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Allison Schrager: Trump’s economic policy can’t be just nostalgiaCanadiens' Mike Matheson out against Utah with lower-body injury

ECU CB Shavon Revel Jr. declares for NFL draft

NEW YORK (AP) — U.S. stocks are rising toward records Tuesday after created only some ripples on Wall Street, even if they could were they to take effect. The S&P 500 climbed 0.5% and was on track to top its set a couple weeks ago. The Dow Jones Industrial Average added 81 points, or 0.2%, to set the day before, while the Nasdaq composite was 0.5% higher, with less than an hour remaining in trading. Stock markets abroad were down, but mostly only modestly, after President-elect Trump said he on Mexico, Canada and as soon as he takes office. Stock indexes were down 0.1% in Shanghai and nearly flat in Hong Kong, while Canada's main index edged down by just 0.1%. Trump has often praised the , but investors are weighing whether his latest threat will actually become policy or is just an opening point for negotiations. For now, the market seems to be taking it more as the latter. Unless the United States can prepare alternatives for the autos, energy products and other goods that come from Mexico, Canada and China, such tariffs would raise the price of imported items all at once and make households poorer, according to Carl Weinberg and Rubeela Farooqi, economists at High Frequency Economics. They would also hurt profit margins for U.S. companies, while raising the threat of retaliatory tariffs by other countries. General Motors sank 8.2%, and Ford Motor fell 2.6% because both import automobiles from Mexico. Constellation Brands, which sells Modelo and other Mexican beer brands in the United States, dropped 3.9%. Beyond the pain such tariffs would cause U.S. households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun from a two-decade high a couple months ago to offer support to the . While lower interest rates can boost the overall economy and prices for investments, they can also offer more fuel for inflation. “Many” officials at the Fed's earlier this month said they should lower rates gradually, according to released Tuesday afternoon. Unlike tariffs in Trump's first term, his proposal from Monday night would affect products across the board. Trump’s tariff talk came almost immediately after U.S. stocks rose Monday amid excitement about his pick for Treasury secretary, Scott Bessent. The hope was the hedge-fund manager could steer Trump away from policies that balloon the U.S. government deficit, which is how much more it spends than it takes in through taxes and other revenue. The talk about tariffs overshadowed another set of mixed profit reports from U.S. retailers that answered few questions about how much more shoppers can keep spending. They’ll need to stay resilient after helping the economy avoid a recession, despite the high interest rates instituted by the Fed to get inflation under control. tumbled 17.6% after its results for the latest quarter fell short of analysts’ expectations. CEO Tom Kingsbury said sales remain soft for apparel and footwear. A day earlier, Kingsbury said he plans to step down as CEO in January. Ashley Buchanan, CEO of Michaels and a retail veteran, will replace him. fell 4.7% after likewise falling short of analysts’ expectations. Dick’s Sporting Goods topped forecasts for the latest quarter thanks to a strong back-to-school season, but its stock lost an early gain to fall 1.4%. A report on Tuesday from the Conference Board said improved in November, but not by as much as economists expected. J.M. Smucker jumped 5.4% for one of the biggest gains in the S&P 500 after topping analysts' expectations for the latest quarter. CEO Mark Smucker credited strength for its Uncrustables, Meow Mix, Café Bustelo and Jif brands. also helped prop up U.S. indexes. Gains of 2.8% for Amazon and 2% for Microsoft were the two strongest forces lifting the S&P 500. In the bond market, Treasury yields rose following their big drop from a day before driven by relief following Trump’s pick for Treasury secretary. The yield on the 10-year Treasury climbed to 4.30% from 4.28% late Monday, but it’s still well below the 4.41% level where it ended last week. In the crypto market, bitcoin continued to pull back after late last week. It's since dipped back toward $91,600, according to CoinDesk. It’s a sharp turnaround from the following Trump’s election. That boom had also appeared to have spilled into some corners of the stock market. Strategists at Barclays Capital pointed to stocks of unprofitable companies, along with other areas that can be caught up in bursts of optimism by smaller-pocketed “retail” investors. AP Business Writer Elaine Kurtenbach contributed.Former Tulane quarterback Darian Mensah has already found a new program in Duke, while Mississippi State's Michael Van Buren Jr., Wisconsin's Braedyn Locke and Cal's Fernando Mendoza are exploring changes of their own in the transfer portal. Mensah, a redshirt freshman with three years of eligibility remaining, told ESPN on Wednesday he has transferred to Duke. He attended the Blue Devils men's basketball game against Incarnate Word on Tuesday night. The Blue Devils (9-3) will face Mississippi in the Gator Bowl, but without 2024 starting quarterback Maalik Murphy and backup Grayson Loftis, who also entered the portal. Mensah, viewed as one of the top players in the portal, threw for 2,723 yards and 22 touchdowns and completed 65.9% of his passes. He led the Green Wave to a 9-4 record and the American Athletic Conference championship game, where they lost 35-14 to Army. Tulane will play Florida in the Gasparilla Bowl