Economy

Congress Considers Reviving Tax Breaks Prized by ADM, Tesla, GM

WASHINGTON — U.S. lawmakers led by Senate Finance Committee Chairman Charles Grassley are negotiating a potential revival of expired tax... Read More

WASHINGTON — U.S. lawmakers led by Senate Finance Committee Chairman Charles Grassley are negotiating a potential revival of expired tax breaks in last-minute negotiations over a government spending bill. The talks, which were held on Saturday, are focused on reinstating... Read More

2019-12-13 15:04:02
by Dan McCue
Brindisi Secures Key Victory for Upstate New York in Defense Bill

WASHINGTON - The House passage of the National Defense Authorization Act means many things to many people, but to the... Read More

WASHINGTON - The House passage of the National Defense Authorization Act means many things to many people, but to the residents of one region in Upstate New York, the massive spending bill means one thing: good-paying jobs for the foreseeable... Read More

2019-12-10 22:51:49
by Dan McCue
Democrats, White House Reach Deal on New North American Trade Agreement

WASHINGTON — Long after some thought an agreement between the House and the Trump administration on a new North American... Read More

WASHINGTON — Long after some thought an agreement between the House and the Trump administration on a new North American trade pact would require a miracle, a deal was finally announced on the same day the House unveiled impeachment charges... Read More

2019-12-09 22:23:59
by Dan McCue
Ex-Fed Chair Paul Volcker, Tamer of Double-Digit Inflation, Dies

WASHINGTON - Paul Volcker, the Federal Reserve chairman who in the early 1980s pushed interest rates to historic highs to... Read More

WASHINGTON - Paul Volcker, the Federal Reserve chairman who in the early 1980s pushed interest rates to historic highs to rein in runaway double-digit inflation and set the economy on a course to renewed growth, died on Monday. He was... Read More

Survey: Recession Odds Diminishing for U.S. Economy, But Watch for a Slowdown

The nation’s top economists say a recession within the next year isn’t probable, but that doesn’t mean the U.S. economy... Read More

The nation’s top economists say a recession within the next year isn’t probable, but that doesn’t mean the U.S. economy will be worth bragging about. Experts polled for Bankrate’s Fourth-Quarter Economic Indicator survey estimate a 35 percent chance that the... Read More

US Mulls Duties on $2.4 Billion in French Goods Over Tech Tax

WASHINGTON — The U.S. proposed tariffs on roughly $2.4 billion in French products, in response to a tax on digital... Read More

WASHINGTON — The U.S. proposed tariffs on roughly $2.4 billion in French products, in response to a tax on digital revenues that hits large American tech companies including Google, Apple Inc., Facebook Inc. and Amazon.com Inc. “France’s digital services tax... Read More

Online Sales Break Black Friday Record as Clicks Beat Queues

NEW YORK — Black Friday hit a record $7.4 billion in U.S. online sales as many shoppers spent the day... Read More

NEW YORK — Black Friday hit a record $7.4 billion in U.S. online sales as many shoppers spent the day clicking instead of lining up to buy. It was the second-biggest U.S. online sales day ever, behind 2018 Cyber Monday’s... Read More

Trump Dispenses Billions in Aid to Farmers, Hoping to Shore Up Rural Base

WASHINGTON — Moving to offset the impact his trade war has had on rural America, President Donald Trump has bypassed... Read More

WASHINGTON — Moving to offset the impact his trade war has had on rural America, President Donald Trump has bypassed Congress to send some $20 billion in aid to farmers, mostly going to a bundle of states that are essential... Read More

2019-11-18 18:57:05
by Dan McCue
House Votes to Renew Export-Import Bank Charter Over GOP Opposition

WASHINGTON - The House voted on Friday to renew the charter of the Export-Import Bank, the U.S. agency that provides... Read More

WASHINGTON - The House voted on Friday to renew the charter of the Export-Import Bank, the U.S. agency that provides loans and other help to foreign buyers of U.S. exports, despite opposition from Republican lawmakers. Despite the bank having historically... Read More

2019-11-11 17:03:42
by Tom Ramstack
Congress Considers Proposals to Help Immigrants Start Small Businesses

Business leaders in California appealed to Congress Friday to expand financial assistance to immigrants trying to start their own businesses.... Read More

Business leaders in California appealed to Congress Friday to expand financial assistance to immigrants trying to start their own businesses. They said small government investments can create big payoffs when immigrants start successful businesses that pay taxes and employ other... Read More

2019-11-01 20:38:40
by Dan McCue
WTO Says China Can Impose Sanctions On $3.5B Worth Of US Goods

WASHINGTON - The World Trade Organization said Friday that China can place new trade sanctions on $3.5 billion of U.S.... Read More

