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Donald Trump's Republicans are promising to hit the gas next year when they assume full control of the U.S. Congress, with little to stop them from executing the president-elect's promises to slash taxes and reorder the global trade landscape. But the $28 trillion Treasury debt market is flashing a red warning light against adding excessively to a debt load already expanding at a pace of $2 trillion a year. What is yet to be seen is whether these concerns will be enough to slow Republican lawmakers' ambitions or push them to find offsetting savings on a tax break agenda estimated to cost nearly $8 trillion over 10 years. Markets are betting that Trump's tax cuts and tariffs will fuel inflation as investors demand stronger returns on longer-term Treasuries. Yields on the benchmark 10-year U.S. Treasury note US10YT=RR have risen to 4.3%, up about 70 basis points since "Trump trades" began dominating Wall Street in September. Trump's choice of hedge fund manager Scott Bessent as Treasury secretary prompted Treasuries to rally on Monday, erasing some of the recent increase in yields, as market analysts viewed him as a more traditional policymaker who is likely to try to control deficits. Invest wisely: Best online brokers Still, the trend is driving higher interest rates for mortgages, car loans and credit card debt, counteracting Federal Reserve rate cuts and potentially putting U.S. growth at risk. It is also raising the cost of financing U.S. deficits and eating up the federal budget. Interest on the public debt topped $1 trillion for the first time during the fiscal year ended Sept. 30, making it the second-largest single expenditure after the Social Security retirement program. "In a weird way, the bond market is now on the verge of running this country," said Republican Representative David Schweikert, who sits on the House of Representatives' tax- and trade-focused Ways and Means Committee. The market signals mean there are no "blank checks" for Congress and the tax cuts will need to be paired with spending cuts, he said in an interview. "It is a hurdle in the financing of the U.S. government." Managing that hurdle will fall to Bessent, who has argued that Trump's agenda will unleash stronger economic growth that will in turn drive up revenue and boost market confidence. His appointment could also reduce the chance of severe tariffs. The budget math is daunting. Trump has promised to extend the tax cuts passed in 2017, during his first term in the White House, for individuals and small businesses that are due to expire next year, which tax experts say will add $4 trillion to the current $36 trillion in total U.S. debt over 10 years. That's on top of debt already forecast by the Congressional Budget Office to grow by $22 trillion over the same period, based on current laws. Trump also promised voters generous new tax breaks, including ending taxes on Social Security, overtime and tip income and restoring deductions for car loan interest. The tab is likely to reach $7.75 trillion above the CBO baseline over 10 years, according to the Committee for a Responsible Federal Budget, a non-partisan fiscal watchdog group. Growth revenue Concern over the bond market's influence on Trump's agenda is more the exception than the rule among congressional Republicans interviewed some two weeks after he won the Nov. 5 presidential election and his party took control of Congress. Some fell back on the party's long-held view that tax cuts can pay for themselves with stronger growth - a line that was used to sell Trump's original 2017 tax cuts. Budget forecasters including the Joint Committee on Taxation have estimated that those cuts added more than $1 trillion to deficits over 10 years. An analysis of economic feedback on extending the tax cuts by the Committee for a Responsible Federal Budget found that increased growth would only offset 1% to 14% of the revenues lost directly by the cuts, leaving the bulk to be financed through borrowing. Still, Republican Senator Mike Rounds said he believed the stability and growth that will come from extending Trump's 2017 tax cuts will allay some market concerns. "What we have to do is show them that we're going to build an economy so that the ratio between the size of the economy and the debt changes positively in our favor," Rounds said. Musk's cuts Republican House Budget Committee Chairman Jodey Arrington said accelerating economic growth to more than 3% annually - it's already on that pace for the third quarter - would increase revenues by $3 trillion over a decade, but that additional spending cuts would be needed. Rising bond market yields were "a motivating factor to rein in deficit spending," he said. Arrington and fellow Republican Representative Joe Wilson said they were hopeful the non-government panel led by billionaire Tesla and SpaceX CEO Elon Musk and former presidential candidate Vivek Ramaswamy would be able to find ways to cut the budget, including on "mandatory spending" programs