DIRS.INFO The most relevant business & tech news

☆ Biden could be the first president to deliver a State of the Union address during a shutdown
▼ + stars: | 2024-02-28 | by ( Betsy Klein | Haley Talbot | ) edition.cnn.com time to read: +4 min

CNN —When President Joe Biden convenes a joint session of Congress, his Cabinet, military leaders and Supreme Court justices for his highly anticipated State of the Union address next week, it’s possible that the government could be partially shut down – and barreling toward a full shutdown. Biden’s address, set for Thursday, March 7, falls between a pair of critical government funding deadlines. It would mark the first time a US president has delivered a State of the Union address during a government shutdown, partial or otherwise, and would reflect how an increasingly polarized Congress has repeatedly struggled to reach consensus on what was once a governing imperative. While it’s legally and logistically feasible for a president to deliver a State of the Union address during a partial shutdown, there are considerations about the message that doing so would send at home and around the globe. Trump ultimately delivered the address upon the conclusion of the 35-day shutdown.

Persons: Joe Biden, Biden, it’s, ”, Maya MacGuineas, “ It’s, Scott Perry of, Perry, “, Nancy Pelosi, Donald Trump, Pelosi, disinvited Trump, Trump, Mike Johnson, MacGuineas Organizations: CNN, Union, Veterans Affairs, Agriculture, Housing, Urban Development, Transportation, Energy, Republicans, White, Republican, Fox Business, Service, Department of Homeland Security, Louisiana Republican Locations: America, Congress, Scott Perry of Pennsylvania, Louisiana

☆ Texas secessionists are becoming more fervent than ever. But experts say it would mess up its thriving economy.
▼ + stars: | 2024-02-25 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +9 min

Daniel Miller, a sixth-generation Texan, is the de facto face of the modern Texas Nationalist Movement, nicknamed "Texit." But they get a lot of it back: federal dollars account for one-third of the Texas state budget, according to the budget and policy nonprofit Every Texan. "And I think the romance of some general notion of Texas independence wears off pretty fast if people were to start considering it seriously." A Just Russia Party Supports Independent Texas Republic"If necessary, we are ready to help with the independence referendum. The first step for Texas to become independent, the secessionists say, would be a statewide referendum.

Persons: —, Daniel Miller, Miller, Walter Buenger, Eva DeLuna, Noah Sheidlower, Buenger, SCOTUS, James Henson, Dmitry Medvedev, Sergei Mironov, XNlDlW2RmI, James Porrazzo, Henson, there's, Andres Leighton, Greg Abbott's Organizations: Service, Texas Nationalist, Texans, Business, University of Texas, Democrat, Texas, Texas GOP, Critics, White, Union, Texas Politics, Wired, Russia Party Supports Independent, Texas People's, Lone, Texas National Guard, Texas Gov, Texas Legislature, Redfield, Wilton Locations: Texas, Austin, California, La Marque , Texas, , Texas, Russian, Republic, Texas People's Republic, Russia, Mexico, Civil, El Paso , Texas, United States

☆ The Kremlin has never been richer – thanks to a US strategic partner
▼ + stars: | 2024-02-19 | by ( Nick Paton Walsh | Florence Davey-Attlee | ) edition.cnn.com time to read: +9 min

It amounts to US strategic partner New Delhi stepping in to replace crude purchases by Western buyers, reduced by sanctions over Russia’s invasion of Ukraine, the analysis said. The United States led a coalition of countries in late 2022 that agreed to a “price cap,” undertaking not to buy Russian crude above $60 a barrel. Those nations also forbade their shipping companies and insurance firms – key players in global shipping – from facilitating the trade of Russian crude above that price. “The price cap was the real trigger for the creation of the shadow fleet,” said Viktor Katona, head of crude oil analysis at trade research firm Kpler. It will be $150.”India’s complex role in global oil trade is also reflected in the fate of the oil products Russian crude is turned into.

Persons: they’re, ”, David Tannenbaum, Viktor Katona, Tannenbaum, ” Ami Daniel, Vladimir Putin, Howard Shatz, Singh Puri, Rosneft, Daniel, I’m Organizations: CNN, Centre for Research, Energy, Clean, Star, Pole Star, US Treasury, United, Pole Star Global, European Union, RAND, India’s, Petroleum, Natural Gas, CNBC, Nayara, Kremlin Locations: Russia, Ukraine, India, United States, Delhi, Moscow, Laconian Gulf, Greece, Suez, Russian, Kyiv, Vadinar

☆ Interest on national debt could threaten U.S. economic stability, CBO director tells House panel
▼ + stars: | 2024-02-14 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +3 min

CBO Director Phillip Swagel testifies during the House Budget Committee hearing titled "The Congressional Budget Office's Budget and Economic Outlook," in Longworth Building on Wednesday, February 14, 2024. The director of the nonpartisan Congressional Budget Office warned House lawmakers Wednesday that the ballooning national debt and the cost of paying interest on it could become an existential threat to the U.S. economy. "Rising interest costs will crowd out other possible uses of government resources, and then also pose a risk to our economic stability" in the coming decade, CBO director Phillip Swagel told the budget committee at a hearing on Capitol Hill. Swagel's testimony centered around CBO's semi-annual report on the federal budget and the economy, released Feb. 7. The CBO report projected that the yearly U.S. budget deficit would grow by an estimated $1 trillion over the next 10 years.

Persons: Phillip Swagel, Swagel, Kevin McCarthy, Dan Kildee, Donald Trump's, Joe Biden's Organizations: Economic, Capitol, CBO, Republicans, GOP, Democrat, Congress Locations: Longworth, U.S, CBO's, Michigan

☆ Ukraine war live updates: U.S. advances military aid bill; Russia accused of using Musk's Starlink in occupied territories
▼ + stars: | 2024-02-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Ukraine sympathizers fly a Ukrainian flag outside as the Senate works through the weekend on a $95.3 billion foreign aid bill with assistance for Ukraine and Israel at the U.S. Capitol on February 11, 2024 in Washington, DC. Senators on Sunday voted to advance a $95 billion aid package to fund Ukraine, Israel and Taiwan, signaling that the vital funding will likely have the votes to pass after prolonged and fraught negotiations. Elsewhere, Ukraine's main military intelligence agency on Sunday accused Russian forces of using Starlink terminals produced by Elon Musk's SpaceX in occupied areas. In a post on X, Musk said any suggestion that SpaceX was selling terminals to Russia was "categorically false." "To the best of our knowledge, no Starlinks have been sold directly or indirectly to Russia."

Persons: Sen, Rand Paul, Elon Musk's, Musk Organizations: U.S, Capitol, Senators, Elon, Elon Musk's SpaceX, Ukrainian, SpaceX Locations: Ukraine, Ukrainian, Israel, Washington , DC, Taiwan, Ky, Starlink, Russia

☆ Senate moves forward with Israel, Ukraine funding after vote on Super Bowl Sunday
▼ + stars: | 2024-02-11 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Senators on Sunday voted to move forward with a $95 billion aid package to fund Ukraine, Israel and Taiwan, a positive sign that the long-awaited foreign aid could have the votes to pass after a weekend of slow-going negotiations. "I think we're going to pass this spending bill for Ukraine. Since Wednesday, lawmakers have been working the tedious Senate process of spending hours in negotiations, followed by procedural votes and more negotiation. On Sunday, Paul estimated that at the going pace, the final vote would likely take place late Tuesday or early Wednesday. A $118 billion version of the bill already failed on the Senate floor last Wednesday.

Persons: Chuck Schumer, I've, We've, Sen, Chris Murphy, Conn, Schumer, Rand Paul, Paul, Joe Biden's, Marco Rubio Organizations: Senate, Super, CBS, Sunday, NBC, Republicans, Republican, CNN Locations: Washington , U.S, Ukraine, Israel, Taiwan, Ky, United States

☆ Senate advances $95 billion Ukraine, Israel funding bill, faces uphill battle as budget talks loom
▼ + stars: | 2024-02-08 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

By a final tally of 67-32, senators voted to begin debate on a $95 billion aid package to fund Ukraine, Israel, Taiwan and humanitarian aid in war-torn regions. The $95 billion bill was a stripped-down version of the Senate's $118 billion bipartisan funding package, which was released on Sunday. Ukraine aid was the centerpiece of a particularly dramatic saga in September. But Johnson's hatred for CRs might not be enough to outweigh his desire to torpedo the Senate's foreign aid bill. Even if senators can pass the $95 billion, border-less bill, House Republicans have not confirmed which way they will swing on it.