on Sunday. Van Buren, Mendoza and Locke announced on social media they had entered the portal. Van Buren started eight games as a true freshmen for the Bulldogs. He threw for 1,886 yards on 55% passing with 16 total touchdowns and seven interceptions for the Bulldogs (2-10, 0-8 Southeastern Conference). He took over as the starter when Blake Shapen suffered a season-ending shoulder injury in a 45-28 loss to Florida on Sept. 21. Shapen has said he plans to return next season. Van Buren, a 6-foot-1, 200-pound passer from St. Frances Academy in Maryland, had two 300-yard performances for the Bulldogs, including 306 yards and three touchdown passes in a 41-31 road loss against Georgia. Mendoza threw for 3,004 yards in 2024 with 16 TDs, six interceptions and a 68.7 completion percentage. "For the sake of my football future this is the decision I have reached," he posted. Locke passed for 1,936 yards with 13 touchdowns and 10 interceptions for Wisconsin this season. He said he will have two years of eligibility remaining at his next school. ANN ARBOR, Mich. — Michigan cornerback Will Johnson has joined defensive tackle Mason Graham in the NFL draft. Johnson declared for the draft on Wednesday, one day after Graham decided he would also skip his senior season with the Wolverines. Both preseason All-America players are expected to be first-round picks. Johnson was limited to six games this year due to an injury. He had two interceptions, returning them both for touchdowns to set a school record with three scores off interceptions. Johnson picked off nine passes in three seasons. Graham played in all 12 games this season, finishing with 3 1/2 sacks and seven tackles for losses. He had 18 tackles for losses, including nine sacks, in his three-year career. Tennessee running back Dylan Sampson is The Associated Press offensive player of the year in the Southeastern Conference and South Carolina defensive lineman Kyle Kennard is the top defensive player. Vanderbilt quarterback Diego Pavia was voted the top newcomer on Wednesday while the Gamecocks' Shane Beamer is coach of the year in voting by the panel of 17 media members who cover the league. Sampson led the SEC and set school records by rushing for 1,485 yards and 22 touchdowns. He is tied for third nationally in rushing touchdowns, recording the league's fifth-most in a season. Sampson was chosen on all but two ballots. Mississippi wide receiver Tre Harris and his quarterback, Jaxson Dart, each got a vote. Kennard led the SEC with 11-1/2 sacks and 15-1/2 tackles for loss. He also had 10 quarterback hurries and forced three fumbles. Beamer led the Gamecocks to just their fifth nine-win season, including a school-record four wins over Top 25 opponents. They've won their last six games and ended the regular season with a win over eventual ACC champion Clemson. South Carolina plays Illinois on Dec. 31 in the Citrus Bowl. Pavia helped lead Vandy to its first bowl game since 2018 after transferring from New Mexico State. He passed for 2,133 yards and 17 touchdowns with four interceptions. He ran for another 716 yards and six touchdowns, directing an upset of Alabama. AMES, Iowa — Matt Campbell, who led Iowa State to its first 10-win season and became the program's all-time leader in coaching victories, has agreed to an eight-year contract that would keep him with the Cyclones through 2032. University president Wendy Wintersteen and athletic director Jamie Pollard made the announcement Wednesday, four days after the Cyclones lost to Arizona State in the Big 12 championship game. “Given all the uncertainty currently facing college athletics, it was critical that we moved quickly to solidify the future of our football program,” Pollard said. “Matt is the perfect fit for Iowa State University and I am thrilled he wants to continue to lead our program. Leadership continuity is essential to any organization’s long-term success." The Cyclones won their first seven games for their best start since 1938 and are 10-3 heading into their game against Miami in the Pop Tarts Bowl in Orlando, Florida, on Dec. 28. BRIEFLY FLAG PLANT: Ohio Republican state Rep. Josh Williams said Wednesday on social media he's introducing a bill to make flag planting in sports a felony in the state. His proposal comes after the Nov. 30 fight at the Michigan-Ohio State rivalry football game when the Wolverines beat the Buckeyes 13-10 and then attempted to plant their flag at midfield. MALZAHN: Gus Malzahn, who resigned as UCF’s coach last month to become Mike Norvell’s offensive coordinator at Florida State, said he chose to return to his coaching roots rather than remain a head coach distracted by a myriad of responsibilities. Get local news delivered to your inbox!WASHINGTON — A top White House official said Wednesday at least eight U.S. telecom firms and dozens of nations were impacted by a Chinese hacking campaign. Deputy national security adviser Anne Neuberger offered new details about the breadth of the sprawling Chinese hacking campaign that gave officials in Beijing access to private texts and phone conversations of an unknown number of Americans. FILE - The American and Chinese flags wave at Genting Snow Park ahead of the 2022 Winter Olympics, in Zhangjiakou, China, on Feb. 2, 2022. A top White House official on Wednesday said at least eight U.S. telecom firms and dozens of nations have been impacted by a Chinese hacking campaign. (AP Photo/Kiichiro Sato, File) Neuberger divulged the scope of the hack a day after the FBI and the Cybersecurity and Infrastructure Security Agency issued guidance intended to help root out the hackers and prevent similar cyberespionage in the future. White House officials