Student Loan Relief Propels Federal Deficit Surge by 27% - iRollie AC 06.12 MG AM - KUWA Dedicated CPM - 06.19.24

CBO Projects $1.9 Trillion Deficit Amidst Biden Administration's Adjustments                                                                                                                                                                                                                                                                                                                                                                                                                 June 19, 2024 Good morning, it is Wednesday, June 19, and we're covering Student Loan Relief Contributing to 27% Jump in Projected Federal Budget Deficit, how Nvidia Surpasses Microsoft to Become the Largest Public Company in the US, NFL team getting a new look & much more!! First time reading? Sign up here. American Fact of the Day! The $1,000, $5,000, and $10,000 bills were high-denomination U.S. currency last printed in 1945 and discontinued in 1969. Featuring Grover Cleveland, James Madison, and Salmon P. Chase respectively, these bills were mainly used for large bank transactions and were rarely seen in public circulation. Today, they are prized by collectors for their rarity and historical significance, commanding significant value in the numismatic market. #1 worst breakfast for A1C ⚠️🥞 High blood sugar? STOP eating breakfast (before you see this): According to America’s #1 diabetes doc, one of these 4 “healthy breakfasts” can literally SPIKE your blood sugar by 60 mg/dL! But which one is it? This “healthy breakfast” is packed with toxic carbs… that can block insulin production with no warning signs.Yet it’s America’s favorite breakfast! So, tap above on your guess… Or get the correct answer below from America’s #1 diabetes doc: [>> #1 “healthy breakfast” to NEVER eat (it SPIKES blood sugar instantly).]( Advertisment Breaking Updates Student Loan Relief Contributing to 27% Jump in Projected Federal Budget Deficit The Congressional Budget Office (CBO) has revised its projection for the federal budget deficit, now expecting it to swell to $1.9 trillion for the current fiscal year, an increase of $400 billion from earlier estimates in February. This sharp rise is primarily driven by several significant factors amplifying projected spending. The largest contributor is a $145 billion uptick due to adjustments made by the Biden administration to student loan repayment plans, alongside a proposed forgiveness program that could potentially alleviate accrued interest for millions of borrowers starting as early as this fall. Furthermore, slower-than-expected recovery of funds from resolving major bank failures has led to a $70 billion increase in projected outlays for deposit insurance. To offset this, the Federal Deposit Insurance Corporation has imposed temporary fee hikes on hundreds of insured banks and is selling assets from failed banks to replenish its Deposit Insurance Fund. Additionally, recent legislation has raised projected discretionary spending by $60 billion, while Medicaid expenditures for fiscal year 2024 are now estimated to surpass initial forecasts by $50 billion. Looking ahead, the CBO forecasts a cumulative deficit over the next decade to grow by $2.1 trillion, underscoring persistent concerns about the nation's fiscal trajectory. These projections come amid a presidential election year where candidates from both major parties are promising distinct strategies to tackle the mounting deficit and manage federal finances. The escalating federal debt, projected to exceed historical peaks, is expected to influence upcoming congressional debates on the fiscal year 2025 budget, the reinstatement of the debt ceiling in January, and the expiration of key provisions from the 2017 Tax Cuts and Jobs Act. [Read more updates here]( Nvidia Surpasses Microsoft to Become the Largest Public Company in the US Nvidia has surged to become the most valuable company in the United States, surpassing both Microsoft and Apple with a market capitalization of $3.34 trillion as of Tuesday. This milestone was driven by a 3.7% increase in Nvidia's stock, contrasting with slight declines in Microsoft's and Apple's shares on the same day. The company's ascent reflects its dominance in producing chips crucial for artificial intelligence systems, including generative AI technologies like those used by OpenAI's ChatGPT for creating text and media. Over the past year and a half, Nvidia's stock has skyrocketed by approximately 175%, making it the top performer in the S&P 500 index for 2023. This surge underscores Nvidia's pivotal role in the tech sector, particularly amidst the rise of AI-driven technologies that have reshaped investor expectations and propelled Nvidia alongside other tech giants. Nvidia's recent milestone also marks a shifting landscape among tech titans competing for the highest market valuations. Apple briefly claimed the top spot earlier in June following its annual Worldwide Developers Conference, where announcements regarding advancements in generative AI for iPhones bolstered its stock. Nvidia's rise to the forefront, coupled with strong financial performance highlighted by significant revenue and profit increases, solidifies its position as a powerhouse in the tech industry. [Read more updates here]( American Sports & Culture Long-awaited confetti and champagne from inside the Celtics' locker room: 'Nobody wanted to give us no time' Despite nearly a decade of noise and calls to break up the Jayson Tatum-Jaylen Brown duo, Boston stuck to its guns -- and will hang its 18th banner because of it. Baltimore Ravens reveal 'Purple Rising' alternate helmets The alternate helmets, which feature metallic purple paint, a gold face mask and gold talon stripes down the center, will be worn in one game this season. Can Connor McDavid win the Conn Smythe even if the Oilers don't win the Stanley Cup? The last skater to win MVP of the playoffs in a losing effort was Reggie Leach in 1976, but there's chatter that McDavid's run could earn him the nod. American Business & Markets Apple kills off its buy now, pay later service service barely a year after launch Apple is discontinuing its buy now, pay later service known as Apple Pay Later barely a year after its initial launch in the U.S., and will rely on companies who already dominate the industry like Affirm and Klarna Analysis: Wall Street is turning more bullish It’s tough being a Wall Street bear these days. Warren Buffett’s Berkshire Hathaway dumps BYD shares following rise in trade tension over Chinese EVs Warren Buffett’s Berkshire Hathaway has further cut its large stake in BYD, which vies with Tesla as the world’s largest electric car (EV) maker, as global trade tensions escalate over Chinese EVs. American Politics Biden ramps up push to end Trump's tax cuts for the wealthy, highlighting the choice in the 2024 election Biden says that if he is re-elected, he would let the Trump tax cuts expire next year for people who earn over $400,000. Trump and Republicans say they want to extend them. Election 2024 live updates: Powerful House Republicans confront primary challengers Live updates and the latest news coverage on the 2024 Virginia, Oklahoma and Georgia primary elections. Boeing's CEO is scheduled to field questions about plane safety from U.S. senators CEO David Calhoun is scheduled to appear before a Senate subcommittee chaired by Sen. Richard Blumenthal, D-Conn., a Boeing critic. Update your email preferences or unsubscribe [here]( © 2024 Keeping Up With America 19354 Watermark Drive, Suite 202 Cornelius, NC 28031, United States