WASHINGTON - The World Trade Organization said Friday that China can place new trade sanctions on $3.5 billion of U.S. goods in retaliation for U.S. restrictions on Chinese furniture, steel products and solar panels. The award by an arbitration panel... Read More

2019-11-01 17:40:51
by Dan McCue
New Report Shows Private Equity's Positive Impact on U.S. Economy

WASHINGTON - Private equity sector is playing a positive role in the U.S. economy, supporting more than 26 million jobs... Read More

WASHINGTON - Private equity sector is playing a positive role in the U.S. economy, supporting more than 26 million jobs while accounting for about 5% of the nation's gross domestic product, according to a new report. The analysis comes from... Read More

Trump’s Steel Tariffs Were Supposed to Save the Industry. They Made Things Worse

WASHINGTON — When President Trump slapped 25% tariffs on foreign steel in March 2018, panicky U.S. buyers rushed to place... Read More

WASHINGTON — When President Trump slapped 25% tariffs on foreign steel in March 2018, panicky U.S. buyers rushed to place new orders ahead of feared supply interruptions, driving prices up sharply. It was an instant bonanza for domestic steel producers.... Read More

2019-10-25 20:00:10
by Dan McCue
Federal Deficit Just Shy of $1 Trillion for 2019, Highest Since 2012

WASHINGTON - The federal deficit for fiscal year 2019 was $984 billion, $205 billion more than in the prior fiscal... Read More

WASHINGTON - The federal deficit for fiscal year 2019 was $984 billion, $205 billion more than in the prior fiscal year, Treasury Secretary Steven Mnuchin announced Friday afternoon. The final accounting from the Treasury Department of the Office of Management... Read More

Trump Move Could Spark Another Exodus of US Jobs Researchers

WASHINGTON — Donald Trump has called its work “phony.” His Acting Chief of Staff Mick Mulvaney warned that President Barack... Read More

WASHINGTON — Donald Trump has called its work “phony.” His Acting Chief of Staff Mick Mulvaney warned that President Barack Obama was “manipulating” its numbers. Economic adviser Larry Kudlow termed one of its reports “very fluky.” Is it a House... Read More

2019-10-18 21:07:24
by Dan McCue
Governors Hold Summit on Regional Approach to Cannabis and Vaping Legislation

The governors of five northeastern states came together for a summit on Thursday to discuss the outlines of a joint... Read More

The governors of five northeastern states came together for a summit on Thursday to discuss the outlines of a joint regional approach to cannabis and vaping policies. "This issue is complicated, controversial and consequential. It is probably one of the... Read More

2019-10-15 21:16:26
by Dan McCue
Focus on Core Issues Bolsters Democrats Odds of Holding House Majority, Analysis Finds

WASHINGTON - If Democrats want to hold their majority in House in 2020 they'll focus on core issues important to... Read More

WASHINGTON - If Democrats want to hold their majority in House in 2020 they'll focus on core issues important to their constituents like protecting healthcare coverage, fighting corruption, and expanding economic opportunity, according to a new analysis by Third Way,... Read More

2019-10-15 19:52:40
by Dan McCue
IMF Downgrades Outlook for World Economy, Citing Ongoing Trade Wars

WASHINGTON — The International Monetary Fund on Tuesday downgraded its outlook for the world economy, predicting that growth in the... Read More

WASHINGTON — The International Monetary Fund on Tuesday downgraded its outlook for the world economy, predicting that growth in the developed world this year, stymied by trade conflicts, will be the weakest since the 2008 financial crisis. During a press... Read More

2019-10-08 22:31:21
by Dan McCue
New IMF Head Blames Trade Conflicts for 'Synchronized Global Slowdown'

WASHINGTON  — Kristalina Georgieva, the new head of the International Monetary Fund, said Tuesday that the world economy is in... Read More

WASHINGTON  — Kristalina Georgieva, the new head of the International Monetary Fund, said Tuesday that the world economy is in the grips of a "synchronized global slowdown" fueled by ongoing trade disputes. Speaking at the World Bank/IMF annual meetings being... Read More

2019-10-04 15:27:04
by Dan McCue
Scottish Whiskey, French Wine and Italian Cheeses Targeted For Tariffs

WASHINGTON - Scottish whisky, French wine and Italian cheese all could feel the wallop of hefty tariffs now that the... Read More

WASHINGTON - Scottish whisky, French wine and Italian cheese all could feel the wallop of hefty tariffs now that the World Trade Organization decided it will allow the United States to place tariffs on $7.5 billion of European Union goods.... Read More

2019-09-27 20:59:45
by Dan McCue
House Passes Bill Granting Marijuana Businesses Access to Banking

