Michael Rainey
Recent Stories By Michael Rainey:
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Trump Tax Policies Would Produce ‘Mother of All Stagflations’: Larry SummersJune 14, 2024
Speaking on Bloomberg TV Friday, former Treasury Secretary and noted inflation hawk Larry Summers blasted the tax proposals being discussed by former President Donald Trump, which include more tax...
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G7 Nations Agree on $50 Billion Loan for Ukraine, Backed by Russian AssetsJune 13, 2024
Leaders from the Group of Seven nations meeting in southern Italy have agreed to provide a $50 billion loan to Ukraine to help the country defend itself against the ongoing Russian invasion that...
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The Fed Holds Steady on Rates, Sees One Cut This YearJune 12, 2024
As expected, the Federal Reserve on Wednesday kept its key interest rate at a 23-year high in a range between 5.25% and 5.5% as it continued its effort to reduce inflation through tighter monetary...
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Price Hikes Ease in May, Raising Hopes in Battle on InflationJune 12, 2024
The Consumer Price Index rose 3.3% on an annual basis in May and showed no change on a monthly basis, according to government data released Wednesday. The numbers beat analyst expectations, providing...
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Strong US Economy Lifts Global Growth: World BankJune 11, 2024
The World Bank raised its outlook for the current year, saying that a strong U.S. economy will help lift the global growth rate to 2.6%, up from a previous estimate of 2.4% and matching the growth...
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Republicans Planning New Tax Cuts in 2025June 10, 2024
Republican lawmakers say they will push to extend the 2017 tax cuts for individuals set to expire at the end of next year, laying the groundwork for what is expected to be a major battle over fiscal...
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Blockbuster Jobs Report Sends Mixed Message to the FedJune 7, 2024
Job growth accelerated in May as employers hired 272,000 workers, the Labor Department reported Friday. The results handily beat expectations for growth of 185,000 jobs, reflecting a labor market...
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Trump Tax Cut Extension Won't Pay for Itself: AnalysisJune 6, 2024
Although some of the more enthusiastic true believers continue to insist that tax cuts pay for themselves through higher growth, the economic data has long proved otherwise. As policymakers gear up...
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Biden Threatens to Veto Military Construction and VA Spending BillJune 3, 2024
The White House said Monday that President Joe Biden would veto the House version of a bill funding military construction and the Department of Veterans Affairs for fiscal year 2025. The bill, which...
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IRS Making Free Tax Filing Program PermanentMay 30, 2024
The Treasury Department announced Thursday that Direct File, the free tax filing system being tested by the IRS, will be made permanent and open to eligible residents in all 50 states starting in...
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Powerful GOP Senator Calls for Massive Surge in Defense SpendingMay 29, 2024
The U.S. accounts for about 40% of all defense spending in the world, but one leading Republican lawmaker is warning that isn’t enough to counter the threats the country now faces. Sen. Roger Wicker...
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Trump Woos Wealthy Donors With Promises of Huge Tax CutsMay 28, 2024
Former President Donald Trump has been busy with his criminal trial in Manhattan over the past few weeks, but he has still found the time to meet with donors in his quest to return to the White House...