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☆ How tornadoes, crypto and mudslides pushed up the debt default deadline
▼ + stars: | 2023-05-19 | by ( Samantha Delouya | ) edition.cnn.com time to read: +3 min

While the Treasury Department hasn’t explicitly given a reason for its tax revenue deficiency, experts have said two main factors may have caused a shortfall. Pugliese said that last year, capital gains taxes paid to the government were “unusually strong” due to a market boom. That led to really strong capital gains tax revenue increases,” he said. Tornadoes, winter storms and mudslides pushed deadlines for millions of taxpayersAnother factor that may have lowered the federal government’s tax income this year: unexpected natural disasters. California’s payments might have had an outsized effect on the federal government’s tax revenue shortage, said Mark Zandi, chief economist at Moody’s Analytics.

☆ Michael Cohen is finally taking the Trump Organization to trial over unpaid legal bills in the Stormy Daniels saga
▼ + stars: | 2023-05-16 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

Michael Cohen's lawsuit against the Trump Organization is headed to trial in two months. His entanglement in the Stormy Daniels saga, the Mueller investigation, and more all stemmed from his former Trump Organization role, he alleges. The Trump Organization owes him $2.3 million in legal fees for all those cases and investigations, he says. The trial would also happen on the heels of a Manhattan trial, in federal court, over E. Jean Carroll's lawsuit against Trump. Attorneys for the Trump Organization and Cohen didn't immediately respond to Insider's requests for comment.

☆ Opinion | Doing Whatever It Takes on Debt
▼ + stars: | 2023-05-04 | by ( Paul Krugman | ) www.nytimes.com time to read: +1 min

The United States is barreling toward a debt crisis; the possibility of default on U.S. debt is already beginning to roil markets. What’s odd about this potential crisis is that it has nothing to do with excessive debt. America in 2023 isn’t like, say, Greece in 2009 or Argentina in 2001, cut off by investors because they have lost faith in our solvency. There are three things you need to know about this crisis. First, whatever courts may say about the constitutionality of the debt ceiling, budget decisions should be dictated by votes over spending and taxing, not by hostage-taking in which the party most willing to destroy the economy gets what it wants.

☆ The US economy is barreling toward a 'student loan cliff' as borrowers may soon owe $18 billion in monthly repayments, Jefferies analyst says
▼ + stars: | 2023-04-20 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

The US economy is barreling toward a 'student loan cliff,' with a moratorium on repayments set to end this year, according to Jefferies. Cash-strapped households could scale back spending if the loan repayments resume, hitting economic growth. "The additional risk to overall US economic growth is notable," Tim Simons, an economist at Jefferies, said. An end to the loan moratorium will affect about 45 million borrowers, according to the firm. "If the resumption of student loan repayments creates ~2% downward pressure on personal consumption expenditures, the additional risk to overall US economic growth is notable," Tim Simons, an economist at Jefferies, wrote in a recent research note.

☆ 5 must-see charts that show why the economy is barreling toward disaster — putting stocks at risk for massive declines
▼ + stars: | 2023-04-01 | by ( William Edwards | ) www.businessinsider.com time to read: +7 min

Reducing inflation is likely to require a period of below-trend growth and some softening in labor market conditions," Powell said. "Restoring price stability is essential to set the stage for achieving maximum employment and stable prices over the longer run." A large enough pullback in lending will send the economy into a downward spiral, he said. "If you get a credit crunch, you could have an immediate downturn in the economy, a very quick downturn," he said. Credit spreads are the gap between high-risk bond yields and yields on risk-free bonds.

☆ This week's top S&P 500 stocks include First Republic and this casino owner
▼ + stars: | 2023-03-31 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

The S & P 500 and Nasdaq Composite are up about 2.9% and 2.8%, respectively. Meanwhile, this month, the Dow is higher by more than 1.3% and the S & P 500 is up 2.8%. Energy stocks outperformed this week on the back of higher oil prices, with the S & P 500 Energy Index up by almost 6%. All 11 sectors in the S & P 500 advanced this week. Caesars Entertainment was the best performer in the S & P 500.

☆ 'The storm signals are flying': Evercore founder says the US is barreling towards a recession
▼ + stars: | 2023-03-27 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Evercore founder Roger Altman says the odds of a recession are rising, he told CNBC on Monday. "We could be heading into that kind of economic softness, and that might affect credit quality and banking health." Partly because open market financial conditions have tightened," Altman told CNBC Monday, referring, in part, to the central bank's rate hikes. However, the probability that US economy is barreling towards a recession continues to go up. The Evercore exec is eyeing indicators such as a "sharply" inverted yield curve, which is when long-term interest rates are less than short-term ones.

