The U.S. government's deadline to raise the $31.4 trillion debt ceiling could be sooner than expected. Goldman Sachs analysts said weak tax collections in April indicate a higher probability that the so-called "X-date," when the government is no longer able to pay all its bills, would be reached in June. —reuters.com
Month: April 2023
These Are the Electric Vehicles That Qualify For a $7,500 Tax Credit
Drivers who buy U.S.-produced electric vehicles will receive a $7,500 tax credit this year. Customers who purchase these cars can have the tax credit applied to their 2023 return. The tax credit is designed to encourage more Americans to buy eco-friendly vehicles.—cbsnews.com
Argentines Buckle Under 103% Inflation
Argentines say that the current 102.5%-and-climbing inflation rate is making it almost impossible to get by. Consumers substitute cheaper products and every trip to the supermarket is a reminder of the country's inflationary crisis, the worst since 1991 when a period of hyperinflation ended. —reuters.com
The Dream of Wiping Out Polio Might Need a Rethink
A fundamental goal of the Global Polio Eradication Initiative is to wipe the polio virus off the face of the earth. In the first quarter of 2023, there have been 15 cases, total, in the entire world. But mass immunization campaigns in places like northern Yemen and Somalia are nearly impossible.—npr.org
Russia Swings to $29 bln First-Quarter Budget Deficit
Russia's federal budget balance sank to a deficit of 2.4 trillion roubles ($29 billion) in the first quarter of 2023. Spending accelerated 34% in the quarter to 8.1 trillion roubles. In the same quarter of 2022, Russia posted a surplus of 1.13 trillion roubles.—reuters.com
Man’s Best Friend Meets Shoppers’ Worst Enemy: Pet Food Inflation
Americans paid 15% more for pet food in February than they did a year ago. In 2022, more than 110 million U.S. households spent an average of $680 on pet products—an 11% rise over 2021.—usatoday.com