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☆ What does the US carrier strike group near Israel bring? Tremendous firepower and an unmistakable message
▼ + stars: | 2023-10-12 | by ( Chris Panella | ) www.businessinsider.com time to read: +10 min

The USS Gerald R. Ford Carrier Strike Group was deployed in the eastern Mediterranean amid a growing crisis in Israel. Carrier strike groups host significant airpower and firepower, and the Ford's new technological capabilities make it a major presence. US officials announced the movement of the carrier strike group toward Israel on Sunday, the day after Hamas carried out deadly terror attacks against the US ally. The amount of firepower each vessel brings adds up, especially considering the capabilities of the air wing aboard USS Gerald R. Ford. It set out on a short maiden deployment last year and its first full deployment as part of a fully certified carrier strike group earlier this year.

Persons: Gerald R, —, Burke, Thomas Hudner, Ramage, USS Carney, Roosevelt, Bryan Clark, Maxwell, Ford, Clark, Gray, Jackson Adkins, Dwight D, Eisenhower, Bryan Goodman, William Sum, Israel Organizations: Ford Carrier Strike, Israel . Aircraft, Carrier, Service, US, Sunday, Israel, Ford, Ticonderoga, Arleigh, US Navy, Hudson Institute, Nimitz, Central Command, Hornets, EA, Electronic Attack, U.S . Navy, Pentagon, Defense, US Central Command, Hamas, British Royal Navy, Wall, US Department of Defense, Airborne Command, Control Squadron, Jackson Adkins US, US State Department, Israeli Defense Force, IDF Locations: Israel, Normandy, United States, Ticonderoga, Gaza, Iran, Iraq, Wellington , Florida, Panorama City , California, Persian

☆ JPMorgan says this struggling clean energy play may have finally bottomed, sees nearly 60% upside
▼ + stars: | 2023-10-12 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Hydrogen fuel cell company Plug Power is on pace for meaningful upside with several near-term catalysts ahead, according to JPMorgan. Analyst Bill Peterson added Plug Power to its positive catalyst watch list for the near term in a Thursday note, in addition to reiterating its overweight rating on the stock. Plug Power lowered its 2023 revenue forecast to account for a disappointing third quarter, but Peterson said he had anticipated this would occur. On Friday, the Biden administration is expected to announce $7 billion in hydrogen hub grants, from which Peterson thinks Plug Power is well-positioned to benefit. Plug Power could see further tailwinds from a positive resolution with the U.S. Department of the Treasury on the Inflation Reduction Act's clean hydrogen production tax credits.

Persons: Bill Peterson, Peterson, Biden, — CNBC's Michael Bloom Organizations: JPMorgan, U.S . Department of, Treasury, U.S . Department of Energy Locations: Wednesday's, company's Georgia

☆ Treasury Department aims to make it easier to get $7,500 EV tax credit in 2024
▼ + stars: | 2023-10-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Its proposed rules, issued Friday, would let car dealers offer the EV tax break to consumers at the point of sale — regardless of their federal tax liability — starting Jan. 1, 2024. If the Treasury proposal is codified, it would expand the pool of consumers — especially lower earners, who generally have smaller tax liabilities — eligible for the full value of the EV tax credit. Consumers will get that point-of-sale discount by transferring their tax credit — the new clean vehicle credit ($7,500) or the used clean vehicle credit ($4,000) — to a car dealer. For one, the Treasury proposal is subject to a 60-day public comment period and may change in its final version, though experts don't expect any substantial revisions. It's also important to note that car dealers won't analyze consumers' income to determine if they qualify for an EV credit, according to the Treasury proposal.

Persons: Jamie Wickett, Hogan, Ingrid Malmgren, Wickett, Buyers, It's Organizations: Maskot, U.S . Department of, Treasury, —, Finance, Consumers, IRS, Dealers, IRS Energy Locations: Israel

☆ Meet Frank Waln, the Sicangu Lakota hip hop artist bringing Indigenous culture to the American music scene
▼ + stars: | 2023-10-09 | by ( Alaa Elassar | ) edition.cnn.com time to read: +11 min

Sicangu Lakota rapper Frank Waln is bringing Indigenous culture to the American music scene. Weaving Indigenous culture into American musicWaln was 7 years old when he found himself mesmerized by an old black piano sitting in his second grade classroom. He centers nearly every song around the instrument, and often the drums, both fundamental components of Indigenous music. “I want to create my own genre that’s rooted in Native music, Native culture and Native sound, that also becomes a space for other Native musicians who don’t have a place in American entertainment and music culture,” he said. Deanna Dent/ReutersDespite his extensive accomplishments – including three Native American Music Awards – Waln measures his success differently.

