USA OUTLOOK JANUARY 01 TO 05, 2024

USA OUTLOOK WEEKLY NEWSLETTER JANUARY 1 TO 5 10001111NOVEMBER 00

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JANUARY 01, 2024

JANUARY 02, 2024

US public debt tops $34 trln as Congress heads into funding fight The U.S. federal government's total public debt has reached $34 trillion for the first time, the U.S. Treasury Department reported on Tuesday, as members of Congress gear up for another series of federal funding battles in the coming weeks.

The Daily Treasury Statement for Friday showed that the total public debt outstanding rose to $34.001 trillion from $33.911 on Thursday.

Photo REUTERS/Mike Segar/File Photo Acquire Licensing Rights

US economic data points to 'real momentum' for 2024, White House says Higher consumer spending over the holiday season, real wage gains over the last nine months and a jump in consumer confidence point to a good start for 2024, said Jared Bernstein, chair of the White House Council of Economic Advisers on Sunday.

The debt that counts toward the federal debt ceiling rose to $33.89 trillion on Friday from $33.794 trillion on Thursday. This "debt subject to limit" category excludes the unamortized discount on Treasury bills and zero-coupon bonds, debt issued by the Federal Financing Bank and guaranteed debt of certain other agencies.

The milestone comes shortly after the federal debt topped $33 trillion in September amid rising federal deficits fueled by falling tax revenues and rising federal expenditures.

Bernstein told "Fox News Sunday" that President Joe Biden would continue to focus on lowering costs for Americans if he won a second term in the November 2024 presidential election.

"If you actually look at the trend in the economy ... I think you see some real momentum getting us in a good start for the new year," Bernstein said.

U.S. consumer confidence increased to a five-month high in December, the Conference Board reported on Dec. 20, mirroring a nearly 14% increase in the University of Michigan's benchmark Consumer Sentiment Index, its biggest jump in more than three decades.

Souce: https://www.reuters.com/world/us/us-economic-data-points-real-momentum2024-white-house-says-2023-12-31/

Souce:

Photo REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing Rights

https://www.reuters.com/world/us/total-us-public-debt-tops-34-trillion-congressheads-into-funding-fight-2024-01-02/

JANUARY 03, 2024

JANUARY 04, 2024

New York City sues bus companies for transporting migrants from Texas

New York City on Thursday filed a lawsuit accusing 17 bus companies of illegally transporting more than 33,000 migrants to the city from Texas as part of a campaign by the state's Republican governor to expel people who cross the U.S.-Mexico border illegally.

Photo: REUTERS/Adrees Latif/File Photo Acquire Licensing Rights

US Justice Department sues Texas over immigration law

The U.S. Justice Department on Wednesday filed a lawsuit against Texas to challenge an immigration law that gives state officials broad powers to arrest, prosecute and deport people who illegally cross the U.S.-Mexico border.

The city is seeking $708 million, which it says is the cost is has incurred to provide shelter and services to the migrants over the last two years, in the lawsuit filed in New York state court in Manhattan.

The state of Texas is not a defendant in the lawsuit. The city named 17 charter bus companies that contracted with Texas to transport migrants, most of which are based in the state. The companies are small and do not have press relations offices where spokespersons could immediately be reached.

WHY IT'S IMPORTANT The law, known as SB4 or Senate Bill 4, makes it a state crime to illegally enter or re-enter Texas from a foreign country and gives state and local law enforcement authorities the power to arrest and prosecute violators. It also allows state judges to order that individuals be deported, with up to 20year prison sentences for those who refuse to comply.

The Justice Department's lawsuit comes about two weeks after a lawsuit by civil rights groups that also challenged the new Republican-backed Texas law.

Souce: https://www.reuters.com/legal/us-justice-dept-sues-texas-over-immigration-law2024-0103/#:~:text=WASHINGTON%2C%20Jan%203%20(Reuters),cross%20the%20U.S.%2DM exico%20border.

Souce:

Photo REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsLicensing RightsAcquire Licensing Rights

https://www.reuters.com/world/us/new-york-city-sues-bus-companiestransporting-migrants-texas-2024-01-04/

JANUARY 05, 2024

Photo: REUTERS/Julia Nikhinson/File Photo Acquire Licensing Rights

New York City union sues to block city congestion pricing plan

A New York City teachers union filed a lawsuit against state and federal agencies on Thursday seeking to block a congestion pricing plan in the city from taking effect this year, arguing it will divert traffic and boost pollution in some areas.

Among the defendants in the lawsuit are the Metropolitan Transportation Authority (MTA) and U.S. Federal Highway Administration (FHWA).

New York's plan to impose tolls on vehicles entering certain parts of Manhattan to fight congestion and pay for mass transit already faces a lawsuit from the state of New Jersey. Under the plan, New York City will charge a daily toll of $15 for passenger vehicles driving in Manhattan south of 60th Street. It will charge up to $36 for larger trucks.

Souce: https://www.reuters.com/world/us/new-york-city-union-sues-block-city-congestionpricing-plan-2024-01-04/