US economy shrunk at slower pace in second quarter, new estimate shows
The U.S. economy shrunk at a slower pace between April and June than the federal government initially calculated, according to revised data released Thursday by the Bureau of Economic Analysis. The BEA said U.S. gross domestic product fell at an annualized rate of 0.6 percent during the second quarter of 2022. That’s down 0.3 percentage points from the 0.9 percent decline the agency estimated in July. The BEA issues three estimates of each quarter’s change in GDP to incorporate new and revised data. The agency said the second quarter dip in economic activity was less sev
Read MoreNYC officials say Texas Gov. Abbott is using wristbands to place barcodes on migrants bussed to city
New York City officials claim that Texas Gov. Greg Abbott (R) is placing barcodes on migrants who were bussed to the city, calling the move an intimidation tactic amid the escalating feud over migrants in the U.S. CBS affiliate WCBS published a video on Wednesday showing migrants arriving in New York City wearing wristbands with barcodes on them. A total of 237 of those migrants on the five bus loads were also subjected to an unseen s
Read MoreNo, the IRA is not a carbon tax — but it would be cheaper if it were
The 2022 Inflation Reduction Act (IRA), signed into law by President Biden on Aug. 16, includes provisions for lowering the deficit and lowering prescription drug costs even as it subsidizes substantial investment in renewable sources of clean energy. It devotes $369 billion to those investments. It derives its funding by imposing a 15 percent minimum tax on large corporations and a 1 percent excise tax on corporations’ buying back their own stock; it also funds enhanced IRS enforceme
Read MoreEmails show Trump lawyer agreed Archives should get requested records: report
Newly revealed emails show that former White House counsel Pat Cipollone agreed that materials the National Archives requested be returned by President Trump should be given to the agency. Cipollone, who also severed under the Trump administration as a designated representative to the Archives, reportedly told National Archives and Records Administration (NARA) chief counsel Gary Stern that the documents needed to be returned, The Washington Post reported. “It is
Read MoreThe Hill's Morning Report — Will Biden’s student loan plan pump up the base?
President Biden on Wednesday unveiled a student loan forgiveness plan to appeal to tens of millions of borrowers, many of them young, with a simple refrain: Under Democrats, the government works to help those who need it the most. The Americans he has in mind, the president said, are “working and middle-class people hit especially hard during the pandemic.” Perhaps. But the president has agonized since his campaign about how to fulfill the aims of liberals, who sought substantial, near-total student loan debt forgiveness, and those in both parti
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