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US Economy - Page 35

Congress votes to raise debt limit by $2.5 trillion, avoiding the threat of default and extending the nation’s borrowing ability into 2023. Senate Majority Leader Chuck Schumer, D-N.Y., said the increase will provide the funding necessary to last into 2023, allowing Congress to avoid any more fights over raising the debt ceiling until after the 2022 midterm elections. The bill now heads to President Joe Biden's desk for signature. Source 1m.

Economy US

Inflation hits a new 40-year high as gas prices continue historic rise. The consumer price index, which measures the cost of goods and services, rose 7.9%, its fastest pace since 1982. Source 3l.

US Economy History & Civil Business Politics

Biden's 2023 budget is out, with a new tax on the wealthiest Americans and increased funding for police. The White House releases its 2023 budget priorities on Monday. President Joe Biden wants to raise taxes on households worth more than $100 million, which will help lower the deficit and raise more revenue to allow for increases in military spending and more funding for law enforcement. Source 7n.

Page 35 Economy US

Inflation rate soars to a fresh 40-year high in March on surging gas and food prices. The consumer price index leaped 8.5% annually, up from 7.9% in February. Inflation has now notched new 40-year highs for five straight months. Source 5z.

Economy US

Inflation eased off its 40-year high in April, signaling that consumer prices may have peaked. Inflation remains elevated as the consumer price index increased 8.3% annually, but April's pullback ends a five-month streak of record highs. Source 4n.

US Economy

Inflation backs off record highs in July, raising hopes a relentless surge in prices may have peaked. Inflation reached 8.5% in July as gas prices dropped but costs for food and rent continue to climb, says Consumer Price Index report. Source 5e.

US Economy - Page 35

House passes long-term government funding bill to avoid shutdown. In a sign of the beginning of the end for government shutdown scares, the House passed the first tranche of a long-term government funding deal. Source 1v.

US Economy Politics Business Civil & History - Page 35

Port workers strike. Focus now turns to how long it might last. East and Gulf coast port workers walked off the job at midnight after failing to agree to a new contract with the United States Maritime Alliance. Source 8t.