>>Schumer Slams House Tax Proposal
(Washington, DC) - The top Senate Democrat is slamming a tax-cut proposal moving through the Republican-led House. Senate Majority Leader Chuck Schumer said Republicans are pushing for tax giveaways for the wealthy and corporations while leaving ordinary Americans out to dry. He claimed the new proposal would increase the U.S. deficit by one-trillion dollars. Schumer said the "hypocrisy is astounding," as Republicans pushed for Washington to cut spending during debt ceiling negotiations and the U.S. nearly defaulted on its debt.
>> Fed Watchers Anticipate Interest Rate Pause
(New York, NY) -- Fed watchers are expecting the Federal Reserve to stop raising interest rates for the first time in eleven policy meetings following their two-day meeting that ends today. While an interest rate pause would be welcomed by many, investors are betting that the pause won't last. Markets see a roughly 71-percent probability of a pause, according to the CME FedWatch. Fed officials have hinted that they could soon skip a rate increase to give themselves time to assess the effects of their changes so far, and investors believe the Fed will hold policy steady now before lifting rates one more time in July. The current inflation rate is just under five-percent but the Fed targets a two-percent inflation mandate.
>>Food Prices Rise In May After Spring Dip
(New York, NY) -- Food prices are up as of last month after declining in the spring. According to the Bureau of Labor Statistics' Consumer Price Index, prices at the grocery store went up point-one percent from April to May. Menu items went up half a percent in the same time. Grocery prices are nearly six-percent more expensive than this time last year, and menu prices rose over eight-percent in the past year.
>>European Screenwriters Hold Day Of Solidarity With WGA Strike
(Brussels) -- European screenwriters are holding a "day of solidarity" today with striking American screenwriters. The Federation of Screenwriters in Europe is joining the Writers' Guild of Great Britain and writing groups from around the world for a global day of solidarity with the Writers Guild of America. The head of the federation said today that "screenwriters in Europe are in awe" of the WGA, and that "their fight is our fight." American screenwriters have been picketing the major studios in Los Angeles and New York since May 2nd, calling for better pay conditions.
>>Elizabeth Holmes Attorneys Argue She Shouldn't Have To Pay Restitution
(San Francisco, CA) -- Elizabeth Holmes' lawyers argue the former Theranos CEO has "limited financial means" and shouldn't be forced to pay 250-dollars a month to victims of her crimes after she's released from prison. Federal prosecutors said that no payment schedule was set for her restitution because of "clerical errors." She and her former COO Sunny Balwani were previously ordered to pay 452-million dollars to victims. Holmes reported to prison last month to serve her 11-plus year sentence.