other than Social Security and the Medicare health insurance program for the elderly, which Trump has vowed to preserve. "With Elon Musk I think we have a real opportunity to actually identify waste and cut things that can be cut," Wilson said. A key target is rescinding Democratic President Joe Biden's clean energy subsidies, estimated by the CBO to cost nearly $800 billion over 10 years, and some $60 billion in funds to modernize the Internal Revenue Service, although that would expand deficits in the long run by curbing audits. More: Stocks soared on news of Trump's election. Bonds sank. Here's why. Agenda unclear Republicans in the new year will likely rely on budget procedures that bypass Senate rules requiring 60 of the 100 members in the chamber to agree on most legislation to pass Trump's tax agenda with a simple majority. Republican Senator Mike Crapo, the incoming chairman of the Senate Finance Committee, said it was too early to determine which tax policies would be included in initial legislation, adding that there was market "misinterpretation of what Trump is doing or going to do." "A lot of people are saying, well, which tax policies are you going to do?" Crapo said. "And the answer to that is, the ones that we figure out are the right ones." Bond vigilantes Former President Bill Clinton's political strategist James Carville famously said in 1993 that he wanted to be reincarnated as the bond market, because "you can intimidate everybody." If Congress' moves signal too big of a deficit hike, some market analysts are concerned that excess debt issuance will cause market indigestion that drives up yields sharply. "One can't exclude the risk that trust in U.S. economic policymaking might be lost, the bond vigilantes could come out in full force and pressure rates significantly higher, and the U.S. and global economies could be badly shaken," said Mark Sobel, a former U.S. Treasury official who is now the U.S. chairman at the Official Monetary and Financial Institutions Forum, a think tank. Nathan Thooft, chief investment officer and senior portfolio manager for Manulife Investment Management, said Congress and Trump's administration will likely adjust course based on market reactions. "They will react to incoming feedback as it comes," Thooft said. "Dollar gets too strong, they're probably going to back away a little bit. Equity markets act up too much, they might back away a little bit. They care about these things." Reporting by David Morgan and David Lawder, additional reporting by Davide Barbuscia, writing by David Lawder; Editing by Scott Malone, Dan Burns and Paul SimaoDental Market to Witness Excellent Revenue Growth Owing to Rapid Increase in DemandWhat’s my age again? (And how should I dress to suit it?)
US wholesale inflation accelerated in November in sign that some price pressures remain elevated WASHINGTON (AP) — Wholesale costs in the United States picked up sharply last month, signaling that price pressures are still evident in the economy even though inflation has tumbled from the peak levels it hit more than two years ago. The producer price index — which tracks inflation before it reaches consumers — rose 0.4% last month from October, up from 0.3% the month before. Measured from 12 months earlier, wholesale prices climbed 3% in November, the sharpest year-over-year rise since February 2023. Higher food prices helped fuel the November wholesale inflation reading, which was higher than economists had expected. Senate begins final push to expand Social Security benefits for millions of people WASHINGTON (AP) — The Senate is pushing toward a vote on legislation that would provide full Social Security benefits to millions of people. Senate Majority Leader Chuck Schumer began the process on Thursday for a final vote on the bill, known as the Social Security Fairness Act. It would eliminate policies that currently limit Social Security payouts for roughly 2.8 million people. The legislation has passed the House. The bill would add more strain on the Social Security Trust funds, which are already estimated to be unable to pay out full benefits beginning in 2035. The measure would add an estimated $195 billion to federal deficits over 10 years, according to the Congressional Budget Office. IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power WASHINGTON (AP) — IRS leadership on Thursday announced that the agency has recovered $4.7 billion in back taxes and proceeds from a variety of crimes. The announcement comes under the backdrop of a promised reckoning from Republicans who will hold a majority over both chambers of the next Congress and have long called for rescinding the tens of billions of dollars in funding provided to the agency by Democrats. IRS Commissioner Danny Werfel said improvements made to the agency will help the incoming administration and new Republican majority congress achieve its goals of administering an extension of the 2017 Tax Cuts and Jobs Act. From a 10-year-old to a Muppet to a president-elect, NYSE bell-ringers range from