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Federal deficit soars 32 percent to $895B

Tuesday, 11 September 2018 11:58

ocb The 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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President Trump's early jobs tweet leads to criticism from Obama officials

Friday, 01 June 2018 12:09

Bureau of Labor Statistics President Trump seemed excited about the release of Friday morning's job report.

"Looking forward to seeing the employment numbers at 8:30 this morning," he tweeted.

The problem: The president's tweet came before the release of the report by the Bureau of Labor Statistics, which breaks protocol about not commenting on the report before its public release. Trump's tweet hinted a positive report, providing a signal to markets.

Presidents typically get to see the numbers the day before, per a longstanding tradition. Larry Kudlow, director of the National Economic Council, confirmed that he told the president about the numbers on Thursday night aboard Air Force One.

TVNL Comment: Trump broke the law with this move. In the very least, he did his usual dumb thing: whatever he wants without consulting anyone. For the duration of his presidency, Trump should not receive the numbers before the are made public.

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China's Xi renews vow to open economy, cut tariffs as U.S. trade row deepens

Tuesday, 10 April 2018 15:20

China's Xi vows to open eonomy, cut tariffs Chinese President Xi Jinping promised on Tuesday to open the country’s economy further and lower import tariffs on products like cars, in a speech seen as an attempt to defuse an escalating trade dispute with the United States.

While much of his pledges were reiterations of previously announced reforms that foreign businesses say are long overdue, Xi’s comments sent stock markets and the U.S. dollar higher on hopes of a compromise that could avert a trade war.

Xi said China will widen market access for foreign investors, addressing a chief complaint of its trading partners and a point of contention for U.S. President Donald Trump’s administration, which has threatened billions of dollars in tariffs on Chinese goods.

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World’s Wealthiest Billionaires Got Nearly $1 Trillion Richer In 2017: Bloomberg

Thursday, 28 December 2017 14:49

money goes to money The rich aren’t just getting richer — they’re getting much, much richer.

Citing its Billionaires Index, Bloomberg reported Wednesday that the world’s 500 wealthiest people became almost $1 trillion richer ― that’s $1,000,000,000,000 ― in 2017, thanks largely to booming stock markets. For comparison, that’s over four times as much wealth as they gained last year.

Amazon founder Jeff Bezos, the world’s richest person, saw the biggest gain in wealth in 2017. He added $34.2 billion to his net worth, which now totals $100 billion.

Study: ‘Buy America’ rules raising costs for US transit systems

Friday, 07 July 2017 13:27

Buy America increases prices of mass transit Federal requirements to buy American-made products may be forcing some U.S. transit systems to spend more money, according to a new study from a center-right think tank.

The American Action Forum (AAF) released research Friday that found “Buy America” rules for Federal Transit Administration (FTA) grants could be raising procurement costs in some areas.

Fed hikes interest rates, signals two more increases for 2017

Wednesday, 15 March 2017 17:01

Interrest rates increase The Federal Reserve’s top policymaking body on Wednesday pulled the trigger on another increase in interest rates, the first since Donald Trump became president, and signaled there will be two more hikes this year.

The Federal Open Market Committee, which sets the key borrowing rate that affects interest payments on everything from mortgages to savings accounts, raised rates one-quarter of a percentage point. Still, the FOMC emphasized that it plans to nudge up interest rates gradually. The key rate now stands at between 3/4 of a percent and 1 percent.

Carrier agrees to keep 1,000 jobs in Indianapolis

Tuesday, 29 November 2016 21:52

Carrier Corp. is staying in Indianapolis after all.

Nearly nine months after announcing it would relocate its Indianapolis operations to Mexico, Carrier has reached an agreement with the incoming Trump administration to keep 1,000 jobs in the city. The company confirmed its plan on Twitter.

President-elect Donald Trump and Vice President-elect Mike Pence are scheduled to be in Indianapolis Thursday for a formal announcement, according to a transition official. Another source, who is familiar with the plan, said state incentives are part of the deal.

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