Martin Crutsinger

  • Donald Trump Nov 14, 2019

    US Budget Deficit Surges as Federal Spending Hits Record Highs

    The federal government, which ended the 2019 budget year with its largest deficit in seven years, began the new budget year with a deficit in October that was 33.8% bigger than a year ago as spending hit a record. 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.

  • Philadelphia Aug 24, 2019

    ‘Our Bigger Enemy': Trump Escalates Attack on Fed Chief

    President Donald Trump launched a furious and highly personal Twitter attack Friday against the Federal Reserve and Chairman Jerome Powell, fuming that the Fed once more “did NOTHING!” and wondering who is “our bigger enemy” — Powell or China’s leader. The outburst came after Powell, speaking to central bankers in Jackson Hole, Wyoming, gave vague assurances that the Fed “will...

  • CEO Jul 14, 2019

    American Airlines Extends Boeing Plane Flight Cancellations

    American Airlines said Sunday that it will keep the Boeing 737 Max plane off its schedule until Nov. 3, which is two months longer than it had planned. In a statement, American said the action will result in the cancellation of about 115 flights per day. It said it “remains confident” that the Boeing plane will be recertified this year....

  • Donald Trump Apr 26, 2019

    US Economy Grew at Strong 3.2% Rate in First Quarter

    The U.S. economy grew at a solid 3.2% annual rate in the first three months of the year, a far better outcome than expected, overcoming a host of headwinds including global weakness, rising trade tensions and a partial government shutdown. The advance in the gross domestic product, the broadest measure of economic health, marks an acceleration from a 2.2% gain...

  • Donald Trump Feb 13, 2019

    National Debt Hits New Milestone, Topping $22 Trillion

    The national debt has passed a new milestone, topping $22 trillion for the first time. The Treasury Department’s daily statement showed Tuesday that total outstanding public debt stands at $22.01 trillion. It stood at $19.95 trillion when President Donald Trump took office on Jan. 20, 2017. The debt figure has been accelerating since the passage of Trump’s $1.5 trillion tax...

  • California Jan 28, 2019

    Treasury Lifts Sanctions Against 3 Russian Companies

    The Treasury Department on Sunday announced it was lifting sanctions on three companies connected to Russian oligarch Oleg Deripaska. The move comes despite an effort in Congress to block the action with many lawmakers concerned that the Trump administration is not being tough enough on Russian President Vladimir Putin and his allies. Treasury said it was removing Russian aluminum giant...

  • Donald Trump Dec 20, 2018

    Stocks Skid to 15-Month Low After Fed Raises Rates Again

    Stocks gave up a big rally and took a dive in afternoon trading Wednesday after the Federal Reserve raised interest rates again and signaled it’s likely to keep raising them next year. The market finished at its lowest level since September 2017. The U.S. central bank said it expects to increase interest rates at a slightly slower pace next year,...

  • Donald Trump Nov 28, 2018

    Dow Surges 600 Points, Biggest Rally in Eight Months, After Powell Hints at Slower Interest Rate Hikes

    U.S. stocks rocketed to their biggest gain in eight months Wednesday after Federal Reserve Chairman Jerome Powell hinted that the Fed might not raise interest rates much further. The Dow Jones Industrial Average surged 617 points. In a speech to the Economic Club of New York, Powell said that rates are close to “neutral,” the level at which they neither...

  • Donald Trump Nov 8, 2018

    Fed Leaves Key Rate Unchanged But Sees Further Hikes Ahead

    The Federal Reserve appears on track to raise interest rates once more this year but will likely hold off on any action when its latest policy meeting ends Thursday. Still, investors will be parsing the statement the Fed will issue after its meeting for any sign that it might be rethinking its probable pace of credit tightening in the coming...

  • Donald Trump Oct 26, 2018

    Economy Grew at Strong 3.5 Percent Rate in Q3

    The U.S. economy grew at a robust annual rate of 3.5 percent in the July-September quarter as the strongest burst of consumer spending in nearly four years helped offset a sharp drag from trade. The Commerce Department said Friday that the third quarter’s gross domestic product, the country’s total output of goods and services, followed an even stronger 4.2 percent...