cautioned that the number of telecommunication firms and countries impacted could grow. The U.S. believes the hackers were able to gain access to communications of senior U.S. government officials and prominent political figures through the hack, Neuberger said. “We don’t believe any classified communications has been compromised,” Neuberger added during a call with reporters. She added that Biden was briefed on the findings and the White House “made it a priority for the federal government to do everything it can to get to the bottom this.” US officials recommend encrypted messaging apps amid "Salt Typhoon" cyberattack, attributed to China, targeting AT&T, Verizon, and others. The Chinese embassy in Washington rejected the accusations that it was responsible for the hack Tuesday after the U.S. federal authorities issued new guidance. “The U.S. needs to stop its own cyberattacks against other countries and refrain from using cyber security to smear and slander China,” embassy spokesperson Liu Pengyu said. The embassy did not immediately respond to messages Wednesday. White House officials believe the hacking was regionally targeted and the focus was on very senior government officials. Federal authorities confirmed in October that hackers linked to China targeted the phones of then-presidential candidate Donald Trump and his running mate, Sen. JD Vance, along with people associated with Democratic candidate Vice President Kamala Harris. The number of countries impacted by the hack is currently believed to be in the “low, couple dozen,” according to a senior administration official. The official, who spoke on the condition of anonymity under rules set by the White House, said they believed the hacks started at least a year or two ago. The suggestions for telecom companies released Tuesday are largely technical in nature, urging encryption, centralization and consistent monitoring to deter cyber intrusions. If implemented, the security precautions could help disrupt the operation, dubbed Salt Typhoon, and make it harder for China or any other nation to mount a similar attack in the future, experts say. Trump's pick to head the Federal Bureau of Investigation Kash Patel was allegedly the target of cyberattack attempt by Iranian-backed hackers. Neuberger pointed to efforts made to beef up cybersecurity in the rail, aviation, energy and other sectors following the May 2021 ransomware attack on Colonial Pipeline . “So, to prevent ongoing Salt Typhoon type intrusions by China, we believe we need to apply a similar minimum cybersecurity practice,” Neuberger said. The cyberattack by a gang of criminal hackers on the critical U.S. pipeline, which delivers about 45% of the fuel used along the Eastern Seaboard, sent ripple effects across the economy, highlighting cybersecurity vulnerabilities in the nation’s aging energy infrastructure. Colonial confirmed it paid $4.4 million to the gang of hackers who broke into its computer systems as it scrambled to get the nation's fuel pipeline back online. Picture this: You're on vacation in a city abroad, exploring museums, tasting the local cuisine, and people-watching at cafés. Everything is going perfectly until you get a series of alerts on your phone. Someone is making fraudulent charges using your credit card, sending you into a panic. How could this have happened? Cyberattacks targeting travelers are nothing new. But as travel has increased in the wake of the COVID-19 pandemic, so has the volume of hackers and cybercriminals preying upon tourists. Financial fraud is the most common form of cybercrime experienced by travelers, but surveillance via public Wi-Fi networks, social media hacking, and phishing scams are also common, according to a survey by ExpressVPN . Spokeo consulted cybersecurity sources and travel guides to determine some of the best ways to protect your phone while traveling, from using a VPN to managing secure passwords. Online attacks are not the only type of crime impacting travelers—physical theft of phones is also a threat. Phones have become such invaluable travel aids, housing our navigation tools, digital wallets, itineraries, and contacts, that having your phone stolen, lost, or compromised while abroad can be devastating. Meanwhile, traveling can make people uniquely vulnerable to both cyber and physical attacks due to common pitfalls like oversharing on social media and letting your guard down when it comes to taking risks online. Luckily, there are numerous precautions travelers can take to safeguard against cyberattacks and phone theft. Hackers can—and do—target public Wi-Fi networks at cafés and hotels to gain access to your personal information or install malware onto your device, particularly on unsecured networks. Travelers are especially vulnerable to these types of cybersecurity breaches because they are often more reliant on public Wi-Fi than they would be in their home countries where they have more robust phone plans. This reliance on public, unsecured networks means travelers are more likely to use those networks to perform sensitive tasks like financial transfers, meaning hackers can easily gain access to banking information or other passwords. One easy way to safeguard yourself against these breaches is to use a virtual private network, or VPN, while traveling. VPNs are apps that encrypt your data and hide your location, preventing hackers from accessing personal information. An added bonus is that VPNs allow you to access websites that may be blocked or unavailable in the country you are visiting. To use a VPN, simply download a VPN app on your phone or computer, create an account, choose a server, and connect. Pickpockets, scammers, and