Bail for Barrack | Yellen's warning | Cuba sanctions

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VIEW IN BROWSER | SUBSCRIBE FRI, JUL 23, 2021 CNBC POLITICS EDITOR'S NOTE Hello,   Welcome back to the CNBC Politics newsletter. We hope you've had a good week.   The calendar keeps creeping toward big deadlines in August, boosting the pressure on President Biden and the Democratic majority in Congress to act on their agenda. Treasury Secretary Janet Yellen wants Congress to do something about the debt ceiling before early August. A longtime Trump friend is in hot water with the feds. And the U.S. is warning Cuba about suppressing protests.   Here's what's happening: Barrack posts bail: Former President Trump's longtime friend and business associate Tom Barrack won't have to sit in jail to wait for his federal trial over charges he illegally acted as an agent for a foreign nation. The wealthy businessman, who was once reportedly worth $1 billion, agreed to a bail deal with prosecutors Friday. He is accused of illegally lobbying Trump after the 2016 election on behalf of the United Arab Emirates, a nation that played a crucial part in Trump's Mideast policy. Barrack's first court appearance is set for Monday in Brooklyn. Debt ceiling warning: The Treasury secretary wants Congress to move quickly to preserve the government's ability to pay its bills. Yellen told House Speaker Nancy Pelosi and other leaders that lawmakers should raise or suspend the debt ceiling before Aug. 2. If they don't, Yellen said, the Treasury Department would have to take some "extraordinary measures" to help stave off default. The U.S. has never defaulted in its history, although the debt ceiling has become more of a political issue in recent years. Pressure on Cuba: The Biden administration stepped up its pressure on the Cuban government this week to back off protesters. The communist regime in Cuba has cracked down hard on crowds protesting the government over awful conditions on the island. After the administration sanctioned Cuban military and security officials, Biden warned the Cuban government that there were more to come. Thanks for reading CNBC Politics. Have a great weekend.   Thoughts? Tips? Email us at CNBCPolitics@nbcuni.com.   Have friends or colleagues who might like this newsletter? They can sign up here.    Subscribe to CNBC's daily podcast "The News with Shepard Smith," which provides deep, non-partisan coverage and perspective on the day's most important stories. Mike Calia @Michael_Calia KEY STORIES  Trump friend Tom Barrack reaches bail deal with prosecutors, his SPAC pulls SEC registration, IPO plan Thomas Barrack, a close friend of Donald Trump, is accused of illegally lobbying for the United Arab Emirates during Trump's campaign and presidency. Yellen wants Congress to raise or suspend the debt limit by Aug. 2 U.S. sanctions Cuban officials over crackdown on protests as Biden warns: 'This is just the beginning' The Biden administration imposed sanctions on Cuba's defense minister and the communist nation's special forces brigade. Bipartisan infrastructure plan could get another chance after Senate setback The bipartisan infrastructure plan backed by President Biden failed to advance in the Senate, but it could see another vote Monday. U.S. launched overnight airstrikes on the Taliban to support Afghan forces The strikes are the first known since U.S. Army Gen. Scott Miller stepped down from his role last week. House votes to expand and speed up visa process for Afghans who helped the U.S. during war The House approved legislation Thursday that will expand and expedite the special immigrant visa program for Afghans who aided U.S. and coalition forces and may face retribution from the Taliban.  Texas and Florida get involved in Israel's fight with Ben & Jerry's over West Bank boycott Texas and Florida are getting involved in Israel's battle with the socially conscious Ben & Jerry's ice cream brand. Chinese prosecutor, ex-NYPD cop charged with stalking, harassing U.S. residents on behalf of China A Chinese prosecutor and a former NYPD detective are among those charged in a plot to harass U.S. residents in an effort to get one of them to return to China. Ponzi schemer Madoff earned $710 for almost 3,000 hours of prison work, got 'not very dependable' review Bernie Madoff died in prison, where he was serving a 150-year sentence for running the largest Ponzi scheme in history, swindling thousands of victims. China sanctions Wilbur Ross, others over U.S. warning about Hong Kong business conditions China said it has imposed sanctions on seven people, including former Commerce Secretary Wilbur Ross, in response to U.S. penalties.     Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS