Budget blueprint; a gift to asset owners
A budget blueprint has been cleared by the Republican-led House of Representatives, the first step towards advancing President Donald Trump’s plan to cut taxes as well as increase funding for border security and the military. The proposal was passed by a narrow 217-215, with all Republicans but one voting for the measure and Democrats rejecting it (one Democrat did not vote).
Plan details: The budget plan calls for $4.5T in tax cuts, which would include the renewal of the cuts Trump introduced in 2017 that are set to expire at the end of the year. The plan also calls for cutting federal spending by $2T over ten years. To note, it instructs the Energy and Commerce Committee – which oversees Medicaid and Medicare – to find at least $880B in cuts. House Speaker Mike Johnson (R-LA) has insisted that the budget proposal aims to root out “fraud, waste and abuse” in Medicaid.
As for the national debt, which is currently more than $36.5T, the House proposal calls for raising the debt ceiling by $4T. According to think tank Center on Budget and Policy Priorities, the debt limit will likely be reached in November 2026 even with the $4T increase. In that case, the Treasury Department would have to resort to extraordinary measures to pay government obligations.
What’s next: The House vote is viewed as procedural, as the Senate last week voted for a contrasting budget blueprint. The Senate proposal does not include tax cuts or raising the debt ceiling. The House and Senate will need to reach an agreement to draft a legislation, which could take months and further divide lawmakers. The current government funding is set to expire on March 14.
Of course, this young familiar actress dies of “natural causes” after a liver transplant. Another beautiful Caucasian woman bites the dust of “natural causes” at 39. She was found dead in her nice apartment by her mother.
‘Buffy’ and ‘Gossip Girl’ actress Michelle Trachtenberg dead at 39
February 26, 2025, 1:13 PM
Michelle Trachtenberg, an actress best known for her roles in “Buffy the Vampire Slayer” and “Gossip Girl,” has died at age 39.
https://abcnews.go.com/GMA/Culture/buffy-gossip-girl-actress-michelle-trachtenberg-dead-39/story?id=119215091&utm_source=firefox-newtab-en-us
Naturally, why would one ask for a 4 trillion dollar increase unless it was going to be used?
US Mortgage Rates Decline to 6.88%, Lowest Level This Year
Mortgage rates track Treasury yields, which have fallen in the past week.
(Bloomberg) — US mortgage rates dropped last week to the lowest level this year, but not enough to spur a rebound lending activity.
The contract rate on a 30-year mortgage declined 5 basis points to 6.88% in the week ended Feb. 21, according to Mortgage Bankers Association data released Wednesday.
Mortgage rates track Treasury yields, which have fallen in the past week as investors seek safe havens amid a selloff in stocks and oil markets. Economic data have also contributed to the recent drop in yields, including weak January retail sales and an uptick in consumers’ long-run inflation views to the highest since 1995.
Even so, borrowing costs are still elevated — as are home prices — and weighing on lending activity. MBA’s gauge of refinancings fell 3.6%, while its index applications for home purchases barely rose.
The MBA survey, which has been conducted weekly since 1990, uses responses from mortgage bankers, commercial banks and thrifts. The data cover more than 75% of all retail residential mortgage applications in the US.
The markets are rewarding the Russian ruble during these Ukrainian peace negotiations. If a bona fide settlement comes to fruition, investors will look to Russia with further interest. We can observe the strength of the Russian ruble in anticipation of a substantial change from over the past three years.
I’m certain that Putin is observing the nascent strength of the ruble with particular interest.