Markets News 

Major parts of Chicago mayor’s budget-balancing plan advance in city council

“City budget officials have said other belt-tightening measures would be taken to make up for the rest of the lost revenue” writes Midwest Communications Inc for 95kqds.com. A chronic budget deficit and big unfunded pension liability have weighed on credit ratings for the nation’s third-largest city, leading to high borrowing costs.The measures head to a final vote next week in the full city council, which will also take up the mayor’s proposed $11.65 billion all-funds, fiscal 2020 budget.The biggest piece of the mayor’s budget-balancing puzzle called for refunding $1.3 billion…

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US budget deficit surges to $134.5 billion in October

“The Treasury Department said Wednesday that the deficit last month totaled $134.5 billion, up from a shortfall in October 2018 of $100.5 billion” reports thebusinessjournal.com. The government ran up a deficit of $984.4 billion for the 2019 budget year that ended Sept. 30, 26% larger than in 2018.The Congressional Budget Office is forecasting that the deficit for 2020 will hit $1 trillion and will remain over $1 trillion for the next decade.(AP) — The federal government, which ended the 2019 budget year with its largest deficit in seven years, began…

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US budget deficit jumps above $1 trillion for the first time in more than 6 years

“The US budget deficit continued to swell at the start of the fiscal year, as government spending outpaced revenue despite solid economic growth” writes Gina Heeb for businessinsider.com. That brought the 12-month deficit above $1 trillion for the first time in more than six years.That could amount to a $1.7 trillion increase in projected debt levels over the next decade, according to estimates from the Committee for a Responsible Federal Budget.A bipartisan budget agreement President Donald Trump signed into law in August lifted the debt ceiling and increased spending by…

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Trump denies his trade policies are hurting economy

“Those tariffs have reduced the bilateral trade deficit with China from a record-high level last year” reports politico.com. Trump can point to a number of positive economic statistics as he makes his case for a second term as president.You don’t invest.” In the nearly one-hour speech in Manhattan, Trump also said the United States was “close” to striking a preliminary trade deal with China.He called the field of Democratic opponents “crazy” and said the economy would be hurt if one of them were elected. Source: politico.com

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Editorial: What do you know, L.A. is in financial peril again

“Then, as now, city officials approved the raises even as they warned of financial troubles ahead” reports latimes.com. For years, Garcetti and the City Council have pledged to eliminate L.A.’s structural budget deficit.But city officials said their policy is not to include anticipated pay hikes in the budget, and so now the city must scramble to balance its finances. Source: latimes.com

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Tax revenue went up in 2019 but spending increased by more than $200B

“Trump has taken an instant gratification approach to fiscal policy, backing lower tax rates and higher defense spending while opposing entitlement reform” reports washingtonexaminer.com. Federal tax revenues rose during the 2019 fiscal year as the economy grew, but spending increased by over $200 billion more, which is why the country ended up running a deficit approaching $1 trillion, according to Congressional Budget Office data released Thursday.Specifically, in the 2019 fiscal year, which ended Sept. 30, federal revenues increased by $133 billion (or 4%), but spending spiked by $339 billion (or…

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Apple’s Aggressive Hiring Preludes Closing Out Competitive Deficit With Amazon & Google’s SmartHome Devices

“The Cupertino-based tech giant is boosting up hiring for a team to work on new Apple Homekit-based software and devices” reports ibtimes.com. The recent Bloomberg report states that the objective of aggressive hiring is to eliminate the deficit of Apple with Google and Amazon in the smart home segment.The company is hopeful that its upcoming Homekit would encourage more third-party devices and accessories makers to link their products to Apple’s HomeKit ecosystem. Source: ibtimes.com

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U.S. goods trade deficit falls in September, inventories mixed

“The Commerce Department said on Monday the goods trade gap dropped 3.6% percent to $70.4 billion last month” writes Midwest Communications Inc for 95kqds.com. WASHINGTON (Reuters) – The U.S. goods trade deficit fell in September as trade tensions restricted the flow of goods, but that will probably not change expectations of a further deceleration in economic growth in the third quarter.The Commerce Department also reported retail inventories rose 0.3% in September after dropping 0.2% in the prior month. Source: 95kqds.com

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US budget deficit hits $984 billion, highest in 7 years

“Forecasts by the Trump administration and the Congressional Budget Office project that the deficit will top $1 trillion in the current budget year” reports thebusinessjournal.com. Trump and Republicans seem content with the $1.5 trillion tax cut measure that Congress passed during Trump’s first year in office.(AP) — The federal deficit for the 2019 budget year surged to $984.4 billion, its highest point in seven years, and is widely expected to top the $1 trillion mark in coming years.The budget showed that revenue rose 4% in the 2019 budget year, which…

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