Persons: Frank Waln, “, ” Waln, Mita, Tara Rose Weston “, Waln, I’ve, Nas –, doesn’t, don’t, ”, I’m, Leslie Frempong, ’, Peter Pan ”, Fleetwood Mac, Deanna Dent, Teca Organizations: CNN, “, Lakota, Harvard University’s Peabody Museum of Archaeology, White, US Department of, Harvard University, Smithsonian National Museum of, Columbus, Reuters Locations: South Dakota, Lakota, American, America, United States, “, Waln’s, White American, Boston

☆ US Treasury pushing development banks for progress on next phase of reforms by April
▼ + stars: | 2023-10-08 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

A bronze seal for the Department of the Treasury is shown at the U.S. Treasury building in Washington, U.S., January 20, 2023. U.S. Treasury Secretary Janet Yellen has been pushing for reforms to expand the World Bank's lending for a year, after an expert panel review concluded that the institutions, government shareholders and credit rating agencies were too timid about financial risks. The Treasury official said World Bank governors were expected to sign off on the new measures this week and mapped out previously unreported details on the callable capital issue, including the timetable for action. Any new proposal on treatment of callable capital will require approval by the shareholders of each of the respective multilateral development banks, bank officials have said. "You've got to work on global challenges like climate fragility and pandemics and poverty and boosting shared prosperity all at once because they are all mutually reinforcing and intertwined," the Treasury official said.

Persons: Kevin Lamarque, MDBs, Janet Yellen, You've, Andrea Shalal, Mark Porter Organizations: Department of, U.S . Treasury, REUTERS, Treasury, U.S . Treasury Department, World Bank, Bank, Reuters, Rockefeller Foundation, International Monetary Fund, Thomson Locations: Washington , U.S, MARRAKECH, Morocco, U.S, Marrakech

☆ Gaetz & Co: A Tale as Old as Time
▼ + stars: | 2023-10-06 | by ( Kimberley A. Strassel | ) www.wsj.com time to read: +1 min

Kimberley Strassel is a member of the editorial board for The Wall Street Journal. She writes editorials, as well as the weekly Potomac Watch political column, from her base in Alaska. Ms. Strassel joined Dow Jones & Co. in 1994, working in the news department of The Wall Street Journal Europe in Brussels, and then in London. She moved to New York in 1999 and soon thereafter joined the Journal's editorial page, working as a features editor, and then as an editorial writer. An Oregon native, Ms. Strassel earned a bachelor's degree in Public Policy and International Affairs from Princeton University.

Persons: Kimberley Strassel, Strassel Organizations: Wall Street, Potomac Watch, Dow Jones & Co, The, Street, Fox, Sunday, Press, Policy, International Affairs, Princeton University Locations: Kimberley, Alaska, Brussels, London, New York, An Oregon

☆ As China churns out warships, the US Navy is looking for drones and AI to help it pick up the pace at its struggling shipyards
▼ + stars: | 2023-10-05 | by ( Michael Peck | ) www.businessinsider.com time to read: +7 min

Meanwhile, China's navy is growing thanks to shipyards that churn out naval and commercial ships. The US Navy is now looking for new tools to improve maintenance and reduce delays at its shipyards. AdvertisementAdvertisementWith maintenance backlogs hampering fleet readiness, the US Navy is hoping that autonomous systems and artificial intelligence can fix its overburdened shipyards. The solicitation cited penetrant testing, ultrasonic testing, and magnetic testing as possible solutions. AdvertisementAdvertisementAt the same time, "the Federal Government sees the development of these capabilities as benefiting industrial maintenance activities in partnership with the Navy at commercial shipyards.