Persons: Chuck Schumer, Schumer, tanked, Kevin McCarthy, McCarthy, Mike Johnson Organizations: Democratic Caucus, U.S . Capitol, Republicans, Republican, CRs Locations: Washington , U.S, Ukraine, Israel, Taiwan

Two major factors are behind the decline in the budget deficit this year, each of them one-off events that reflect the challenge for lawmakers in trying to close the growing gap between tax revenues and spending. Second, tax revenues are expected to increase because of better returns on financial investments and the collection of taxes from last year that the government postponed because of natural disasters. Over the next decade, the cumulative budget deficits will be 7% smaller than the nonpartisan CBO forecast last year. For instance, this time last year, the office projected the unemployment rate would jump to 4.7% in 2023, while the current unemployment rate is 3.7%. The CBO anticipates that the unemployment rate will hit 4.4% at the end of 2024.

Persons: Joe Biden, Joe Biden’s, Donald Trump’s, Trump, Jerome Powell Organizations: WASHINGTON, Congressional, Congressional Republicans, Social Security, CBO, Republicans

☆ Federal budget deficit expected to soar to $2.6 trillion in 2034, CBO says
▼ + stars: | 2024-02-07 | by ( Tami Luhby | ) edition.cnn.com time to read: +3 min

CNN —The federal budget deficit will balloon from $1.6 trillion this fiscal year to $2.6 trillion in fiscal year 2034, according to the latest Congressional Budget Office outlook released Wednesday. A major reason for the widening gap between revenue and spending: a spike in net interest payments on the federal debt due to higher interest rates. The nation’s debt held by the public is expected to rise to a record 116% of the economy by 2034. CBO’s deficit projection will likely add pressure to congressional lawmakers who have yet to agree on funding for federal agencies for fiscal year 2024. Budget experts called on Congress to take action to address the nation’s worsening fiscal situation.

Persons: MacGuineas, they’ve, Mike Johnson, ” Michael Peterson, Peter G Organizations: CNN, Congressional, Social Security, Medicare, CBO, GOP, Capitol, Federal, House Republicans, Peterson Foundation

☆ Budget office projects Biden green energy plan will cost much more than initial estimate
▼ + stars: | 2024-02-07 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

WASHINGTON — The U.S. budget deficit will grow by an estimated $1 trillion over the next 10 years, the nonpartisan Congressional Budget Office projected in a new report Wednesday. "I came to office determined to ... face the existential threat of climate and still grow, to fundamentally change our economy, and to transition this country to a clean energy future," Biden said last October. Taken together, CBO estimates that the impact of new emissions standards, clean energy tax credits and falling gas tax revenue as people buy less gas, will add $25 billion to the budget deficit this year. "Those costs reflect new emissions standards, market developments, and actions taken by the administration to implement the tax provisions." The CBO also noted that there are still many unknowns about how green energy will impact the economy and the federal budget longer term.

Persons: WASHINGTON, Joe Biden's, Biden, Philip Swagel, EPA's Organizations: CBO, Environmental Protection Agency Locations: The, U.S

☆ Janet Yellen: Some banks may be ‘quite stressed’ by empty office building trouble
▼ + stars: | 2024-02-06 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

“I will never forget it,” Yellen told lawmakers during a hearing before the House Financial Services Committee, referring to the weekend after Silicon Valley Bank failed. Although the bank crisis subsided after federal regulators launched emergency programs, some regional banks have come under renewed pressure in recent days. Yellen said bank regulators are “quite focused” on this problem, including by working with banks to manage risks, build up reserves to cover losses, adjust dividend policies and maintain liquidity. “It’s critically important that the US be on a fiscally sustainable path,” Yellen told lawmakers during the hearing. “We are doing better” than the rest of the world, Yellen told lawmakers Tuesday.

