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The US military is reporting frequent unsafe intercepts of its planes by Russian and Chinese jets. They come as the jets and weapons the US Air Force relies on for air superiority continue to age. One is that they want batting practice against the best in the world, and that's available for them," Kelly added. Screengrab/US Air Force videoRussia and China have invested heavily in their own air forces in recent decades. China's air force and navy now field the world's third-largest aviation fleet, including 1,900 fighter jets.
Persons: , Mark Kelly, Kelly, you've, Alexus Grynkewich, Grynkewich, PO1 Alexander Kubitza Little, Nancy Pelosi's, Joe Biden, Xi, Adm, John Aquilino Organizations: US Air Force, Service, Command, US Central Command, Pentagon, Air Combat Command, US Defense Department, Russian, Air and Space Forces Association, Air Force, AIM, US Air Forces, Defense Writers, Pacific Command, South China Locations: Russian, Syria, South, Ukraine, China, Pacific, Russia, Screengrab, East, US, Chinese, Taiwan, Beijing, People's Republic of China
By Will DunhamWASHINGTON (Reuters) - Seismologists have recognized since the 1970s that two mysterious continent-sized blobs reside in the deepest part of Earth's mantle, one under Africa and the other under the South Pacific region. Based on these simulations, they proposed that most of Theia was absorbed into Earth, forming the blobs, while residual debris formed the moon. If the study's conclusions are correct, these blobs would represent the first direct evidence of the hypothesized moon-forming collision. "It is incredible because we can uncover relics of another planet - Theia - if we dig deep enough in Earth's mantle," added planetary scientist and study co-author Hongping Deng of the Chinese Academy of Sciences' Shanghai Astronomical Observatory. Asimow said that if their conclusions are correct some volcanic rocks that reach Earth's surface may provide samples of a vanished planet.
Persons: Will Dunham WASHINGTON, Qian Yuan, Paul Asimow, Hongping Deng, Yuan, Asimow, Will Dunham, Rosalba O'Brien Organizations: Caltech, Chinese Academy of Sciences Locations: Africa, South Pacific, Theia, Shanghai
REUTERS/NASA/Handout/File Photo Acquire Licensing RightsWASHINGTON, Nov 1 (Reuters) - Seismologists have recognized since the 1970s that two mysterious continent-sized blobs reside in the deepest part of Earth's mantle, one under Africa and the other under the South Pacific region. Based on these simulations, they proposed that most of Theia was absorbed into Earth, forming the blobs, while residual debris formed the moon. If the study's conclusions are correct, these blobs would represent the first direct evidence of the hypothesized moon-forming collision. "It is incredible because we can uncover relics of another planet - Theia - if we dig deep enough in Earth's mantle," added planetary scientist and study co-author Hongping Deng of the Chinese Academy of Sciences' Shanghai Astronomical Observatory. Asimow said that if their conclusions are correct some volcanic rocks that reach Earth's surface may provide samples of a vanished planet.
Persons: Qian Yuan, Paul Asimow, Hongping Deng, Yuan, Asimow, Will Dunham, Rosalba O'Brien Organizations: NASA, REUTERS, Rights, Caltech, Chinese Academy of Sciences, Thomson Locations: Africa, South Pacific, Theia, Shanghai
That made the horrendous downward revision delivered by Estee Lauder's management team extremely disappointing. Estee Lauder did offer up a new "Profit Recovery Plan," but the impact is not expected to kick in until fiscal years 2025 and 2026. Organic sales are expected to decline 10% to 8%, below the 3.6% estimate. Profit recovery plan Management attempted to mitigate investor frustration by announced a turnaround strategy. Quarterly commentary Skin care — Estee Lauder's highest-margin category — remained under pressure, primarily due to ongoing efforts to reduce and rebalance inventory levels in the Asia travel retail business.
