James Carter Senior News Editor

FRANKFORT, Ky. – Florida Governor Ron DeSantis made a direct appeal to Kentucky lawmakers on Wednesday, advocating for a balanced budget amendment to the U.S. Constitution as a critical step towards addressing the nation’s growing debt. DeSantis argued that without a constitutional requirement, Congress will continue to overspend, potentially leading to economic instability. The push comes as Kentucky considers House Concurrent Resolution 45, which would formally request Congress to initiate the amendment process.

The governor highlighted the dramatic increase in the national debt, stating it has risen from $16 trillion a decade ago to $38 trillion currently. He believes a constitutional amendment is the only viable solution to force fiscal responsibility in Washington. “The reason I am here I don’t think Congress will fix itself,” DeSantis said, according to reporting from WKYT. The effort aims to leverage Article V of the U.S. Constitution, which allows for a convention to propose amendments if two-thirds of states request one.

Kentucky as a Key State in the Amendment Push

Kentucky would become the 29th state to pass a resolution calling for a balanced budget amendment if House Concurrent Resolution 45 is approved. This puts the effort within striking distance of the 34 states needed to trigger a constitutional convention. DeSantis emphasized Kentucky’s potential role, stating, “I think Kentucky would be a great, great candidate to join the movement to prevent Congress from bankrupting this country,” as reported by LEX18. However, the prospect of a constitutional convention has raised concerns among legal experts, who worry it could open the door to broader, potentially disruptive constitutional revisions.

Loren Enns, with the National Campaign for a Balanced Budget Amendment, warned of the risks associated with unchecked government debt. “But if our government gets to the point where we have to default on its debt, admit to the world that we have borrowed so far over its edge, can’t borrow enough to service its debt, what will that do to Wall Street and the global economy?” Enns questioned, as reported by WKYT.

DeSantis and Beshear Exchange Criticism

During his visit, DeSantis also engaged in a public exchange of criticism with Kentucky Governor Andy Beshear. DeSantis criticized Beshear’s handling of pandemic-era restrictions, specifically referencing the enforcement of restrictions on Easter church services and took issue with Beshear’s policies regarding gender-affirming care. “All I can say is a governor who sends state police to block people from going to church for worshiping on Easter Sunday, and a guy who is obsessed with gender mutilation. If that is the guy who is criticizing me, I wear that as a badge of honor,” DeSantis stated.

Beshear responded by contrasting his leadership style with DeSantis’, emphasizing a more collaborative approach. “When one person is yelling and you respond by yelling, no one can hear anything. I know how we have led in Kentucky. I know in Kentucky we don’t have the same kind of division you notice in Florida,” Beshear said, according to WKYT.

Concerns and Next Steps

Whereas proponents argue a balanced budget amendment is essential for long-term economic stability, concerns remain about the potential for unintended consequences and the scope of a constitutional convention. The Kentucky House Appropriations and Revenue Committee did not take immediate action on House Concurrent Resolution 45 following DeSantis’s address. The resolution remains under consideration, and its fate will likely depend on further debate and political maneuvering within the Kentucky legislature. The outcome in Kentucky could prove pivotal in reaching the threshold needed to initiate a national convention to address the federal budget.

The debate over a balanced budget amendment is likely to continue, with both sides framing the issue as crucial for the future of the American economy. What comes next will depend on the willingness of state legislatures to join the call for a constitutional convention and the ongoing discussion about the potential risks and rewards of such a process.

What are your thoughts on a balanced budget amendment? Share your perspective in the comments below.

West Palm Beach will be without one of golf’s biggest stars next week. World No. 2 Rory McIlroy has announced he will bypass the Cognizant Classic, opting instead to immediately begin preparations for his title defense at the Masters Tournament in April. The decision comes after completing two events on the PGA Tour’s West Coast swing.

The move signals McIlroy’s prioritization of Augusta National, where he secured his first career Grand Slam victory in 2025, ending an 11-year major championship drought with a playoff win over Justin Rose. The victory was particularly meaningful, as McIlroy was able to experience the traditions of the Masters, including seeing his name added to the Champions Locker.

According to Golf Channel’s Todd Lewis, McIlroy will use the time leading up to the Masters to spend time at Augusta National with his father, Gerry McIlroy, and Augusta National Chairman Fred Ridley. Lewis reported that McIlroy’s recent visit to the club further fueled his excitement to defend his championship. “He was able to walk up to the Champions Locker and see his name inside, and that experience made him very excited to defend his championship,” Lewis said.

The Masters Tournament is scheduled to begin on April 9th. McIlroy’s 2025 win at Augusta was one of three PGA Tour victories for the Northern Irishman last year, adding to his wins at the Players Championship and the AT&T Pebble Beach Pro-Am.

Genesis Invitational Tee Time for McIlroy

Before turning his full attention to Augusta, McIlroy is slated to compete in the Genesis Invitational at Riviera Country Club in Pacific Palisades. He will tee off at 12:08 p.m. ET on Thursday, marking his return to Riviera after the tournament was held at Torrey Pines South Course last year.

