
Meet Markey's primary challenger
MARKEY CHALLENGER ENTERS THE CHAT — Alex Rikleen — a father, former teacher and fantasy sports writer — is running for the U.S. Senate 'because Democrats have shown us that they're not going to change on their own.'
Rikleen, a first-time candidate, launched his primary campaign against Sen. Ed Markey earlier this week with a call for Democrats to do more to fight the 'existential threat' they warned of from a second Trump term.
'Democrats the whole last campaign, the overwhelming message was 'existential threat, existential threat,'' Rikleen told Playbook. 'And Ed Markey has been around for — this is his seventh new Republican administration — and I don't see any difference in how he is responding to this new Republican administration versus any of the previous six.'
Out of power in D.C., Democrats have unleashed a steady drumbeat of criticism against Republicans. Markey has crossed the state to attend protests and rallies, and he t raveled to Louisiana in April to urge the White House to release Tufts student Rumeysa Öztürk who was detained there. But beyond messaging, there's little Democrats can do to block President Donald Trump's agenda without control of either the House or the Senate.
Republicans will likely be able to push their policy agenda through Washington, Rikleen acknowledged. 'A unified Republican majority can overcome people who are objecting to unanimous consent, and they can overcome quorum calls, but it slows them down,' he said.
Rikleen isn't alone in launching a frustration-fueled primary challenge against a longtime Democratic member of Congress. Candidates are running similar campaigns in California, Illinois and Virginia. But Rikleen, a millennial, didn't specifically mention Markey's age (he'll be 80 when he's on the ballot next year).
Taking on Markey will likely be an uphill battle for a political newcomer like Rikleen — especially considering he notched a decisive victory last cycle over high-profile congressman from one of the country's most storied political families.
GOOD FRIDAY MORNING, MASSACHUSETTS. Happy Friday!
TODAY — Gov. Maura Healey and Lt. Gov. Kim Driscoll announce the state's new Poet Laureate at 12:45 p.m. in Salem. Boston Mayor Michelle Wu hosts a Chinatown and Bay Village coffee hour at 10 a.m. in Chinatown, speaks at the ribbon cutting ceremony for the new Flour Bakery location in Boston Common at noon and talks about 'governing in the age of Trump' at the WBUR Festival at 2 p.m.
THIS WEEKEND — Auditor Diana DiZoglio is on WCVB's 'On the Record' at 11 a.m. Sunday. Rep. Jake Auchincloss is on NBC10 Boston Weekend Today at 9:30 a.m. Sunday.
Have a tip, story, suggestion, birthday, anniversary, new job, or any other nugget for the Playbook? Drop me a line: kgarrity@politico.com.
DATELINE BEACON HILL
EYEBROW RAISER — Massachusetts' Healey seeks meeting with Trump border czar Homan by Barry Richard, 1420 WBSM: 'Days after Massachusetts Governor Maura Healey praised 'some' of President Donald Trump's border policies, Healey is now looking to score a meeting with Trump border czar Tom Homan. … [F]ormer Bristol County Sheriff Tom Hodgson, the Massachusetts chairman of the 2024 Trump campaign, told WBSM's Chris McCarthy he was approached by a Healey contact who asked if he might mention Hodgson to Healey as someone who might be able to put her in touch with Homan. Hodgson agreed. 'I will wait for his response,' Hodgson said. 'He (the contact) did not say she asked him to reach out to me, but he prefaced his conversation by saying he was 'having dinner with Maura Healey.'''
Healey has previously said she would be willing to meet with Homan, but an aide didn't clarify Thursday night whether she was actively seeking a meeting with Trump's border czar.
— Lawmakers urged to block library book bans by Christian M. Wade, The Eagle-Tribune: 'Lawmakers are being urged to restrict efforts to ban books from public libraries and schools in response to a rise in challenges from parents and conservative groups. The bipartisan proposal, which is being considered by the Legislature's Committee on Tourism, Arts and Cultural Development, would, if approved, make Massachusetts one of only two states to effectively outlaw book bans because of 'partisan or doctrinal' reasons by setting new restrictions on receiving state funding.'
WHAT'S ON CAMPBELL'S DOCKET
— AG Campbell releases 'Know Your Rights' guide as ICE arrests surge by Vivian La, WBUR: 'In response to an increase in immigration arrests, Massachusetts Attorney General Andrea Campbell issued a guide that outlines what immigrants, families and communities should know about their rights if they are approached by ICE or witness detentions in their neighborhoods. Over the last few months, some arrests have shocked communities. Five federal agents tackled a man in Watertown; a chaotic arrest in Worcester led to an hours-long standoff between bystanders, local police and federal agents; agents smashed a car window to access a man in New Bedford; and a Tufts student who didn't know her visa was revoked was arrested by plainclothes agents.'
