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- 🧾 How Big Will Biden's Budget Be?
🧾 How Big Will Biden's Budget Be?
Good morning. US stock futures dipped in Monday morning trading as U.S. Federal Reserve Chair Jerome Powell dashed investor hopes for interest rate cuts in the near term.
S&P 500 | Dow | Nasdaq |
---|---|---|
-0.23% | -0.15% | -0.15% |
🤖 Biden budget plan coming in March
📝 Our report: Get ready to mark your calendars because President Joe Biden is gearing up to unveil his grand U.S. spending plan on March 11, as announced by the White House Office of Management and Budget. The document is a wish-list for how the government should spend its money in the fiscal year starting in October.
🔑 Key points:
Congress would need to pass Biden's proposals for them to take effect. Republican control of the House of Representatives, and particularly the influence of a hard-line group of Republicans loyal to likely Biden 2024 opponent Donald Trump, make agreement hard to come by.
Last March, Biden traveled to a union hall in the competitive election state of Pennsylvania to present a $6.8 trillion budget plan that included higher taxes on the wealthy and more spending from the military to healthcare subsidies.
Congress still has not fully funded the government for the current fiscal year, which ends in September.
💡 So what: Biden's spending plan holds significant importance for the United States as it outlines the administration's priorities, policies, and allocation of resources across various sectors. The plan can impact economic growth, infrastructure development, social welfare programs, taxation policies, and the overall trajectory of the nation's finances. It reflects the government's strategy to address pressing issues such as infrastructure modernization, healthcare, education, climate change, and income inequality.
Monday - Atlanta Fed President Raphael Bostic Speaks
Tuesday - Minneapolis Fed President Neel Kashkari Speaks
Wednesday - U.S. Trade Deficit, Consumer Credit
Thursday - Richmond Fed President Tom Barkin Speaks
Friday - Dallas Fed President Lorie Logan Speaks
💸 Should you consider debt consolidation?
🗠 Do you know the difference between large-cap and small-cap stocks?
🖥️ Facebook turns 20. Here’s how the app changed the world
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🤖 AI lobbying surged in 2023
WHAT: In 2023, artificial intelligence-related lobbying skyrocketed to new heights, with over 450 organizations jumping into the fray. That's a whopping 185% surge from the previous year when a mere 158 organizations were in on the action, as per federal lobbying disclosures scrutinized by research institution OpenSecrets. The hundreds of organizations that lobbied on AI in 2023 ran the gamut from Big Tech and AI startups to pharmaceuticals, insurance, finance, academia, telecommunications and more.
WHY: In October, President Joe Biden issued an executive order on AI, the U.S. government’s first action of its kind, requiring new safety assessments, equity and civil rights guidance and research on AI’s impact on the labor market.
✂️ Fed Chair Powell: Fed to be prudent in weighing rate cuts
WHAT: The U.S. Federal Reserve can afford to be "prudent" when considering cutting its benchmark interest rate, according to Fed Chair Jerome Powell. He shared on the CBS news show "60 Minutes" that with a robust economy, central bankers have the luxury to ensure confidence in the continued decline of inflation.
WHY: The United States' sustained recovery amid falling inflation has seemed to put the Fed on the verge of what Powell characterized as a "historically unusual" situation, though he refrained from saying that a "soft-landing" was now all but assured.
🎙️ Podcaster payoff
WHAT: Spotify has inked a fresh multi-year pact with the enigmatic podcast guru Joe Rogan, whose wildly popular show is set to expand its reach to rival platforms like YouTube and Apple Podcasts. The new contract is expected to be worth as much as $250 million over its multiyear term. The contract involves an upfront minimum guarantee, in addition to a revenue sharing agreement based on ad sales according to reports by the Wall Street Journal.
WHY: Over the years, Rogan has developed a huge audience who listen to his long, wide-ranging interviews with a variety of guests, including comedians, athletes, scientists and conspiracy theorists.
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