In recent years, COVID-19, climate shocks and rising food prices have forced many poor countries to rely on debt to stabilise their economies, crowding out other investments. For instance, the United Nations recently calculated that more than 40 percent of African governments spend more on servicing debt than they do on healthcare.

Africa also faces high borrowing costs. In 2023, bond yields – the interest on government debt – averaged 6.8 percent in Latin America and the Caribbean, and 9.8 percent in Africa.

Meanwhile, Africa collectively needs $143bn every year in climate finance to meet its Paris Agreement goals. In 2022, it received approximately $44bn.

At the same time, countries on the continent spent almost $90bn servicing external debt in 2024.

No progress

Shortly before the release of the G20’s final communique, 165 charities condemned the group’s slow progress on debt sustainability and urged President Ramaphosa to implement reforms before transferring the G20 presidency over to the US in December.

“While this year’s G20 has been put forward as an ‘African G20’, there is no evidence that any progress has been made on the debt crisis facing Africa and many other countries worldwide during the South African presidency,” the group said in a letter.

The missive called on the International Monetary Fund (IMF) to sell its gold reserves and set up a debt relief fund for distressed governments. It also backed the creation of a ‘borrowers club’ to facilitate cooperation among low-income countries.

The call for a unified debtor body reflects growing frustration with existing frameworks, notably the Paris Club, in which mostly Western governments, but not China, have exerted undue influence over the repayment policies of debtor nations.

In May 2020, the G20 launched a multibillion-dollar repayment pause to help poor countries cope with the COVID‑19 crisis. Known as the Debt Service Suspension Initiative, the programme is continuing to provide relief to some participating countries.

The launch of the Common Framework, soon afterwards, was designed to coordinate debt relief among all creditors. At the time, the initiative was hailed as a breakthrough, bringing together the Paris Club, China and private creditors to help prevent a full-blown debt crisis in developing countries.

But coordinating equal treatment, including government lenders, commercial banks, and bondholders, has made the process slow and prone to setbacks.

To date, none of the countries that joined the Common Framework – Ethiopia, Zambia, Ghana, and Chad – have completed their debt restructuring deals.

And even then, the programme has relieved just 7 percent of the debt costs for the four participating nations, according to ONE Campaign, an advocacy group.

‘Outmanoeuvred’

In March, South Africa convened an expert panel – headed by a former finance minister and a former Kenyan central banker – to explore how to assist heavily indebted low-income countries, particularly in Africa.

In a report released earlier this month, the panel echoed many of the ideas put forward by the 165 charities that wrote to Ramaphosa in October, calling for measures like an IMF-backed special debt fund and the formation of a debtors’ club.

But the experts’ proposals “weren’t even acknowledged at the leaders’ summit”, Kevin Gallagher, director of Boston University’s Global Development Policy Center, told Al Jazeera. He said that the G20 presidency “failed to address the scale of the global debt problem”.

“Ultimately,” Gallagher added, “South Africa was outmanoeuvred by larger, more economically important members of the G20 who saw little benefit to themselves in reforming the international financial architecture on debt.”

‘Double whammy’ of debt

In the early 2000s, the IMF, World Bank and some Paris Club creditors cancelled more than $75bn of debt – roughly 40 percent of external obligations – under the Heavily Indebted Poor Countries Initiative.

Since then, however, many developing countries have slipped back into the red. After the 2008 financial crisis, private creditors poured money into low-income economies, steadily replacing the cheaper loans once offered by institutions like the World Bank.

Between 2020 and 2025, almost 40 percent of external public debt repayments from lower-income countries went to commercial lenders. Just one-third went to multilateral institutions, according to Debt Justice, a United Kingdom-based charity.

China has also emerged as the world’s largest single creditor, especially in the Global South, committing more than $472bn through its policy banks – such as the China Development Bank and the Export-Import Bank – between 2008 and 2024.

“On top of debt becoming more expensive over the past 10 or 15 years, there is now a wider universe of lenders that developing countries have turned to,” says Iolanda Fresnillo, a policy and advocacy manager at Eurodad, a civil society organisation.

“It’s been a double whammy. Debt is now costlier and harder to resolve,” she said, noting the difficulty of coordinating creditors in a restructuring. Protracted debt crises slow growth by squeezing public investment.