Persons: Janet Yellen, ” Yellen, “, Yellen, Maxine Waters, “ I’m, Larry Kudlow, It’s, Joe Biden, Jerome Powell, “ It’s, ” Powell Organizations: New, New York CNN, Valley Bank, Financial Services, Bank, New York Community Bancorp, Financial, Trump, Federal Locations: New York, Valley, United States, Japan

☆ Premarket stocks: Wall Street is worried about another regional banking crisis
▼ + stars: | 2024-02-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But while the last crisis was all about interest rate risk, this one revolves around the $20 trillion commercial real estate market. What’s happening: After decades of growth bolstered by low interest rates and easy credit, commercial real estate has hit a wall. The increase was driven partly by expected losses on commercial real estate loans, it said. “As losses from a [commercial real estate] loan portfolio accumulate, they can spill over into the broader financial system,” they wrote. “There’s some smaller and regional banks that have concentrated exposures in these areas that are challenged and we’re working with them,” he said.

Persons: It’s, Goldman Sachs, Anna Cooban, Janet Yellen, Jerome Powell, Gary Gensler, ”, Chip Somodevilla, She’s, Powell, “, ” McDonald’s, McDonald’s, Jordan Valinsky, Samantha Murphy Kelly, “ We’ve Organizations: CNN Business, Bell, New York CNN, New York Community Bancorp, US Regional Bank, Japan’s Aozora Bank, Deutsche Bank, Canadian Public Pension Investment Board, Boston Properties, US Securities and Exchange, Financial, Biden, Senate, CBS, Verizon, Old Telephone Service, landlines, UK, Consumers, CNN, California Public Utilities Commission Locations: New York, Manhattan, Boston, Washington ,, East, United States, California, France, California ”

“I feel comfortable.”Plaza del Sol is one of two dozen sites run by Urban Health Plan Inc., which is one of nearly 1,400 federally designated community health centers. Sometimes, it’s just that.”Fifty years ago, Dr. Acklema Mohammad started as a medical assistant in Urban Health Plan’s first clinic, San Juan Health Center. About 150 elders get at-home visits, said Dr. Manuel Vazquez, Urban Health Plan’s vice president of medical affairs who oversees the home health program. Building community trustOne of the nation’s first community health centers opened in the rural Mississippi delta in 1967, in the wake of the Civil Rights Movement’s Freedom Summer. Delta Health Center in Mound Bayou, Mississippi today operates the health center has 17 locations in five counties, including free-standing clinics and some in schools.

Persons: Elisa Reyes, ” Reyes, they’ve, Matthew Kusher, ” Kusher, “, ”, Kyu Rhee, Yelisa Sierra, “ It’s, Sierra, Acklema Mohammad, Mo, pediatricians, ” Mohammad, telehealth, Manuel Vazquez, isn’t, ‘, there’s, Temika Simmons, New York City’s, Angelica Flores, DaSilva, they’re, ” Simmons, You've, Kasturi Pananjady, Robert Wood Johnson Organizations: del, Family Health, Urban Health, Inc, Associated Press, U.S . Health Resources, Services Administration, —, National Association of Community Health Centers, Urban Health Plan’s, San Juan Health Center, El Nuevo San Juan Health Center, Civil, Delta Health Center, Delta Health Center’s, Staff, Press, Associated Press Health, Science Department, Robert Wood Johnson Foundation, AP Locations: Queens, Sol, U.S, El Nuevo, Mississippi, Mound Bayou , Mississippi, Leland, Greenville, Jackson, Memphis, del Sol, Corona, New York, In Mississippi

☆ Apple has paid a $13 million fine that will go directly into Russia's state budget as Putin ramps up war spending, report says
▼ + stars: | 2024-01-23 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Apple has paid a $13 million Russian fine over alleged illegal app store practices, per the FT. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementApple has reportedly paid a $13 million Russian fine as President Vladimir Putin escalates his crackdown on foreign tech firms. Like many other Western companies, Apple has largely abandoned Russia since Putin launched an invasion of Ukraine in February 2022, though it still operates its app store in the country. However, the war has left the Russian economy struggling with spiraling food prices and a shortage of workers .