☆ Trump loyalists flock to Waco for election rally overshadowed by legal threats
▼ + stars: | 2023-03-25 | by ( Nathan Layne | ) www.reuters.com time to read: +5 min

WACO, Texas (Reuters) -Die-hard fans of Donald Trump flocked to the ex-president’s election rally in Waco, Texas, on Saturday, brimming with defiance as their favored candidate faced overlapping threats of criminal indictment. FILE PHOTO: Former U.S. President Donald Trump delivers remarks on education as he holds a campaign rally with supporters, in Davenport, Iowa, U.S. March 13, 2023. REUTERS/Jonathan Ernst/File PhotoSeveral thousand Trump supporters lined up outside the Waco Regional Airport waiting to go through security and enter the event, with the first speaker scheduled for 2 p.m. CDT (1900 GMT). Fifty-seven-year-old Laurie Hansen said Trump was “the best president ever.”“He’s the only one who can bring our country back,” she said. In an editorial, the Houston Chronicle said the decision to host the event in Waco during the anniversary of the Waco siege represented more than a dog-whistle message to far-right and conspiratorial Trump supporters.

☆ Trump loyalists decry 'witch hunt' at Waco election rally
▼ + stars: | 2023-03-25 | by ( Nathan Layne | ) www.reuters.com time to read: +5 min

WACO, Texas (Reuters) -Die-hard fans of Donald Trump flocked to the ex-president’s election rally in Waco, Texas, on Saturday, brimming with defiance as their favored candidate faces legal peril from prosecutors and mixed polling ahead of next year’s Republican primary elections. People cheer ahead of the first campaign rally for the re-election campaign of former U.S. President Donald Trump at Waco Regional Airport in Waco, Texas, U.S., March 25, 2023. “You have to understand: they are not just coming after President Trump, they are coming after you, and President Trump is just the only one standing in their way,” she said. The former president is seeking to turn the hush money case in New York to his advantage by raising money off it and using it to rally supporters. Schomburg said he thought Trump was trying to send a message by holding the rally in Waco.

☆ Trump holds first election rally in Waco overshadowed by legal threats
▼ + stars: | 2023-03-25 | by ( Nathan Layne | ) www.reuters.com time to read: +4 min

FILE PHOTO: Former U.S. President Donald Trump delivers remarks on education as he holds a campaign rally with supporters, in Davenport, Iowa, U.S. March 13, 2023. In an email, a Trump campaign spokesperson said Waco was chosen because it is situated between several major population centers and has the infrastructure to host a large event. Trump has sought to paint the Manhattan case as politically motivated, raised money off it and used it to rally supporters to his side. The city of Waco said it was expecting 15,000 people to attend the rally. In an editorial, the Houston Chronicle said the decision to host the event in Waco during the anniversary of the Waco siege represented far more than a dog-whistle message to far-right and conspiratorial Trump supporters.

☆ Staring down a possible indictment, Trump holds a rally in Waco. A Texas newspaper said the choice isn't a dog whistle but an 'air horn' to far-right groups.
▼ + stars: | 2023-03-25 | by ( Sarah Al-Arshani | ) www.businessinsider.com time to read: +4 min

Thirty years ago, federal agents seized the Branch Davidians in Waco, Texas. Trump's scheduled rally in Waco falls in the middle of the anniversary of the months-long standoff. The New York Times reported that Trump's visit to Waco falls on the 30-year anniversary of the Branch Davidian siege. Although no indictment has been announced, Trump has continued to rally his supporters and make allusions to violence. Trump supporters like Reps. Marjorie Taylor Greene of Georgia and Matt Gaetz of Florida as well as conservative pundits like Dan Bongino have spoken out in support of Trump.

☆ Russian plane that took out US drone was 'out of control' and flying like it's 'amateur hour,' US official tells PBS
▼ + stars: | 2023-03-15 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +3 min

The US says a Russian jet clipped a US drone over the Black Sea, forcing it to crash. A US official told PBS the Russian pilot seemed out of control, calling their actions "amateur hour." Schifrin further described what the official told him on "PBS NewsHour," saying "this was not a controlled tap. The Russian pilot was barreling toward the drone, out of control, tried to pull away from the from the drone, and that's when the Russian jet actually hit the back of it." Russia also denied that any contact was made between the jet and the drone, saying the drone crashed after "sharp maneuvering".