WASHINGTON - The House passed a bill earlier this week that would grant legal marijuana businesses access to banking, resolving... Read More

WASHINGTON - The House passed a bill earlier this week that would grant legal marijuana businesses access to banking, resolving a longstanding challenge for the growing industry. The bill, called the SAFE Banking Act, passed 321-103 on the strength of... Read More

2019-09-27 20:51:34
by Dan McCue
Top World Bank Official Tapped As New Chief at International Monetary Fund

WASHINGTON - Kristalina Georgieva, a Bulgarian economist and top World Bank official, has been named the new head of the... Read More

WASHINGTON - Kristalina Georgieva, a Bulgarian economist and top World Bank official, has been named the new head of the International Monetary Fund. She succeeds Christine Lagarde who is stepping down to take over as head of the European Central... Read More

2019-09-27 20:46:25
by Dan McCue
Income Inequality Continues to Grow Despite Bump in Median Income

WASHINGTON - The gap between those who are well-off in the United States and those who aren't is now the... Read More

WASHINGTON - The gap between those who are well-off in the United States and those who aren't is now the largest it's been in the past 50 years - this despite the median U.S. income setting a new record high,... Read More

2019-09-27 20:41:31
by Dan McCue
McHenry, Maloney Introduce Bipartisan Financial Transparency Act

WASHINGTON - Reps. Patrick McHenry, R-N.C., and Carolyn Maloney, D-N.Y., have introduced legislation to make financial data more easily available... Read More

WASHINGTON - Reps. Patrick McHenry, R-N.C., and Carolyn Maloney, D-N.Y., have introduced legislation to make financial data more easily available online and less opaque. McHenry, ranking Republican of the House Financial Services Committee, said with technology playing such a large... Read More

2019-09-24 20:35:40
by Dan McCue
Women-Owned Businesses Growing 2X Faster Than All Businesses Nationwide

WASHINGTON - Women-owned businesses continue to fuel the economy and now represent 42% of all businesses — nearly 13 million... Read More

WASHINGTON - Women-owned businesses continue to fuel the economy and now represent 42% of all businesses — nearly 13 million — employing 9.4 million workers and generating revenue of $1.9 trillion, according to a new report commissioned by American Express.... Read More

2019-09-19 12:46:24
by Dan McCue
Majority of CFOs See US Sliding Into Recession Before 2020 Election

WASHINGTON - A majority of chief financial officers surveyed by Duke University believe the United States will be in an... Read More

WASHINGTON - A majority of chief financial officers surveyed by Duke University believe the United States will be in an economic recession by the 2020 Election, despite continuing low unemployment. Fifty-three percent of the 225 CFOs participating in the latest... Read More

2019-09-13 19:51:40
by Dan McCue
White House Repeals Obama-Era Clean Water Rule

WASHINGTON — The Trump administration announced Thursday that it is repealing an  Obama-era clean water rule that had placed limits... Read More

WASHINGTON — The Trump administration announced Thursday that it is repealing an  Obama-era clean water rule that had placed limits on polluting chemicals that could be used near streams, wetlands and other bodies of water. According to the Environmental Protection... Read More

2019-09-11 23:48:11
by Dan McCue
House Panel Told Broadband Policies Should Not Worsen Urban/Rural Divide

WASHINGTON - A far-reaching broadband connectivity should not be dictated by the location of a home or business, but rather... Read More

WASHINGTON - A far-reaching broadband connectivity should not be dictated by the location of a home or business, but rather should foster economic growth and sustainable communities by being equally accessible by all. That was the overarching message delivered to... Read More

2019-09-11 23:43:20
by Dan McCue
House Votes to Ban Offshore Drilling, Throwing Down Gauntlet for Trump, GOP

WASHINGTON - Rep. Francis Rooney, R-Fla., couldn't be happier that the House Wednesday passed a pair of bills blocking offshore... Read More

WASHINGTON - Rep. Francis Rooney, R-Fla., couldn't be happier that the House Wednesday passed a pair of bills blocking offshore oil drilling in almost all waters around the United States. But in an interview with The Well News, he acknowledged... Read More

2019-09-06 21:13:11
by Dan McCue
Moderates Seen As Key to Ratifying U.S.-Mexico-Canada Trade Deal

WASHINGTON - As Congress adjourned for its August recess, the U.S.-Mexico-Canada trade deal, known as the USMCA, seemed to be... Read More

WASHINGTON - As Congress adjourned for its August recess, the U.S.-Mexico-Canada trade deal, known as the USMCA, seemed to be the last thing on anyone's mind. At the time, an impending fiscal crisis had just been averted, and lawmakers, media... Read More

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