Debt outlook improves briefly as deficits shrink in 2015
The CBO says the 2015 U.S. budget deficit will total 468 billion dollars, down from 483 billion in 2014, about 2.6 percent of GDP. Deficits are expected to rise again in 2018 and nearly double by 2024 due to aging demographics and rising interest costs.
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The
Associated Press
Storm shuts down thousands of flights as Northeast blizzard hits
As a Northeast blizzard looms, more than 6,700 US flights were canceled and about 2,000 delayed through today. Major carriers offer travel changes with no change fee while travelers face potential hotel and meal costs. The storm also spares stock trading hours with NYSE and Nasdaq planning normal sessions. 2 to 3 feet of snow forecast for major metros, with Philadelphia bracing for 14 to 18 inches. Departures from LAX, SFO, and ATL were also disrupted as carriers reduce Northeast operations.
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Fed keeps rate hike on hold as global actions loom
The Federal Reserve ends 2014 pledging to be patient on rate increases amid a volatile global backdrop. Low inflation, falling oil prices, a strong dollar, and the European Central Bank’s 1 trillion euro stimulus complicate the outlook, with some economists pushing for a September move.
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