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For Immediate Release
July, 14 2015, 04:00pm EDT
Contact:
Sophia Har, Communications Director sophia@jubileeusa.org / (o) (202) 783-3566 x101 (m) (651) 815-1818
Pope Francis Calls for Global Bankruptcy Process
WASHINGTON
Pope Francis called for an international bankruptcy process in a news conference as he left Latin America on Monday. According to the Associated Press, when asked about the Greek debt crisis, Francis stated, "if a company can declare bankruptcy, why can't a country do so and we go to the aid of others?" Francis offered further comments noting that too many countries are struggling with high debts and he suggested a United Nations bankruptcy proposal could be the solution.
"Pope Francis knows that heavy debt loads cause poverty and inequality," said Eric LeCompte, who consulted the Vatican on its position. LeCompte is the head of the religious development organization Jubilee USA Network. "The Pope's statement is a logical extension of the Catholic Church's strong support of debt relief for struggling countries."
Last year, LeCompte led a delegation of global Jubilee organizations to advise Vatican Secretary of State Cardinal Pietro Parolin on the need for a bankruptcy process to address inequality. The Catholic Church is a founder of Jubilee USA and supports its efforts to win debt relief for struggling countries.
In September of 2014, the United Nations General Assembly voted 124-11 to develop the bankruptcy process that Pope Francis referenced. LeCompte addressed the UN earlier this year on the creation of the process. This Fall, the United Nations is set to review progress on the proposal. Because International Monetary Fund (IMF) studies point to debt as a cause of inequality, the IMF is exploring aspects of a bankruptcy process based on an April 2013 paper. In addition to the debt crisis in Greece, nearly 50 countries face worrying levels of debt distress according to World Bank statistics.
"A bankruptcy process is critical if we want less poverty and if we want to prevent financial crisis," stated LeCompte, who consulted a recent United Nations Conference on Trade and Development road map that fed into the UN bankruptcy process. "Bankruptcy means less inequality and more global stability."
Read the United Nations Conference on Trade and Development road map: Sovereign Debt Workouts: Going Forward Roadmap and Guide .
Read the IMF's April 2013 paper on debt restructuring.
View the United Nations General Assembly Resolution on a legal bankruptcy framework.
Jubilee USA Network is an alliance of more than 75 US organizations and 400 faith communities working with 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org
Jubilee USA Network is an interfaith, non-profit alliance of religious, development and advocacy organizations. We are 75 U.S. institutions and more than 750 faith groups working across the United States and around the globe. We address the structural causes of poverty and inequality in our communities and countries around the world.
(202) 783-3566LATEST NEWS
Lindsey Graham Vows to Cash In On GOP Spending Bill's 'Million-Dollar Jackpot'
"Hard not to see this as a corrupt politician collecting on his legislatively permitted bribe," said one Democratic lawmaker.
Nov 13, 2025
While critics fumed at the prospect of Republican US senators suing to collect $1 million or more each in taxpayer money as part of a bizarre provision slipped into the government funding bill, one senior GOP lawmaker said Wednesday that he's all in on the proposal—and won't stop at a mere million.
Tucked away in the Senate plan to end the longest federal government shutdown in US history is legislation compelling telecommunications companies to notify lawmakers if their phone records were subjected to seizure as part of former Department of Justice Special Counsel Jack Smith's investigation into President Donald Trump’s role in the January 6, 2021 Capitol insurrection and effort to illegally remain in power after losing the 2020 election.
The bill allows senators who were not informed that their records were accessed to sue the government for $500,000 each time their data was subpoenaed or reviewed without notification. Just eight Republican senators would qualify.
Congressman Jamie Raskin (D-Md.) slammed the proposal as a "million-dollar jackpot" paid for by taxpayers.
Congresswoman Alexandria Ocasio-Cortez (D-NY) also weighed in, saying on the House floor Wednesday that "it is unconscionable that what we are debating right now is legislation that will give eight senators over $1 million a piece and we are robbing people of their food assistance and of their healthcare to pay for it."
"How is this even on the floor?" she asked before the House sent the bill to Trump's desk. "How can we vote to enrich ourselves by stealing from the American people?"
AOC: "It is unconscionable that what we are debating right now is legislation that will give 8 senators over $1 million a piece and we are robbing people of their food assistance and of their healthcare to pay for it. How is this even on the floor? How can we vote to enrich… pic.twitter.com/eYCJKLlJx6
— Aaron Rupar (@atrupar) November 12, 2025
However, on Wednesday, Sen. Lindsey Graham (R-SC) embraced the proposal.
"Oh, definitely," Graham replied when asked if he would sue. "And if you think I'm going to settle this thing for a million dollars? No. I want to make it so painful, no one ever does this again."
“If I’m subject to a criminal investigation, then the rules apply to me like they would any other citizen, but this wasn’t about investigating me or other senators for a crime. It’s a fishing expedition,” Graham asserted. “It will also cover any Democrats in this Senate this term that may have something happened to them."
