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Tuesday, Nov 12th

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2019 deficit nears $1 trillion, highest since 2012: Treasury

Deficit nears $1 trillion

The federal deficit for fiscal 2019 reached close to $1 trillion for the first time since 2012, according to final Treasury Department figures released Friday.

In the final accounting, the deficit came in at $984 billion, more than $200 billion, or 25 percent, higher than last year and the same figure the Congressional Budget Office projected earlier in the month.

The deficit, which is projected to grow in 2020, has only surpassed $1 trillion four times in the nation's history, during the four-year stretch following the 2008 global financial crisis.

While President Trump as a candidate had promised to wipe out the nation's debt altogether, it now stands above $22 trillion. The annual deficit, which adds to the nation's overall debt burden, was $587 billion in the last full fiscal year before Trump took office.

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Wall Street tumbles as trade war threatens U.S. economy

Wall Street tumbles amid trade warWall Street’s main indexes suffered their sharpest one-day declines in nearly six weeks on Wednesday after employment and manufacturing data suggested that the U.S.-China trade war is taking an increasing toll on the U.S. economy.

Adding to trade concerns, the United States won approval on Wednesday to levy import tariffs on $7.5 billion worth of European goods over illegal EU subsidies handed to Airbus (AIR.PA), threatening to trigger a tit-for-tat transatlantic trade war.

All 11 major S&P sector indexes fell, with energy .SPNY and financials .SPSY each down more than 2%.

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Report: US government losing billions in corporate tax revenue from IRS budget cuts

IRS losing billions from cutsThe federal government could have collected $34.3 billion more in taxes from the nation’s largest corporations by increasing IRS resources by less than half that amount, according to a new study.

That’s nearly 20% of the estimated gap between what corporations paid in taxes and what they owed from 2002 through 2014.

The report from the Indiana University Kelley School of Business is the first to quantify the amount of corporate tax revenue lost during the audit process for every dollar of IRS budget cuts, according to the school.

The number of federal tax examiners has declined by about one third since 2010.

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All Avenue stores closing, liquidation now underway

All Avenue stores closing

Another women's retailer is closing all of its stores.

Plus-size retailer the Avenue will close its 222 stores in 33 states, according to a press release from liquidation company Hilco Merchant Resources.

Hilco is managing the liquidation with Gordon Brothers.

“Avenue shoppers will be amazed not only by the incredible savings, but also by the great selections and styles available at the closing sale," the press release states. "Given the popularity of the brand and the seasonal trends, merchandise is sure to sell out quickly. We are encouraging consumers to shop early and take advantage of these offers.”

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Most Americans are living paycheck to paycheck, survey shows

Living paycheck to paycheck

When you have a seemingly endless list of bills to pay and financial responsibilities to take care of, it can be tough to make sure there's enough money to go around.

The average American is struggling to make ends meet each month, with 59% of U.S. adults saying they live paycheck to paycheck, according to a recent survey from Charles Schwab. Furthermore, nearly half of survey participants say they carry credit card debt and struggle to keep up with the payments.

If you're having a hard enough time paying the bills and putting food on the table without racking up debt, saving for the future is probably the last thing on your mind. Only 38% of people have an emergency fund, according to Charles Schwab, and one in five Americans don't have a dime saved for retirement, according to a survey from Northwestern Mutual.

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Bed Bath & Beyond plans to close at least 40 stores this year but open 15 new locations

bed Bath & Beyond to close 40 storesBed Bath & Beyond will be closing and opening stores this year.

The New Jersey-based home goods retailer, which also operates Buy Buy Baby, Harmon Face Values and World Market, announced mixed results during its fourth-quarter call with financial analysts this week.

"We expect to open approximately 15 new stores in fiscal 2019. This will be offset by a minimum of approximately 40 stores we expect to close," Robyn D'Elia, chief financial officer and treasurer, said during Wednesday's earnings call. "This number will grow unless we are able to negotiate more favorable lease terms with our landlords."

D'Elia said most of the "planned closures are for Bed Bath & Beyond stores."

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Federal deficit soars 32 percent to $895B

ocbThe federal deficit hit $895 billion in the first 11 months of fiscal 2018, an increase of $222 billion, or 32 percent, over the same period the previous year, according to the Congressional Budget Office (CBO).

The nonpartisan CBO reported that the central drivers of the increasing deficit were the Republican tax law and the bipartisan agreement to increase spending. As a result, revenue only rose 1 percent, failing to keep up with a 7 percent surge in spending, it added.

Revenue from individual and payroll taxes was up some $105 billion, or 4 percent, while corporate taxes fell $71 billion, or 30 percent.

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