Persons: Estee Lauder, Estee, Fabrizio Freda, we've, Tom Ford, Jim Cramer's, Jim Cramer, Jim Organizations: Revenue, Outlook Management, Management, CNBC, daimaru, Getty Locations: China, Israel, Asia, Americas, Pacific, Europe, East, Africa, North America, United States, America, Mexico, Brazil, Nanjing, Shanghai
BEIJING, Oct 30 (Reuters) - Russian Defence Minister Sergei Shoigu said the West wants to expand the conflict in the Ukraine to the Asia-Pacific region, Russian state media reported, citing comments made at a Beijing defence forum on Monday. Shoigu said NATO countries were promoting an arms race in the region, increasing their military presence and the frequency and scale of military drills there. U.S. forces will use information exchanges with Tokyo and Seoul on missile launches to deter Russia and China, Shoigu said. "We are only seeking to restore parity with the United States, who have not ratified this treaty," Russia's RIA news agency quoted Shoigu as saying. Shoigu said that Moscow was ready for talks on the post-conflict settlement of the Ukraine crisis on further 'co-existence' with the West, but that Western countries needed to stop seeking Russia's strategic defeat.
Persons: Sergei Shoigu, Shoigu, Russia's, Lidia Kelly, Liz Lee, Laurie Chen, Olzhas, Christopher Cushing, Gerry Doyle Organizations: Russian Defence, Xiangshan, NATO, Russia's TASS, Association of Southeast Asian Nations, ASEAN, United Nations Security, Thomson Locations: BEIJING, Ukraine, Asia, Pacific, Beijing, U.S, Tokyo, Seoul, Russia, China, United States, Moscow, Sydney, Almaty
Chinese Vice Premier He Lifeng attends a joint press conference following the 10th China-EU High-Level Economic and Trade Dialogue at the Diaoyutai State Guesthouse in Beijing, China September 25, 2023. REUTERS/Florence Lo/File Photo Acquire Licensing RightsBEIJING, Oct 30 (Reuters) - China's economy tsar He Lifeng has been appointed director of a key ruling Communist Party economic body, matching his high-profile predecessor Liu He with a particularly powerful portfolio covering economic policy, the financial sector and trade ties with Washington. He, who had previously headed the state planning agency, became one of China's four vice premiers in March when he replaced Liu He, who retired. He has now also replaced Liu as director of the office of the Central Finance and Economic Affairs Commission, a party body headed by President Xi Jinping. He could emerge as head of the resurrected Central Financial Work Commission, when state leaders, regulators and top bankers gather for a quinquennial, closed-door national financial work conference.
Persons: Lifeng, Florence, Liu, Liu He, Xi Jinping, Xi, Li Qiang, Janet Yellen, Valdis Dombrovskis, Joe Cash, Simon Cameron, Moore Organizations: REUTERS, Rights, Communist Party, Washington, Central Finance, Economic Affairs Commission, U.S, Treasury, EU Trade, Harvard, Financial Work Commission, Bloomberg News, Thomson Locations: China, EU, Diaoyutai, Beijing, Rights BEIJING, Shanghai, China's, U.S
Newly elected Speaker of the House Mike Johnson (R-LA) takes his oath of office after he was elected to be the new Speaker at the U.S. Capitol in Washington, U.S., October 25, 2023. REUTERS/Elizabth Frantz/File Photo Acquire Licensing RightsWASHINGTON, Oct 29 (Reuters) - Newly installed U.S. House Speaker Mike Johnson said on Sunday he expects floor action this week to advance a funding bill to support Israel exclusively, even though President Joe Biden is pushing for a $106 billion aid package for Israel and Ukraine combined. "We're going to move a stand-alone Israel funding bill this week in the House," Johnson said in an interview on Fox News, adding that he believes the measure will draw bipartisan support and that Republicans will back a similar measure in the Senate. Members of the U.S. House of Representatives, which Republicans control by a narrow majority, are scheduled to return from a recess on Wednesday. "There are lots of things going on around the world that we have to address and we will," Johnson said, without explicitly mentioning the Ukraine conflict.