flagrant, snatch-your-phone-right-out-of-your-hand thieves can be found pretty much everywhere. In London, for instance, a staggering 91,000 phones were reported stolen to police in 2022 , breaking down to an average of 248 per day, according to the BBC. Whether you're visiting a crowded tourist attraction or just want peace of mind, travel experts advise taking precautions to make sure your phone isn't physically stolen or compromised while traveling. There are several antitheft options to choose from. If you want a bag that will protect your phone from theft, experts recommend looking for features like slash-resistant fabric, reinforced shoulder straps, hidden zippers that can be locked, and secure attachment points, like a cross-body strap or a sturdy clip. For tethers, look for those made of tear-resistant material with a reinforced clip or ring. If your phone falls into the wrong hands, there's a good chance you won't be getting it back. Out of those 91,000 phones stolen in London in 2022, only 1,915 (or about 2%) were recovered. The good news is that you can take precautions to make the loss of your phone less devastating by backing up your data before you travel. With backed-up data, you can acquire a new device and still access your photos, contacts, messages, and passwords. Moreover, if you have "Find My Device" or "Find My Phone" enabled, you can remotely wipe your stolen phone's data so the thief cannot access it. It's safest to back up your data to a hard drive and not just the cloud. That way, if you have to wipe your device, you don't accidentally erase the backup, too. In order for the previous tip on this list to work, "Find My Phone" must be turned on in advance, but remotely wiping your device isn't the only thing this feature allows you to do. The "Find My Phone" feature enables you to track your device, as long as it's turned on and not in airplane mode. This is particularly helpful if you misplaced your phone or left it somewhere since it can help you retrace your steps. While this feature won't show you the live location of a phone that has been turned off, it will show the phone's last known location. With "Find My Phone," you can also remotely lock your phone or enable "Lost Mode," which locks down the phone, suspends any in-phone payment methods, and displays contact information for returning the phone to you. If your phone was stolen, experts caution against taking matters into your own hands by chasing down the thief, since this could land you in a potentially dangerous situation and is unlikely to result in getting your phone back. Strong passwords for important accounts help protect your information while you travel, but it's just a first step. The National Cybersecurity Alliance recommends creating long, unique, and complex passwords for every account and combining them with multifactor authentication to create maximum barriers to entry. If you're worried about remembering these passwords, password managers can be a vital tool for both creating and storing strong passwords. Password managers are apps that act as secure vaults for all your passwords. Some even come with a feature that allows you to temporarily delete sensitive passwords before you travel and then easily restore them once you return. Story editing by Mia Nakaji Monnier. Additional editing by Kelly Glass. Copy editing by Tim Bruns. Photo selection by Lacy Kerrick. This story originally appeared on Spokeo and was produced and distributed in partnership with Stacker Studio. Get the latest local business news delivered FREE to your inbox weekly.

Modern Beverage Filling Machines by Alps Machine is Transforming Liquid Packaging 12-26-2024 09:38 PM CET | Business, Economy, Finances, Banking & Insurance Press release from: ABNewswire Image: https://www.abnewswire.com/uploads/aeb4b05a4d4b1ab88ecd152694704ba4.jpg Liquid beverage filling machine [ https://www.alps-machine.com/products-category/beverage-filling-machine.html]s by Zhangjiagang Alps Machine Co., Ltd have emerged as a key component of accuracy and efficiency in the constantly changing production scene. These machines, leaders in the liquid packaging sector, serve a variety of goods and provide high-performance, safe, and energy-efficient equipment customized to meet the user's needs. Versatility Across Applications The versatility of liquid beverage filling machines is unmatched, serving a diverse range of industries with precision and reliability: * Beverages and Drinks: These machines make sure that everything is packaged smoothly, whether it's coffee, juices, carbonated soft drinks, energy drinks, fruit vinegar, milk-based beverages, or drinking water. * Alcoholic Drinks: These machines naturally adjust to the packaging requirements of both gas-infused and non-carbonated alcoholic beverages, ranging from beer and red wine to vodka, whiskey, champagne, and fruit wines. * Condiments and Oils: These machines provide exceptional precision in viscosity management and packing, making them perfect for food oils, lubricating oils, motor oils, honey, vinegar, soy sauce, tomato sauce, and ketchup. * Household Chemicals: Items such as cleaning solutions, liquid soap, detergent, shampoo, and hand wash liquid are packed effectively to satisfy the particular requirements of the household chemical industry. Technological Advantages A dedication to technological innovation and excellence is at the core of these machines. Superior quality is guaranteed by ongoing improvements in R&D, process accuracy, and assembly methods. Furthermore, parts from internationally recognized companies provide dependability and durability. Key benefits include: * Adaptable Solutions: These