famous to obscure The first guest invited to ring the bell at the New York Stock Exchange in 1956 wasn’t a company executive, a politician or a well-known celebrity. It was a 10-year-old boy, Leonard Ross, who received the honor by winning a television quiz show.Since then, business titans, political giants and global film stars have all been among those ringing the opening bell at the NYSE. Ronald Reagan rang the bell as president in 1985. Billionaire businessman and former New York City Mayor Michael Bloomberg and Hollywood star Robert Downey Jr. - have also rung the bell. The list includes famous Muppets: Miss Piggy was once a bell ringer. Trump is named Time's Person of the Year and rings the New York Stock Exchange's opening bell NEW YORK (AP) — President-elect Donald Trump rang the opening bell at the New York Stock Exchange after being recognized by Time magazine as its person of the year. The honors Thursday for the businessman-turned-politician are a measure of Trump’s remarkable comeback from an ostracized former president who refused to accept his election loss four years ago to a president-elect who won the White House decisively in November. At the stock exchange, Trump was accompanied by his wife, Melania Trump, daughters Ivanka and Tiffany and Vice President-elect JD Vance. Trump grinned as people chanted “USA” before he opened the trading day and raised his fist. Ontario to restrict electricity exports to US and bar American-made alcohol if Trump tariffs applied TORONTO (AP) — A senior official in Canada’s most populous province says that Ontario could bar American-made alcohol and restrict electricity to three U.S. states if President-elect Donald Trump imposes sweeping tariffs on all Canadian products. The states are Michigan, New York and Minnesota. An official in Ontario Premier Doug Ford’s government said Thursday that it's contemplating restricting Ontario's liquor control board from buying American-made alcohol. Ontario is also considering restricting exports of Canadian critical minerals required for electric vehicle batteries. ECB cuts rates a quarter point amid concerns of tepid growth, impact of Trump trade policies FRANKFURT, Germany (AP) — The European Central Bank is cutting interest rates by a quarter percentage point amid signs of weakening growth and concern about the impact of political chaos in France and the possibility of new U.S. import tariffs. The bank’s rate-setting committee made the decision Thursday at its skyscraper headquarters in Frankfurt to lower the benchmark rate from 3.25% to 3%. Lower rates should support growth amid signs that the post-pandemic recovery is slowing in the 20 countries that use the euro currency and concerns that U.S. President-Elect Donald Trump might impose new tariffs, or import taxes, on goods imported to the US after he is inaugurated Jan. 20. YouTube TV is hiking its monthly price, again. Here's what to know NEW YORK (AP) — Are you a YouTube TV subscriber? Your monthly bills are about to get more expensive again. YouTube has announced that it’s upping the price of its streaming service’s base plan by $10 — citing rising content costs and other investments. The new $82.99 per month price tag will go into effect starting Jan. 13 for existing subscribers, and immediately for new customers who sign up going forward. YouTube TV has rolled out a series of price hikes over the years. When launched back in 2017, the going price of its streaming package was $35 a month. By 2019, that fee rose to $50 — and has climbed higher and higher since. Head of the Federal Aviation Administration to resign, allowing Trump to pick his successor The head of the Federal Aviation Administration says he will step down next month to let President-elect Donald Trump name his choice to lead the agency. Mike Whitaker announced his pending resignation in a message to FAA employees on Thursday. Since taking the helm at the FAA in October 2023, Whitaker has dealt with challenges that include a surge in close calls between planes, a shortage of air traffic controllers and antiquated equipment. He has led a tougher enforcement policy against Boeing since a panel blew off a jetliner in January. The White House is cracking down on overdraft fees NEW YORK (AP) — The Consumer Financial Protection Bureau said Thursday it's capping overdraft fees at $5 with a rule set to take effect in October 2025, if it isn't overturned by Congress or altered under a Trump administration. President Joe Biden had called the fees, which can be as high as $35, “exploitative,” while the banking industry has lobbied extensively to keep the existing fee structures in place.Wake up the ghosts! Texas, Texas A&M rivalry that dates to 1894 is rebornNearly 13 months after his beloved wife Rosalynn died in November 2023, former President Jimmy Carter passed away at the age of 100, the Carter Center confirmed on Sunday. The former president made a rare public appearance at her memorial service. He sat in a wheelchair with a blanket that had a picture of him and Rosalynn