Persons: Mike Johnson, Elizabth Frantz, Joe Biden, Johnson, we’ve, ” Biden, Brad Heath, Steve Gorman, Stephen Coates Organizations: U.S, Capitol, REUTERS, Rights, Fox News, Republicans, U.S . House, Representatives, Israel, Hamas, Thomson Locations: Washington , U.S, Israel, Ukraine, Russia, U.S, Mexico, Gaza, Washingto, Los Angeles
New York CNN —At a moment of elevated geopolitical danger, Treasury Secretary Janet Yellen plans to deliver a major speech on Thursday mapping out the Biden administration’s economic gameplan toward the increasingly volatile Indo-Pacific region, CNN has learned. The speech will mark the first time the Biden administration has outlined its economic approach toward the region in such detail. Recently, China and the Philippines accused each other of causing collisions in a disputed area of the South China Sea. Beyond the high-profile trip to China, Yellen has visited the Indo-Pacific multiple times during the Biden administration, including four trips to India, two trips each to Japan and Indonesia and visits to Vietnam and Korea. On Friday, the White House announced Biden will travel to San Francisco on November 14 to host representatives from the 21 APEC member economies for APEC Economic Leaders’ Week.
Persons: Janet Yellen, Biden, Joe Biden, Xi Jinping, Yellen, “ That’s, ” Biden, Antony Blinken, Xi Organizations: New, New York CNN, Biden, CNN, Economic Cooperation, Treasury, Asia Society, APEC, Investors, Democratic, White House Locations: New York, Asia, San Francisco, Beijing, China, Philippines, South China, Japan, South Korea, India, Vietnam, Indonesia, Korea, Washington, United States, Bali .
The United States is working very closely with its trading partners in the Indo-Pacific region to help build economic resilience, said U.S. Trade Representative Katherine Tai. The Indo-Pacific Economic Framework (IPEF) initiative, launched in May last year by U.S. President Joe Biden, is looking to announce a number of initiatives soon, Tai told CNBC's Martin Soong on the sidelines of the G7 trade ministers' summit in Osaka, Japan. "We are demonstrating the vision that we created with respect to the IMF, which is in a time of many economic challenges with the need to cooperate with our partners in the Indo-Pacific region to promote sustainability, resilience and inclusivity," she said. "We also know that we can't wait around for five or seven years for a massive trade negotiation to be completed," Tai said.
Persons: Katherine Tai, Joe Biden, Tai, CNBC's Martin Soong Organizations: Trade, Economic, U.S, IMF Locations: States, Osaka, Japan
Zodia Custody, the crypto security firm owned by British banking giant Standard Chartered, is launching its services in Hong Kong, the company told CNBC exclusively. "The Hong Kong government and the regulators see digital assets as the future and also want Hong Kong to be a hub," Sawyer said. Hong Kong has been increasingly warming to crypto assets despite a broader anti-crypto push from China, which banned bitcoin trading and mining in 2021. At first, it will seek to provide services for Hong Kong clients in a limit set of crypto assets. Zodia is also in discussions with both the SFC and Hong Kong Monetary Authority about becoming regulated in the financial district.
Persons: Julian Sawyer, Sawyer, Zodia Organizations: CNBC, Hong, Standard Chartered, Northern Trust, Japan's SBI Holdings ., Hong Kong Securities, Futures Commission, OSL, SFC, Hong Kong Monetary Authority Locations: Hong Kong, Asia, Pacific, Japan, Singapore, Australia, Japan's SBI Holdings . Hong Kong, China
BEIJING (Reuters) - Russian Defence Minister Sergei Shoigu said the West wants to expand the conflict in the Ukraine to the Asia-Pacific region, Russian state media reported, citing comments made at a Beijing defence forum on Monday. Speaking at the Xiangshan Forum, China's biggest military diplomacy event, Shoigu said NATO is covering up a build-up of forces in the Asia-Pacific region with an "ostentatious desire for dialogue", Russia's TASS news agency reported. Shoigu said NATO countries were promoting an arms race in the region and increasing their military presence and increasing the frequency and scale of military drills there. U.S. forces will use information exchanges with Tokyo and Seoul on missile launches to deter Russia and China, Shoigu said. (Reporting by Lidia Kelly in Sydney; Writing by Liz Lee and Laurie Chen in Beijing; Editing by Christopher Cushing and Gerry Doyle)
