WASHINGTON — The White House on Friday unveiled a 6-trillion-U.S.-dollar budget proposal for the 2022 fiscal year, drawing backlash from Republican lawmakers and budget watchers.
The proposal, which included President Joe Biden’s plan to increase investment in infrastructure, eduction, health care and beyond, would push federal spending to the highest sustained levels in decades.
The budget calls for total spending to run above 6 trillion dollars throughout the next decade, and rise to 8.2 trillion dollars by fiscal year 2031. Deficits, meanwhile, would stay above 1.3 trillion dollars in the next 10 years. (US-Budget-2020)
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SAN FRANCISCO — Boeing has halted deliveries of its 787 jets again after U.S. federal regulators wanted more information about its production flaws, according to a statement released by the company on Friday.
Boeing is working with the Federal Aviation Administration (FAA) to provide more information about the company’s analysis and documentation of work on new 787s, it said, adding that the delay affects “near-term” deliveries, but will not affect the 787s that have already been delivered to customers. (US-Boeing 787-Delivery Failure)
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WASHINGTON — The International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Friday lauded China’s efforts in stepping up vaccination abroad and at home, stressing that pandemic policy is now the best economic policy.
“We must vaccinate at least 40 percent of the population of all countries by end-2021, and at least 60 percent by mid-2022,” Georgieva said in opening remarks for the spring meetings of the International Finance Forum (IFF), a non-profit, unofficial international organization headquartered in Beijing. (IMF-China-Vaccination)
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NEW YORK — Oil prices settled mixed on Friday as investors awaited a key meeting from major producers.
The West Texas Intermediate for July delivery lost 53 cents to settle at 66.32 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery increased 17 cents to close at 69.63 dollars a barrel on the London ICE Futures Exchange. (US-Oil prices-Mixed)
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LONDON — British Chancellor of the Exchequer Rishi Sunak on Friday called on the Group of Seven (G7) to continue working together to secure a green and sustainable global economic recovery.
Sunak made the remarks at a virtual meeting ahead of the in-person G7 finance ministers’ meeting in London on June 4-5.
The G7 should ensure that tackling climate change is prioritised in economic and financial policy, according to a statement from the British Treasury. (UK-G7-Economy)