The US House of Representatives is set to begin voting on a Republican tax and budget bill that largely contains many of President Donald Trump's wish list items. President Trump has informally referred to the tax and budget bill as his "big, beautiful bill," prompting Republican lawmakers to officially rename the document the "One Big Beautiful Bill Act."
Key Republicans have been pushing back against the bill's opponents within their own party after some hardline Republicans voiced their displeasure with the broad outlines of the bill: some feel it doesn't include enough cuts to key federal spending programs like Medicaid, while others feel it does the opposite of the Republican Party's stated goal of reducing the government deficit.
The budget bill is expected to pass on Thursday, and if passed, the One Big Beautiful Bill Act would add an estimated $3 trillion to $4 trillion to the US federal budget deficit over the next decade.
The House Budget Committee managed to assuage Republican complaints about the spending bill by counterintuitively providing more tax relief, increasing the federal tax deduction for individuals earning up to $500,000 a year. The tax bill is expected to pass the House by a narrow majority, before moving on to the U.S. Senate for final revisions and another round of votes before heading to President Donald Trump's desk for his formal signature. (alg)
Source: FXstreet
Japan's annual inflation rate edged down to 2.9% in November 2025 from October's 3-month high of 3.0%. Core inflation stood at 3.0%, keeping the same pace as in October and aligning with estimates. Mo...
Goldman Sachs sees gold prices climbing 14% to $4,900 per ounce by December 2026 in its base case, it said in a note on Thursday, while citing upside risks to this view due to a potential broadening o...
The BRICS group of countries is increasingly being considered as an alternative for global diplomacy and cooperation amidst increasing tariff and protectionist policies from the United States. A numbe...
Applications for US unemployment benefits fell after a spike in the previous week, underscoring the choppy nature of the data at this time of year. Initial claims decreased by 13,000 to 224,000 ...
Annual inflation in the United States (US), as measured by the change in the Consumer Price Index (CPI), fell 2.7% in November, according to a report by the US Bureau of Labor Statistics (BLS) on Thur...
The Nikkei 225 index closed higher on Friday, December 19, 2025, rising by around 1.16% to 49,568. This gain attracted attention because it occurred amidst news of a Bank of Japan (BOJ) interest rate hike, which typically depresses the stock...
The Bank of Japan (BOJ) officially raised interest rates on Friday to their highest level in three decades. This move is a key part of the BOJ's efforts to end a long era of ultra-loose monetary policy and near-zero borrowing costs. As expected,...
The US dollar index fluctuated around 98.4 on Friday (December 19) and is expected to close the week relatively unchanged. Investors are still weighing the chances of a Federal Reserve interest rate cut next year, as inflation continues to decline...
Fed Governor Christopher Waller said Wednesday that the Fed is in no rush to cut interest rates, given the current outlook, according to...
Stocks fell slightly on Tuesday as traders digested the delayed release of the November's jobs report.
The S&P 500 fell 0.1%, while the Nasdaq...
Nonfarm Payrolls (NFP) in the United States rose by 64,000 in November, according to a report from the U.S. Bureau of Labor Statistics (BLS) on...
European stocks closed lower on Tuesday, with the STOXX 50 down 0.5% and the broader STOXX 600 slipping 0.4%, as optimism around Russia–Ukraine...