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Treasury chief to Congress: Raise debt limit before August
WASHINGTON (AP) — Treasury Secretary Steven Mnuchin told lawmakers on Wednesday that they should vote to increase the government's borrowing authority — and avert a disastrous economic default — before their August recess.The timeline is earlier than previous estimates. It had been expected that Congress wouldn't have to act on the politically painful measure until sometime this fall, but tax revenues are coming in lower than previously estimated.
Mnuchin also urged the House Ways and Means Committee to pass the debt limit legislation as a bill... Read More
Fed minutes: Officials back reducing bond holdings this year
WASHINGTON (AP) — Federal Reserve officials signaled in discussions early this month that they would likely start reducing the Fed's huge portfolio of bond holdings later this year, a step that could cause borrowing rates to rise.At the same time, the Fed appears to be on track to resume raising its key short-term interest rate when it next meets in mid-June.
The minutes of the Fed's May 2-3 meeting, released Wednesday, show that officials not only discussed beginning a reduction of bond holdings this year but expressed approval for a plan on how the bond sales... Read More
US stocks extend gains to a 5th day as tech companies rise
NEW YORK (AP) — U.S. stocks are up for the fifth consecutive day Wednesday as the market continues to wipe out the losses it suffered one week ago. Technology companies are rising, but energy companies are down with the price of oil. Banks and bond yields have weakened as the Federal Reserve gave more signs it will start reducing its huge portfolio of bonds later this year.KEEPING SCORE: The Standard & Poor's 500 index picked up 4 points, or 0.2 percent, to 2,402 as of 2:20 p.m. The index is on track for a record close. The Dow Jones industrial average gained 65 points, or... Read More
Trump budget chief defends plan in face of opposition
WASHINGTON (AP) — The White House budget chief on Wednesday delivered a spirited defense of President Donald Trump's proposal to slash programs from food stamps to health care for the poor in the face of strong Democratic opposition and Republican skepticism.Mick Mulvaney, the former tea party congressman, told the House Budget Committee that he went line by line through the federal budget and asked, "Can we justify this to the folks who are actually paying for it?"
Trump's budget fulfills his campaign pledge to leave Medicare and Social Security benefits alone... Read More
Budget office set to release report on House GOP health bill
WASHINGTON (AP) — Keeping former President Barack Obama's health care law is "completely unacceptable and totally unsustainable," the Senate's top Republican said Wednesday as the two parties braced for a Congressional Budget Office report on a House-passed bill overhauling that statute.The budget office, lawmakers' nonpartisan fiscal analyst, planned to release an analysis Wednesday of the impact the GOP-written House bill would have on coverage, consumers' costs and the federal budget. Its two March reports on earlier versions of the bill projected it would leave 24... Read More
Top Stories in Business/Finance
- Trump hotels won't ask if stays paid with foreign govt money
- Treasury chief to Congress: Raise debt limit before August
- Fed minutes: Officials back reducing bond holdings this year
- US stocks extend gains to a 5th day as tech companies rise
- Trump team eyes public asset sales to pay for infrastructure
- Trump budget chief defends plan in face of opposition
- Budget office set to release report on House GOP health bill
- A third of older Latinos have tapped into retirement savings
- Women CEOs earn big pay, but few of them have the top job
- OPEC likely to extend production cuts into next year
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