Persons: Sergei Shoigu, Shoigu, Russia's, Lidia Kelly, Liz Lee, Laurie Chen, Christopher Cushing, Gerry Doyle Organizations: Russian Defence, Xiangshan, NATO, Russia's TASS Locations: BEIJING, Ukraine, Asia, Pacific, Beijing, U.S, Tokyo, Seoul, Russia, China, Sydney
WASHINGTON, Oct 27 (Reuters) - The Russian invasion of Ukraine in 2022 is starting to boost defense contractors' revenues, as customers such as the U.S. government restock supplies shipped to Ukraine and countries around Europe arm themselves with an eye on Moscow's aggressions. New contracts to supply Ukraine directly - or backfill U.S. weapons sent to Ukraine - were signed late last year, and now revenue is flowing to the big defense contractors. "We've gone from 14,000 (artillery) rounds per month to 20,000 very quickly. The General Dynamics' Combat Systems unit, which makes armored vehicles, tanks and the artillery Ukraine uses, saw its revenue rise almost 25% versus the same period a year ago. Third-quarter sales for Northrop Grumman's (NOC.N) Defense Systems segment rose 6% on high demand for ammunition and rocket motors used in guided multiple-launch rocket systems (GMLRS), which play a crucial role in supporting Ukraine's defense efforts against Russian forces.
Persons: Lockheed Martin, We've, Jason Aiken, Northrop Grumman's, Sweden's, Joe Biden, Biden, Dynamics's Aiken, Mike Stone, Rod Nickel Organizations: Lockheed, General Dynamics, Patriot, Palestinian, Hamas, Wall, Dynamics ', Systems, Wall Street, Russian, Sweden's Saab, Rheinmetall, Thomson Locations: Ukraine, Europe, aggressions ., U.S, Israel, Arizona, Pennsylvania, Ohio, Texas, Washington
Ron DeSantis of Florida, working to maintain his second-place status in the Republican primary, said Friday that as president he would “reorient” U.S. foreign policy to give clear priority to China while downplaying national security risks posed by conflicts such as Russia’s war on Ukraine. In a speech laying out his approach, Mr. DeSantis cast Beijing as a greater threat to the United States than the Axis powers and the Soviet Union ever were because of its economic might. “So this is a formidable threat and it requires a whole of society approach.”Mr. DeSantis’s remarks, delivered in Washington, D.C., at the Heritage Foundation, a conservative think tank, come at a difficult moment for his presidential campaign. Not only is he badly trailing former President Donald J. Trump in the polls, but Nikki Haley, the former South Carolina governor and former ambassador to the United Nations, has successfully positioned herself as a credible alternative to Mr. Trump, puncturing the Florida governor’s argument that the Republican presidential primary is a two-man race. Mr. DeSantis has lately used foreign policy to attack other Republican presidential candidates, rebuking Mr. Trump for his critical comments about Israeli leaders and accusing Ms. Haley — who is attracting growing interest from Republican donors and voters — of being soft on China.
Persons: Ron DeSantis, reorient, DeSantis, ” “, Mr, DeSantis’s, Donald J, Trump, Nikki Haley, rebuking Mr, Ms, Haley — Organizations: Republican, Soviet Union, Washington , D.C, Heritage Foundation, South, United Nations Locations: Florida, reorient ”, China, Ukraine, Beijing, United States, Washington ,, South Carolina
AI and generative AI can be productivity tools, helping everyone to work faster and more efficiently. Crucially, generative AI is developing swiftly and is likely to be transformative across nearly every sector. Plug-ins using generative AI will enable organizations to link company spending limits to whatever payment method employees are using to pay for their trips. Generative AI has the potential to revolutionize commerce, reduce stress for consumers, and foster innovation in business. Explore the Mastercard Signals report "Commerce in the age of generative AI" here.
