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The Trump administration’s tax proposals are unlikely to spur enough economic growth to reduce U.S. deficits, BlackRock Inc.’s Larry Fink said Friday.
“We are on the path of exploding deficits,” Fink, chief executive officer of BlackRock, said at the Morningstar Investment Conference in Chicago. “We will have a severe issue if the reform increases deficits."
If the U.S. economy grows at 3 percent a year that may help push deficits down but that’s unlikely given the country’s demographics, he said. Fink, who runs the world’s largest money manager, predicted growth of 2.5 percent to 2.75 percent. (Bloomberg – Continue Reading)
Ratings agency Standard & Poor's said Prime Minister Theresa May's decision to call a snap national election on June 8 could increase the chances of a good Brexit deal for Britain, but there were risks of a surprise outcome from the June 8 poll.
S&P, which has long said Brexit poses a threat to Britain's economy, said the expected bigger parliamentary majority for May's Conservative Party after the election might give her more flexibility to strike a "viable" Brexit deal with the EU.
That might reduce the risk of an abrupt "cliff-edge" Brexit with no transitional arrangement for Britain, an outcome that could be most damaging for the economy.
"Nevertheless, there are risks surrounding both the election -- for example, if voters vote on the basis of Brexit as opposed to on traditional party lines -- and the Brexit negotiations," it said in a statement that affirmed the possibility of a further downgrade of Britain's sovereign debt rating. (Reuters – Continue Reading)
With just hours to spare, Congress easily approved a short-term spending bill Friday that would prevent a partial federal shutdown over the weekend. But on President Donald Trump's 99th day in office, lawmakers were leaving until next week without completing two other measures he's coveted: A Republican health care overhaul and a budget financing government for the entire year.
The Senate sent the temporary spending measure to Trump by voice vote after the House approved it by a lopsided 382-30 vote. The bill keeps the government functioning through next Friday, which leaders hope will give bipartisan bargainers enough time to finish a $1 trillion package financing government through Sept. 30, the end of the fiscal year.
But in a disappointment for the White House, Trump was destined to serve his 100th day in office -- Saturday -- without being able to claim victories on health care and a yearlong budget. (CNBC – Continue Reading)
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