Overcoming these hurdles is made harder when creditors pursue competing commercial interests. Fresnillo says an independent debt-restructuring body, designed to shorten negotiation times and limit economic costs, could help.

In September, the head of the UN Conference on Trade and Development (UNCTAD), Rebeca Grynspan, said, “There is no permanent institution or system that is there all the time dealing with debt restructuring … maybe we can create new momentum.”

However, talk of an international sovereign debt restructuring mechanism isn’t new. The IMF spearheaded a push for a neutral body – which would be akin to a US bankruptcy court – in the late 1990s.

The Fund’s proposed restructuring mechanism faced swift pushback. Major creditor countries, particularly the US, opposed ceding power to an international body that could override its legal system and weaken protections for US investors.

Still, “the need for this type of international solution is obvious”, says Fresnillo. “Having a basic set of rules, as opposed to an ad hoc negotiation for every new debt crisis, should be a bare minimum.”

She added that “adopting a global standard on taxing transnational corporations could also guarantee a baseline of revenues for low-income countries. But with multilateral cooperation so weak right now, I wouldn’t hold my breath.”

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Luka Doncic scores 38 to deliver Lakers to win over Hornets

For once, Luka Doncic had to serve the punishment. For not hitting any half-court shots during his pregame warmup, Doncic had to drop to the court and give his coaching staff push-ups.

The exercise seemingly powered him up for the two-handed dunk to come.

Doncic dazzled in the Lakers’ 121-111 win over the Charlotte Hornets on Monday at Spectrum Center, scoring 38 points with seven assists, six rebounds and one emphatic third-quarter dunk to help the Lakers flush the memories of a blowout loss in Atlanta.

Austin Reaves returned from a three-game absence with 24 points and seven assists while Rui Hachimura scored 21 points with perfect three-for-three shooting from three-point range.

Reaves, who was out with a right groin strain, announced his presence by throwing a lob to Deandre Ayton for the Lakers’ first basket. After Charlotte (3-7) blitzed the Lakers with eight three-pointers in the first quarter to take a 40-36 lead, Reaves answered by scoring seven of the Lakers’ first 10 points in the second. He gave the team a jolt of energy by racing for a transition layup to beat the halftime buzzer, giving the Lakers (8-3) a two-point lead.

“He’s an All-Star-level player,” coach JJ Redick said before the game. “He’s, along with Luka, an incredibly dynamic offensive player. I think our depth increases, the lineup optionality increases, so not having him in the lineup really, really hurts us.”

The Lakers went 2-1 in games without Reaves, but the 20-point loss to Atlanta on Saturday was so striking that Redick was left questioning the identity of his team. The Lakers looked lifeless. Redick waved the white flag by the middle of the third quarter after the starting unit let the deficit balloon to 25.

Lakers guard Austin Reaves shoots over Charlotte Hornets forward Miles Bridges during the first half Monday.

Lakers guard Austin Reaves shoots over Charlotte Hornets forward Miles Bridges during the first half Monday.

(Chris Carlson / Associated Press)

With Doncic and Reaves back, the Lakers wouldn’t repeat their third-quarter woes.

The Lakers started the second half with an 11-4 run that forced the Hornets to call a timeout. Reaves then assisted a three-pointer from Hachimura that pushed the lead into double digits. Doncic hit a step-back three to put the Lakers up by 12. Doncic’s assist to Hachimura extended the lead to 17.

A driving, two-handed dunk was the exclamation point, stunning the Charlotte crowd as he hung on the rim and screamed. With two dunks this season, he already doubled his total from last year.

Doncic assisted a Reaves three with 8:01 remaining in the fourth quarter and Reaves put up his arms and threw his head back in relief. He had missed his first seven three-point attempts and finished two for 10 from three-point range.

Reaves’ return gets the Lakers one player closer to their full roster. LeBron James is scheduled to practice with the South Bay Lakers this week as he progresses through his return from right sciatica.

Rookie Adou Thiero (left knee surgery recovery) is also nearing his return as Redick estimated the forward could make his NBA debut during this road trip, which continues Wednesday at Oklahoma City and ends with a back-to-back set in New Orleans on Friday and Milwaukee on Saturday.