Persons: —, Vladimir Putin, Putin, Russia's Organizations: Apple, Google, Service, FAS, Financial Times, Big Tech, Business Locations: Russia, Ukraine, Ukrainian, Russian

☆ Davos: A mountain of debt and a wave of elections. World leaders are hamstrung
▼ + stars: | 2024-01-14 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —World leaders are flocking to Davos this week to pontificate on the planet’s most pressing problems. Even in the absence of a new crisis, soaring debt servicing costs will constrain efforts to tackle climate change and care for aging populations. Mortgage rates and other borrowing costs soared as investors demanded much higher premiums for owning UK debt. Mounting debt and political brinksmanship have already taken their toll on America’s credit rating, which typically affects borrowing costs for the government, businesses and households. And that would increase the government’s borrowing costs.

Persons: worryingly, Michael Saunders, ”, Saunders, that’s, Liz Truss, Dave Ramsden, Fitch, Moody’s, Raghuram Rajan, “ It’s, ” Rajan, Anna Cooban Organizations: London CNN —, Bank, CNN, Oxford Economics, Bank of England, AAA, States ’, Reserve Bank of India, Labour Party, Treasury Department, Federal, University of Chicago Booth School of Business Locations: Davos, Kingdom, Argentina, States, United States, Switzerland

☆ China, debt and Disney: Three economic themes that will dominate the Republican primaries
▼ + stars: | 2024-01-11 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Republican presidential candidates Nikki Haley and Ron DeSantis sparred on a wide range of economic issues during the CNN GOP presidential debate on Wednesday evening. But as Haley and DeSantis duked it out to crown themselves the most fiscally prudent candidate, some clear economic themes began to emerge that will likely have a big influence on the upcoming Republican primaries and beyond: China, debt levels and the government’s role in business. ChinaBoth Haley and DeSantis sought to prove how tough they could be on China. But as my colleague Elisabeth Buchwald points out, the US and China are the first- and second-largest economies in the world. President Joe Biden has also made reducing economic dependence on China a platform in both his 2020 and 2024 campaigns.

Persons: Nikki Haley, Ron DeSantis sparred, Nancy Pelosi’s, ”, “, Ron, you’re, Haley, Haley, DeSantis, Donald Trump, Elisabeth Buchwald, Joe Biden, DeSantis didn’t, Trump, wouldn’t, ” DeSantis, Gary Gensler, “ I’m, ” Sen, Sherrod Brown, Brown, Nick Smart, It’s Taylor, Taylor, Swift, Ramishah Maruf, “ Taylor Swift, Pollstar Organizations: CNN Business, Bell, New York CNN, Republican, CNN, Social Security, Walt Disney Company, FBI, SEC, Securities, Exchange, SEC’s, ”, Banking Committee, Spotify, AMC, Bloomberg Locations: New York, China, Iowa, Beijing, United States, South Carolina, Florida, DeSantis

☆ Congress could punt Ukraine aid to 2024, snarl government funding talks
▼ + stars: | 2023-12-13 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

"I would stay here indefinitely, but I don't know that all our colleagues will be able to do that," Speaker Johnson said at a Wall Street Journal conference on Monday. A small but vocal group of hardline House Republicans nearly shut down the government over their opposition to $6 billion of Ukraine aid included in the federal budget. Hours before a government shutdown deadline of Oct. 1, former House Speaker Kevin McCarthy agreed to strip out the Ukraine aid to pass a bill to keep the government open. If Ukraine funding talks get delayed to 2024 and become a pawn in the coming budget negotiations, Speaker Johnson could be at risk of meeting the same fate McCarthy did. Johnson already faces an uphill budget battle, without the added burden of Ukraine aid talks.

Persons: Joe Biden, Volodymyr Zelenskiy, Volodymyr Zelenskyy, Ukraine's, Joe Biden's, Sen, Lindsey Graham, Zelenskyy, we're, I'm, Chuck Schumer, Mike Johnson, Johnson, Mitch McConnell, Kevin McCarthy, McCarthy Organizations: White, Republican, Democratic, Street, Top, Republicans, House Republicans Locations: Washington , U.S, Washington, Ukraine, Ky

☆ The Supreme Court and a Wealth Tax
▼ + stars: | 2023-12-06 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

The Supreme Court in Washington. Sensing a threat to their designs for a wealth tax, they turned the runup to the Supreme Court’s Tuesday oral arguments in Moore v. U.S. into tax Armageddon. “Supreme Court Will Hear Case That Could Upend The Current Tax System,” headlined Forbes. The Washington Post called it “the Supreme Court tax case that could blow a hole in the federal budget,” as if Congress hasn’t already done that. Even former House Speaker Paul Ryan pushed the panic button, but he’s been led astray.

