Says his forces will stop fighting during the holy month of ramadan. Brazils Supreme Court blocks president also as choice of a family friend for the new police chief. Welcome to the program the u. S. Economy is falling deep into one of its most severe recessions in recent times its seen a decade of growth wiped out in just 3 months shrinking by almost 5 percent and theres concerns a crisis caused by the coronavirus pandemic is only going to worsen she have returns he reports. The 4. 8 percent decline for g. D. P. Between january and march represents the largest decline since the 2008 recession Consumer Spending which accounts for 70 percent of g. D. P. Dropped by an idealized rate of 7. 6 percent the. Largest drop since 980. 00 moreover this is just a preliminary estimate Analysts Expect the eventual number to be far higher than these numbers are for a quarter in which the economic locked down only accounted for a few weeks 2nd quarter g. D. P. Figures for april to june a projected to
For ukraine, the National Debt and inflation reduction. This is two hours. All right, let me call this hearing of the budget to order. I want to thank my we start it 10 00 oclock today had a presentation to make. I thank you for indulging that. [inaudible] none on so let me first say good morning to our Committee Members present in a special welcome to our witness young. Director young its always a pleasure to have you here before the committee. There is simply no better communicator of a complicated budget procedure than you. President biden is very lucky to have this you in this important position the president is fond of saying, a budget is a statement of values. That message is especially salient to this year as pde biden and maga republicans offer starkly different visions of our countrys future. On the one hand President Biden released a fiscally responsible budget that puts the middle class first, cuts the deficit by 3 trillion paves the way for a stronger safer and more prosper
Into office, we spent 6. 8. Then we havent reset to the 2019 baseline. How are we ever going to recover from this . Director young we put forth a proposal. A way to continue to invest in the American People. If we think we have adequate childcare and paid leave in this country, i welcome us to talk to hardworking americans. We can do that by asking the top 1 and 2 to add more into the system. That way we cannot only pay for our investments, but we can bring down the deficit we cant just talk about spending as if it only hits those programs that hit working families in this country. Senator johnson if you make the rich pay their fair share, the top 1 garner about 20 of the income pay about 40 of the income tax. Ts a fair share. Director young they pay about 25 . Senator johnson i remember when a couple hundred billion dollars was like real money. Political process would be all upset if you are rupbding a dollar deficit. Your plan to get us out of this, you are running deficits of 1. 8 1
Violent criminals to be released from prison. Were were going to play that and vet him tonight. But first, our countdowns. Continues. Y five shortwe aaway days away from these Pivotalve Midterm elections. And democrats have lost all touch with reality now. Yesterday, we showed you the new devastating economic numbers. T inflation went up coreup inflation going up, food, rent, energy all the way up. The stock market, meanwhile, plummeted. It tanked. It dropped significantly. Itignificathe biggest drop since the height of the pandemic. This but one month after the democrats passed their socalled inflation reduction ac t, or as i call it,reduct the tax, the poor, middle class and people on Fixed Income Act T Of Twenty , twenty two. It doesnt actually do anything to reduce inflation. It will increase inflation. It. A is just a massive green n, deal spending bill that, wors as predicted, is making inflation far worse, making Everythingg Evensive more expenn ever. And now, by the way, t to a
Potential bankrupt ceos. We will talk about the economy, cost and growth. We will sit down and speak with both executives within the hour. From new york, i am alix steel, i almost said london, did you hear that . I do want to point out was happening in the nasdaq. Guy you think about the names reported over the last few days, alphabet, we are waiting for amazon to see what happens there but we have a pretty good picture of whats going on here and it will not be as positive as some would suggest. Alix were looking at the cloud picture and we will also get the retail, there is a strong consumption number. Guy she wants these rate rises to have an effect. How much patients can power will have with these kind of numbers . Alix how sad could 04 point 9 growth target really be . Guy how much of that will run out of the Fourth Quarter . Some of it will have to come out of the market. Alix we have been saying that for like a year. Guy lets talk about where we are, what we have in our pocket. T