USA OUTLOOK WEEKLY NEWSLETTER DECEMBER 11 TO 15 10001111NOVEMBER 00
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DECEMBER 11, 2023
DECEMBER 12, 2023
US budget deficit hits record high for November on interest costs
The U.S. federal budget deficit jumped 26% in November from a year earlier to $314 billion, a record for the month and the highest since March, the Treasury Department said on Tuesday, driven by sharply higher interest costs and other outlays. Economists polled by Reuters had estimated the deficit for the second month of the fiscal year would come in at $301.05 billion.
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First EV charging station funded by Biden's infrastructure law goes online The first electric vehicle charging station funded by a $7.5 billion U.S. government program has begun operating in Ohio, the White House said Monday as the government ramps up charging to address a key concern of potential buyers.
Federal revenues in November rose $23 billion to $275 billion, a 9% increase from a year earlier. Outlays jumped $88 billion to $589 billion, 18% higher than a year earlier. Interest payments on U.S. government debt accounted for $25 billion of the increase. Debt service costs have surged since March 2022 when the Federal Reserve began raising borrowing costs sharply to rein in inflation, driving up the benchmark overnight interest rate by 5.25 percentage points.
Automakers and others say drastically boosting EV charging stations is crucial to the wide deployment of electric vehicles. The White House goal is to grow the nationwide network of chargers to 500,000, including highspeed chargers - no more than 50 miles (80 km) apart - on the nation's busiest highways and interstates. The funding comes from the $1 trillion 2021 infrastructure law. Energy Secretary Jennifer Granholm said the first station opening is a major step to "create a convenient, affordable, and reliable electrified transportation system."
Photo REUTERS/Kevin Lamarque/File Photo Acquire Licensing Rights Souce: https://www.reuters.com/business/autos-transportation/first-ev-charging-stationfunded-by-bidens-infrastructure-law-goes-online-2023-12-11/
Souce: https://www.reuters.com/world/us/us-budget-deficit-hits-record-high-novemberinterest-costs-2023-12-12/
DECEMBER 13, 2023
DECEMBER 14, 2023
US FDA approves Medtronic's system for heart condition
Medtronic (MDT.N) said on Wednesday that the U.S. Food and Drug Administration (FDA) had approved its system for a type of condition that can cause stroke or heart failure. The system, PulseSelect Pulsed Field Ablation (PFA), is used for the treatment of atrial fibrillation (AF), a condition that is characterized by an irregular rhythm of the heart. Photo: REUTERS/Paul Lienert/File Photo Acquire Licensing Rights
Tesla recalls nearly all vehicles on US roads over lack of Autopilot safeguards
PFA is used for ablation procedures that treat AF using small burns or freezes to cause some scarring on the inside of the heart to help break up the electrical signals that cause irregular heartbeats.
Tesla (TSLA.O) is recalling over 2 million vehicles in the U.S. to install new safeguards in its Autopilot advanced driver-assistance system, after a federal safety regulator cited safety concerns. The largest-ever Tesla recall appears to cover nearly all vehicles on U.S. roads to better ensure drivers pay attention when using the system. Tesla's recall filing said that Autopilot's software system controls "may not be sufficient to prevent driver misuse" and could increase the risk of a crash. The National Highway Traffic Safety Administration (NHTSA) has spent over two years investigating whether vehicles produced by the electric automaker led by billionaire Elon Musk adequately ensure drivers pay attention. Acting NHTSA Administrator Ann Carlson praised Tesla for agreeing to the recall. "One of the things we determined is that drivers are not always paying attention when that system is on," she said at a U.S. House hearing. Souce: https://www.reuters.com/business/autos-transportation/tesla-update-softwareA autopilot-control-issue-2-mln-vehicles-nhtsa-2023-12-13/
Souce:
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https://www.reuters.com/business/healthcare-pharmaceuticals/us-fda-approvesmedtronics-device-heart-condition-2023-12-13/
DECEMBER 15, 2023
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Biden administration to impose inflation penalties on dozens of drugmakers The Biden administration will subject dozens of drugmakers to inflation penalties, the White House said on Thursday, in a move that would reduce out-of-pocket costs for Medicare recipients. President Joe Biden's signature Inflation Reduction Act (IRA) includes a provision to penalize drugmakers for charging prices that rise faster than inflation for people on Medicare, a government program for those age 65 and older and the disabled. Prices of 48 drugs that fall under Medicare Part B, which covers drugs administered at a health facility, surged faster than inflation in the last quarter of 2023, according to the White House. These drugs may be subject to inflation rebates in the first quarter of 2024 as a result of the IRA, which Biden, a Democrat, signed last year. The Centers for Medicare and Medicaid Services and the White House did not immediately respond to requests for more details on the 48 drugs. Souce: https://www.reuters.com/business/healthcare-pharmaceuticals/dozens-companiesraised-drug-prices-faster-than-inflation-white-house-says-2023-12-14/