Persons: oliver, Shutterstock, Moore, ”, Paul Ryan, he’s Organizations: Forbes, The Washington Post Locations: Washington, Moore v .

☆ Here’s why some bond traders care so much about the US government’s budget deficit nowadays
▼ + stars: | 2023-12-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

And as the mountain of debt keeps piling up, and the government’s budget deficit remains massive, some bond traders are now joining politicians in decrying the government’s ever-growing financial obligation. Those bond traders are seemingly up in arms over the government’s gaping budget deficit — something that occurs when the government’s spending outstrips revenues — which currently stands at roughly $67 billion so far for the current fiscal year. For the full 2023 budget year, the Congressional Budget Office estimated that the deficit stood at a staggering $1.5 trillion. How do we manage the budget deficit? Our interest rate team is looking at the 10-year (US Treasury) yield to be closer to 4% than 5% next year.

Persons: ”, Jerome Powell, Bell, Joe Quinlan, It’s, it’s, what’s, You’d, Powell, ” Powell, they’re Organizations: CNN Business, Bell, DC CNN, Treasury Department, Congressional, Office, Federal, Merrill, Bank of America Private Bank, Treasury, Spelman College, US Labor Department, Institute for Supply Management, US Commerce Department, University of Michigan Locations: Washington, Atlanta

SIMI VALLEY, Calif. (AP) — Defense Secretary Lloyd Austin on Saturday denounced those who advocate “an American retreat from responsibility” and said sustained U.S. leadership is needed to help keep the world as safe, free and prosperous as possible. He also urged Congress to end the partisan gridlock that has stalled the federal budget and war spending. Those who “try to pull up the drawbridge,” he said, undermine the security that has led to decades of prosperity. Political Cartoons View All 1277 Images“You’ll hear some people try to brand an American retreat from responsibility as bold new leadership,” Austin said. About 100 hostages were freed as part of the truce, but about 140 remain held by Hamas and others in Gaza.

Persons: Lloyd Austin, “, Austin, ” Austin, Donald Trump’s “, Vladimir Putin, Sen, Tommy Tuberville, Tuberville Organizations: —, Reagan National Defense, Senate Armed, Committees, Senate, Administration, Pentagon, Republicans, Senior, Hamas Locations: SIMI VALLEY, Calif, United States, Simi Valley, Israel, Ukraine, Austin, Europe, Israeli, Gaza

☆ Senate committee investigating Florida’s state-backed home insurance company as private insurers flee
▼ + stars: | 2023-11-30 | by ( Ella Nilsen | ) edition.cnn.com time to read: +6 min

CNN —The US Senate Budget Committee is launching an investigation into whether Florida’s state-backed home and property insurance company has enough money in the bank to withstand future disasters, as scientists warn warming oceans and sea level rise are making storms more destructive. Citizens Property Insurance Corporation exists as a so-called insurer of last resort - if owners cannot convince a private insurance company to cover their property, Citizens will step in. If that were to happen, the Senate Budget Committee is worried Florida might turn to the federal government looking for a bailout, Whitehouse said. State insurers of last resort were originally intended as a stopgap for consumers, ensuring their coverage wouldn’t be interrupted. Florida isn’t alone; some major private insurers have either pulled out or stopped writing new policies in wildfire-prone California.

Persons: Ron DeSantis, “, Sen, Sheldon Whitehouse, ” Whitehouse, Michael Peltier, Whitehouse, ”, Benjamin Keys, ” Keys, ’, Keys, “ It’s Organizations: CNN, Citizens Property Insurance Corporation, Republican Gov, Citizens, Democrat, ”, Munich Re, Swiss, Wharton School, University of Pennsylvania, Senate, FAIR, Florida’s Citizens, Budget Locations: After Florida, Rhode Island, Florida, Miami, Tampa, “ Florida, Munich, riskiest, California

☆ JPMorgan boss Jamie Dimon says the US is addicted to debt, and it's created a dangerous sugar high in the economy
▼ + stars: | 2023-11-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

America's debt problem has caused a dangerous sugar high for the economy, Jamie Dimon said. The JPMorgan chief pointed to the enormous surge of new debt taken on during the pandemic. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementThe US is practically addicted to debt – and that's put the economy in a dangerous position, according to JPMorgan CEO Jamie Dimon. The rest of the global economy is also staring at a "cocktail" of risks, Dimon added.

