Yellen signals debt ceiling hit and emergency measures
Treasury Secretary Janet Yellen warned Congress the United States will reach the debt limit Thursday and will use extraordinary measures to delay default. She urged timely action to raise or suspend borrowing authority, noting the harm from missed obligations and referencing the 2011 credit rating downgrade.
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First Week Shows House Unity Masks Deeper Fissures
The House under Speaker Kevin McCarthy moved quickly on rules and six GOP bills including cutting IRS funding. Leaders named, deadlines set, and the Oversight panel began seeking Biden family finances. Biden warned he would veto bills that raise taxes or worsen inflation.
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Trump Organization Fined 1.6 Million Over Tax Fraud
In Manhattan Supreme Court two Trump Organization entities the Trump Corporation and Trump Payroll Corporation were fined 1.6 million for tax fraud and related charges. The case highlighted lavish executive perks and long running scrutiny of the company by prosecutors and state officials.
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Stocks Rise as Earnings Season Opens on Wall Street
U.S. equities end higher with the S&P 500 at 3,999.09 and the Dow at 34,302.61 as earnings season begins. JPMorgan Chase and Bank of America beat estimates while Delta Air Lines and Tesla shares retreat on cautious guidance and price cuts. Investors weigh inflation, rate hikes, and recession risks as banks forecast mild downturns and consumer health remains a factor.
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