Persons: Sandeep Malhotra Organizations: Mastercard, Mastercard Signals, Commerce, Insider Studios Locations: Asia Pacific, Asia, Pacific, Singapore, Tokyo, APAC
CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. Coming in at a whopping 212 pages, the document represents the latest in-depth, albeit unclassified, view of China's military ambitions. The Pentagon highlighted that the space capabilities of the Chinese military, or PLA, are continuing to "mature rapidly" thanks to "significant economic and political resources to growing all aspects of its space program." China's PLA has a "Strategic Support Force," or SSF, under which is the "Space Systems Department", or SSD, that leads its military space operations. The Pentagon emphasized that most of those Chinese satellites can "support monitoring, tracking, and targeting of U.S. and allied forces worldwide, especially throughout the Indo-Pacific region."
Persons: CNBC's Michael Sheetz, landers, it's, Richard DalBello, China isn't Organizations: Taiyuan Satellite, CNBC's, Pentagon, PLA, Force, Systems Department, U.S, China, GPS, NASA Locations: Taiyuan, Shanxi Province, United States, Xi's, China, Namibia, Pakistan, Argentina, Kenya, U.S, Baku
Those meetings could set the stage for a summit between President Joe Biden and Chinese President Xi Jinping next month on the sidelines of an Asia-Pacific Economic Cooperation forum leaders gathering in San Francisco. Political Cartoons View All 1218 ImagesIn the months that followed that crisis, however, Blinken rescheduled his trip and went to China in June. The Chinese president last came to the U.S. in 2017, when former President Donald Trump hosted him at his Mar-a-Lago resort in Florida. The Chinese president told the governor that “the achievements of China-U.S. relations have not come easily and should be cherished all the more,” according to the official news agency Xinhua. It deteriorated further over a range of issues, including rights abuses, the South China Sea, Taiwan, technology and the COVID-19 pandemic.
Persons: Wang Yi, Antony Blinken, Jake Sullivan, Joe Biden, Xi Jinping, Blinken, Janet Yellen, John Kerry, Gina Raimondo, Sullivan, Wang, Han Zheng, Biden, “ Wang Yi’s, Ryan Hass, John L, , Yun Sun, Xi, “ Wang, ” Sun, ” Scott Kennedy, Kennedy, Donald Trump, Gavin Newsom, Chuck Schumer, Schumer, Trump Organizations: WASHINGTON, , Hamas, Economic Cooperation, Ukraine, General Assembly, Biden, Thornton China Center, Brookings Institute, China Program, Stimson Center, San, APEC, Center for Strategic, International Studies, Chinese Foreign Ministry, U.S . California Gov, Xinhua Locations: East, Europe, U.S, China, Washington, Israel, Russia, Ukraine, Asia, San Francisco, The U.S, Taiwan, South, North Korea, Malta, New York, Lago, Florida, Bali , Indonesia, Beijing, South China Sea
Investors stand in front of a screen showing the logo of Nomura Holdings in Tokyo, Japan, December 1, 2015. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsSYDNEY, Oct 25 (Reuters) - Japanese investment bank Nomura Holdings (8604.T) has laid off about 10 of its Hong Kong-based investment bankers, including some who were focused on China-related deals, said two sources with direct knowledge of the matter. The Japanese investment bank has seen its China-linked fortunes slipping lately. Its fortunes in regional equity capital markets were boosted by its leading advisory role in March on the $9.24-billion stake sale by Japan Post Holdings (6178.T) in Japan Post Bank Co(7182.T). Reporting by Scott Murdoch in Sydney and Selena Li in Hong Kong Editing by Helen PopperOur Standards: The Thomson Reuters Trust Principles.
Persons: Toru Hanai, Nomura, LSEG, Goldman Sachs, Scott Murdoch, Selena Li, Helen Popper Our Organizations: Nomura Holdings, REUTERS, Rights, Reuters, Japan Post Holdings, Japan Post Bank Co, Bank of America, Citigroup, UBS, Hong, Thomson Locations: Tokyo, Japan, Hong Kong, China, Asia, Sydney
The Pentagon report, published Oct. 20, marks the first apparent confirmation that modified submarines seen in Chinese shipyards over the last 18 months are Type 093B guided missile submarines. The confirmation comes amid an intensifying submarine arms race as China constructs a new generation of nuclear-armed boats as part of its evolving deterrent force. Singapore-based security scholar Collin Koh said the SSGNs were an important new capability for the Chinese navy. Naval War College in May noted that the PLA was close to breakthroughs in making its nuclear-powered submarines far quieter and more difficult for the U.S. and its allies to track. "But we know the submarine force is a priority for Xi Jinping, and this is one more sign they are getting there."