together. He would also make a rare public appearance on October 1 as his hometown celebrated his 100th birthday. “Rosalynn was my equal partner in everything I ever accomplished,” President Carter said after his wife passed away. “She gave me wise guidance and encouragement when I needed it. As long as Rosalynn was in the world, I always knew somebody loved and supported me.” The couple was married for 77 years. They met as children, both growing up in Plains, Georgia. Their storied romance started when Jimmy was 17 years old. After their first date, he reportedly told his mom, “She’s the girl I want to marry.” The pair would marry not long after — in 1946. The couple moved to Norfolk, Virginia, where Jimmy was stationed after graduating from the U.S. Naval Academy. Like many military families, the Carters moved from city to city. Their three sons were born in three different states: Virginia, Hawaii and Connecticut. Their only daughter was born in their home state of Georgia. Jimmy left the military in 1953 and began a career in politics about 10 years later. RELATED STORY | Former President Jimmy Carter dies at age 100 Rosalynn was reportedly an important member of Jimmy’s campaign team when he ran for governor of Georgia, a race he won in 1970. After serving four years as governor, Jimmy decided to run for president. During the campaign, Rosalynn traveled the country independently, proving to be a strong advocate for her husband’s vision for the country. Jimmy Carter would go on to defeat President Gerald Ford and become the 39th president of the United States. Rosalynn was an active first lady. She attended cabinet meetings and frequently represented her husband at ceremonial events. Rosalynn shared in her husband’s efforts to work to make the U.S. government more “competent and compassionate,” the White House said. After leaving the White House in 1981, the couple returned to Georgia. They would go on to become some of the most notable philanthropists in the world. They founded The Carter Center, which is committed to protecting human rights around the world.
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ST. PAUL — St. Paul-based Bremer Bank is being acquired by Old National Bank, which has headquarters in Evansville, Indiana, in a transaction valued at $1.4 billion in cash and stock. The deal, which still requires regulatory approval and approval by Bremer shareholders, would combine Bremer’s $16.2 billion in assets with Old National’s nearly $54 billion to create a bank with more than $70 billion in total assets. ADVERTISEMENT “This partnership represents an outstanding fit between two highly compatible, relationship- and community-focused banks,” Old National Chairman and CEO Jim Ryan said in a joint announcement released Monday, Nov. 25. Ryan said what has made Bremer Bank a leading institution since 1943 aligns closely with the “strategic priorities and cultural principles that have guided Old National’s success for 190 years: a strong deposit franchise, a diversified loan portfolio accentuated by exceptional credit quality, and a passion for investing in and strengthening communities.” “For more than 80 years, we’ve been honored to carry out the legacy of our founder, Otto Bremer,” said Jeanne Crain, president and CEO of Bremer. “When our majority shareholder, the Otto Bremer Trust, reaffirmed its interest in selling Bremer Bank, we appreciated the opportunity to identify a partner through a collaborative process to ensure the best possible outcome for our customers, employees, and our communities. With Old National, we have confidence we found a great fit,” Crain said as part of the joint announcement. The Otto Bremer Trust, a majority owner of Bremer Bank, is a private charitable trust based in St. Paul. Since the trust’s inception in 1944, it has made more than $1.1 billion in grants and program-related investments to more than 4,200 organizations. Once the merger is complete, the trust will have an approximate 11% ownership stake in Old National Bank and a trustee of the Otto Bremer Trust will join the Old National board of directors. ADVERTISEMENT The Otto Bremer Trust stated as part of the joint announcement: “All of us at the Otto Bremer Trust are excited that the Bremer Bank legacy of investing in people, places and opportunities continues with one of the most community-minded banks in the nation. This partnership expands the scope of what can be accomplished for and within our communities — civically, socially and economically.” Once the deal is finalized, Old National will become the third-largest bank in the Twin Cities, and the partnership will expand Old National’s reach into several other markets throughout Minnesota, North Dakota and Wisconsin. The deal affects 48 Bremer Bank branches in Minnesota and 14 in North Dakota, including six locations in Grand Forks and seven in the Fargo region.