Persons: Jamie Dimon, —, that's, Dimon Organizations: JPMorgan, Service, Wall Street, Federal Reserve, Global Investment Summit, Penn Wharton Budget Locations: London

Speaking to parliament, Scholz went into Germany's recent history of the COVID pandemic, the war in Ukraine and soaring energy prices to extend a suspension of self-imposed borrowing limits to tackle a crisis that has knocked his coalition. A constitutional court ruling nearly two weeks ago blocked the government's plans to reallocate unused pandemic funds towards green initiatives and industry support, raising fears Germany's economy could be further weakened. Scholz's assurances that his government would solve the budget crisis with care were met with jeers and laughter from the opposition Christian Democrats (CDU), whose lawsuit against the government had sparked the earlier court ruling. He underscored support for Ukraine, after the recent budget turmoil raised questions over how much military aid Berlin was willing to commit. "It is also clear that we must not let up in our support for Ukraine and in overcoming the energy crisis.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Friedrich Merz, Scholz, Germany's, Berlin, Scholz's, " Merz, Andreas Rinke, Christian Kraemer, Miranda Murray, Rachel More, Matthias Williams, Kirsti Knolle, Bernadette Baum Organizations: Climate, Christian Democratic Union, CDU, Bundestag, Christian Democrats, Ukraine, Finance, Thomson Locations: BERLIN, Ukraine, Germany, East Germany

☆ German cabinet to agree supplementary budget this afternoon - spokesperson
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

... Acquire Licensing Rights Read moreNov 27 (Reuters) - Germany's cabinet is expected to agree a supplementary 2023 budget this afternoon, a government spokesperson said on Monday. The cabinet will also try to present a 2024 budget by the end of the year, the spokesperson said, adding that if this did not work out, the plan was to agree a budget in January. The cabinet would base its reasoning for a renewed suspension of the country's debt brake on 2022 reasoning, the spokesperson added, speaking at a regular press conference in Berlin. Chancellor Olaf Scholz's government was forced to freeze most new spending commitments after the constitutional court blocked plans to repurpose unused pandemic funds towards green projects and industry subsidies, wiping billions from the federal budget. Reporting by Amir Orusov and Christian Kraemer, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Persons: Olaf Scholz, Chancellor Olaf Scholz's, Amir Orusov, Christian Kraemer, Rachel More Organizations: Thomson Locations: Berlin, Germany

☆ German government to agree budget fixes as way out of crisis
▼ + stars: | 2023-11-27 | by ( Christian Kraemer | ) www.reuters.com time to read: +3 min

Chancellor Olaf Scholz speaks next to Finance Minister Christian Lindner and Economy and Climate Minister Robert Habeck during a hearing at Germany’s lower house of parliament Bundestag in Berlin, Germany, November 15, 2023. The budget would see Germany suspend its constitutionally enshrined debt brake for a fourth year in a row as Chancellor Olaf Scholz's government fights its way out of a crisis that has triggered warnings about growth and an industry exodus. "The debt brake must remain." The debt brake, introduced after the global financial crisis of 2008-09, was first suspended in 2020 to help the government support firms and health systems during the COVID-19 pandemic. On Monday he stressed the need to give companies, who have been worried by the uncertainty caused by the budget crisis, clarity as quickly as possible.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Annegret, Olaf Scholz's, finalising, Christian Duerr, Bijan Djir, Christian Kraemer, Riham, Matthias Williams, Alison Williams Organizations: Finance, Climate, REUTERS, Rights, Free Democrats, ZDF, Greens, Thomson Locations: Berlin, Germany, Sarai, East Germany

Search resuls for: "Federal Budget"

25 mentions found