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President Biden unveiled his first budget before the weekend that detailed $6T in spending for FY2022, including two infrastructure proposals, an increase in military resources, as well as domestic programs like scientific research and renewable energy. In total, the plan would raise federal spending to $8.2T per year by 2031, meaning annual deficits of over $1.3T (and $1.8T in 2022). Other policy promises that weren't included in the budget may add to the weighty costs: student loan forgiveness, lowering the Medicare age to 60, creating a public healthcare option and reducing prescription drug prices.  The U.S. has already returned to the record debt-to-GDP ratio last seen in the aftermath of World War II


The latest OPEC+ gathering takes place via videoconference today as pandemic travel continues to prevent the usual meeting spot in Vienna. The group is now holding monthly meetings, giving it more immediate power to make decisions on current oil market conditions, as well as room to maneuver. It's also a signal that OPEC+ producers are wary about how things might play out in the months as they try to balance expectations of a recovery in demand against a possible supply increase from Iran, the world's fourth-largest crude producer. Crude prices have risen from $60 toward the $70 level, and are up more than 30% in 2021 alone




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