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Mamdani announces transition leaders, vows to deliver on ambitious agenda

Fresh off winning New York City’s mayoral election, Zohran Mamdani announced Wednesday that a team including former city and federal officials — all women — would steer his transition to City Hall, and that he would “work every day to honor the trust that I now hold.”

“I and my team will build a City Hall capable of delivering on the promises of this campaign,” the mayor-elect said at a news conference, vowing that his administration would be both compassionate and capable.

He named political strategist Elana Leopold as executive director of the transition team. She will work with United Way of New York City President Grace Bonilla; former Deputy Mayor Melanie Hartzog, who was also a city budget official; former Federal Trade Commission chair Lina Khan; and former First Deputy Mayor Maria Torres-Springer.

With his win over former Gov. Andrew Cuomo and Republican Curtis Sliwa, the 34-year-old democratic socialist will soon become the city’s first Muslim mayor, the first of South Asian heritage, the first born in Africa and the youngest mayor in more than a century.

He now faces the task of following through on his ambitious affordability agenda while navigating the bureaucratic challenges of City Hall and a hostile Trump administration.

“I’m confident in delivering these same policies that we ran on for the last year,” he said in an interview earlier Wednesday on cable news channel NY1.

More than 2 million New Yorkers cast ballots in the contest, the largest turnout in a mayoral race in more than 50 years, according to the city’s Board of Elections. With roughly 90% of the votes counted, Mamdani held an approximately 9 percentage point lead over Cuomo.

Mamdani, who was criticized throughout the campaign for his thin resume, will now have to begin staffing his incoming administration and planning how to accomplish the ambitious but polarizing agenda that drove him to victory.

Among the campaign’s promises are free child care, free city bus service, city-run grocery stores and a new Department of Community Safety that would expand on an existing city initiative that sends mental health care workers, rather than police, to handle certain emergency calls. It is unclear how Mamdani will pay for such initiatives, given Democratic Gov. Kathy Hochul’s steadfast opposition to his calls to raise taxes on wealthy people.

On Wednesday, he touted his support from Hochul and other state leaders as “endorsements of an agenda of affordability.”

His decisions around the leadership of the New York Police Department will also be closely watched. Mamdani was a fierce critic of the department in 2020, calling for “this rogue agency” to be defunded and slamming it as “racist, anti-queer & a major threat to public safety.” He has since apologized for those comments and has said he will ask the current NYPD commissioner to stay on the job.

Mamdani has already faced scrutiny from national Republicans, including President Trump, who have eagerly cast him as a threat and the face of a more radical Democratic Party that is out of step with mainstream America. Trump has repeatedly threatened to cut federal funding to the city — and even take it over — if Mamdani won.

”…AND SO IT BEGINS!” the president posted late Tuesday to his Truth Social site.

Mamdani, for his part, said at his news conference that “New Yorkers are facing twin crises in this moment: an authoritarian administration and an affordability crisis,” and that he would tackle both.

While saying he was committed to “Trump-proofing” the city — to protect poor residents against “the man who has the most power in this country,” as he explained — the mayor-elect also reiterated that he was interested in talking to the president about ”ways that we can work together to serve New Yorkers.” That could mean discussing the cost of living or the effect of cuts to the SNAP food aid program amid the federal government shutdown, Mamdani suggested.

“I will not mince my words when it comes to President Trump … and I will also always do so while leaving a door open to have that conversation,” Mamdani added.

Mamdani also said during his news conference and interviews that he had not heard from Cuomo or the city’s outgoing mayor, Eric Adams. He did speak with Republican candidate Curtis Sliwa.

A spokesperson for Cuomo, Rich Azzopardi, said he would “let their respective speeches be the measuring stick for grace and leave it at that.”

In his victory speech to supporters, Mamdani wished Cuomo the best in private life, before adding: “Let tonight be the final time I utter his name, as we turn the page on a politics that abandons the many and answers only to the few.”

Asked about the comments Wednesday on NY1, Mamdani said he was “quite disappointed in the nature of the bigotry and the racism we saw in the final weeks.” He noted the millions of dollars in attack ads that were spent against him, some of which played into Islamophobic tropes.

Izaguirre and Colvin write for the Associated Press. AP writers Jake Offenhartz and Jennifer Peltz contributed to this report.

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