House GOP's “8% cut” means 1% cut to nominal federal spending
Bay Area Times
September 18, 2023
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Top stories today:
- House GOP's “8% cut” means 1% cut to total federal spending
- Instacart expected to price IPO today, start trading on Tue
- UAW president rejects 21% cumulative pay raise offer
- China's Evergrande stock briefly -24% after staff detained
- Tim Cook: Vision Pro “on track” for early 2024
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 close (4 PM ET / 1 PM PT).
All times are ET.
1. House GOP's “8% cut” means 1% cut to nominal federal spending
4% cut in real spending, assuming inflation at 3%.
8% cut was related to nondefense non-VA discretionary spending.
House vote on Thu: results uncertain.
Bill was introduced by the House Rules Committee without Speaker McCarthy's approval.
Narrow 221-212 GOP margin in the House makes every defection count.
Senate may also reject this proposal. - Bloomberg, House bill proposal
2. Instacart expected to price IPO today, start trading on Tue
September is poised to become the top IPO month of 2023, with many hoping it will reignite tech IPOs
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4. UAW president rejects 21% cumulative pay raise offer from Chrystler parent
The UAW wants a 40% pay hike, according to UAW president Shawn Fain.
4-day workweek also a request.
Since the 90s, auto workers’ average hourly wages have fallen in real terms
August was already the worst month in workdays lost to strikes since 2000
And September is poised to be even worse:
5. China's Evergrande stock briefly was -24% after senior staff detained
Public security organs took criminal compulsory measures against Du and other suspected criminals at Evergrande Financial Wealth Management Co." - Statement from Shenzhen police. - Reuters
The WSJ warns that China’s Country Garden could pose an even bigger problem than Evergrande
6. Tim Cook: Vision Pro “on track” for early 2024
The CBS host also pressed Cook on removing ads on Twitter over an alleged rise in antisemitism, which Elon Musk vehemently denies.
7. Ukraine faces trouble to finance its $40B 2024 budget deficit
Read more: WSJ.
8. Carry trade having exceptional year (+42% YTD), beating NASDAQ
9. Interesting tweets, memes, and videos
10. Other headlines
AI
Inflection CEO: interactive AI agents are next.
Tech
iOS 17 comes out today.
Range, backed by Google's AI Fund, has revolutionized wealth management.*
Unity vows to change pricing policy: “we have heard you.”
Augment promises 20-hour MBA for $1,750.
Songs adjust to Spotify by being <3:15 and having chorus in 1st 30 secs.
Trust & Will makes online estate planning easy & affordable.*
*Sponsored.
Biotech
Carenostics raises $5M for AI-powered chronic disease diagnostics.
Business
Elon meets Erdogan, who asks for Tesla factories, Starlink in Turkey.
Oppenheimer crosses $900M, set to become highest-grossing biopic.
Russia traps $18B in Western profits.
EU dependent on China for batteries: paper.
Crypto
FTX sales not likely to cause crash: Coinbase.
Mark Cuban loses $870K in wallet hack.
U.S. politics
Trump 50% x 49% Biden in CBS poll: voters dislike Biden's age, economy.
Biden: “lots of luck” to GOP impeachment effort.
Trump's full interview with NBC: 6-week abortion ban “terrible.”
World
Iran to free 5 American prisoners in exchange for unfrozen $6B.
China sends record 103 warplanes near Taiwan.
China's Yi visits Russia, in preparation for potential Xi visit in Oct.
China's missing defense chief opens opportunity for U.S. talks.
Beijing's propaganda blitz teaches citizens how to catch spies.
Saudis halt Israeli normalization talks.
Wagner group continues to operate in CAR, under Moscow control.
Ukraine to file WTO complaint of EU's unilateral actions on grain.
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