Economy

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

2019-09-06 21:08:34
by Dan McCue
House to Vote on Banning Offshore Drilling in Almost All US Waters

WASHINGTON - The House will vote next week on a trio of bills that would effectively block all new offshore... Read More

WASHINGTON - The House will vote next week on a trio of bills that would effectively block all new offshore oil and gas drilling in the waters around the United States. In a letter to House members, Democratic House Leader... Read More

2019-08-23 19:01:20
by HJ Mai
Recession Fears Are Valid, But Predicting Timing Nearly Impossible, Economist Says

There are plenty of warning signs that the longest economic expansion in the history of the United States is coming... Read More

There are plenty of warning signs that the longest economic expansion in the history of the United States is coming to an end. While the signs indicate an impending recession, predicting the time of it is nearly impossible, Hoyt Bleakley,... Read More

2019-08-23 17:16:20
by Dan McCue
China Hits US With New Tariffs on $75 Billion Worth of Products

WASHINGTON — China on Friday announced tariff hikes on $75 billion of U.S. products in retaliation for President Donald Trump's... Read More

WASHINGTON — China on Friday announced tariff hikes on $75 billion of U.S. products in retaliation for President Donald Trump's latest planned increase, deepening the trade conflict between the two nations at a time when the president insists "China wants... Read More

2019-08-21 18:06:15
by Dan McCue
Federal Deficit Growing Faster Than Expected, Will Top $1 Trillion Next Year, Budget Office Says

WASHINGTON - The federal budget deficit is growing faster than expected and will reach $1 trillion next year, the non-partisan... Read More

WASHINGTON - The federal budget deficit is growing faster than expected and will reach $1 trillion next year, the non-partisan Congressional Budget Office said Wednesday. Worse, over the next decade, the federal government will rack up $12.2 trillion in deficits... Read More

2019-08-20 20:43:58
by Dan McCue
Trump May Try To Bolster Economy With Payroll Tax Cut

WASHINGTON - President Donald Trump said Tuesday that his administration is considering a temporary payroll tax cut as a way... Read More

WASHINGTON - President Donald Trump said Tuesday that his administration is considering a temporary payroll tax cut as a way to bolster the U.S. economy though he continues to insist the nation is not inching toward a recession. "I’ve been... Read More

2019-08-20 18:41:16
by Dan McCue
Nearly Three-Out-Of-Four Economists Believe US Will Be In Recession by 2021, Survey Finds

WASHINGTON — Seventy-four percent of U.S. business economists participating in a new survey believe the United States will slip into... Read More

WASHINGTON — Seventy-four percent of U.S. business economists participating in a new survey believe the United States will slip into a recession by the end of 2021, despite the White House's insistence that the "fundamentals" of the economy remain strong.... Read More

2019-08-16 22:33:48
by Dan McCue
Mulling Presidential Run, Mark Sanford Says Government’s Precarious Finances Are Nation’s Biggest Threat

WASHINGTON - Back home in South Carolina after a mid-week trip to New Hampshire, former Rep. Mark Sanford said Friday... Read More

WASHINGTON - Back home in South Carolina after a mid-week trip to New Hampshire, former Rep. Mark Sanford said Friday he was pleased with how things went in the Granite State and his decision on whether to mount a primary... Read More

2019-08-15 20:24:06
by Dan McCue
Katko, Brindisi Launch Bipartisan Effort to Address Lake Ontario Woes

WASHINGTON - Representatives John Katko and Anthony Brindisi have launched a bipartisan effort to hold the international commission that manages... Read More

WASHINGTON - Representatives John Katko and Anthony Brindisi have launched a bipartisan effort to hold the international commission that manages outflows from Lake Ontario accountable for recent historic flooding. Katko, a Republican, and Brindisi, a Democrat, have gotten the Government... Read More

2019-08-13 22:53:29
by Dan McCue
As Recession Fears Grow, Trump Delays Tariffs On Some Chinese Goods

WASHINGTON -- After days of growing indications the U.S. may lapse into a recession before the 2020 election, the Trump... Read More

WASHINGTON -- After days of growing indications the U.S. may lapse into a recession before the 2020 election, the Trump administration announced Tuesday that it is delaying some of the additional tariffs it planned to impose on Chinese goods on... Read More

2019-08-06 21:25:55
by Sean Trambley
Houlahan, Balderson Lead Bipartisan Effort to Bolster Grants To Spark Small Business Innovation

Freshman Representative Chrissy Houlahan, D-Penn., was joined by Representative Troy Balderson, R-Ohio, to introduce bipartisan and bicameral legislation to enhance... Read More

Freshman Representative Chrissy Houlahan, D-Penn., was joined by Representative Troy Balderson, R-Ohio, to introduce bipartisan and bicameral legislation to enhance commercialization services for federally funded research and development.  Introduced in the House on July 18, H.R. 3839, the Research Advancing... Read More

2019-07-30 21:58:09
by Sean Trambley
Industrial Emissions Targeted in New Bipartisan, Bicameral Legislation

Last week, a bipartisan, bicameral coalition led by freshman Representative Sean Casten D-Ill., introduced legislation aimed at encouraging innovation that... Read More

Last week, a bipartisan, bicameral coalition led by freshman Representative Sean Casten D-Ill., introduced legislation aimed at encouraging innovation that will reduce greenhouse gas emissions from industrial sources. Casten and his counterparts in the Senate, Senators Sheldon Whitehouse, D-R.I., and... Read More

2019-07-26 19:27:03
by Dan McCue
PPI Proposes 'Galvanic' Change in Federal Expenditures and Taxes

WASHINGTON - If anyone doubted there's serious interest in getting a handle on the nation's debt and the federal budget,... Read More

WASHINGTON - If anyone doubted there's serious interest in getting a handle on the nation's debt and the federal budget, the standing room-only crowd that jammed a hearing room in the Longworth House Office Building Thursday afternoon would have quickly... Read More

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