But Democrats—and many Republicans—have expressed staunch opposition to the proposal, with Congressman Gabe Amo (D-RI) writing on X, "Hard not to see this as a corrupt politician collecting on his legislatively permitted bribe."
House Speaker Mike Johnson (R-La.) called the provision "a really bad look."
At least one GOP House lawmaker has vowed to vote against the continuing resolution unless the provision is rescinded:
However, the proposal was not removed, and Steube was one of 209 House lawmakers who voted against the bill—which passed with 222 "yes" votes and was subsequently signed by Trump.
Raskin ripped Graham on X Thursday, saying, "Sir, you were treated like every other American who gets caught up in a massive criminal event or conspiracy."
"Do you now want to ban all grand jury subpoenas of phone records," he added, "or just vote yourself a million-dollar taxpayer jackpot because you got one and you think senators should have special privileges over everyone else?"
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JB Pritzker Warns Trump Would ‘Take Us to War With Venezuela’ to Distract From Epstein
"He’s going to do everything in his power to distract,” said the Illinois governor.
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As President Donald Trump escalated tensions in the Caribbean with its deployment of an aircraft carrier and warships, one of his top critics in the Democratic Party warned that Trump could follow through on earlier threats to strike Venezuela as newly released documents shed light on a topic the White House has sought to keep secret: the details of the president's friendship with convicted sex offender Jeffrey Epstein.
“My great fear, of course, is that with the release of that information, which I think will be devastating for Trump, he’s going to do everything in his power to distract,” Illinois Gov. JB Pritzker told the Associated Press on Wednesday. “What does that mean? I mean, he might take us to war with Venezuela just to get a distraction in the news and take it out of the headlines.”
Democrats on the House Oversight Committee released a series of emails in which Epstein, who died in prison in 2019, told a friend he spent Thanksgiving 2017 with Trump, informed a former New York Times journalist he had a "photo of donald and girls in bikinis," and suggested he had briefed Russia’s ambassador to the United Nations, Vitaly Churkin, on Trump in 2018.
Trump has long claimed he cut ties with Epstein in the mid-2000s after Epstein recruited girls at the president's Florida estate, Mar-a-Lago.
After the Democrats released the emails, the Republican-controlled committee disclosed 20,000 pages of messages from the financier, who was arrested on federal sex trafficking charges in 2019. Those messages, which were obtained from the Epstein estate in response to a subpoena, included a comment from Epstein that he was “the one able to take [Trump] down" and suggestions that he had knowledge of the president's real estate and business dealings.
Epstein also told journalist Michael Wolff of Trump, "Of course he knew about the girls." He told his longtime associate Ghislaine Maxwell, who was also convicted of helping Epstein with his sex trafficking operation, that the president was "the dog that hasn't barked" in a 2011 email and said Trump had spent "hours at my house" with one of Epstein's well-known victims, Virginia Giuffre.
Pritzker on Wednesday demanded the full release of the Epstein files, saying Trump was "silent because he knows what's inside."
The release of the documents came after months of demands from Democrats that the US Department of Justice fully disclose files related to the Epstein case, which they believe would implicate Trump.
On Wednesday, House Speaker Mike Johnson (R-La.) said he plans to hold a vote next week on releasing the files. Johnson finally swore in Rep. Adelita Grijalva (D-Ariz.) on Wednesday after a weekslong delay he tried to blame on the government shutdown and Grijalva promptly became the 218th lawmaker to sign a discharge petition forcing the vote.
The president said late Wednesday that "the Democrats are using the Jeffrey Epstein Hoax to try and deflect from their massive failures."
But as Pritzker pointed out, the new developments in the Epstein saga follow the Trump administration's threats against Venezuela and his bombings of boats in the Caribbean and the eastern Pacific Ocean—strikes that have killed at least 76 people and have been denounced by legal experts and Democratic lawmakers as extrajudicial killings.
The bombings have been part of what the administration claims is a campaign to stop drug trafficking out of Venezuela—a country that, according to the United States' own intelligence and law enforcement agencies, plays virtually no role in the trafficking of fentanyl, the leading cause of overdoses in the US.
Venezuela is a transit hub for—but not a significant producer of—cocaine, which is sometimes transported via the Caribbean to the US.
But while Trump has claimed to Congress that the US is in "armed conflict" with drug cartels, drug trafficking has long been treated as a law enforcement issue—not one to be confronted through military strikes—with those suspected of transporting illicit substances arrested and their products confiscated by the Coast Guard and other agencies.
Trump has also signaled that the US could attack Venezuela directly and has authorized Central Intelligence Agency operations there, prompting Venezuelan President Nicolás Maduro to ready the country's entire military arsenal for a potential response on Tuesday. Maduro has accused Trump of seeking "regime change"—which Secretary of State Marco Rubio has long advocated for—and Trump explicitly said in 2023 that he would seek to take control of Venezuela's vast oil reserves if he won the presidency again.
On Wednesday, top military officials reportedly presented Trump options for potential military operations within Venezuela.
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'Little to No Measurable Progress' on Climate as World on Track for 2.6°C: Report
"Without rapid, deep emissions cuts—over 50% by 2030—overshooting 1.5°C becomes ever more likely, with severe consequences for people and ecosystems," one expert said.
