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Washington (AFP) - US President Joe Biden on Tuesday slammed a congressional Republican plan to limit federal spending in exchange for raising the nation's borrowing limit, saying it would result in "huge cuts" to programs serving millions of Americans. The top Republican in the US House of Representatives, Kevin McCarthy, officially unveiled specifics of the plan earlier in the day and urged members of his party to act in concert as they go head to head with the president. The United States hit its $31.4 trillion borrowing limit in January, prompting the Treasury to take "extraordinary measur...
AFP
New York (AFP) - Wall Street stumbled at the opening Tuesday as a rise in bond yields renewed investor concerns about inflation in an economy emerging from the pandemic. At 1440 GMT the Dow Jones Industrial Average was off 0.16 percent at 33,119.35 while the tech-heavy Nasdaq lost 0.44 percent at 13,003.79. The broad Standard & Poor's 500 index dipped 0.23 percent to 3,961.79. The markets reacted to a fresh uptick in the yield on 10-year Treasury bonds to 1.774 percent, the highest in 14 months. Investors are unloading government debt "on persistent expectations for economic growth and inflati...
AFP
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