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Tag: Spending

Biden unveils ‘once in a generation’ spending plan

Biden unveils ‘once in a generation’ spending plan

World
ReutersUS President Joe Biden has called for trillions in spending aimed at re-igniting America's economic growth by upgrading its crumbling infrastructure and tackling climate change.The $ 2.3tn (£1.7tn) proposal would direct billions to initiatives such as charging stations for electric vehicles and eliminating lead water pipes.The spending would be partially offset by raising taxes on businesses.Those plans have already roused fierce opposition.Republicans have called the rises "a recipe for stagnation and decline", while powerful business lobby groups including the Business Roundtable and Chamber of Commerce said they supported investments but would oppose tax increases.The pushback is a sign of the tough fight ahead for the plan, which needs approval from Congress.Acrimony loomsJoe Bi...
Consumer spending in U.S. falls by $28 billion in December

Consumer spending in U.S. falls by $28 billion in December

Business
Jan. 29 (UPI) -- U.S. consumer spending in December decreased for the second straight month, but at a smaller rate than the previous month, the Commerce Department said in its monthly report Friday. Personal consumption expenditures fell by $ 28 billion, the report said, a decline of 0.2%. The decline for November was 0.7%. Advertisement The department said personal income for December increased by $ 116.6 billion while disposable income rose $ 111.6 billion. Real personal expenditures, meanwhile, decreased by almost $ 80 billion. Spending on recreational goods and vehicles lost the most ground, along with food services and accommodations. Higher spending was found in motor vehicles and healthcare. "The December estimate for personal income and outlays were impacted by the response to the...
Boxing Day sales hit as COVID closures drive down spending

Boxing Day sales hit as COVID closures drive down spending

Business
Boxing Day sales are expected to fall by more than a quarter compared with last year, despite some shoppers queueing in the early hours in some areas under lighter restrictions.Footfall for the sales is already down 60% in the UK up to 12pm - largely due to non-essential shops being closed across swathes of Britain under the tightest coronavirus restrictions. It followed a call from Boris Johnson for people to avoid Boxing Day crowds as COVID-19 cases continue to rise in many areas. Image: An empty Regent Street in London Image: Nearby Oxford Street was packed with shoppers on Boxing Day in 2019 Famous shopping streets were practically empty in areas such as Edinburgh and Londo...

Consumers are spending more in 2020 than they did in 2019, says Bank of America CEO

Finance
Consumers are spending more via Bank of America accounts this year, in the midst of the coronavirus pandemic, than they did in 2019, according to CEO Brian Moynihan."When you look at what they're spending year-to-date, they've spent more in 2020 than they did in 2019, and that is now across $ 2.7 trillion in money moved by our consumers," Moynihan told CNBC's Wilfred Frost in a Wednesday interview.Moynihan's commentary is the latest indication that, despite a record level of infections and a mounting death toll, many Americans are showing a surprising financial resilience. Earlier in the pandemic, U.S. banks set aside tens of billions of dollars for loan losses, but defaults have yet to materialize. That's in part due to unprecedented federal actions to stabilize markets and inject money ...
Spending review ‘undermines UK green vision’

Spending review ‘undermines UK green vision’

Science
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