machines offer flexible filling technologies and configurations that are tailored to particular customer needs. * Enhanced Automation: Simplified operations with less human involvement are made possible by sophisticated controllers and photoelectric inspections. * Efficiency of Energy: These energy-efficient devices support sustainable practices without sacrificing functionality. Filling Technologies: Precision Redefined To cater to diverse product requirements and budgets, these machines offer a variety of cutting-edge filling technologies: * Gravity Filling Technology: Ideal for lightweight liquids. * Isobaric Filling Technology: Best suited for carbonated drinks. * Micro Vacuum and Two-Times Vacuum Filling Technologies: Ensures accuracy for complex liquids. * Mass Meter and Flow Meter Filling Technologies: Precision-focused for consistent results. * Weighing Scale and Volumetric Filling Technologies: Enables exact measurements for all types of liquids. These options ensure flexibility and efficiency, allowing businesses to optimize operations while maintaining product quality. Monoblock Filling Machines: The All-in-One Solution The 3-in-1 Monoblock filling machine exemplifies convenience and innovation. This machine automates the entire process by integrating rinsing, filling, and capping into a single unit. Its adjustable handle allows seamless adaptation to various bottle sizes and shapes, making it ideal for manufacturers with diverse product lines. Equipped with advanced programmed controllers and transducers, the Monoblock machine ensures steady bottle movement, reliability, and high-speed operations. Photoelectric inspection further enhances its precision, making it the preferred choice for beverage manufacturers seeking cutting-edge solutions. To learn more, visit: https://www.alps-machine.com/products-category/beverage-filling-machine.html Media Contact Company Name: Zhangjiagang Alps Machine Co., Ltd. Contact Person: Jay Email:Send Email [ https://www.abnewswire.com/email_contact_us.php?pr=modern-beverage-filling-machines-by-alps-machine-is-transforming-liquid-packaging ] City: Zhangjiagang Country: China Website: http://www.alps-machine.com This release was published on openPR.Price reduction and new investment option for IAble accountsNew Hampshire’s Fish and Game department is updating plans to conserve wildlife, and they want your help. State officials are asking for people to respond to a survey about their priorities for wildlife conservation by Nov. 30. Those responses will be used to inform a new state wildlife action plan. The plan, which was last updated in 2015, takes stock of New Hampshire’s animals and habitats and sets out a framework for protecting them. State officials are also working on an update to a separate plan that focuses on protecting big game animals. The Fish and Game department is planning to hold public hearings over the winter to gather input. The wildlife action plan is tied to federal grant funding for wildlife conservation projects. But it also paints a picture of local reptiles, birds, mammals, insects, amphibians and other wildlife that need protection. The 2015 plan identified 169 “species of greatest conservation need,” including species that are threatened or endangered: the Eastern hog-nosed snake, rusty-patched bumble bee, piping plover, shortnose sturgeon, and New England cottontail, to name a few. For Mike Marchand, the supervisor of the nongame and endangered wildlife division at N.H. Fish and Game, Blanding’s turtle is a standout. “It’s just a really charismatic looking turtle, with a bright yellow chin, and kind of stares at you with big eyes,” he said. “I wouldn’t call it a completed success story because there’s still a lot of needs with the species, but we’ve had a lot of success, and success is underway.” The Blanding’s turtle travels long distances (for a turtle) and relies on diverse habitats, so conserving them also involves conserving habitats important for lots of other species, too, Marchand said. In the 2015 plan, officials outlined 27 habitats the state’s priority species rely on for support, like lowland spruce-fir forests, salt marshes, grasslands, and caves and mines. Threats to species, like commercial development and climate change, are also included. Back then, the department also identified a number of conservation actions to address at-risk wildlife populations, including monitoring the populations of threatened species, expanding a network of monitoring plots to observe climate change, preventing and controlling wildlife diseases, and restoring rare habitats. Moose, black bear, white-tailed deer and turkey are covered by the state’s big game plan, which is also getting an update this year. That plan is the framework for how many hunting permits go out each season. Henry Jones, moose project leader for Fish and Game, said the latest plan laid out a conservative strategy for moose hunting — basically, reducing the number of moose hunting permits given out. That was in part so the state could study the challenges the state’s moose population is facing: winter ticks, human development, and potentially brainworm. In the past 10 years, state officials gathered more information, Jones said. That could help inform different hunting permit availability in the coming years. “We understand what is causing moose to die in the core of our population in northern New Hampshire,” he said. “And we’re getting a better understanding through the current research about abundance levels throughout the state.” Officials are planning to send a survey to about 2,000 Granite Staters to ask about their opinions on moose populations and management, Jones said.