Persons: Jason Lee, Collin Koh, Koh, Xi Jinping, Greg Torode, Gerry Doyle Organizations: Liberation Army Navy, REUTERS, Pentagon, Reuters, U.S . Navy, Cruise, Libyan, PLA, Rajaratnam, of International Studies . Research, U.S . Naval, College, U.S, Thomson Locations: Qingdao, China, HONG KONG, U.S, Huludao, Soviet Union, Florida, Singapore, Asian
Canada's International Trade Minister Mary Ng speaks during Question Period in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada November 29, 2021. REUTERS/Blair Gable/File Photo Acquire Licensing RightsOTTAWA, Oct 24 (Reuters) - Canada and Taiwan have completed talks on a bilateral deal to boost foreign investment and will work to make sure it comes into effect promptly, Canadian Trade Minister Mary Ng said in a statement on Tuesday. The Foreign Investment Promotion and Protection Arrangement is part of Canada's plan to increase trade and influence in the fast-growing Indo-Pacific region. Trade between Canada and Taiwan totaled C$10.2 billion in 2021, up from C$7.4 billion in 2020, according to official Canadian figures. China, which views self-governing Taiwan as its own territory, has sour relations with Canada.
Persons: Mary Ng, Blair Gable, David Ljunggren, Chizu Organizations: Canada's International Trade, REUTERS, Rights OTTAWA, Canadian Trade, Foreign Investment, Thomson Locations: Ottawa , Ontario, Canada, Taiwan, Trade, China, Ottawa
This week, Mr. Biden is steering American involvement in two overseas wars and monitoring the continuing calamity of a speakerless House of Representatives, and there is another government shutdown crisis looming next month. John F. Kirby, a White House spokesman, played down the idea that global crises could distract Mr. Biden from his visitor, or perhaps even keep him waiting. During Mr. Biden and Mr. Albanese’s time together, which includes a news conference scheduled for Wednesday afternoon, they are expected to emphasize their shared interests. Mr. Biden’s advisers say the administration is supportive of the meeting between Mr. Albanese and Mr. Xi. Mr. Biden and Mr. Albanese are also likely to touch on the dysfunction in Congress.
Persons: Biden, Anthony Albanese, John F, Kirby, Mr, , ” Mr, , Jill Biden, ” Dr, Bruce Jones, Albanese’s, Donald J, Trump, Scott Morrison, Morrison, Albanese, Xi Jinping, Jones, Xi Organizations: Representatives, U.S . Marine, Army and Air Force, China, Center for East Asia Policy, Brookings Institution, East Locations: Australia, United States, Washington, China, Georgia, Britain, Papua New Guinea, Israel, , American, Hormuz
Ten-year U.S. Treasury yield hits 5%
  + stars: | 2023-10-23 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Oct 23 (Reuters) - The yield on the benchmark 10-year U.S. Treasury note rose above 5.0% on Monday, hitting the July 2007 milestone that it briefly attempted to scale last week. The run-up in yields on the 10-year Treasury bond, seen as a safe-haven in times of economic uncertainty and a benchmark for borrowing costs around the world, has been driven by investors pricing in stronger U.S. growth as well as fiscal slippage. The 10-year yield touched 5.004% on Monday, up around 8 basis points (bps) on the day. Treasury borrowing costs have climbed, and a divided Congress has bickered over next year's spending bills while using stopgap measures to avert a shutdown of government operations. The yield on the two-year U.S. Treasury was last up 4 bps at 5.125%.
Persons: Dado Ruvic, Jerome Powell, Joe Biden, Kyle Rodda, Vidya Ranganathan, Harry Robertson, Kevin Buckland, Neil Fullick, Alun John Organizations: REUTERS, Treasury, U.S, Thomson Locations: U.S, Ukraine, Israel
In the update, the Pentagon assesses China bolstered its missile stockpiles, specifically its DF-26 supply. The report shows that in 2022, China increased the number of intermediate-range ballistic missiles from 300 in 2021 to 500. "Numbers like that could change the DF-26 from a 'carrier killer' to just a 'ship killer,'" he said. The Pentagon said that in 2020 China "fired anti-ship ballistic missiles against a moving target in the South China Sea, but has not acknowledged doing so." DF-26 missiles attend the military parade in Beijing, capital of China, Sept. 3, 2015.