Persons: —, PO1 Emmitt, MCS3 Brandon Roberson, Michael Peck Organizations: US Navy, Service, Technologies, DON, Department of, Navy, sustainment, Corpus Christi, Navy Shipyards, Norfolk Naval Shipyard, PO1 Emmitt Hawks, Federal Government, Labor, Office, Defense, Foreign Policy, Twitter, LinkedIn Locations: Corpus, Pearl, Norfolk, Boise, China, Forbes

☆ Soaring Treasury yields ignite turbulence throughout markets
▼ + stars: | 2023-10-05 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

Because the $25-trillion Treasury market is considered the bedrock of the global financial system, soaring yields on U.S. government bonds have had wide-ranging effects. Higher Treasury yields can curb investors' appetite for stocks and other risky assets by tightening financial conditions as they raise the cost of credit for companies and individuals. With some Treasury maturities offering far above 5% to investors holding the bonds to term, rising yields have also dulled the allure of equities. Reuters GraphicsWith Treasury yields surging, credit market spreads have widened as investors demand a higher yield on riskier assets, such as corporate bonds. The MOVE index (.MOVE), a measure of expected volatility in U.S. Treasuries, has surged to a 4-month high, signaling expectations for continued Treasury market ructions.

Persons: Andrew Kelly, That's, Saqib Iqbal Ahmed, Davide Barbuscia, Ira Iosebashvili, Nick Zieminski Organizations: United States Department of, Washington , D.C, REUTERS, Treasury, Federal Reserve, Bank of America Global Research, Reuters, Traders, Reuters Graphics, Silicon Valley Bank, Signature Bank, Thomson Locations: Washington ,, U.S, Silicon

☆ 95-year-old artist who was evicted from Cape Cod dune shack gets a reprieve
▼ + stars: | 2023-10-04 | by ( Marnie Hunter | ) edition.cnn.com time to read: +4 min

CNN —Artist Salvatore Del Deo and his family are back in the dune shack they’ve occupied and cared for on Cape Cod National Seashore for nearly 80 years. It’s officially known as the Chanel Shack after its original owner, Jeanne “Frenchie” Chanel. A collection of dune shacks make up the Peaked Hill Bars Historic District, where the Chanel Shack is located. The Chanel Shack wasn’t among those for lease, but it could have been part of a future offering. The original Chanel shack dates back to 1942, and Salvatore Del Deo befriended the original owner, “Frenchie” Chanel, several years later.

Persons: Salvatore Del Deo, Romolo Del Deo, Del Deo, Del Deos, “, ”, It’s, Chanel, Jeanne “ Frenchie ” Chanel, Josephine Del Deo, he’s, Romolo Del, –, ” Del Deo, ” Chanel, Frenchie Organizations: CNN, Cape, National Park Service, Department of, Historic Locations: Historic District, Atlantic

☆ Asian Games: China censored this photo of two athletes. Was it for a perceived Tiananmen reference?
▼ + stars: | 2023-10-04 | by ( Chris Lau | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China appears to have censored a photograph of two Chinese hurdlers embracing after a race because their lane numbers formed an accidental reference to the Tiananmen massacre in 1989. The image captures Lin Yuwei, from lane 6, and Wu Yanni, in lane 4, hugging following the women’s 100-meter hurdles final at the Asian Games in Hangzhou. As they stood together, stickers showing their lane numbers formed “6 4”, a pairing widely seen as a reference to June 4, 1989. That day Chinese military tanks rolled into the capital Beijing during a bloody crackdown to clear students protesting for democracy in Tiananmen Square. State broadcaster CCTV originally posted the photograph on Weibo, China’s Twitter-like social media service, on Sunday night, but removed it from its account about an hour later, CNN has found.

Persons: Lin Yuwei, Wu Yanni, China’s Organizations: Hong Kong CNN, Asian, CCTV, China’s Twitter, CNN, Weibo, Baidu, Google, Xinhua, Propaganda Department, Chinese Communist Party, Communist Party Locations: Hong Kong, China, Hangzhou, Beijing, Tiananmen Square, Weibo

☆ Some of America's richest people are just not paying their taxes — and millionaires alone could owe up to $34 billion
▼ + stars: | 2023-10-04 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

New IRS data shows that some of America's highest earners are just not paying taxes. Sen. Ron Wyden of Oregon requested data from the IRS on taxpayers who are not filing returns. Nearly 1,000 taxpayers making over $1 million aren't paying up and could owe billions. AdvertisementAdvertisementThe average American taxpayer pays $16,615 in income taxes annually — but for some of the wealthiest Americans, that number is zero. Nearly 1,000 taxpayers who make over $1 million annually didn't file taxes multiple times from 2015 to 2020, according to an IRS memo viewed by Insider.

