Global Glance: Trump budget slashes agencies; How Fed hike will affect mortgages, car loans, credit cards

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Here are today’s top business headlines from across the nation and world:

Trump budget slashes agencies to focus on wall, defense

WASHINGTON (AP) — President Donald Trump unveiled a $1.15 trillion budget on Thursday, a far-reaching overhaul of federal government spending that slashes many domestic programs to finance a significant increase in the military and make a down payment on a U.S.-Mexico border wall. Trump’s proposal seeks to upend Washington with cuts to long-promised campaign targets like foreign aid and the Environmental Protection Agency as well as strong congressional favorites such as medical research, help for homeless veterans and community development grants. Read more


How Fed hike will affect mortgages, car loans, credit cards

WASHINGTON (AP) —  With the Federal Reserve having raised its benchmark interest rate Wednesday and signaled the likelihood of additional rate hikes later this year, consumers and businesses will feel it – if not immediately, then over time. The Fed’s thinking is that the economy is a lot stronger now than it was in the first few years after the Great Recession ended in 2009, when ultra-low rates were needed to sustain growth. With the job market in particular looking robust, the economy is seen as sturdy enough to handle modestly higher loan rates in the coming months and perhaps years. Read more


US to confront trade partners at global finance meeting

FRANKFURT, Germany (AP) — U.S. President Donald Trump has vowed to get tough on trade partners like China, Mexico and Germany. Now his Treasury chief, Steven Mnuchin, will get his first opportunity to confront them all in one room. The meeting of the 20 most powerful economies’ finance ministers in Germany this week is likely to be dominated by talk about whether to commit to free trade, as previous meetings have – or implicitly accept that some countries may put up barriers, like tariffs, as Trump has promised. Read more


Yahoo breach spotlights links between Russian spies, hackers

MOSCOW (AP) — A U.S. indictment of two Russian intelligence agents and two hackers alleged to have stolen more than half a billion U.S. email accounts in 2014 has cast a spotlight on the intertwining of the Russian security services and the murky digital underworld. The officers of the powerful FSB, Russia’s Federal Security Service, are accused of employing cybercriminals to access Yahoo’s systems and steal data on millions of ordinary users as well as U.S. and Russian officials, Russian journalists and executives at large companies. Read more


GOP health plan: Tax cuts for rich; hits older people hard

WASHINGTON (AP) — The House Republican health care plan backed by President Donald Trump provides billions of dollars in tax cuts for wealthy families and insurance companies, but it hits older Americans hard with higher insurance premiums and smaller tax credits. In all, the bill provides $883 billion in tax relief by repealing almost all of the taxes enacted under President Barack Obama’s Affordable Care Act, according to estimates by the nonpartisan Joint Committee on Taxation, the official tax scorekeeper for Congress. Read more

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