US Budget Deficit Slashed in Half As Pandemic Spending Eases
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
US Budget Deficit Slashed in Half As Pandemic Spending Eases
US Budget Deficit Slashed in Half , As Pandemic Spending Eases.
Reuters reports that on Oct.
21, the American government said that compared to last year, its 2022 fiscal budget
deficit was cut in half to $1.375 trillion.
Decreased COVID relief spending
and record revenues were key factors.
According to the U.S. Treasury, the
$1.400 trillion deficit reduction was the
largest-ever improvement in a single year.
President Biden touted his administration's
efforts to lower the deficit while increasing
infrastructure spending and providing more
benefits to middle- and low-income Americans.
You know, we've gone from an historically strong economic recovery to a steady and stable growth, while reducing the deficit, President Biden, via statement.
However, student loan forgiveness costs kept the deficit from being cut even further.
According to CNN, the program, which is widely criticized
by Republicans, impacted the outlays for the fiscal
year's final month of September by $430 billion.
.
Still, Treasury Secretary Janet Yellen says the Biden administration has sustained a "credible fiscal policy.".
I do see our debt as being
on a responsible path, Janet Yellen, U.S. Treasury Secretary, via statement.
But fiscal watchdog Committee for a Responsible Budget thinks otherwise.
It should be no surprise that the Federal Reserve is having a hard time getting inflation under control when fiscal policymakers keep making their job even harder with more borrowing, Maya MacGuineas, president of the Committee for
a Responsible Fiscal Budget, via statement
Israeli Prime Minister Netanyahu dismissed US President Biden's threat to halt arms sales over a potential ground operation in Rafah. Netanyahu asserted Israel's ability to stand alone and fight fiercely if needed, citing historical precedent. Despite Biden's concerns about civilian casualties, Netanyahu remains determined. The US decision to pause bomb shipments to Israel further underscores escalating tensions between the two allies.
#Israel #IsraelHamas #Rafahinvasion #Biden #JoeBiden #BenjaminNetanyahu #USnews #BidenNetanyahu #Israelnews #Worldnews #Oneinda #Oneindia news
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The United States ambassador to India Eric Garcetti, representing the Biden administration, dismissed concerns about Indian democracy at a Council on Foreign.. IndiaTimes
Speaking at a council on foreign relations event, US Ambassador to India Eric Garcetti emphasized the importance of accountability in maintaining the US-India.. IndiaTimes
President Joe Biden has suffered yet another gaffe at a podium ... this time, he incorrectly ID'ed WNBA superstar Candace Parker as a "coach." The flub happened.. TMZ.com
"Union Finance Minister Smt. @nsitharaman had a Telecon with US Treasury Secretary Ms. Janet Yellen @SecYellen, today. The two leaders held cordial discussions.. IndiaTimes
China-Based Hackers , Hit With Sanctions and Indictments , Over Cyber Attacks.
ABC reports that the United States has
sanctioned hackers based in China over
alleged attacks on critical U.S. infrastructure.
According to the U.S. Treasury Department,
a state-sponsored front company has provided
cover for multiple cyber attacks on U.S. infrastructure. .
Sanctions by the U.S. and the United Kingdom have
targeted representatives of Wuhan Xiaoruizhi
Science and Technology Company Ltd. (Wuhan XRZ).
The U.S. Treasury Department alleges
that Wuhan XRZ acts as a China-based
Ministry of State Security (MSS) front company. .
ABC reports that the allegations include malicious cyber operations that include the 2020 spear phishing operation against the U.S. Naval Academy. .
ABC reports that the allegations include malicious cyber operations that include the 2020 spear phishing operation against the U.S. Naval Academy. .
On March 25, the U.S. Justice Department indicted seven individuals on charges stemming from their alleged involvement with these malicious operations.
On March 25, the U.S. Justice Department indicted seven individuals on charges stemming from their alleged involvement with these malicious operations.
The Justice Department will not
tolerate efforts by the Chinese
government to intimidate Americans
who serve the public, silence the
dissidents who are protected
by American laws, or steal
from American businesses, Merrick Garland, Attorney General statement, via ABC.
This case serves as a reminder
of the ends to which the Chinese
government is willing to go to
target and intimidate its critics,
including launching malicious cyber
operations aimed at threatening
the national security of the
United States and our allies, Merrick Garland, Attorney General statement, via ABC.
ABC reports that court documents show
that the hackers targeted politicians and
other prominent officials with "tracking links.".
The Conspirators used this method
to enable more direct and sophisticated
targeting of recipients' home routers
and other electronic devices,
including those of high-ranking U.S.
government officials and politicians
and election campaign staff from
both major U.S. political parties, Court documents, via ABC.
