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Their opposition comes as President Joe Biden is expected to announce within days whom he will choose for the nation's most powerful economic position. Many Fed watchers expect Powell to be offered a second term, though Lael Brainard, a member of the Fed's Board of Governors, has emerged as the leading alternative.

If the debt limit isn't raised by Oct. 18, Yellen warned, "the full faith and credit of the United States would be impaired, and our country would likely face a financial crisis and economic recession." Yellen testified before the Senate Banking Committee at a hearing to update Congress on the impact of the vast financial support programs the government enacted after the viral pandemic paralyzed the economy 18 months ago.

Amazon founder Jeff Bezos paid no income tax in 2007 and 2011. Tesla founder Elon Musk's income tax bill was zero in 2018. And financier George Soros went three straight years without paying federal income tax, according to a report Tuesday from the nonprofit investigative journalism organization ProPublica.

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Elizabeth Warren, who electrified progressives with her "plan for everything" and strong message of economic populism, dropped out of the Democratic presidential race on Thursday, according to a person familiar with her plans. The exit came days after the onetime front-runner couldn't win a single Super Tuesday state, not even her own.

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NORTH AUGUSTA — Black and minority voters are often cited as the reason South Carolina’s first in the South primary is so important, and on Thursday evening, black history and Saturday’s primary were intertwined .