Business Update – 7 June 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Biden-McCarthy debt ceiling deal approved by key committee ahead of House vote

Congress is facing a major test as the House Rules Committee is set to consider a bipartisan debt ceiling deal. The deal would suspend the debt limit until July 2021 and increase spending by $320 billion over two years. It would also provide $75 billion in emergency funding for disaster relief.

GOP chairman moves to hold FBI director Wray in contempt over Biden doc

The Republican National Committee Chairman, Ronna McDaniel, has called for FBI Director Christopher Wray to be held in contempt of Congress for not providing documents related to the investigation into Joe Biden and his son Hunter. McDaniel has accused the FBI of stonewalling Congress and obstructing justice.

Think twice before you use a payment app for endlessly storing your money, CFPB warns

A new report from the Consumer Financial Protection Bureau (CFPB) warns consumers about the risks of using payment apps that store money in balances. The report states that these balances are not FDIC-insured and may not be protected in the event of a company’s insolvency. Consumers should be aware of the risks associated with these apps.

Borrowers brace for student loan bills to resume — ‘$600 a month, where is that going to come from?’

Many student loan borrowers are not prepared for payments to restart soon, as the Biden administration has announced that the pause on federal student loan payments will end on September 30th. Borrowers should take action now to understand their repayment options and prepare for the upcoming payments.

The stock market’s new normal is a future of neverending chaos

Stock markets are expected to remain volatile in the near future due to the uncertainty of the pandemic. Investors should be prepared for a “new normal” of market conditions, with more frequent and larger swings in stock prices. Long-term investors should focus on fundamentals and diversify their portfolios to reduce risk.

Growing your business: use these steps to secure your small business loan

Securing a small business loan can be a daunting task, but there are steps that can be taken to increase the chances of success. These steps include creating a business plan, researching loan options, understanding credit scores, and gathering the necessary documents. Additionally, it is important to be prepared to answer questions about the business and to demonstrate the ability to repay the loan.

United Airlines pilots union moves closer to strike

The United Airlines Pilots Association (UALPA) has taken steps to authorize a strike if negotiations with the airline fail. UALPA has filed a request with the National Mediation Board to be released from mediation, which is the first step in the process of a potential strike. UALPA is seeking better pay and benefits for its members.

There is another workplace trend making employers angry besides ‘Quiet Quitting’

Many people are now working side hustles in addition to their full-time jobs. This is due to the rise of the gig economy, which has made it easier to find and take on freelance work. Side hustles can provide extra income, help people pay off debt, and give them the flexibility to pursue their passions.

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