Persons: , Theodore Roosevelt, I've, Tom Shugart, who's, Shugart Organizations: US Department of Defense, China, Pentagon, Service, China's, People's Liberation Army Rocket Force, titans, U.S . Navy, Getty, US, Center, New, New American Security, US Navy, Western Pacific, PLA Locations: China, Republic, Guam, New American, South China, Ruoqiang, South, Western, Taiwan, Japan, Beijing, Xinhua
The Treasury Department said the deficit was the largest since a COVID-fueled $2.78 trillion gap in 2021. For September, the final month of the fiscal year, the deficit fell to $171 billion from $430 billion in September 2022. The fiscal 2023 deficit would have been $321 billion larger, but was reduced by this amount because the Supreme Court struck down Biden's student loan forgiveness program as unconstitutional. Reuters GraphicsRECORD INTEREST COSTSThe 2023 deficit marks an abrupt end to two years of falling deficits for Biden as COVID-19 spending faded. Fiscal 2023 outlays fell $137 billion, or 2% from the prior year to $6.134 trillion.
Persons: Elizabeth Frantz, Joe Biden's, Biden, Donald Trump, Kevin McCarthy, Biden's, Janet Yellen, Shalanda Young, outlays, Gross, David Lawder, Dan Burns, Andrea Ricci Organizations: U.S, Capitol, REUTERS, Rights, Social Security, Treasury Department, Representatives, . House, Management, Treasury, Reuters Graphics, Federal, Federal Reserve, Thomson Locations: Washington , U.S, Ukraine, Israel, U.S
The U.S. Capitol building is seen in Washington, U.S., April 6, 2023. REUTERS/Elizabeth Frantz Acquire Licensing RightsWASHINGTON, Oct 20 (Reuters) - The U.S. government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23% jump from the prior year as revenues fell and outlays for Social Security, Medicare and interest costs on the federal debt rose significantly. The Treasury Department said the deficit was the largest since a COVID-fueled $2.78 trillion gap in 2021 and marks a major return to ballooning deficits after back-to-back declines during President Joe Biden's first two years in office. The deficit comes as Biden is asking Congress for $100 billion in new foreign aid and security spending, including $60 billion for Ukraine and $14 billion for Israel, along with funding for U.S. border security and the Indo-Pacific region. Reporting by David Lawder and Dan Burns; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.
Persons: Elizabeth Frantz, Joe Biden's, Biden, Donald Trump, Kevin McCarthy, David Lawder, Dan Burns, Andrea Ricci Organizations: U.S, Capitol, REUTERS, Rights, Social Security, Treasury Department, Representatives, . House, Thomson Locations: Washington , U.S, Ukraine, Israel, U.S
CNN —The Biden administration on Friday laid out the details of a $105 billion national security package that includes military and humanitarian assistance for the conflicts in Ukraine and Israel. House Republicans are still struggling to unite behind a speaker to lead their conference, and until one is elected, the national security package will remain in limbo. The Biden administration’s prior request for $24 billion in Ukraine aid was not included in a stopgap government funding measure Congress approved in late September. Here’s what’s in the package, according to the White House:$61.4 billion in aid for Ukraine$30 billion for the Defense Department for equipment for Ukraine and the replenishment of US stocks. $10 billion for humanitarian assistance$9.15 billion for aid for Ukraine, Israel, Gaza and other humanitarian needs.
Persons: CNN —, Biden, Joe Biden, Here’s Organizations: CNN, House Republicans, Ukraine, White, Defense Department, National Nuclear Security Administration, Israel, Iron, State Department, West Bank, Treasury Department, World Bank Locations: Ukraine, Israel, Gaza, Mexico, Taiwan, Congress, Europe, assertiveness, China
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