House Budget Republicans eye more than 200 spending cuts, tax changes for major bill
Republican lawmakers on the House Budget Committee are preparing for a broad reconciliation bill expected this year, including more than 200 budget cuts, tax cuts, tariffs and programs like Medicare and Social Security, according to documents shared with The Hill. We are considering the possibility of changes. Different policy options are broken down by committees, […]
NYC Mayor Adams avoids deep budget cuts in record-breaking $114.5B election year spending plan
Mayor Eric Adams announced a record $114.5 billion spending plan Thursday, achieving his first city budget without painful spending cuts in an election year. The fiscal year 2026 spending plan is about $2 billion more than New York City's last enacted budget and includes investments in mental health, parks and quality of life programs. “By […]
Bessent Warns That Failure To Preserve Trump Tax Cuts Would Bring Economy To A ‘Sudden Stop’
Scott Bessent told a Senate committee Thursday that preventing tax cuts enacted during President Donald Trump's first term from expiring is a top priority for lawmakers. Bessent, who was nominated by President Trump to head the U.S. Treasury, testified for several hours Thursday before the Senate Finance Committee, addressing questions about tariffs, Russia sanctions, energy […]
Gold Prices Surge to One-Month High Amid Renewed Hopes of Rate Cuts – Emirates 24|7
Gold prices firmed on Thursday after hitting a one-month high, helped by softer US inflation data that reignited hopes for interest rate cuts. However, a ceasefire agreement between Israel and Hamas limited further gains. Market highlights: Spot gold: After reaching its highest since Dec. 12 in early trading, it was stable at $2,696.30 […]
December Inflation clouds Fed’s outlook on interest rate cuts
Gasoline prices were the main contributor to the rise in inflation in December. (iStock) According to the Consumer Price Index (CPI), the annual inflation rate rose to 2.9% in December, slightly higher than the previous month's annual inflation rate of 2.7%. Published by the Bureau of Labor Statistics (BLS). The inflation rate in December rose […]
Olive Branch to Trump? Mexico Cuts Chinese Imports, Puts Tariffs on Shein and Temu
Mexican President Claudia Sheinbaum on Monday unveiled an economic plan apparently designed to avoid U.S. President-elect Donald Trump's threatened tariffs by cutting imports from China. He also emphasized that the USMCA trade agreement between the United States, Mexico and Canada is the best way to deal with competition from China. playing cards said During the […]
US inflation ticks up again — dimming prospects for significant Fed cuts this year
U.S. consumer prices showed no signs of cooling in December on the back of rising prices for energy products, indicating that inflation remains high, a sign that the Federal Reserve expects fewer interest rate cuts this year. This is consistent with the Board's outlook. The Consumer Price Index rose 0.4% last month, after rising 0.3% […]
Equity urges Bristol city council to drop cuts to arts and culture budget | Bristol
The country's largest performing arts and entertainment union has called on Bristol City Council to scrap plans that would cut hundreds of thousands of pounds from the arts and culture budget, including the closure of a number of museums. shareholder wrote on The city council has warned that the cuts will cause significant damage to […]
House GOP tax writers call for cuts 'as soon as possible'
Republican tax leaders on Tuesday ramped up pressure on members of other parties to pass tax cuts as a top priority in Congress. “We need to make the Trump tax cuts permanent as soon as possible,” Rep. Jason Smith (R-Missouri), chairman of the Ways and Means Committee, said during the committee's first hearing in the […]
The Era of Fed Cuts Is Over
The Fed has been wrong about the economy for years. federal reserve The rate cut cycle is very likely to end–However, it may take months for Fed officials to understand this. The last time the Fed raised the overnight rate was a long time ago, in July 2023. Increased federal funds target from 5.25% to […]