Republican Congressional leaders and the White House settled on a two-year budget agreement late Monday that would modestly increase spending over the next two years, cut some social programs, and raise the federal debt limit.
All the efforts to cripple the controversial Obamacare through the courts have failed again. For the second time in the last three years, the Supreme Court has rejected a major lawsuit against Obama’s Affordable Care Act, delivering a big win to the President. It’s a win-win for the Obama’s Administration which will define the administration for generations to come.
At the time when global economies are facing turbulent and volatile times with ongoing Euro zone crisis, low industrial output and stagnant growth, the occurrence of record breaking dry spell in Southern United States is adding to global woes. Drought conditions in Southern states of US have reached record high levels, making it one of the worst and most extensive droughts in the past 50 years. Drought in heartland of America, an area that is considered to be the breadbasket of the world, has cast a severe shadow on food prices across the world bringing bad news for consumers.
United States consumer costs increased by 0.3 percent in the month of September, the United States Labor Department utters, with fuel prices seeing huge rises. Cost of petrol increased by 2.9 percent whereas food costs had been up by 0.4 percent from the month earlier. Stripping out petrol and food prices, so-called core costs raised by just 0.1 percent - the smallest gain from the month of March. Economists anticipate price boosts to moderate as feeble growth lessens commodity costs.
The United States trade deficit with the rest of the world lessened in August to the smallest gap in 4 months, official data have shown. The trade gap lessened to $45.61 billion, from a revised $45.63 billion in July, the Commerce Department whispered. Nevertheless, the politically-sensitive trade gap with China broadened to a record high.
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