Persons: Sen, Ron Wyden, —, they're, they've, Wyden, Danny Werfel, you'll Organizations: IRS, Service, Finance, Congressional Republicans, Treasury Department, Department of, Treasury, Harvard University, University of Sydney, Biden, Republican Locations: Oregon

☆ Bonds eye Q4 salvation in another year to forget: McGeever
▼ + stars: | 2023-10-03 | by ( Jamie Mcgeever | ) www.reuters.com time to read: +5 min

Treasury bond indexes are down as much as 2.5% this year, not a huge move and most of it has come since Federal Reserve policymakers published their upwardly revised median policy projections on Sept. 20. For an investor with a typical portfolio weighted 60% stocks and 40% bonds, these losses are more than offset by double-digit equity returns. Their base case is for a 14% return on 10-year Treasuries, rising to 20% in the event of recession. Even in their upside scenario of a more resilient economy, 10-year Treasuries should return around 10% over the coming year, they estimate. Commodity Futures Trading Commission data, meanwhile, showed that asset managers had built up a then record net long position in 10-year Treasuries futures of 1.26 million contracts by mid-January.

Persons: Kevin Lamarque, ”, Keith Lerner, Jonathan Duensing Organizations: Department of, U.S . Treasury, REUTERS, U.S, Treasuries, U.S ., Bank of America, Treasury, Bloomberg U.S, ICE, Advisory, Fed, UBS, Bank of, Futures, Amundi, Reuters Locations: ORLANDO, Florida, Washington , U.S, U.S . Republic, Treasuries

☆ Column-Bonds eye Q4 salvation in another year to forget: McGeever
▼ + stars: | 2023-10-03 | by ( Jamie Mcgeever | ) www.reuters.com time to read: +5 min

☆ Climate change could impose 'substantial financial costs' on U.S. household finances, Treasury warns
▼ + stars: | 2023-10-02 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Between 2018 and 2022, weather and climate disasters cost more than $617 billion, it found — a record. Transportation of food and goods may also be hit by climate events, leading to more delays and shortages on store shelves. "Food insecurity disproportionately impacts lower-income households, families led by single mothers, families with children, and households in Southern states." Climate events can also lead to increased medical expenses. The Treasury report notes that in one analysis from 2012, 10 climate events led to a total of $10 billion in health-related costs.

Persons: Makatla, Joe Raedle, Graham Steele Organizations: U.S . Department of, Treasury, Treasury Department Locations: Tarpon Springs , Florida, U.S, Louisiana, Southern

☆ Tolstoy vs. Trump in 2024
▼ + stars: | 2023-09-29 | by ( Kimberley A. Strassel | ) www.wsj.com time to read: +1 min

☆ Redonda: A Caribbean island once ruled by rats is now a wildlife haven
▼ + stars: | 2023-09-29 | by ( Nell Lewis | ) edition.cnn.com time to read: +8 min

But with the humans came invasive species, such as black rats and feral goats. In 2016, they launched an effort to restore the island and eliminate the invasive species. We just removed the rats and the goats, and the island transformed right in front of our eyes,” she says. Jenny Daltry/Fauna & Flora/Re:wild Jenny Daltry/Fauna & Flora/Re:wild Redonda island, before and after the eradication of invasive species. Redonda, which is about a mile long, was estimated to have around 6,000 rats and 60 goats pre-eradication, explains Bradshaw.

Persons: Christopher Columbus, Redonda, Ed Marshall, ”, Johnella Bradshaw, Jenny Daltry, they’re, Bradshaw, “, ” Bradshaw, Lawson Lewis, Nneka Nicholas, Helena Jeffery Brown, Nature Organizations: CNN, Environmental, Barbuda Defence Force, Department of, Department for Environment, “ Locations: Redonda, Antigua, Barbuda, Caribbean, Fauna

☆ US Treasury: homes must be 'zero energy ready' to get full tax credit
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

A bronze seal for the Department of the Treasury is shown at the U.S. Treasury building in Washington, U.S., January 20, 2023. The "45L" tax credit for energy efficient homes acquired from 2023 through 2032 ranges from $500 to $5,000 per dwelling, with the homes meeting lesser Energy Star efficient appliance standards qualifying for the low end, and those meeting Department of Energy Zero Energy Ready Home requirements qualifying for the maximum. To meet the Zero Energy Ready Home requirements, the dwellings must meet certain requirements for insulation, duct work, appliances and other features that make it "so energy efficient that a renewable energy system could offset most or all the home's annual energy use," according to the Department of Energy. The homes must be certified by third parties to verify that they meet the requirements, the Treasury said. For homes acquired before 2023, the credit amount is $1,000 or $2,000 depending on the standards met.

