Latest Economy News

Analysis: Budget deal is epitaph for bid to control spending

Jul. 23, 2019 9:10 PM EDT

WASHINGTON (AP) — Eight years ago, Washington's power players reluctantly sealed a pact to curtail federal spending and the debt. Now, with help from President Donald Trump, they are writing its epitaph. The budget deal reached this week by Trump, Speaker Nancy Pelosi and Republican leaders represents the...

GOP, Dems offer compromise to reduce drug costs for seniors

Jul. 23, 2019 7:19 PM EDT

WASHINGTON (AP) — Two veteran senators — a Republican and a Democrat — unveiled compromise legislation Tuesday to reduce prescription drug costs for millions of Medicare recipients, while saving money for federal and state health care programs serving seniors and low-income people. Iowa...

Boris Johnson chosen as new UK leader, now faces Brexit test

Jul. 23, 2019 7:09 PM EDT

LONDON (AP) — Boris Johnson, Britain's blustering Brexit campaigner, was chosen as the U.K.'s next prime minister on Tuesday, with a resounding mandate from the Conservative Party but conflicting demands from a politically divided country. Johnson is set to become prime minister on Wednesday after winning...

The Latest: Britain's Boris Johnson promises diverse Cabinet

Jul. 23, 2019 7:03 PM EDT

LONDON (AP) — The Latest on Boris Johnson's victory in the race to become Britain's next prime minister (all times local): 11:01 p.m. Britain's prime minister-elect, Boris Johnson, is putting together his Cabinet, promising it will reflect the diversity of modern Britain. Johnson is due to take office...

US economy dodges the threat of painful spending cuts

Jul. 23, 2019 7:00 PM EDT

WASHINGTON (AP) — The budget agreement that congressional leaders and President Donald Trump forged late Monday lifted a big potential drag on the U.S. economy for this year and next. Under the agreement, the economy was spared from a series of deep spending cuts that were set to take effect under a...

AP FACT CHECK: Trump takes falsehoods to a youth audience

Jul. 23, 2019 6:07 PM EDT

WASHINGTON (AP) — President Donald Trump on Tuesday told young people a number of falsehoods he's been relating to adults for months and took a misleading swipe at the female Democratic lawmakers he's trying to turn into foils. A sampling of his remarks at a Turning Point USA gathering of conservative...

How major US stock indexes fared Tuesday

Jul. 23, 2019 4:55 PM EDT

Stocks rose again on Wall Street as a wave of buying built momentum as the day went on, pushing indexes closer to their recent record highs. Banks and technology companies did the heavy lifting. Earnings reports are getting into full swing, and several companies moved sharply higher after turning in impressive...

Stocks close higher following solid earnings results

Jul. 23, 2019 4:44 PM EDT

NEW YORK (AP) — U.S. stocks marched broadly higher on Wall Street Tuesday as several major companies reported solid second quarter gains. Investors pushed stocks closer to the record highs they reached just over a week ago. The gains followed several stumbles last week, extending a period of volatility in...

Tribal leaders, lawmakers mull changes to tribal sovereignty

Jul. 23, 2019 4:13 PM EDT

AUGUSTA, Maine (AP) — Tribal leaders and lawmakers in Maine have begun to work together on potential reforms to a 1980 agreement in hopes of spurring economic development and addressing health, educational and social inequities on reservations across the state. Members of the group want to start tackling...

Markets Right Now: Tech, banks lead the gains on Wall Street

Jul. 23, 2019 4:10 PM EDT

NEW YORK (AP) — The latest on developments in financial markets (all times local): 4 p.m. Stocks rose again on Wall Street as a wave of buying built momentum as the day went on, pushing indexes closer to their recent record highs. Banks and technology companies did the heavy lifting Tuesday. Bank of...