  • Donald Trump Sep 27, 2018

    Fed Raises Rates for a 3rd Time This Year; 1 More Expected

    The Federal Reserve signaled its confidence Wednesday in the U.S. economy by raising a key interest rate for a third time this year, forecasting another rate hike before year’s end and predicting that it will continue to tighten credit into 2020 to manage growth and inflation. The Fed lifted its short-term rate — a benchmark for many consumer and business...

  • Donald Trump Aug 24, 2018

    Powell Signals More Hikes Ahead If US Economy Stays Strong

    Federal Reserve Chairman Jerome Powell signaled Friday that he expects the Fed to continue gradually raising interest rates if the U.S. economic expansion remains strong. Powell added that while annual inflation has risen to near the Fed’s 2 percent target rate, it doesn’t seem likely to accelerate above that point. That suggests that he doesn’t foresee a need for the...

  • Donald Trump Aug 1, 2018

    Fed Keeps Key Rate Unchanged While Signaling Future Hikes

    The Federal Reserve on Wednesday left its benchmark interest rate unchanged while signaling further gradual rate hikes in the months ahead as long as the economy stays healthy. The Fed’s widely expected decision left the central bank’s key short-term rate at 1.75 percent to 2 percent — the level hit in June when the Fed boosted the rate for a...

  • bank Jun 29, 2018

    US Consumer Spending Weak in May, While Inflation Speeds Up

    U.S consumers increased their spending just 0.2 percent in May, a disappointing result after two months of much stronger gains. Meanwhile, inflation — as measured by a gauge monitored by the Federal Reserve — rose at the fastest pace in six years. The Commerce Department said Friday that the tiny rise in spending last month followed much stronger increases of...

  • Donald Trump Jun 4, 2018

    Business Economists Worry About Possible Recession in 2020

    A group of top business economists believes the major tax cuts President Donald Trump pushed through Congress will give a significant boost to economic growth this year and next year. But they worry that by 2020, the country could be entering a new recession. The National Association for Business Economics says in its latest quarterly outlook that its panel of...

  • Donald Trump May 30, 2018

    US Economic Growth Revised Down to 2.2 Percent Rate in Q1

    The U.S. economy grew at a weaker 2.2 percent annual rate in the first three months of the year, as consumers and businesses slowed their spending. But given the economy’s recent performance, analysts are still looking for a solid rebound in the current quarter. Growth in the gross domestic product, the economy’s total output of goods and services, came in...

  • United States Mar 21, 2018

    Fed Raises Key Rate, Foresees 2 More Hikes This Year

    The Federal Reserve is raising its key interest rate and signaling confidence in the U.S. economy’s durability but plans to continue a gradual approach to rate hikes for 2018 under its new chairman, Jerome Powell. The Fed said it expects to raise rates twice more this year. At the same time, it increased its estimate for rate hikes in 2019...

  • Donald Trump Mar 19, 2018

    Mulvaney Says Trump Budget Will Have Money for Wall

    President Donald Trump’s budget director says the budget that the administration sends to Congress on Monday will seek to move some of the billions of dollars in extra spending that Congress approved last week to areas that will reflect the president’s priorities. Budget Director Mick Mulvaney said Sunday that the administration’s budget plan will include $3 billion for the wall...

  • Donald Trump Mar 19, 2018

    US Economic Growth Revised Down Slightly to 2.5 Pct. in Q4

    U.S. economic growth was revised down slightly to a still-solid 2.5 percent rate in the final three months of last year, as a jump in consumer spending was not quite as strong as first thought. The Commerce Department says the fourth quarter advance in the gross domestic product, the economy’s total output of goods and services, followed even faster increases...

  • Donald Trump Mar 19, 2018

    Trump Says ‘Up To' Congress to Act on Plan to Rebuild Roads

    President Donald Trump sent Congress a sweeping plan Monday to rebuild the nation’s depleted roads and bridges — then immediately raised doubts about how committed he was to delivering on that campaign promise. “If you want it badly, you’re going to get it,” Trump told state and local officials during a meeting at the White House. “And if you don’t...

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