Persons: Kevin Lamarque, David Lawder, Marguerita Choy Organizations: Department of, U.S . Treasury, REUTERS, Rights, U.S, Treasury, Internal Revenue Services, Energy, of Energy, Zero, Department of Energy, Thomson Locations: Washington , U.S

☆ Biden ESG rule survives challenge in court. 'Tonal shift’ may be biggest victory, lawyer says
▼ + stars: | 2023-09-27 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

The Biden administration rule — which took effect Jan. 30 — was one facet of a White House effort to address climate change. Biden's ESG rule replaced a regulation issued by the Trump administration. That's because ERISA, a federal retirement law, disallows employers from picking investments for ideological reasons. The Biden administration was concerned that the spin around the Trump rule might have chilled plans' willingness to consider ESG factors. "The Biden administration was concerned that the spin around the Trump rule might have chilled plans' willingness to consider ESG factors in evaluating plan investments," Iwry said.

Persons: Joe Biden, Marty Walsh, Anna Moneymaker, —, Biden, Biden's, Trump, PSCA, Andrew Oringer, Oringer, DOL, gunning, Mark Iwry, Obama, Matthew Kacsmaryk, Mark Iwry nonresident, Iwry, Mischa Keijser Organizations: Labor, White, Getty, of America, U.S . Department of Labor, Northern District of Texas, Wagner Law, Department of Labor, Biden, Trump, Brookings Institution, U.S . Department of, Treasury, Brookings, Labor Department Locations: Rose, Northern District, Texas

☆ US senators pressure Treasury to get more aggressive on climate crisis risks
▼ + stars: | 2023-09-25 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

A bronze seal for the Department of the Treasury is shown at the U.S. Treasury building in Washington, U.S., January 20, 2023.? REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsWASHINGTON, Sept 25 (Reuters) - Elizabeth Warren, Bernie Sanders and four other U.S. senators are pressuring the U.S. Treasury Department to step up oversight and offer more guidance to financial institutions on addressing climate change risks threatening the U.S. financial system. The senators called on Treasury Secretary Janet Yellen and newly appointed climate counselor Ethan Zindler, a climate and clean energy research executive, to do more to protect the U.S. economy from what Yellen has described as the "existential threat" posed by climate change. The senators said they were particularly concerned about nonbank financial institutions, which also played a critical role in the 2008 global financial crisis, and said the FSOC should finalize and immediately implement a new analytic risk framework for climate-related financial risks. They also repeated earlier calls for stronger Internal Revenue Service enforcement of rules on political activity by nonprofit organizations, citing efforts by special interests to fuel climate change denial, and investigations into how such funding could be obstructing more action on the climate crisis.

Persons: Kevin Lamarque, Elizabeth Warren, Bernie Sanders, Warren, Martin Heinrich, Edward Markey, Sheldon Whitehouse, Jeffrey Merkley, Sanders, Janet Yellen, Ethan Zindler, Yellen, Andrea Shalal, Deepa Babington Organizations: Department of, U.S . Treasury, REUTERS, Rights, U.S . Treasury Department, Treasury, Democratic, Reuters, Internal Revenue Service, Thomson Locations: Washington , U.S, U.S

☆ How hydrogen bombs compare to atomic bombs, and how scientists created the most destructive weapon ever
▼ + stars: | 2023-09-24 | by ( Adam Barnes | ) www.businessinsider.com time to read: +11 min

Hydrogen bombs and atomic bombs are both nuclear weapons that can cause mass destruction. But just seven years later an even more destructive nuclear bomb was built — the hydrogen bomb. Whereas hydrogen bombs get their power from a combination of fission and its opposite — nuclear fusion — the binding of atoms. Hydrogen vs. atomic bombs: damage and destructionWhile atomic bomb blasts are measured in kilotons — 1 kt is equivalent to the explosive force of 1,000 tons of TNT — hydrogen bombs are often measured in megatons. AdvertisementAdvertisementBoth atomic and hydrogen bombs are nuclear weapons and therefore create long-lasting, dangerous nuclear fallout.