FROM THE HUB
— Opioid-related deaths decline in Boston in 2024 by Craig LeMoult, GBH News: 'Opioid-related deaths dropped sharply in Boston last year, hitting a nine-year low, according to a new analysis by the Boston Public Health Commission. Public health leaders believe some interventions, like distribution of the overdose-reversing drug naloxone, are helping — but they say the biggest contributing factor may be what's in the illicit drugs themselves.'
THE RACE FOR CITY HALL
— District 7 candidates debate land use, White Stadium at Boston forum by Tréa Lavery, MassLive: 'Nine candidates seeking to replace Boston District 7 City Councilor Tania Fernandes Anderson discussed a number of community issues during a virtual forum Thursday night. But the one issue that remained unsaid during the nearly three-hour forum was the reason Fernandes Anderson's seat is open — her conviction on federal corruption charges.'
PLANES, TRAINS AND AUTOMOBILES
— MBTA employees busted for allegedly falsifying Red Line track inspection reports in Boston by Lance Reynolds, Boston Herald: 'Four former MBTA employees who clocked in overtime well north of $50,000 last year and a current staffer could face up to 20 years in prison for allegedly falsifying Red Line track inspection reports. The four former employees are accused in federal court of working on private vehicles, playing on their phones, and chatting with other employees instead of performing track inspections, which they stated they completed.'
DAY IN COURT
— Grand jury investigating State Police recruit death by Sean Cotter, The Boston Globe: 'A state Superior Court grand jury has been hearing sworn testimony over at least several weeks from State Police troopers and others close to the investigation of a police recruit's death during a training exercise in September, according to three people with direct knowledge of the secret court proceedings. The grand jury appears to be an escalation in the months-long investigation by special prosecutor David Meier. The veteran defense attorney and former prosecutor was tapped by state officials to lead an independent probe into the death of 25-year-old Enrique Delgado-Garcia, who suffered serious injuries in a boxing ring during an academy training exercise in New Braintree. He died a day later.'
WARREN REPORT
— Savannah Chrisley clashes with Elizabeth Warren over Trump's pardon of her parents' fraud convictions by Tal Kopan, The Boston Globe: 'Senator Elizabeth Warren drew the ire of a conservative reality television star Thursday morning over a pardon from President Trump that wiped away her parents' fraud convictions. Savannah Chrisley, daughter of 'Chrisley Knows Best' TV stars Todd and Julie Chrisley, took issue with a Warren post on the social media platform X that called Trump's pardon of her parents 'a get-out-of-jail-free card for the rich & famous who cozy up to Trump.' The younger Chrisley campaigned for Trump last year.'
— Led by Senator Warren, Mass. lawmakers demand answers about Trump's ongoing attack on international students by Tonya Alanez, The Boston Globe: 'Senator Elizabeth Warren led a delegation of Massachusetts lawmakers in demanding answers from the Trump administration about its revocation of international students' visas, what they called the latest in a string of hostile actions aimed at students from abroad, according to a copy of a letter sent Wednesday.'
FROM THE DELEGATION
OVERSIGHT OFFICIAL — Rep. Stephen Lynch made his bid for the for the top Democratic spot on the House Oversight and Government Reform Committee official Thursday, touting his decades of experience on the committee, and the support of the late Rep. Gerry Connolly, who previously held the post.
'As we all know, Gerry Connolly was all about the work, and I am honored to have earned his trust and endorsement to continue this important work and lead Oversight Democrats at a moment when our decisions and our actions over the coming months may determine the course of our American experiment,' Lynch, who has been serving as the party's temporary head of the panel, wrote in a letter to Democratic colleagues.
'I am well-prepared to manage an extremely talented group of Oversight Democrats as we fight like hell against every action taken by the Trump Administration to curtail individual rights, dismantle our democratic institutions and unload the costs of reckless economic plans onto the backs of America's workers and vulnerable communities,' Lynch added.
So far, Lynch is up against Rep. Robert Garcia of California and Rep. Kweisi Mfume of Maryland. Others, like Texas Rep. Jasmine Crockett, have also expressed interest in running.
MARIJUANA IN MASSACHUSETTS
— Small marijuana businesses call reform bill a 'Trojan horse' for big companies by Walter Wuthmann, WBUR: 'Massachusetts House lawmakers this week released their long-awaited plan to restructure the state's embattled Cannabis Control Commission, but some marijuana retailers say it contains provisions that would be a 'death blow' to the industry. The agency tasked with regulating the state's $8 billion marijuana industry has faced calls for reform following allegations of workplace toxicity, infighting and perceived regulatory delays. The House proposal would reduce the five-member commission to three, and give more governing power to its chair.'