Cognizant Classic Field to be Announced

The full field for the Cognizant Classic will be revealed later this week, as the PGA Tour continues its Florida swing. McIlroy’s absence leaves a notable gap in the lineup, but the tournament is still expected to draw a competitive field.

McIlroy’s decision to focus on Masters preparation highlights the significance of the tournament for the golfer. Having completed the career Grand Slam, the pressure to repeat his success at Augusta will undoubtedly be high. The upcoming weeks will be crucial as he fine-tunes his game and prepares to face the challenges of defending his title.

The 2026 Masters promises to be a compelling event, with McIlroy aiming to become only the fourth golfer to win the Masters in consecutive years. Golf fans will be watching closely to see if he can maintain the form that led him to victory in 2025.

What impact will McIlroy’s focused preparation have on his performance at the Masters? Share your thoughts in the comments below, and be sure to share this article with fellow golf enthusiasts.

Brussels – European capital markets are undergoing a significant push for greater independence and strength, spurred by the implications of Brexit and a desire to foster a more integrated financial ecosystem. The European Commission’s recently unveiled Market Infrastructure Package (MIP), presented on December 4, 2025, aims to revitalize the Capital Markets Union – now rebranded as the Savings and Investment Union (SIU) – but faces the challenge of overcoming existing fragmentation and underdevelopment. The Commission’s assessment paints a stark picture: the EU’s capital markets lag behind global competitors, burdened by a high number of stock exchanges, central securities depositories (CSDs), and central counterparties (CCPs).

The initiative comes as the EU seeks to reduce its reliance on London-based clearinghouses for euro-denominated transactions, a concern heightened after the UK’s departure from the European Union. While Brexit created an opportunity for the EU to build its own robust financial infrastructure, progress has been slow. The MIP represents a renewed effort to assert greater control over the region’s financial landscape and enhance its competitiveness on the world stage.

The core of the MIP focuses on easing cross-border licensing for market infrastructure providers, allowing them to expand their operations within the EU from existing decentralized hubs. This includes simplifying access for exchanges to offer services across member states, establishing a unified license for pan-European market operators, and streamlining access to trading platforms for brokers and asset managers. Settlement systems are also slated for easier cross-border operation.

Enhanced Oversight and a Centralized Approach

Alongside these liberalization measures, the MIP proposes a more centralized approach to supervision. The European Securities and Markets Authority (ESMA) will be significantly strengthened, gaining exclusive responsibility for overseeing all “significant” market infrastructure providers. While national authorities will retain oversight of smaller, nationally-focused entities – albeit with less harmonization – the goal is to create a more efficient and consistent regulatory architecture, mirroring the approach already in place for banking supervision. This increased regulatory scrutiny is expected to come with a substantial bureaucratic burden, both in terms of resources and personnel.

Digital Finance and the Integration of DLT

Innovation is also a key component of the package, with a particular focus on digital capital markets and the potential of Distributed Ledger Technology (DLT), commonly known as blockchain. The proposal envisions a future where securities of all types can be issued as tokens on a DLT and integrated into the existing system of regulated exchanges, CSDs, and CCPs. Payments related to securities trading would be facilitated through e-money tokens regulated under the Markets in Crypto-Assets (MiCA) regulation.

Changes to the Central Securities Depositories Regulation (CSDR) are central to this effort, expanding the definition of “immobilization” to encompass securities originally issued on a DLT, enabling their acceptance for collateral purposes. The European Central Bank (ECB) intends to accept DLT-based securities issued by CSDs as eligible collateral starting March 30, 2026, according to the proposal.

Harmonization Challenges and Legal Frameworks

However, the successful implementation of DLT-based securities hinges on harmonizing civil and insolvency law across the EU’s 27 member states. The legal status of DLT-based securities also remains a complex issue. Germany has already addressed this with its Law on Electronic Securities, classifying such securities as “crypto securities.” This approach is lauded for recognizing that tokens often do not fit neatly into traditional legal categories of property or rights, necessitating a fictional treatment – treating the DLT security as a tangible asset.

Other legal systems, particularly English law, appear to manage the properties of DLT securities – such as transferability and proof of ownership – without specific legislation. Legal opinions will be crucial in building trust in the ownership and creation of DLT securities. Uncertainty also remains regarding applicable law in cross-border transactions and the tokenization of securities held by CSDs operating under different legal frameworks. EU-wide harmonization of “token law” would strengthen national rights.

The European Union is taking steps to modernize its financial infrastructure, but significant legal and logistical hurdles remain. The MIP represents a bold attempt to create a more integrated, competitive, and resilient capital market, but its success will depend on the ability of member states to overcome fragmentation and embrace innovation.

As the MIP moves forward, the focus will be on the legislative process and the implementation of these new regulations. The coming months will be critical in determining whether the EU can truly establish a financial system that reflects its ambitions for economic sovereignty and global leadership.

What are your thoughts on the EU’s efforts to reshape its capital markets? Share your comments below.