Great British Bake Off backlash as fans claim finalist was ‘robbed’ of winPrice reduction and new investment option for IAble accounts

NEW YORK (AP) — U.S. stocks are rising toward records Tuesday after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street, even if they could roil the global economy were they to take effect. The S&P 500 climbed 0.5% and was on track to top its all-time high set a couple weeks ago. The Dow Jones Industrial Average added 81 points, or 0.2%, to its own record set the day before, while the Nasdaq composite was 0.5% higher, with less than an hour remaining in trading. Stock markets abroad were down, but mostly only modestly, after President-elect Trump said he plans to impose sweeping new tariffs on Mexico, Canada and China as soon as he takes office. Stock indexes were down 0.1% in Shanghai and nearly flat in Hong Kong, while Canada's main index edged down by just 0.1%. Trump has often praised the use of tariffs , but investors are weighing whether his latest threat will actually become policy or is just an opening point for negotiations. For now, the market seems to be taking it more as the latter. Unless the United States can prepare alternatives for the autos, energy products and other goods that come from Mexico, Canada and China, such tariffs would raise the price of imported items all at once and make households poorer, according to Carl Weinberg and Rubeela Farooqi, economists at High Frequency Economics. They would also hurt profit margins for U.S. companies, while raising the threat of retaliatory tariffs by other countries. General Motors sank 8.2%, and Ford Motor fell 2.6% because both import automobiles from Mexico. Constellation Brands, which sells Modelo and other Mexican beer brands in the United States, dropped 3.9%. Beyond the pain such tariffs would cause U.S. households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun easing its main interest rate from a two-decade high a couple months ago to offer support to the job market . While lower interest rates can boost the overall economy and prices for investments, they can also offer more fuel for inflation. “Many” officials at the Fed's last meeting earlier this month said they should lower rates gradually, according to minutes of the meeting released Tuesday afternoon. Unlike tariffs in Trump's first term, his proposal from Monday night would affect products across the board. Trump’s tariff talk came almost immediately after U.S. stocks rose Monday amid excitement about his pick for Treasury secretary, Scott Bessent. The hope was the hedge-fund manager could steer Trump away from policies that balloon the U.S. government deficit, which is how much more it spends than it takes in through taxes and other revenue. The talk about tariffs overshadowed another set of mixed profit reports from U.S. retailers that answered few questions about how much more shoppers can keep spending. They’ll need to stay resilient after helping the economy avoid a recession, despite the high interest rates instituted by the Fed to get inflation under control. Kohl’s tumbled 17.6% after its results for the latest quarter fell short of analysts’ expectations. CEO Tom Kingsbury said sales remain soft for apparel and footwear. A day earlier, Kingsbury said he plans to step down as CEO in January. Ashley Buchanan, CEO of Michaels and a retail veteran, will replace him. Best Buy fell 4.7% after likewise falling short of analysts’ expectations. Dick’s Sporting Goods topped forecasts for the latest quarter thanks to a strong back-to-school season, but its stock lost an early gain to fall 1.4%. A report on Tuesday from the Conference Board said confidence among U.S. consumers improved in November, but not by as much as economists expected. J.M. Smucker jumped 5.4% for one of the biggest gains in the S&P 500 after topping analysts' expectations for the latest quarter. CEO Mark Smucker credited strength for its Uncrustables, Meow Mix, Café Bustelo and Jif brands. Big Tech stocks also helped prop up U.S. indexes. Gains of 2.8% for Amazon and 2% for Microsoft were the two strongest forces lifting the S&P 500. In the bond market, Treasury yields rose following their big drop from a day before driven by relief following Trump’s pick for Treasury secretary. The yield on the 10-year Treasury climbed to 4.30% from 4.28% late Monday, but it’s still well below the 4.41% level where it ended last week. In the crypto market, bitcoin continued to pull back after topping $99,000 for the first time late last week. It's since dipped back toward $91,600, according to CoinDesk. It’s a sharp turnaround from the bonanza that initially took over the crypto market following Trump’s election. That boom had also appeared to have spilled into some corners of the stock market. Strategists at Barclays Capital pointed to stocks of unprofitable companies, along with other areas that can be caught up in bursts of optimism by smaller-pocketed “retail” investors. AP Business Writer Elaine Kurtenbach contributed. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Get the latest local business news delivered FREE to your inbox weekly.

