Grocery delivery app Instacart's stock fell nearly 5% in premarket trading on Wednesday, on course to join other

The Senate voted late on Thursday night to raise the debt limit and avoid allowing the United States to default on its debt for the first time in history after having an all-night marathon session of votes to assuage Republican concerns. The legislation passed 63 to 36 after senators held 11 votes on amendments —10 from Republicans and 1 from Democrats — to address concerns about the bill. All but five Senators in the Democratic caucus--Sens Bernie Sanders (I-VT), Elizabeth Warren (D-MA), Ed Markey (D-MA), John Fetterman (D-PA) and Jeff Merkley (D-OR)--voted for the legislation while 31 Republican Senators opposed it. “America can breathe a sigh of relief because in this process we are avoiding,” Senate Majority Leader Chuck Schumer said before the votes began on Thursday evening. The vote came after the House passed the legislation on Wednesday that was the result of bipartisan negotiations between the House and the White House. The bill will now head to President before 5 June, the date that Treasury Secretary Janet Yellen had warned that the United States would default on its debt. Republicans raised concerns about some of the restraints on defence spending, which is capped at $886bn. “Well, my message is, I'm a Reagan Republican,” Sen Lindsey Graham (R-SC) told The Independent. “And you do military budgets based on threats and you want to fight over the role of the Republican Party on national defence, I welcome the fight.” Mr Graham expressed concern that it would lead to the United States not being able to support Ukraine in its war against Russia. “And if you want to avoid conflict, you better stand up to aggression,” he said. Sen Susan Collins (R-ME) echoed those concerns in a floor speech. “It would trigger an automatic meat an indiscriminate across-the-board cut in our already inadequate defence budget and in the domestic discretionary non-defence funding,” Sen Susan Collins (R-ME) said in a floor speech. “This would happen automatically if in fact all 12 appropriations bills have not been passed.” Ms Collins said that such a problem could be remedied through a defence supplemental package, which other Senators have also discussed. “It was important for some of our members to have folks on the record, acknowledging that there clearly could be a need will be a need for additional assistance for our national security interests,” Senate Minority Whip John Thune (R-SD) told The Independent. But some Republicans said they still opposed the debt limit increase. “Trade deficit with China,” Sen Josh Hawley (R-MO) told The Independent about why he opposed the bill. “Not gonna do anything about it.” Before the votes began, the Senate went into overtime with negotiations, with Sen Kyrsten Sinema (I-AZ) serving as an intermediary between Democrats and Republicans. “The President took too long but he had his own process and we got to save the country from having to fall,” Sen Mitt Romney (R-UT) told The Independent. “Speaker McCarthy has been underestimated and he's proven that he could get something done.” Conversely, Sen Tim Kaine (D-VA) proposed an amendment to strike a provision to expedite the completion of the Mountain Valley Pipeline, a natural gas pipeline that spans from West Virginia to Virginia, that ultimately failed 30 to 69. The pipeline is a top priority for Sen Joe Manchin (D-WV). Mr Manchin celebrated the inclusion of the pipeline in the agreement. “It’s important for our country, very much important,” Mr Manchin told The Independent. The approval of the pipeline triggered Sen Ed Markey (D-MA), an outspoken advocate for combating climate change, from opposing the legislation. But Sen Brian Schatz (D-HI), another climate hawk, said he would vote for it. “The agreement is the agreement we're going to have to vote for it,” he told The Independent. Other Democrats criticised the fact the bill imposed work requirements for the Supplemental Nutrition Assistance Program, known as SNAP and formerly called food stamps, for adults between the ages of 50 and 54 who do not have children and do not have disabilities. “I did not agree to these SNAP restrictions, and I won’t give Republicans an opening to try and take food from more food insecure Americans in Farm Bill negotiations later this year,” Mr Fetterman said in a statement after the vote. “As I communicated to leadership and the White House, I would have voted to avoid default if it would have made the difference. All in all, this was a tough vote and an ugly situation manufactured by extortionists. While we avoided a catastrophe this time around, we should never put the country in this situation again.” Mr Fetterman said Mr Biden should have invoked the 14th amendment to the US Constitution to avoid a default on the nation’s debt. The vote signals the end to a drawn-out fight between the Republican-controlled House on one end and a Democratic-controlled Senate and the White House on the other. Mr Schumer said the quick passage of the legislation showed the willingness to the Senate to avoid a catastrophic default. Read More 'Shrink the room:' How Biden and McCarthy struck a debt-limit deal and staved off a catastrophe Underestimated McCarthy emerges from debt deal empowered as speaker, still threatened by far right Biden and McCarthy’s debt limit deal went through – but there are winners and losers 'Shrink the room:' How Biden and McCarthy struck a debt-limit deal and staved off a catastrophe Biden and McCarthy’s debt limit deal went through – but there are winners and losers What’s next for Biden-McCarthy debt limit deal as Senate races to beat default?