The Conspirators used this method
to enable more direct and sophisticated
targeting of recipients' home routers
and other electronic devices,
including those of high-ranking U.S.
government officials and politicians
and election campaign staff from
both major U.S. political parties, Court documents, via ABC
Credit: Wibbitz Top Stories Duration: 01:30Published
With an unprecedented breaththrough the Greens were among the surprise winners of the last European elections. Their ambitious climate agenda won over many voters. But Covid-19, the war in Ukraine, inflation and soaring energy costs have all taken heavy toll on the movement's popularity
Credit: euronews (in English) Duration: 20:00Published
AstraZeneca has begun the worldwide withdrawal of its COVID vaccine - ending an era in which it saved millions of lives while being dogged by controversy. Sky News
AstraZeneca has globally withdrawn its Covid vaccine, citing commercial reasons. The company voluntarily revoked its marketing authorization and announced the cessation of vaccine production, rendering it unusable. This decision marks a significant development in the global vaccination effort against Covid-19.
#COVID19 #Astrazeneca #COVIDVaccine #Covishield #Worldnews #Indianews #UKCourt #Oneindia #Oneindianews
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Key Federal Reserve Inflation Gauge , Rose 2.8% in March.
According to Commerce Department
data released on April 26.
the personal consumption expenditures
(PCE) price index, not including food or energy, rose 2.8% year-over-year in March. .
That exceeded Dow Jones
estimates of 2.7%, CNBC reports. .
When also accounting for food and energy, the all-items PCE measure rose 2.7%,
which was above the 2.6% estimate.
Inflation reports released this morning
were not as a hot as feared, , George Mateyo, chief investment officer at Key Wealth, via CNBC.
... but investors should not get
overly anchored to the idea that
inflation has been completely
cured and the Fed will be cutting
interest rates in the near-term, George Mateyo, chief investment officer at Key Wealth, via CNBC.
The prospects of rate cuts remain,
but they are not assured, and the
Fed will likely need weakness in
the labor market before they
have the confidence to cut, George Mateyo, chief investment officer at Key Wealth, via CNBC.
Consumers continue to spend despite
higher prices, CNBC reports.
Personal spending increased 0.8% in March, while personal income rose 0.5%.
The personal saving rate dropped to 3.2% as more people are having to dip into their savings to cover the cost of living.
The Fed continues to target 2% inflation, which the core PCE has exceeded for
the last three years, CNBC reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
By mid-afternoon, the Dow had fallen
1.4%, the S&P 500 went down 1.6%,
and the Nasdaq dropped 1.8%.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The warning comes after Iran
accused Israel of a deadly airstrike
on a consulate in Damascus, Syria. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
Brent crude futures jumped up to $90.42
a barrel, and West Texas Intermediate crude
futures increased to $86.65 a barrel.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
CNN reports that Americans' opinions of
the economy have dipped in the past few
months amid persistently high inflation.
The geopolitical fears come as investors are already
contending with concerns that the Federal Reserve could
wait to bring interest rates down from a 23-year high.
Officials at the Fed have signaled that further rate
hikes could still be on the way if the central
bank's efforts to fight inflation stall.
Credit: Wibbitz Top Stories Duration: 01:31Published
Federal Reserve Posts Massive, $114 Billion , Loss in 2023.
On March 26, the Federal Reserve
announced a record-breaking net
negative income of $114.3 billion in 2023.
Reuters reports that the loss follows
$58.8 billion in net income in 2022. .
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
As a result of low rates and large
levels of bond holdings, the Fed has
earned significant profits in recent years.
Last year, the Fed's audited interest expenses for
banks' reserve balances reached $176.8 billion,
an increase of over $116 billion from 2022.
In 2023, the Fed's interest payouts from
its reverse repo facility were $104.33 billion,
increased from $41.9 billion the year before.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
At the close of 2023, the deferred
asset stood at $133.3 billion.
As of March 20 of this year, that number
had risen to $157.8 billion with no
indication of how much larger it could get.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset
Credit: Wibbitz Top Stories Duration: 01:30Published
In this Biz Pulse episode, we delve into market updates and the US Federal Reserve's announcement. Indian ADRs witness a decline, while IT stocks garner attention. Equity markets are on an upswing, while gold prices surge. Stay tuned for insights into these trends shaping the financial landscape.
#ADRStocks #ITMarket #StockMarket #Sensex #Nifty #IndianStocks #USStocks #USStockexchange #Businessnews #Worldnews #Oneindia #Oneindianews
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The US budget deficit fell by half in the past year to $1.4 trillion on the back of a pandemic recovery and as relief spending eased, which US President Joe Biden says is "proof that we're rebuilding..