Nov 13, 2025
Despite new national policies submitted ahead of the United Nations COP30 climate conference in Belém, Brazil, the world remains on track for a disastrous 2.6°C of fossil fuel-driven warming, according to an annual analysis released on Thursday.
Climate Action Tracker (CAT) said the 2025 report marked the fourth year in a row in which there had been "little to no measurable progress" in its warming predictions for 2100 based on the current policies and commitments of 40 countries.
"The world is running out of time to avoid a dangerous overshoot of the 1.5°C limit," Climate Analytics CEO Bill Hare said in a statement. "Delayed action has already led to higher cumulative emissions, and new evidence suggests the climate system may be more sensitive than previously thought. Without rapid, deep emissions cuts—over 50% by 2030—overshooting 1.5°C becomes ever more likely, with severe consequences for people and ecosystems."
Under the Paris Agreement, countries are required to submit nationally determined contributions (NDCs) every five years outlining their plans to slash greenhouse gas emissions and adapt to the impacts of the climate crisis. However, CAT found that nearly none of the 40 countries it analyzed had updated their 2030 NDCs or announced sufficiently ambitious 2035 NDCs ahead of COP30, which began on Monday. This means that the projected warming based on 2030 and 2035 targets remained at 2.6°C above preindustrial levels.
"We have said it before, and we will keep saying it: We are running out of time."
“A world at 2.6°C means global disaster,” Hare told The Guardian, adding that it would likely trigger key tipping points such as the death of coral reefs, the transformation of the Amazon rainforest into grassland, the destabilizing of ice sheets, and the collapse of the Atlantic Meridional Overturning Circulation.
“That all means the end of agriculture in the UK and across Europe, drought and monsoon failure in Asia and Africa, lethal heat and humidity,” Hare explained. “This is not a good place to be. You want to stay away from that.”
CAT also made temperature projections based on existing policies and actions; pledges and targets, including binding long-term targets; and an optimistic scenario including net-zero targets. In 2025, the temperature projection for existing policies dropped from 2.7°C to 2.6°C, mostly due to a change in methodology, and the "optimistic scenario" remained the same at 1.9°C. However, the "pledges and targets" projection increased from 2.1°C to 2.2°C, predominately due to President Donald Trump's decision to withdraw the US from the Paris Agreement.
Other major carbon polluters China and the European Union did not update their plans with the ambition required to meet the Paris goals.
The analysis comes a week after the UN Environment Programme released its Emissions Gap Report, which found that NDCs put the world on track for 2.3-2.5°C of warming, while current policies put it on track for 2.8°C.
Overall, CAT blamed the lack of progress on the continued growth of fossil fuel production and use. It noted that several major countries had continued to expand fossil fuels, from India, China, and Indonesia building more coal plants to Japan and Saudi Arabia championing gas as a "bridge fuel."
"Worst of all," the report authors wrote, "the United States is actively shutting down offshore wind projects, rolling back renewable energy incentives, cutting curbs on carbon pollution, and actively expanding oil and gas production."
However, despite their grim projections, CAT did see hope in the massive rollout of renewable energy, which generated more power than coal for the first time in 2025.
“While not at the pace needed, our analysis shows that the Paris Agreement works,” said Niklas Höhne, of CAT partner the NewClimate Institute, in a statement.
Höhne continued:
Back in 2015, our current policies scenario led to 3.6°C of warming by 2100. Today, 10 years later, our latest projections show that this has been reduced by roughly 1°C to around 2.6°C. The Paris Agreement has rewritten the rules of global climate action—sparking investment, innovation, and reforms that would simply not have happened without it.
But governments need to speed up the pace now. Although emissions have risen, the exponential pace of the renewable energy expansion allows us to now reduce emissions much faster than previously thought. Governments can strengthen or overachieve 2030 targets, implement robust policies, and ensure transparency and accountability to deliver on the Paris Agreement promise and safeguard a sustainable future.
The faster governments act, the faster they can close the "targets gap" between current emissions and how far they have to fall to keep the 1.5°C goal within reach. This gap is expected to grown by as many as 2 billion metric tons between 2030 and 2035 alone.
CAT said that current research indicates that implementing the most ambitious policies could limit peak warming to 1.7°C. This could be achieved by reaching net-zero carbon dioxide emissions before 2050, reaching net-zero greenhouse gas emissions in the 2060s, and removing carbon dioxide from the atmosphere. Under this scenario, global temperatures would return to below 1.5°C by the end of the century.
"We have said it before, and we will keep saying it: We are running out of time," said report lead author Sofia Gonzales-Zuñiga.
"Every new fossil gas deal the EU makes, every new coal plant built in China, every fossil gas expansion project in Australia, every exported barrel from Norway, every tonne of LNG Japan pushes into neighboring Asian countries, costs billions to people elsewhere in the world as they deal with increasingly extreme weather events," Gonzales-Zuñiga continued. "These are not abstract policy choices—they are physical realities with human consequences. The atmosphere does not negotiate, and it does not wait."
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