Analysis: Tax cuts, spending to raise deficit to $1T by 2020
WASHINGTON (AP) — A new analysis says President Donald Trump’s tax cuts and last month’s big spending bill will send the federal deficit toward $1 trillion. The Congressional Budget Office says the deficit will reach $804 billion this year and nearly $1 trillion in 2019. CBO says economic growth from the tax cuts will add 0.7 percent on average to economic output over the decade. That only partially offsets the cost of the tax cuts. The administration had promised the cuts would pay for themselves.
Zuckerberg prepares another apology — this time to Congress
WASHINGTON (AP) — Facebook CEO Mark Zuckerberg has already apologized to users for not doing enough to protect their privacy. Now he plans to apologize to Congress, saying in prepared testimony that Facebook hasn’t done enough to prevent its tools from being used for harm. Zuckerberg says Facebook “didn’t take a broad enough view of our responsibility, and that was a big mistake.”
Facebook users still waiting on privacy scandal notices
NEW YORK (AP) — Facebook users are awaiting word on whether their data has been swept up in the Cambridge Analytica scandal. Facebook is supposed to begin notifying users Monday, but it isn’t clear if it’s started yet. Facebook is in full damage-control mode following revelations that it might have shared the data of some 87 million users with Cambridge Analytica.
Amid trade fight, Trump says he’ll ‘make it up’ to farmers
WASHINGTON (AP) — President Donald Trump is acknowledging that farmers could be adversely affected by the escalating tariff dispute with China, but he promises to make it up to them. He says they “will be better off than they ever were.” Speaking at a Cabinet meeting Monday, Trump addressed the Chinese threat to slap tariffs on soybeans and other agriculture staples grown in rural America. Such a move could hit Midwestern farmers, many of whom are strong supporters of the president.
Court: Women can’t be paid less than men based on past wages
SAN FRANCISCO (AP) — A U.S. appeals court says women can’t be paid less than men based on their salary in a previous job. A unanimous 11-judge panel of the 9th U.S. Circuit Court of Appeals said Monday that pay differences for the same work based on prior salaries were discriminatory under the federal Equal Pay Act. The decision overturned a decision by a smaller panel of 9th Circuit judges that had been criticized by equal pay advocates.
Child advocates ask FTC to investigate YouTube
A complaint filed Monday accuses Google of collecting personal data from kids under 13 without their parents’ consent. A group of child advocates and consumer groups wants the Federal Trade Commission to investigate and impose potentially billions of dollars of penalties on Google.
Indictment accuses Backpage founders of aiding prostitution
PHOENIX (AP) — The founders of Backpage.com have been indicted in what authorities say was a scheme to facilitate prostitution by running ads for sexual services. An indictment alleges Backpage.com had helped customers edit their ads so they would stay within legal limits while still encouraging commercial sex. Website founders Michael Lacey and James Larkin are charged with facilitating prostitution and money laundering. Lacey’s lawyer didn’t return a call for comment and records did not list Larkin’s lawyer.
Report: Airlines getting better in key areas except delays
U.S. airlines are getting better at many things except getting you to your destination on time. They are losing fewer bags. Complaints are down. And on the anniversary of a man getting dragged off a plane because a crew member needed his seat, airlines are bumping fewer passengers. That’s the upshot of a report issued by academics who analyze numbers compiled by the Transportation Department.
Stocks rise, but biggest gains fade as market stays volatile
NEW YORK (AP) — US stock indexes gave up most of a big gain in the afternoon but still finished slightly higher as technology companies and banks rallied. The market had tumbled in erratic trading last week as investors worried about the possibility of an escalating trade dispute between the U.S. and China. Gene therapy developer AveXis is surging after drugmaker Novartis agreed to buy it for $8.7 billion.
The Standard & Poor’s 500 index gained 8.69 points, or 0.3 percent, to 2,613.16. The Dow Jones industrial average rose 46.34 points, or 0.2 percent, to 23,979.10. The Nasdaq composite jumped 35.23 points, or 0.5 percent, to 6,950.34. The Russell 2000 index of smaller company stocks added 1.17 points, or 0.1 percent, to 1,514.46.
Benchmark U.S. crude jumped $1.36, or 2.2 percent, to $63.42 a barrel in New York. Brent crude, used to price international oils, added $1.54, or 2.3 percent, to $68.65 a barrel London. Wholesale gasoline rose 3 cents to $1.98 a gallon. Heating oil rose 4 cents to $2 a gallon. Natural gas lost 1 cent to $2.69 per 1,000 cubic feet.
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