Vice President Kamala Harris discusses Joe Biden dropping out of the US presidential race and endorsing her. The podcast also covers India's PM Modi's budget challenges and the UK's fiscal statement. Topics include Biden's decision, Democratic Party implications, UK's financial crisis, and government strategies for public services and taxes.
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Quick takeaways
Joe Biden withdraws from 2024 US presidential race, endorsing Kamala Harris.
Narendra Modi faces budget pressures from coalition allies post-election victory.
Deep dives
Joe Biden drops out of 2024 race and endorses Kamala Harris
Joe Biden recently announced his decision to drop out of the 2024 US presidential race and endorsed his vice president, Kamala Harris, as the Democratic candidate for the November elections. This unprecedented move came after a poor debate performance due to stumbles and forgetfulness, leading to intense pressure from party leaders and donors. The timing, with less than a month until the Democratic National Convention and just over three months until the election, poses significant challenges for the Democrats to come up with an alternate plan. Financial strain on the campaign and Biden's recent COVID diagnosis also influenced his decision.
India's Prime Minister faces budget challenges and coalition negotiations
Narendra Modi, India's Prime Minister, is set to present a crucial budget as his coalition government must navigate funding priorities in collaboration with coalition partners, following an election victory earlier this year. With the BJP not securing a parliamentary majority, compromises are expected. Investors are keenly observing this budget presentation, as Modi, known for a business-friendly approach, faces challenges in balancing differing priorities among coalition partners.
UK's new Chancellor, Rachel Reeves, tackles economic policy and public service funding
Rachel Reeves, the UK's new Chancellor, is gearing up to unveil the Labour government's economic policy, facing the aftermath of previous economic challenges. Reeves is expected to address the inadequacies in public services, particularly in health and education, hinting at the necessity for increased funding. She plans to blame the previous government for the existing issues, consider moderate tax increases, and explore additional borrowing strategies to support public services and stabilize the economy in the short term.
US President Joe Biden has abandoned his re-election bid following overwhelming pressure from fellow Democrats, and India’s prime minister Narendra Modi faces an early test to his third term in office. Plus, the UK’s new chancellor, Rachel Reeves, will present a fiscal statement to parliament later this month.
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Mischa Frankl-Duval, Denise Guerra, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Our intern is Prakriti Panwar. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.