Instead, taxpayers got presented after the fact with legislation. Funding will come from a doubling of the state gasoline tax starting July 1, parking taxes, increased license plate fees, expanded gambling, sports betting and this: More than $20 billion in borrowing.
China Expands Use of Local Government Debt in Stimulus Push (Saxplayer00o1)
China will ease restrictions on how local governments can spend money raised through sales of so-called special bonds, in a move analysts said was aimed at stemming the economic slowdown.
Oil Drops Below $54 as Global Recession, Supply Concerns Mount (Saxplayer00o1)
U.S. crude has fallen about 18% from a peak in late April and volatility has jumped as deteriorating U.S.-China trade relations cast a pall over the global growth outlook. Speculation that demand will weaken, mostly because of the U.S.-China trade war, continue to weigh on prices, said John Kilduff, a partner at hedge fund Again Capital.
Germany Gets a Recession Warning as Investor Confidence Plunges (Saxplayer00o1)
Its index of how investors view the economy fell to the lowest since 2010, indicating a recession is “therefore just around the corner.” The gauge for the euro area also declined.
Bond Markets Rally as Investors Price In Monetary Easing (Saxplayer00o1)
Economic growth has been slowing over the past few months. Based on current economic indicators, the Atlanta Federal Reserve Bank’s GDPNow model estimate for the seasonally adjusted annual rate of real GDP growth in the second quarter dropped to 1.4%. The reading had been as high as 1.7% as recently as the beginning of May.
The bank’s target range for the three-month London Interbank Offered Rate (LIBOR) will stay at -1.25% to -0.25%, according to all 35 economists polled by Reuters from June 6-10.
The database of identifying traveler photos and license plate images had been transferred to a CBP subcontractor’s network without the federal agency’s authorization or knowledge, CBP explained. The subcontractor’s network was then hacked, though CBP said its own systems had not been compromised.
If you’ve never heard of noctilucent clouds, that’s because they occur under strict atmospheric conditions and are visible only during a handful of weeks each year, which happens to be right now.
Above is a photo showing an example of noctilucent clouds from Roseburg, Oregon, Sunday evening. They’ve also been seen in several other locations the past few days, including Nevada, Minnesota and across the Atlantic Ocean in the United Kingdom.
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