>>Biden To Roll Out Budget Proposal
(Washington, DC) -- The President will roll out his budget proposal today in Philadelphia. White House Press Secretary Karine Jean-Pierre claimed it will cut the deficit by nearly three-trillion dollars over ten years. It will include raising the Medicare tax on those making more than 400-thousand dollars per year to extend the program for decades. Biden has also called on Congress to quadruple the tax on corporate stock buybacks. The plan is likely dead-on-arrival in Congress as Republicans control the House. Republicans there are against tax increases and they're pushing the President into steep spending cuts in exchange for their votes to raise the debt limit.
>>Powell Testifies Before Congress For Second Day
(Washington, DC) -- Federal Reserve Chair Jerome Powell is stressing that policymakers haven't yet decided on the size of the interest rate increase expected later this month. While testifying before a House committee Wednesday, Powell said the increase will depend on incoming data on jobs and inflation. Powell said the data will determine whether a quarter or half-point hike will be needed. He added while inflation has been moderating, getting it down to the target of two-percent "has a long way to go."
>>FAA Boosting Oversight Of Boeing
(Washington, DC) -- The Federal Aviation Administration is ramping up oversight of Boeing. The FAA said on Wednesday that it will add close to 300 employees to its safety office following two deadly Boeing 737 MAX crashes in recent years. Acting FAA Administrator Billy Nolen told the Senate Commerce Committee the agency plans to have the new safety office staff on duty by the end of September. Nolen testified at a hearing on FAA safety reforms Congress directed in 2020 after 737 MAX crashes in Africa and Indonesia in 2018 and 2019 killed nearly 350 people.
>>American Airlines To Match Delta's Pay
(Fort Worth, TX) -- The CEO of American Airlines is telling pilots that it will match Delta's pay increases. Delta's pilots ratified a four-year contract last week with 34-percent in cumulative raises. CEO Robert Isom promised the "same profit-sharing formula" to the Fort Worth-based airline's own pilots in a Tuesday message, as well as better scheduling. This comes as airlines labor unions are searching out big pay increases after contract talk slumped during the pandemic.
>>WWE In Talks To Legalize Gambling On Scripted Wrestling Matches
(New York, NY) -- Word Wrestling Entertainment is reportedly in talks with state regulators to legalize betting on scripted wrestling matches. CNBC said Wednesday that WWE is talking to regulators in Michigan and Colorado, and is working with the Ernst & Young accounting firm to make sure the results of each match don't leak to the public. The report said wrestlers wouldn't know the outcome of each match until hours beforehand. WWE is not commenting on the report. The Colorado Division of Gaming says as of now, it is not considering allowing wagers on WWE matches.