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(The Center Square) – Adoption of institutional neutrality is supported by better than 6 in 10 tenured and nontenured faculty at the University of North Carolina, Wake Forest University and Duke University, a report says. Nationally, 66% of faculty say “colleges and universities should not take positions on political and social issues,” says Silence in the Classroom, the 2024 FIRE Faculty Survey Report. At Duke, the percentage is 71%, at Carolina 65%, and at Wake 64%. Higher education is facing mounting challenges, from the costs to the positions it favors. Silencing students or faculty has drawn sharp criticism from Capitol Hill to every corner of the nation sending people to the ballot box. Carolina, established in 1789, is the nation’s oldest public university. It also earlier this year became embattled in free speech controversy tied to the war between Hamas and Israel. The Foundation for Individual Rights and Expression , as FIRE is more formally known, is a nonprofit nonpartisan organization billing itself as “defending and sustaining the individual rights of all Americans to free speech and free thought.” Surveys on topics related to free expression and academic freedom were made of 6,269 tenured, tenure-track and nontenure faculty at 55 four-year colleges and universities in America. In North Carolina, the sampling was of 145 at Carolina, 80 at Duke, and 55 at Wake Forest. For each campus, respondents said the top “difficult issue to discuss” is the Israeli-Palestinian conflict. Asked for top three issues, the Middle East saga was 79% at Carolina, 71% at Wake Forest and 68% at Duke. Each campus was split on the second and third choices. At Duke, 57% said affirmative action and 51% transgender rights. At Carolina, 54% said affirmative action and 53% racial inequality. And at Wake, 63% said racial inequality and 55% transgender rights. All were talking points of various candidates, particularly the presidential race, in the election cycle climaxing last month. In response to faculty feeling “they could not express their opinion because of how others would respond,” the choices of “occasionally,” “fairly often” and “very often” drew a combined 69% at Wake Forest, 69% at Duke and 67% at Carolina. Fairly often and very often were 35% at Duke. Statements pledging commitment to diversity, equity and inclusion is rarely or never justified of faculty job candidates, said 61% at Duke, 44% at Carolina and 42% at Wake Forest. Nationally, the response was 50%. Academic freedom leaned more toward secure than not at all three institutions on a split of about 60%-40%. As for faculty feeling a need to “hide their political beliefs from other faculty in an attempt to keep their job,” answers of “never” were chosen by 43% at Duke, 42% at Carolina and 36% at Wake Forest. Among the national findings of the FIRE survey: • More faculty (35%) than during the McCarthy era (9%) say they toned down their writing for fear of controversy. • Threats of discipline for teaching, research, academic talks or other off-campus speech was incurred by 14%. • Faculty feeling unable to speak freely for fear of how others would respond was 27%. • Fear of damaged reputations because of misunderstandings with something said or done was 40%. • Fear of losing jobs because of misunderstandings with something said or done was 23%.In the early morning hours of the 12th day of December, 2024, James (Jay) Joseph McLaughlin passed on unexpectedly to be free of the afflictions of this mortal realm. On the 7 th day of September, 1972, the Lord blessed Michael Lynn McLaughlin and the late Margaret Ann Curtis Adams with a precious baby boy. As time went on, he became prepared to face any challenge that life provided. He often spoke of his most enjoyable moments being spent with his father, Lewis Adams, as they talked about cars, politics, sports, and the time spent with his wife, Juliana, and their Labradors. Jay was a 1991 graduate of Lewis County High School and followed with specialized electrician training. He never failed to offer a helping hand to someone in need or an open ear to anyone needing to talk. Jay enjoyed art and woodworking, building things from nothing but scrap wood or metal, and restoring old cars. In 2021, Jay married the love of his life, Juliana McLaughlin. Jay loved his family fiercely. Surviving, in addition to his wife: father(s), Lewis Adams, Mike McLaughlin (Vicki), brother, Andrew McLaughlin (Kasey), son, Andrew Grimm, son, Anthony Grimm, and extended family. Jay was also preceded in death by one sister, Lisa Thoms. Family and friends will gather to remember Jay during visitation at Pat Boyle Funeral Home and Cremation Service located at 144 Hackers Creek Rd. in Jane Lew from 10 a.m. to 1 p.m. on Saturday, December 14, 2024. Funeral services will begin at 1 p.m. in the Pat Boyle Funeral Home Chapel with Pastor Mark Evans officiating. Interment will follow at Masonic Memorial Park Cemetery in West Union. We, at Pat Boyle Funeral Home and Cremation Service, are honored and privileged to serve the family of James "Jay" Joseph McLaughlin. Online condolences may be expressed at www.PatBoyleFuneralHome.com .