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Trump picks budget aide to replace Mulvaney as CFPB head

“President Trump will nominate budget aide Kathy Kraninger to be the director of the Consumer Financial Protection Bureau, a White House official said Saturday” writes Ap Photo Susan for washingtonexaminer.com. If confirmed, she will replace Mick Mulvaney, Trump’s budget director who has been running the watchdog agency on an acting basis. Source: washingtonexaminer.com Share This:

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Trump to name nominee to steer U.S. lending watchdog next week

“Mulvaney has directed Bureau of Consumer Financial Protection staff to propose cuts that would reduce the agency’s budget by 20 percent” reports autonews.com. For next year, Mulvaney said he has directed the staff to propose cuts that would reduce the agency’s budget by 20 percent.Trump met with at least one finalist for the post in recent days, said Mulvaney, who also serves as Trump’s budget chief.The changes have roiled a watchdog that had been a scourge of the financial industry under former President Barack Obama.The bureau was conceived after the…

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Louisiana’s latest tax special session to begin June 18

“John Bel Edwards is calling lawmakers back to the Louisiana Capitol on June 18 for the third special session this year aimed at replacing expiring taxes to avoid deep budget cuts” writes Melinda Deslatte for seattletimes.com. Louisiana is expected to bring in $648 million less in the budget year that begins July 1, because of expiring temporary taxes.With the new budget year only three weeks away, Edwards is hoping to broker a tax deal with House Republican leaders who disagree with him on how much money should be raised. Source: seattletimes.com…

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Boost in spending for homelessness in budget deal reached by governor, legislative leaders

“Last month, Brown proposed a $199.2-billion budget for the fiscal year that begins July 1” writes Liam Dillon for latimes.com. That spending plan proposed that a large portion of the state’s current income tax windfall be socked away into a rainy-day reserve fund, filling the fund earlier than had been expected.Democrats in both the Assembly and Senate agreed with earmarking money for the reserve fund. Early information on the budget agreement did not include details on exactly how much money will be set aside. Source: latimes.com Share This:

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EU regulators to rule on Ryanair, Laudamotion deal by July 12

“A Ryanair logo is seen on a wing of a passenger aircraft travelling from Madrid International Airport to Bergamo Airport, Italy Thomson Reuters BRUSSELS (Reuters) – EU antitrust regulators will decide by July 12 whether to wave through Irish budget airline Ryanair’s bid for a 75 percent stake in the rebranded former Niki airline Laudamotion, a filing on the European Commission site showed on Friday” reports businessinsider.com. Europe’s largest budget airline formally sought approval for the deal on Thursday as it moves to consolidate its foothold in Austria, a fast-growing…

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Budget deficit jumps nearly $100 billion in first eight months of FY 2018

“The Congressional Budget Office reported Thursday that the budget deficit in the first eight months of the fiscal year was $530 billion, nearly $100 billion higher than the first eight months of the prior year” reports washingtonexaminer.com. CBO and other budget analysts expect the budget deficit to rise in the coming years, in part because of the bilateral spending deal reached this year to boost spending by $300 billion through 2019. Many project the return of budget deficits that exceed $1 trillion per year if spending or tax policy is…

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House GOP slates vote on $15B Trump spending cut package

“The White House submitted a revised package of cuts Tuesday, removing politically troublesome proposals to cut money to fight Ebola funds and to rebuild watersheds damaged by Superstorm Sandy” writes The Associated Press for seattletimes.com. White House budget director Mick Mulvaney heeded warnings to not touch the budget-busting omnibus spending bill, but it’s still unclear whether the closely divided Senate will be able to pass it.The recently-passed catchall spending bill used $7 billion in unspent CHIP funding to pay for budget increases elsewhere. Source: seattletimes.com Share This:

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SEC chair to stress cyber risk in Congressional budget testimony

“The budget increase would also permit the agency to lift its two-year hiring freeze to help staff a new cyber unit and fund the appointment of a new chief risk officer to focus on cyber threats” writes Midwest Communications Inc for 95kqds.com. SEC chairman Jay Clayton will testify on Tuesday before the Financial Services and General Government Subcommittee of the Senate Committee on Appropriations to make the case to increase the agency’s budget.On Tuesday, Clayton will ask lawmakers on the U.S. Senate Appropriations panel for a 2019 modest budget increase…

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Louisiana Senate backs budget, $540M in taxes to finance it

“The House backed a sales tax bill that would renew one-third of an expiring 1 percent sales tax, eliminate some sales tax breaks and continue sales tax charges on business utilities” writes Melinda Deslatte for seattletimes.com. The Senate passed a 4.5 percent sales tax rate and eliminated further sales tax breaks.Senators voted 38-1 Sunday night for the budget proposal and then later backed the centerpiece sales tax bill with a 29-9 vote.Louisiana’s state sales tax rate currently is 5 percent, dropping to 4 percent on July 1.If enough taxes aren’t…

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