— With cannabis industry struggling, Western Mass. sellers and growers seek relief from high court by Jim Kinney, The Springfield Republican: 'Plaintiffs growing, selling and delivering legal marijuana in Massachusetts now have two court decisions against them, but aren't giving up. They seek to overturn a federal law they say strangles their business. They were turned back last week by the United States Court of Appeals for the First Circuit. But plaintiffs say their fight against the Richard Nixon-era Controlled Substances Act of 1970 is not over.'
FROM THE 413
— ICE takes two into custody Wednesday morning in Amherst by Scott Merzbach, Daily Hampshire Gazette: 'Amherst officials are notifying the community about U.S. Immigration and Customs Enforcement actions in which two individuals were taken into custody, in separate incidents, Wednesday between 7 and 8 a.m.'
— Pittsfield City Council gives initial OK to 10 city budgets by Maryjane Williams, The Berkshire Eagle.
THE LOCAL ANGLE
— Holy Family Hospital in Haverhill cuts overnight care, pursues 'satellite emergency' status by Jill Harmacinski, The Eagle-Tribune: 'Plans are underway for Holy Family Hospital in Haverhill to become a 'satellite emergency facility' with 59 beds for overnight admissions now being phased out, officials said. Surgical services ended in March at HFH Haverhill and intensive care unit services have been unavailable there since 2024 before Lawrence General Hospital assumed ownership after the Steward health care system collapse.'
— $70 million in bonds in pipeline for New Bedford's water systems by Colin Hogan, The New Bedford Light: 'A new bond order advanced in City Council last Thursday will kick off the latest round of work — $70 million in total — for the Whaling City to repair, replace, and improve its water systems: stormwater, wastewater, and lead pipes alike.'
— In Nantucket, fears of an economic chilling effect after ICE sting by Danny McDonald, The Boston Globe. — — Renters find relief at Worcester legal clinic to clear their eviction records by Sam Turken, GBH News.
HEARD 'ROUND THE BUBBLAH
HAPPY BIRTHDAY — to CNN's Eric Levenson, Senate Ways & Means Chair Michael Rodrigues, Bill Fonda, Natasha Sarin, Ayanna Pressley alum Luisa Peña Lyons and Wes Ritchie.
HAPPY BIRTHWEEKEND — to WPRI's Ted Nesi, Katie Sagarin and Gena Mangiaratti, who celebrate Saturday.
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Hogg's political group endorses Mamdani in NYC mayoral race
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The Hill
32 minutes ago
- The Hill
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America's financial outlook has darkened under President Donald Trump's leadership. All three major credit-rating agencies now rank U.S. federal debt one notch below triple-A, and Jamie Dimon, the chairman and CEO of JPMorgan Chase JPM, has warned of a crack in the U.S. bond market. With the 10-year U.S. Treasury yield BX:TMUBMUSD10Y at 4.4% on Wednesday and the 30-year rate BX:TMUBMUSD30Y at 4.9%, holders of nominal U.S. debt should be prepared for significant real losses. The principal risk is not U.S. sovereign default, but rather unexpected increases in medium- and long-term interest rates, owing to market expectations of higher inflation. Fiscal policy under Trump is unsustainable, as it was under former President Joe Biden — but even more so if the Trump administration's 'big, beautiful' budget passes in anything like its current form. 'I'm at my wit's end': My niece paid off her husband's credit card but fell behind on her taxes. How can I help her? Why the biggest-ever 'triple witching' options expiration could deliver a jolt to Friday's trading Israel-Iran clash delivers a fresh shock to investors. History suggests this is the move to make. 'I prepaid our mom's rent for a year': My sister is a millionaire and never helps our mother. How do I cut her out of her will? I'm 75 and have a reverse mortgage. Should I pay it off with my $200K savings — and live off Social Security instead? The January 2025 Financial Report of the United States Government makes this clear. The U.S. ratio of federal debt held by the public to GDP at the end of the 2024 fiscal year was around 98%, although $4.7 trillion of the $28.3 trillion in federal debt was held by the Federal Reserve — meaning it is erroneously categorized as held by the 'public,' when really the central bank's accounts should be consolidated with those of the federal government. Under current policy and based on the report's assumptions, federal debt held by the public would reach 535% of GDP by 2099. Stabilizing the U.S. debt-to-GDP ratio requires that the annual primary federal deficit (excluding interest payments) fall by an average of 4.3% of GDP over the next 75 years. And yet, the federal deficit and primary deficit were 6.4% and 3.3% of GDP, respectively, in fiscal-year 2024 — far above what can be justified with the economy near full employment. Read: America's debt is at a breaking point — Trump's tax bill might just push it over the edge With the U.S. Congress so dysfunctional, no one has any faith that it will deliver the required deficit reduction. Democrats do not do permanent spending cuts, and Republicans do not do permanent tax increases. The federal government does own about 28% of U.S. land (roughly 640 million acres), as well as other real commercial assets that could yield significant additional nontax