☆ Meta's metaverse division leaders are reportedly gathering for a summit that includes a meeting called 'Must Go Faster'
▼ + stars: | 2023-02-24 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

Meta's metaverse division is scheduled to gather for a multi-day summit next week, Command Line reported. The division, also known as Reality Labs, is reportedly also canceling projects, Command Line said. Reality Labs lost $13.7 billion in 2022 and posted a fourth-quarter loss of more than $4 billion. The summit will focus on "road map and vision-setting presentations" with one meeting reportedly titled "Must Go Faster," Command Line said. "Cardiff," the codename for an upcoming version of the Quest headset, and "Hermosa," the moniker for another early-stage hardware prototype, according to Command Line.

☆ Kia's new electric SUV is the stylish, super-quick competitor of Elon Musk's nightmares — but it has one big downside
▼ + stars: | 2023-02-16 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

The 2023 EV6 GT Kia lent me came out to roughly $63,000, including a destination fee. The 2023 Kia EV6 GT. The 2023 Kia EV6 GT. The 2023 Kia EV6 GT. Our impressionsThe 2023 Kia EV6 GT is a unique, adrenaline-inducing ball of energy that makes you feel outrageously cool while behind the wheel.

☆ From a road-trip disaster to a face-melting rip in the world's quickest supercar, these are my biggest lessons from driving 20 electric cars
▼ + stars: | 2023-02-08 | by ( Tim Levin | ) www.businessinsider.com time to read: +6 min

I've tested 20 electric cars, SUVs, and pickup trucks from Tesla, Ford, Porsche, Polestar, and more. But electric cars are quick, convenient, fun to drive, and quiet. Hours behind the wheel taught me some important lessons about range, charging, and our electric future. Charging can be more convenient than getting gasRecharging an electric car takes a whole lot longer than filling up on gas. The best ones offer spacious interiors and clever storageToday's electric cars typically use what's known as a skateboard platform, which is basically what it sounds like.

☆ Tomahawk dunk? Step-back three? Skyhook? LeBron has options for breaking record
▼ + stars: | 2023-02-03 | by ( Rory Carroll | Thomson Reuters | Los Angeles-Based Sports Reporter Who Interviews The Most Impactful Athletes | ) www.reuters.com time to read: +2 min

But James' shot-making skills have expanded over the years and he has a full arsenal at his disposal to deliver a historic highlight. "Over the course of my career I've just got better with every facet of my game," James told ESPN in a recent interview. Tomahawks, windmills, reverses - James could rock the rim in any number of ways, sending fans into a frenzy and opposing teams into timeouts. James has been seen practicing the difficult shot, which no player has ever mastered like Abdul-Jabbar, during pre-game warm-ups. Reporting by Rory Carroll in Los Angeles; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. government touches debt limit
▼ + stars: | 2023-01-19 | by ( David Morgan | ) www.reuters.com time to read: +4 min

Republicans, with a newly won House majority, aim to use the congressionally mandated federal debt ceiling to exact spending cuts from Biden and the Democratic-led Senate. Republicans are instead pursuing a "debt prioritization" plan that would seek to avert default by urging the Treasury to prioritize debt payments, and possibly other priorities such as Social Security and Medicare, should the limit be breached during negotiations. But we similarly should not blindly increase the debt ceiling," Representative Chip Roy, a leading conservative, told Reuters. Congress adopted a comprehensive debt ceiling, the statutory maximum of debt the government can issue, in 1939, intending to limit its growth. White House officials also note that Republicans in Congress backed multiple increases to the debt ceiling when Republican Donald Trump was president.

☆ California storm forces thousands to flee homes and leaves 1 dead
▼ + stars: | 2023-01-10 | by ( Chantal Da Silva | Chantal Da Silva Is A Breaking News Editor For Nbc News Digital Based In London. | ) www.nbcnews.com time to read: +2 min

The heavy rains are expected to worsen ongoing flooding and prolong the risk of flash flooding and mudslides across the state. Firefighters block the CA 192 Foothill road while the Arroyo Paredon Creek overflows due to heavy rainfall in Carpinteria on Monday. Heavy rainfall in the area, which is home to 10,000 people, had already flooded roads and creeks, he said. The flooding came five years to the day after heavy rains hammered a Montecito “burn scar,” killing nearly two dozen people. The severe weather also forced the Santa Barbara Airport to close due to flooding, the airport announced in a tweet Monday.

☆ California storm forces thousands to flee their homes and leaves 1 dead in 'endless onslaught'
▼ + stars: | 2023-01-10 | by ( Chantal Da Silva | ) www.cnbc.com time to read: +5 min

As of early Tuesday, more than 63,000 utility customers were without power across California, according to PowerOutage.us . The heavy rains are expected to worsen ongoing flooding and prolong the risk of flash flooding and mudslides across the state. The flooding came five years to the day after heavy rains hammered a Montecito "burn scar," killing nearly two dozen people. The severe weather also forced the Santa Barbara Airport to close due to flooding, the airport announced in a tweet Monday. The recent severe weather prompted Gov.

