>>Biden Lays Out Budget In Philly
(Philadelphia, PA) -- President Biden is laying out his budget plan. While speaking to union workers in Philadelphia Thursday, Biden said his proposed Medicare negotiation on drug prices will save 160-billion dollars. The budget also includes capping the cost of insulin at 35-bucks a month for all Americans. Biden called on Republicans to release their budget as well, saying he's ready to meet with House Speaker Kevin McCarthy any time. The budget includes a new billionaire tax, an increase on the tax for corporate stock buybacks and an increase on the Medicare tax for those making more than 400-thousand dollars annually. The White House claims the proposal would shrink the deficit by nearly three-trillion dollars over the next decade.
>>January, Februrary Layoffs At Level Not Seen Since 2009
(Chicago, IL) -- Job cuts to begin the year reached a level not seen since 2009. That's according to the employment firm Challenger, Gray & Christmas. It says there were more than 180-thousand job cuts in those two months. The tech sector was hit particularly hard as more than a third of those layoffs were in that industry. Challenger's senior VP said the retail and financial sectors are also laying off workers
>>Bank At Center Of Crypto Industry Growth Shuts Down
(San Diego, CA) -- A bank that's been at the center of the crypto industry's growth is closing its doors. Silvergate Capital Corporation, based in suburban San Diego, announced on Wednesday it's shutting down because of what bank officials called recent industry and regulatory developments. The announcement set off a decline in crypto prices that continued through Thursday's trading. Silvergate said it will fully repay all deposits.
>>Senate Votes To Confirm Biden's IRS Pick
(Washington, DC) -- The Senate has approved President Biden's pick to lead the IRS. The Senate voted to confirm Daniel Werfel to be commissioner of the IRS in a 54-42 vote. That included the support of six Republicans despite skepticism among some conservatives as the agency will kick off an 80-billion-dollar overhaul to crack down on tax cheats. Werfel has said the IRS wouldn't increase audit rates on small businesses and those making less than 400-thousand dollars a year.
>>Majority Of GM's U.S. Salaried Workers To Be Offered Buyouts
(Detroit, MI) -- The majority of salaried workers employed by GM in the U.S. will be offered voluntary buyouts. That's according to a letter from CEO Mary Barra. Workers who have been with GM for five or more years are eligible. Those who are interested in the offer have two weeks to sign up. If they're ultimately approved to depart, they'll do so by June 30th. The buyout offer comes as the automaker is looking to cut two-billion dollars in costs in the next two years.
