Economy

Student loan forgiveness is on the way for more than 800,000 borrowers

4:13pm July 14, 2023

by Cory Turner

The loan forgiveness comes after past mishandling of income-driven repayment plans, which were designed for low-income borrowers. The move will erase $39 billion in federal student loan debt.

Graduates attend Tennessee State University's commencement ceremony in Nashville on May 7, 2022. Under a new repayment plan, millions of student loan borrowers will see their monthly repayment amounts cut in half or more.

You could still be eligible for student loan forgiveness under this plan

1:33pm July 14, 2023

The Supreme Court may have struck down a sweeping plan for student loan debt forgiveness, but under President Biden's new income-driven repayment plan, SAVE, borrowers stand to pay thousands less.

The U.S. budget deficit ballooned in the first nine months of its fiscal year, both because of a sharp increase in government spending and a significant drop in tax revenues.

The federal deficit nearly tripled, raising concern about the country's finances

5:59pm July 13, 2023

by Scott Horsley

The federal government's budget gap widened significantly in the first nine months of the fiscal year, as tax receipts slumped and spending increased.

President Biden arrives at a political rally in Philadelphia on June 17. He has increasingly cast his climate program as a jobs program as his reelection campaign heats up.

Biden frames his clean energy plan as a jobs plan, obscuring his record on climate

2:08pm July 13, 2023

by Eric McDaniel

President Biden's Inflation Reduction Act invests $369 billion to address the climate crisis. But as the president focuses on the law's economic benefits, is his climate win getting lost?

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A person pumps gas at a BP gas station in Brooklyn, N.Y., on June 12. Annual inflation eased to 3% in June, the lowest in over two years, and there's hope that it could go lower.

Why inflation is losing its punch — and why things could get even better

10:17am July 13, 2023

by Scott Horsley

Annual inflation fell to 3% in June, the lowest since March 2021. That probably won't stop the Federal Reserve from raising rates again, but this month's expected hike could be the last.

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Economy

New government figures show that inflation is easing

12:05pm July 12, 2023

New numbers out Wednesday are expected to show the inflation rate in June was just over 3%. That's a big improvement from this time last year, when inflation topped 9%.

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Economy

Morning news brief

5:47am July 12, 2023

President Biden to meet with Ukraine's president at NATO summit. New numbers are expected to show inflation easing. The contract between Hollywood studios and the actors' union is set to expire.

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Many back-to-school shoppers are relying on sales to save money, especially as inflation continues to strain people's wallets.

Economy

It's back-to-school shopping time, and everyone wants a bargain

5:22am July 12, 2023

by Erin Kenney

Spending on back-to-school supplies is predicted to decline this year, for the first time since 2014. With inflation top of mind, parents and teachers are looking for ways to save money.

Negotiations between UPS and the union representing the company's workers broke down last week with each side blaming the other for walking away from talks.

Economy

How a UPS strike could disrupt deliveries and roil the package delivery business

5:00am July 12, 2023

by Danielle Kaye

A strike by UPS workers would likely mean package delays for consumers across the country and it would shake up an increasingly competitive industry.

The latest in Phoenix's efforts to remove biggest homeless encampment after lawsuit

5:40pm July 11, 2023

by Kirsten Dorman

A lawsuit required Phoenix officials to show they've making progress clearing the city's largest homeless encampment. Businesses and homeless people have differing opinions.