revenues if properly managed. But neither party — nor even the misnamed Department of Government Efficiency — appears to have considered this option, so the federal deficit as a share of GDP is likely to rise over the next few years. With no foreseeable improvement in fiscal policy, there are two possible outcomes. First, the U.S. government could default. There has long been a small, but recurrent, risk of a technical, short-lived default if Congress fails to raise, suspend, extend, revise or abolish the federal debt ceiling on time. Fortunately, it has averted this scenario 78 times since 1960, and we expect it to continue doing so. As matters stand, the debt ceiling (including debt held by federal agencies) is set at $36.1 trillion, and debt subject to the limit is also $36.1 trillion. If needed, the Treasury has a highly liquid asset (the Treasury General Account held with the Fed) worth $332.9 billion that it can use to meet its obligations, and it may temporarily use 'extraordinary measures to continue to borrow additional amounts for a limited time.' The second, more likely possibility is that the Fed will monetize enough federal debt to prevent default. Since U.S. federal debt is serviced in dollars, 'printing money' is always an option. But, as the Fed well knows, a large-scale monetization of federal debt would result in significantly above-target inflation. We believe the Fed will do this without its operational independence being revoked by Trump. To get the Federal Open Market Committee to do something it does not want to do, the president would need to control the majority of its 12 voting members. These include the seven members of the Federal Reserve Board of Governors and five (out of 12) regional Federal Reserve Bank presidents who vote at any given FOMC meeting. Neither the president nor Congress can appoint or fire Federal Reserve Bank presidents. The Board of Governors must approve them, and only the board can remove them. The president nominates board members, but the Senate must confirm them. Board members' current term limits imply that, assuming none are fired, Trump will have the opportunity to nominate only two new members. True, with the power to fire board members 'for cause' — meaning 'inefficiency, neglect of duty, or malfeasance' — Trump could try to replace a majority of the members with loyalists. But this seems unlikely. Whether the 'for cause' criterion has been met will be contested in the courts, and the Senate would have to confirm Trump's appointees. Read: Trump's pick to replace Fed Chair Powell could rock your mortgage and retirement. Buckle up. Similarly, Congress could revise the Federal Reserve Act to replace the Fed's monetary-policy objectives with a mandate to buy or sell sovereign debt according to the wishes of the Treasury. But this, too, is unlikely. And the same goes for a scenario in which the Treasury sets a rapidly depreciating exchange-rate target for the dollar DXY that can be achieved only through large-scale Fed purchases of U.S. public debt that generate high inflation. However, fiscal dominance — indeed, fiscal capture — is very likely, because the need to avoid a domestic and global financial crisis will force the FOMC's hand. It will do whatever is necessary to prevent a U.S. government default, because the Fed's financial-stability mandate (the Financial Stability Act of 2010 mentions the Fed 179 times) undoubtedly trumps its monetary-policy mandate of maintaining maximum employment, stable prices and moderate long-term interest rates. The Fed cannot credibly threaten to refuse to monetize debt and deficits to compel fiscal retrenchment by the Treasury, let alone Congress. Thus, the Fed will have no choice but to engage in sovereign-debt purchases that it knows to be incompatible with its monetary-policy objectives. With nominal interest rates for medium- and long-term U.S. sovereign debt far below the levels consistent with realistic expectations of future inflation, serious capital losses on nominal debt instruments (public and private) are likely. The inflation surge could be no more than three years away. As the prospect of fiscal capture comes into view, investing in Treasury inflation-protected securities (TIPS) and other indexed public and private debt instruments will become increasingly attractive. Willem H. Buiter, a former chief economist at Citibank and former member of the Monetary Policy Committee of the Bank of England, is an independent economic adviser. Anne C. Sibert is professor emerita of economics at Birkbeck, University of London. This commentary — 'U.S. Debt Holders Should Brace for Impact' — is published with the permission of Project Syndicate. Read: 'You are going to panic,' Jamie Dimon tells regulators about what will happen when the bond market cracks More: What's at stake if world's most powerful market finally buckles after decades-long U.S. debt splurge 20 companies in the S&P 500 whose investors have gained the greatest rewards from stock buybacks Israel-Iran conflict poses three challenges for stocks that could slam market by up to 20%, warns RBC I'm 51, earn $129K and have $165K in my 401(k). Can I afford to retire when my husband, 59, draws Social Security at 62? 'It might be another Apple or Microsoft': My wife invested $100K in one stock and it exploded 1,500%. Do we sell? Why the stock market will be performing a high-wire act over the summer, according to UBS