Prices that Americans pay for everyday goods and services accelerated in July as pent-up demand for travel and restaurants kept inflation hot, but about where economists had expected. The Labor Department reported this morning that its consumer price index rose 5.4% in July from a year earlier, in line with June’s figure and matching the largest jump since August 2008. The government said CPI increased 0.5% on a month-over-month basis
Within minutes of passing a sweeping $1tn infrastructure package yesterday, the Senate moved to the next order of business: an even bigger budget bill with an estimated price tag of $3.5tn. But the “two-track” strategy of pursuing a pair of landmark bills creates the possibility that neither becomes law. While the infrastructure package was hailed by President Joe Biden as a model of bipartisanship — 19 Senate Republicans voted for it — the budget plan is far more divisive. Not only are Republicans opposed to it, but centrist Democrats question the merits of such massive deficit spending.
ViacomCBS is halting any potential talks with Comcast as Chairman Shari Redstone puts an eye toward lining up more buyers for the company. Redstone reportedly is pushing any more talks (about a merger, or joint venture on streaming) with Comcast chief Brian Roberts into next year.