PHOENIX--(BUSINESS WIRE)--Aug 29, 2023--

US stocks typically see their worst performance of the year in September, but there are signs the market could avoid a steep downturn this time around.

The deal would be the first settlement of strikes by 45,000 workers against the 'Big three' US car makers.

People can’t decide whether Balenciaga’s new $925 bath towel skirt is an example of clever marketing or just a ploy to wipe wallets. The unparalleled high fashion house, piloted by long-time creative director Demna Gvasalia, regularly releases peculiar designs, made to look beaten down and wrecked, with purposeful outlandish price tags – see its $1,850 fully destroyed sneakers or $1,800 trash bag tote. But this particular pick from the brand’s Spring 2024 collection sparked widespread debate online as soon it became available for pre-order on 14 November. A $927 terry-cloth towel, fashioned to be a wrap skirt, comes after the Georgian designer faced backlash for a controversial 2022 holiday ad featuring children holding teddy bears in leather bondage. Following the extensive criticism, Demna said he planned on tapping into his “roots in fashion as well as to the roots of Balenciaga, which is making quality clothes – not making image or buzz”. He told Vogue his plan in February a few weeks ahead of his fall 2023 debut. But while the designer intended to find motivation from Balenciaga founder Cristóbal moving forward, this quirky bathroom garment prompted further conversation about the brand’s continued desire to offer “absurd” luxury items. One riled up fashion enthusiast took to X, formerly known as Twitter, to make a larger generalisation. “This is absurd, These brands will sell anything and everything at such ridiculously high prices,” they wrote. “Balenciaga is so unserious,” another critic commented, while someone else said: “I’ll say it again... Balenciaga is conducting an experiment. It’s a behavioral science study. You can’t convince me otherwise.” Amid the flock of immediate criticism, brand supporters pointed out the platform and intended buyers Balenciaga targets. “In economics we’d say they are discovering the true demand curve. They are checking their customer base to see how elastic they are. If it’s a fairly inelastic demand curve of which it’s very likely to be. They won’t lose anything by being selling s*** like this, in actual fact…” one person wrote. “I need customers like theirs,” another fan proclaimed. One candid reviewer wrote: “What kind of madness is this? At least I’m not their target market.” Other X users added remarks about how they could make their own towel skirt with their fluffy fabric at home. “I already got a towel skirt, it cost $10 and it’s from Walmart,” one individual commented. Playing off the high-end fashion brand’s current visibility, Ikea, the Swedish homewares and furniture brand, dropped a similar advertisement, highlighting its $10 VINARN bath towel. In promotional photos, a model could be seen with the towel wrapped around his waist, layered over a pair of construction pants. On top, the man donned a common Balenciaga identifier with a black hoodie and wrap-around moto sunglasses. Read More Women’s scarves and crocheted ties - what is Robert Peston wearing now? McDonald’s and Crocs collaborate on new Grimace shoes Jacob Elordi reveals why he always carries a purse Women’s scarves and crocheted ties - what is Robert Peston wearing now? McDonald’s and Crocs collaborate on new Grimace shoes Jacob Elordi reveals why he always carries a purse

Johnny Lujack, the Heisman Trophy winner who led Notre Dame to three national championships in the 1940s, died in Florida following a brief illness

Twitch streamer Kai Cenat announced his participation in NBA 2K24 and shared a clip of himself getting scanned for the game with fans

Ross Edgley hopes to swim 171km in Lake Trasimeno, in Italy, after abandoning a previous bid.

Capcom has announced an open beta for the next instalment in the fighting game franchise.

Mike Pence fought the Department of Justice in court to try to avoid testifying against his former boss

The U.S. Forest Service says its own prescribed burn started a 2022 wildfire that nearly reached Los Alamos, New Mexico