Persons: Otto Hahn, Fritz Strassman, Hahn, Lisa Meitner, Otto Frisch, Meitner, Frisch, Alex Wellerstein, Wellerstein, Little, Amanda Macias, Tsar, Soviet Union —, Bomba, it's Organizations: Service, Trinity, Stevens Institute of Technology, Little Boy, Lions, TNT, Little, Bravo, US, Hanford , Washington . Department of Locations: Wall, Silicon, United States, Japan, Austrian, Nagasaki, Hiroshima, megatons, Soviet Union, Soviet, Manhattan, Los Angeles, Hanford , Washington

☆ The Biden-Schumer Military-Promotion Blockade
▼ + stars: | 2023-09-22 | by ( Kimberley A. Strassel | ) www.wsj.com time to read: +1 min

SOFIA, Bulgaria (AP) — Bulgaria’s government has approved the purchase of U.S.-made Stryker combat vehicles to modernize the country’s land forces and bring them in line with NATO standards. The decision, announced Friday by the government’s press office, followed the approval by the U.S. State Department of the sale of 183 Stryker vehicles and related gear to Bulgaria for an estimated cost of $1.5 billion. Bulgaria, which is located on NATO's eastern flank, has intensified its military modernization by replacing its outdated Soviet-built weapons systems. In the aftermath of Russia's full-scale invasion of Ukraine, Bulgarian Defense Minister Todor Tagarev has pledged that his country will speed up efforts to set up a heavy mechanized brigade and other projects to guarantee security in the Black Sea region. Political Cartoons View All 1173 Images

Persons: —, Todor Tagarev Organizations: NATO, U.S . State Department of, Bulgarian Locations: SOFIA, Bulgaria, U.S, Ukraine

☆ U.S. judge orders expansion of Gulf of Mexico oil lease auction
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Sept 22 (Reuters) - A federal judge in Louisiana has ordered an expansion of next week's sale of oil leases in the Gulf of Mexico, saying the Biden administration must include additional acreage, according to a court ruling issued late on Thursday. U.S. District Judge James Cain said the Interior Department must proceed with the lease sale by Sept. 30, the ruling said. Environment groups had opposed including the additional acres, citing the need for adequate safeguards for the endangered Rice's whale. The Bureau of Ocean Energy Management had no comment on the ruling, which was reported earlier by Bloomberg News. Reporting by Jarret Renshaw and Susan Heavey; Editing by Doina ChiacuOur Standards: The Thomson Reuters Trust Principles.

Persons: Biden, James Cain, Jarret Renshaw, Susan Heavey, Doina Organizations: Interior Department's, of Ocean Energy Management, District, Interior Department, Department of, American Petroleum Institute, Bloomberg News, Thomson Locations: Louisiana, Gulf of Mexico, U.S

☆ U.S. national debt hits $33 trillion for the first time
▼ + stars: | 2023-09-19 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

WASHINGTON — The national debt of the U.S. reached a historic milestone by passing $33 trillion for the first time, less than two weeks before the federal government faces a potential shutdown over a lack of funding authorization. A roughly 50% increase in federal spending between fiscal 2019 and fiscal 2021 contributed to the debt topping $33 trillion, the department said. Tax cuts, stimulus programs and decreased tax revenue as a result of widespread unemployment during the Covid-19 pandemic were factors in driving government borrowing to new heights. The issue of the debt is at the center of a standstill in Congress over a spending bill that would sustain the government until the next funding cycle. Congress has until Sept. 30 to pass a spending bill.

Persons: WASHINGTON —, Joe Biden's, Donald, Michael Kikukawa, Kikukawa Organizations: U.S . Department of, Treasury, Washington , D.C, WASHINGTON, U.S, Treasury Department, University of Pennsylvania, Republicans, Sunday, NBC, Democrat, CNBC, Congressional, White House Locations: Washington ,

☆ Foreign holdings of US Treasuries increase in July, China holdings plunge -data
▼ + stars: | 2023-09-18 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +2 min

Total holdings of U.S. Treasuries climbed to $7.655 trillion in July, up from $7.562 trillion in the previous month. China's stash of Treasuries dropped to $821.8 billion, the lowest since May 2009, when it had $776.4 billion, data showed. "A lot of the increase in foreign holdings was from the Caymans, Luxembourg, Bermuda, which are associated with custodians. Major U.S. asset classes showed mixed results during the month, data showed. Data also showed U.S. residents increased their holdings of long-term foreign securities, with net purchases of $36.8 billion in July.

Persons: Kevin Lamarque, Treasuries, Gennadiy Goldberg, Goldberg, Gertrude Chavez, Dreyfuss, Chris Reese, Sonali Paul Organizations: Department of, U.S . Treasury, REUTERS, Treasury, Analysts, TD Securities, U.S, Thomson Locations: Washington , U.S, U.S, Treasuries, China, New York, Luxembourg, Bermuda, Japan

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