Social Security checks loom as debt limit showdown intensifies
As June 1 nears the debt ceiling deadline the threat of U S Social Security payments totaling 25 billion fuels urgency. Officials warn nonpayment could spark a financial crisis with seniors and disabled beneficiaries bearing the brunt, while lawmakers race to an agreement before a possible default.
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Stocks rise on AI hype despite debt woes and politics
Wall Street extended gains as Nvidia blew past forecasts with about 11 billion dollars in current quarter revenue, lifting the S&P 500 and Nasdaq while the Dow dipped. Nvidia surged 24 percent as chipmakers and big tech followed, even as concerns mounted over a potential U.S. debt default and Fitch warning on credit risk. Analysts warned that political brinkmanship could threaten the economy, with focus on the debt ceiling deadline and tax policy debates.
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Airlines cheerio summer travel as costs rise and loads grow
Travelers brace for higher air and hotel prices as Memorial Day demand spikes. AAA projects 37 million drivers and TSA screens about 10 million travelers. Airlines report hiring boosts and redesigned schedules to curb last summer chaos, with officials predicting a solid season and reduced cancellations.
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