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Inside the bipartisan tax deal

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Biden hails court decision to block Spirit, JetBlue merger

President Biden on Tuesday hailed the decision by a federal judge to block the merger of Spirit Airlines and JetBlue Airways, calling it a win for consumers. “Capitalism without competition isn’t capitalism – it’s exploitation,” Biden said in a statement. “Today’s ruling is a victory for consumers everywhere who want lower prices and more choices. My Administration will continue to fight to protect consumers and enforce our antitrust laws.” JetBlue proposed buying Spirit for $3.8 billion, an acquisition that would have made it the fifth-largest airline. U.S. District Judge William Young, earlier Tuesday, said the acquisition would …

Fed spoils the party for overly optimistic investors

A Federal Reserve Board member says US inflation is on a path that should enable the central bank to cut interest rates three times this year. Despite his apparent optimism, the US sharemarket fell and bond yields spiked in response to his comments. Christopher Waller is one of the 12 voting members of the Fed and so his views have weight, as the markets’ reactions demonstrated. But why did the apparently “dovish” remarks from a former monetary policy hawk (Waller was a strong advocated for the aggressive, five percentage points-plus rate hikes that the Fed has made since March 2022) evoke such a sour response? The rate cut party…

Here's who would benefit from new deal to expand the Child Tax Credit

The federal Child Tax Credit may soon get an expansion as part of a push from some lawmakers to ensure that more U.S. families can tap the nearly three-decade old benefit. On Tuesday, leaders of congressional tax committees announced a deal to expand the CTC and extend some business tax credits. While passage isn't guaranteed, anti-poverty advocates say the deal is an important step toward in fixing some of the problems with the tax credit, which was designed to shore up families' economic security yet that has excluded many of the poorest children. The overhaul would also come more than two years after the expiration of the…

Labour will restore UK’s reputation for business, Rachel Reeves to tell Davos

Labour intends to restore Britain’s reputation as a place to do business after 14 years of Conservative economic failure, the shadow chancellor will tell members of the global elite in Davos on Wednesday. Stepping up Labour’s pre-election boardroom charm offensive , Reeves will tell a breakfast meeting hosted by the US investment bank JP Morgan that boosting private sector investment is key to the party’s growth strategy. “We are living in a new age of insecurity. The world has become a more uncertain, volatile and dangerous place. That has become ever more acute in recent days and weeks as we see wars and conflict in Europe and…