CBFV stock soars to 52-week high, touches $30 mark

Not for distribution to U.S. news wire services or for dissemination in the United States TORONTO-Ontario, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Avante Corp. (TSX.V: XX) (OTC: ALXXF) (" Avante ” or the " Company ”) is pleased to announce its financial results for its second fiscal quarter ended September 30, 2024 all amounts in Canadian dollars thousands, unless otherwise indicated). Manny Mounouchos, Founder, Chief Executive Officer and Board Chair of Avante, commented, "The second quarter of fiscal 2025 marked another successful quarter of growth for Avante, with quarterly revenue increasing by 52% year-over-year. Our core business continues to thrive, reflected in a 29% growth in Recurring Monthly Revenue. The success of the NSSG acquisition has been a key driver of this growth, enabling us to expand our international revenue and elevate our global capabilities. Our proprietary Halo technology is now deployed in over 160 locations and continues to grow, with significant enhancements on the way. In addition to Halo, we've launched several innovative security solutions over the past year including Homeworxx, The Reserve (previously Toyboxx), Argus App, Avante Verified, Human-in-the-loop Remote Video Servies developed in partnership with Scylla, and WALL-E. Looking ahead, we plan to continue developing new tech-enabled products and integrating advanced third-party solutions. We remain committed to driving organic growth and enhancing profitability.” Raj Kapoor, Avante's Chief Financial Officer, added, "I am pleased to report that we maintain a robust balance sheet, enabling us to fund the Company's organic growth initiatives through positive cash flows from operations. The Company remains bank debt-free, with $3.9 million in cash on hand and access to $12 million in unused credit facilities. We have achieved positive Adjusted EBITDA in nine of the past eleven quarters while consistently maintaining strong gross margins. The outlook for the remainder of fiscal 2025 is highly positive, supported by our strong financial position, which enables us to pursue compelling acquisitions and advance key internal developments.” QUARTERLY FINANCIAL HIGHLIGHTS FOR THE SECOND FISCAL QUARTER ENDED SEPTEMBER 30, 2024 : Management maintains a positive outlook for Fiscal 2025. The Company's long-term financials serve as a guide to developing and executing long-term corporate strategy. Management is pleased to reiterate the Company's long-term financial objectives: SUMMARY FINANCIAL RESULTS FOR THE SECOND FISCAL QUARTER ENDED SEPTEMBER 30, 2024 : Readers should refer to the Company's financial statements and MD&A in respect of its second fiscal quarter ended September 30, 2024, for additional risk factors, accounting policies, detailed financial disclosures, reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures, related party transactions, contingencies, and reporting of subsequent events. Such financial statements and MD&A are incorporated by reference into this news release and are filed electronically through the System for Electronic Document Analysis and Retrieval ("SEDAR+”), which can be accessed at www.sedarplus.ca. (1)Adjusted EBITDA and Recurring Monthly Revenues ("RMR”) are non-IFRS financial measures that have no standard meaning under IFRS and as a result may not be comparable to the calculation of similar measures by other companies. See Description of Non-IFRS Financial Measures. Reconciliations of Adjusted EBITDA and RMR to Net Income or Revenues, as applicable, are provided in the Company's Management Discussion & Analysis ("MD&A”). The Company's (" RMR ”) from continuing operations during the last eight quarters are summarized below. Gross profit margins over the last eight quarters ranged between 37.7% and 44.2%, and were 41.9% on a trailing twelve-month basis to September 30, 2024: (1)The Company's fiscal year end is on March 31 of each year. "F23” means the fiscal year ended March 31, 2023; and "F24” means the fiscal year ended March 31, 2024. INVESTOR WEBINAR SCHEDULED FOR TUESDAY, NOVEMBER 26, 2024 at 1:00 pm ET (10:00 am PT) The Company will also host an investor webinar to provide a corporate update and review its fiscal second quarter of fiscal 2025 financial results, on Tuesday, November 26, 2024, at 1:00 pm ET (10:00 am PT). The call will be hosted by: Emmanuel Mounouchos, CEO, Chairman, and Founder of Avante, and Raj Kapoor, CFO of Avante. Webinar Details: ABOUT AVANTE CORP. : Avante Corp Inc. is a Toronto based leading provider of security operatives and technology enabled security solutions to residential and commercial clients. Avante's mission is to deliver an elevated level of security globally, with white-glove mentality to high- net-worth families and corporations alike, through advanced solutions and methods of detecting conditions that require immediate response. The Company has developed a diversified security platform that leverages advanced technology solutions to provide a superior level of security services. With an experienced team and proven track record of solid growth, Avante is taking steps to establish a broad portfolio of security businesses and solutions for its customers through organic growth complemented by strategic acquisitions. Avante acquires, manages and builds industry leading businesses which provide specialized, mission-critical solutions that address the security risks of its clients. Avante is listed on the TSX Venture Exchange under the ticker " XX ”. For more information, please visit www.avantecorp.ca and consider joining our investor email list. Emmanuel Mounouchos Founder, CEO & Board Chair, Avante Corp. 416-923-6984 [email protected] This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities described herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This news release does not constitute an offer of securities for sale in the United States. The securities described herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements. Non-IFRS Financial Measures This