The biggest challenge for Congress to tackle in 2023 is raising the ...
The biggest challenge for Congress to tackle in 2023 is raising the debt ceiling.
What is the debt ceiling? It’s a limit on how much the US government can borrow to pay its bills. And since the government runs on budget deficits, it regularly needs to borrow more money to avoid a credit default, which would be a disastrous scenario. Should a potential default materialize due to congressional paralysis, it could crater global markets and plunge the US into a recession.
So, what’s the status? In 2021, Congress raised the debt ceiling by $2.5 trillion—but that will only get us to August, when Goldman Sachs predicts that lawmakers will need to raise the roof again to avert a default.
U.S. stocks rise to 3-week highs as traders build on Friday’s rally
U.S. stocks opened at their highest levels since mid-December on Monday as the main indexes built on...
U.S. stocks opened at their highest levels since mid-December on Monday as the main indexes built on gains that followed the release of monthly jobs data from the Department of Labor. The S&P 500 SPX, 0.88% gained 21 points, or 0.6%, to 3,916. The Dow Jones Industrial Average DJIA, 0.42% advanced 133 points, or 0.4%, to 33,764. The Nasdaq Composite COMP, 1.59% rose 105 points, or 1%, to 10,674. Stocks logged their biggest daily advance for the year so far on Friday after signs of slowing wage growth from the monthly jobs report added to the notion that inflation is slowing, while the pace of job creation — while slower than the prior month — remained relatively robust, suggesting the U.S. economy is taking the Federal Reserve’s rate hikes in stride.
You can't stuff the genie back in the bottle, and that's particularly true for the process of buying...
You can't stuff the genie back in the bottle, and that's particularly true for the process of buying cars post-2020. Ever since the pandemic began, car dealerships have been keeping fewer vehicles in their lots, even though production is back up.
Executives at Ford and GM say car buyers have adapted — and that behavioral shift might be permanent.Now, customers can order a car online and get it shipped to them directly.
If a carmaker doesn't have its money tied up in inventory, it can afford to charge a pretty penny for that new Prius. And it doesn't have to offer incentives, either.
DCP Midstream to Sell Interests to Phillips 66 for $3.8 Billion
Phillips 66, looking to grow its NGL business, will acquire more...
Phillips 66, looking to grow its NGL business, will acquire more than 43% of DCP Midstream LP for $3.8 billion, the companies said in Jan. 6 news releases.
The cash deal, which includes the assumption of debt, will increase Phillips 66’s interest in DCP Midstream to 86.8%. Phillips 66 said it has targeted operational and commercial synergies of at least $300 million, with the transaction expected to close second-quarter 2023.
The deal comes after a flurry of December midstream deals worth billions of dollars.