☆ Luck, Tesla design likely saved family that plunged off cliff, experts say
▼ + stars: | 2023-01-06 | by ( Tim Stelloh | Tim Stelloh Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +5 min

Four people were rescued after a Tesla plunged over a cliff in Calif., on Monday. Patel, a 41-year-old woman and two children ages 4 and 7 — both of whom were in car seats — were also in the SUV, California Highway Patrol spokesman Mark Andrews said. Nor is it clear what driving mode Patel was using before the SUV careened off the cliff, the California Highway Patrol said. “In my 35 years of working on vehicle safety, I’ve never had an automaker say, 'Look at this crash test we’re doing for extra credit,'” he said. Helicopters were dispatched, and the family was hoisted from the vehicle using rescue baskets, he said.

☆ Big Oil has engaged in a long-running climate disinformation campaign while raking in record profits
▼ + stars: | 2022-12-09 | by ( René Marsh | ) edition.cnn.com time to read: +7 min

CNN —Big Oil companies have engaged in a “long-running greenwashing campaign” while raking in “record profits at the expense of American consumers,” the Democratic-led House Oversight Committee has found after a year-long investigation into climate disinformation from the fossil fuel industry. The committee found the fossil fuel industry is “posturing on climate issues while avoiding real commitments” to reducing greenhouse gas emissions. Lawmakers said it has sought to portray itself as part of the climate solution, even as internal industry documents reveal how companies have avoided making real commitments. Many of their requests for internal documents were heavily redacted by the companies, which did not specify reasons for withholding the information. “These companies know their climate pledges are inadequate but are prioritizing Big Oil’s record profits over the human costs of climate change,” Maloney said.

☆ Trump faced a jury pool 'notorious' for huge damages before settling a lawsuit brought by protesters, experts say
▼ + stars: | 2022-11-22 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +10 min

Donald Trump's lawyers settled a lawsuit brought by protesters at the 11th hour. He faced a likely hostile jury pool notorious for awarding high damages compared to juries in Manhattan or Long Island. Other still images appear to show a protester grabbing a security team member, suggesting Trump's lawyers may have argued he was acting in self-defense. Former President Donald Trump speaks during a campaign rally at Minden-Tahoe Airport on October 08, 2022 in Minden, Nevada. Cohen also said Trump's lawyers failed to disclose he had knowledge of the day's events, even though they were supposed to.

☆ Here's the six-word outlook for stocks in 2023: going to hell in a handbasket
▼ + stars: | 2022-11-20 | by ( Linette Lopez | ) www.businessinsider.com time to read: +11 min

We knew that the stock market had formed a bubble and that it was going to pop as interest rates went up. That, in turn, pushed the stock market off a cliff so steep that we still cannot see the bottom. This all goes back to the Fed's move to keep interest rates at 0% after the 2008 financial crisis. Since interest rates were so low, companies that didn't make money could just borrow to keep the lights on. In 2018, Wall Street got a preview of how ugly this bubble would look once it popped in earnest.

☆ Texas GOP looks to restrict transgender health care and drag shows
▼ + stars: | 2022-11-16 | by ( Zachary Schermele | ) www.nbcnews.com time to read: +4 min

Texas Republicans introduced several bills this week that target the transgender community, including at least two measures seeking to criminalize gender-affirming care for minors and one bill looking to prevent children from attending drag performances. For minors, this type of care typically includes puberty blockers, which are recommended to trans youths before the onset of puberty, or hormone therapy for teenagers. The Texas bills come on the heels of a previous attempt this year by the state’s attorney general, Ken Paxton, to deem transition-related care for minors as child abuse under state law. Greg Abbott, the state’s Republican governor, subsequently called on citizens to report parents of transgender minors to the state if they suspect these minors are receiving gender-affirming care. The state’s current definition of “sexually oriented businesses” includes any venue where two or more people perform nude and alcohol is served.

☆ Donald Trump’s Presidential Rerun
▼ + stars: | 2022-11-15 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Donald Trump seems to be barreling ahead with an announcement Tuesday night that he plans to run for President again. The irony is that more Democrats than Republicans will be elated because they see him as the easiest candidate to beat one more time. Mr. Trump’s advisers urged him to hold off at least until the Dec. 6 Senate runoff in Georgia. The first is to try to clear the Republican field of potential competitors, especially Govs. Ron DeSantis and Glenn Youngkin , who have shown they can win in competitive states.

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