960 Billion News Today

ukrainian people and they should continue to have our support for as long as it takes. fix, continue to have our support for as long as it takes.— long as it takes. a few weeks ago, the world cringed _ long as it takes. a few weeks ago, the world cringed at _ long as it takes. a few weeks ago, the world cringed at the _ long as it takes. a few weeks ago, the world cringed at the prime - the world cringed at the prime ministers fawning welcome for elon musk and this time, they are fl...

Expectations from last year, but still trying to find good stuff. >> reporter: how has the economy impacted your black friday shopping this year? >> its cut it back a little bit. i dont think well feel it, but mentally, i know its there. >> reporter: the national retail federation predicts more than 166 million people will make purchases this weekend. the economy and inflation are top of mind, says katherine cullen of the national retail federation. >> we do know that many shoppers, you know, st...

In one day. that is incredible. inflation, though, it is really the elephant in the room for many shoppers. it is cutting into their spending power. theyre having to navigate and sort of have a strategy of how theyre going to spend. a lot of shoppers that i talked with said that theyre really sticking to their budgets and paying more and more attention to those discounts and deals to try to navigate what gifts to buy. still, the national retail federation is upbeat about how this holiday shoppin...

Going to buy this year. so, yes, it is a little bit downsizing in terms of buying gifts, not like last year. so, yes, inflation is effecting us. >> reporter: so, it looks like shoppers are sticking to budget this is year. theyre looking for deals. theyre looking for ways to sort of keep the holiday magic despite the fact that they may have to choose a different product than they would normally choose. overall, the national retail federation is up beat about how the shopping season will go saying...

And its cutting some of their spending power. so, many shoppers that i talked to said theyre sticking to budgets. theyre using discounts and deals to figure out which gifts to give to their loved ones and friends. still, the national retail federation is pretty upbeat about how this holiday shopping season will end up, saying that they believe that americans will spend 8% more than last year, adding up to 940 to $960 billion for the months of november and december. victor? >> people still spendi...

Increase 8% this holiday shopping season to around 940 to $960 billion so a lot of positivity for this holiday shopping season despite the rate of inflation. >> interesting so see spending going up as high as inflation is. alison kosik from the macys in new york, thank you very much. were digging deeper with personal finance columnist michele singletary. her latest book "what to do with your money when crisis hits: a survival guide." at this time last year the concern was supply chain issues. th...

Welcome back, everyone. new data shows the u.s. deficit surpassed the $1 trillion mark for the first time in seven years. since last october, increased military spending, rising interest rates, on government debt, and weak revenues earlier in the year have all caused the deficit to rise by 19% to nearly now $1.2 trillion. during the 2016 campaign, the president promised economic growth that would take care of his planned tax cuts and new spending. however, the 2017 tax break for corporations and...

Cut hes already pushed through. >> our consumers are rich. i gave a tremendous tax cut and theyre loaded up with money. >> okay. so heres a, fact. the fact is the presidents tax cut only lowered rates temporarily for individual taxpayers, but corporations got a permanent tax cut. and all of that has fueled an explosion in the deficit. its expected to hit $960 billion this year. and soar past $1 trillion next year. $960 billion this year. soar past $1 trillion next year. what else is happening ne...

>> im not looking at a tax cut now. we dont need it. we have a strong economy. >> so hes not looking at a tax cut except hes always looking at tax cuts. its like he doesnt even know or care about his own policies. lets not forgethat the president said about the tax cut hes already pushed through. >> our consumers are rich. i gave a tremendous tax cut and theyre loaded up with money. >> okay. so heres a fact. the fact is the presidents tax cut only lowered rates temporarily for individual taxpaye...

Forecasters say more red ink is to come. the congressional budget office now says the federal deficit will balloon to $960 billion this fiscal year, and average $1.2 trillion for the next decade. the presidents most consistent economic message has been a contradictory one. today he insisted the economy is doing really well but he spent the week calling for a big federal rate cut, a move typically made when an economic dip is on the horizon. >> you will see a rocket ship. you will see -- if he do...