press release includes certain measures which have not been prepared in accordance with International Financial Reporting Standards ("IFRS”) such as EBITDA, Adjusted EBITDA and Recurring Monthly Revenue ("RMR”). These non-IFRS measures are not recognized under IFRS and and do not have a standardized meaning prescribed by IFRS. Accordingly, users are cautioned that these measures should not be construed as alternatives to net income determined in accordance with IFRS. The non-IFRS measures presented are unlikely to be comparable to similar measures presented by other issuers. References to EBITDA are to net income before interest, taxes, depreciation and amortization. References to Adjusted EBITDA are to net income before interest, taxes, depreciation, amortization of intangibles & capitalized commissions, share-based payments, acquisition, integration and / or reorganization costs, deferred financing costs, loss (gain) in fair value of derivative liability and expensing of fair value adjustments per IFRS. Recurring Monthly Revenues , or RMR , represent revenue during the fiscal period that benefited from contractual periodic billing to customers, typically monthly, quarterly or annually. Management believes that Adjusted EBITDA and Recurring Monthly Revenues are appropriate additional measures for evaluating Avante's performance. Readers are cautioned that neither EBITDA, Adjusted EBITDA nor Recurring Monthly Revenues should be construed as an alternative to net income or revenues (as such financial measures are determined under IFRS), as an indicator of financial performance or to cash flow from operating activities (as determined under IFRS) or as a measure of liquidity and cash flow. Avante's method of calculating EBITDA, Adjusted EBITDA and Recurring Monthly Revenues may differ from methods used by other issuers and, accordingly, Avante's reported Non-IFRS measures may not be comparable to similar measures used by other issuers. Forward-Looking Information This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as "believe”, "anticipate”, "project”, "expect”, "intend”, "plan”, "will”, "may” "estimate”, "pro-forma” and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections. The forward-looking statements in this news release are based on certain assumptions. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the Company's ability to achieve the benefits expected as a result of the sale of Logixx Security Inc., anticipated growth from acquisitions, new service offerings and from development and deployment of new technologies and the list of risk factors identified in the Company's Management Discussion & Analysis (MD&A), Annual Information Form (AIF) and other continuous disclosure documents available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update any such statement, whether as a result of new information, future events or otherwise. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Fox News senior national correspondent Aishah Hasnie and senior congressional correspondent Chad Pergram join 'Special Report with Bret Baier' to preview President-elect Trump's second term and uncertainty around House speaker fate. Opinion columnists for The Hill called on Congress to invoke the 14th Amendment disqualification to block President-elect Donald Trump from taking office next month. In a column published Thursday , Evan A. Davis and David M. Schulte argued that the 14th amendment enables Congress to object to the electoral votes since they consider Trump, in their words, "an oath-breaking insurrectionist." TRUMP RETURN: WASHINGTON PREPARES FOR A SECOND TERM Article 3 of the 14th Amendment bars former officeholders who "engaged in insurrection" or has "given aid or comfort to the enemies" from holding public office again. The restriction can be removed by a two-thirds vote in each House. U.S. President-elect Donald Trump looks on during Turning Point USA's AmericaFest at the Phoenix Convention Center on December 22, 2024, in Phoenix, Arizona. (Rebecca Noble/Getty Images) Citing this disqualification, Davis, a former editor-in-chief of the Columbia Law Review and Schulte, former editor-in-chief of the Yale Law Journal, claimed that Trump is ineligible to be president. The pair called on Congress to take action when they meet in a joint session to formally count the electoral votes next week. "Disqualification is based on insurrection against the Constitution and not the government. The evidence of Donald Trump’s engaging in such insurrection is overwhelming," they argued. "The matter has been decided in three separate forums, two of which were fully contested with the active participation of Trump’s counsel." The authors cited Trump's second impeachment trial, the Jan. 6 Capitol attack probe by Congress and the Colorado Supreme Court's ruling to disqualify the former and incoming president from appearing on the state's ballots in 2024 as reasons for his ineligibility. "On Jan. 13, 2021, then-President Trump was impeached for ‘incitement of insurrection’...inciting insurrection encompasses ‘engaging in insurrection’ against the Constitution ‘or giving aid and comfort to the enemies thereof,’ the grounds for disqualification specified in Section 3," they claimed. "The inescapable conclusion of this evidence is that Trump engaged in insurrection against the Constitution." The Colorado state ruling to kick Trump off the ballot on the basis of the 14th amendment disqualification, which was overturned by the U.S. Supreme Court, found that there was "clear and convincing evidence that President Trump engaged in insurrection as those terms are used in Section Three," Davis and Schulte wrote. President-elect Trump at AmericaFest in Arizona. (Rick Scuteri) But the decision was appealed and the Supreme Court ruled in Trump's favor , concluding that "states have no power under the Constitution to enforce Section 3 with respect to federal offices, especially the Presidency." Still, Davis and Schulte griped that the "court did not address the finding that Trump had engaged in insurrection," insisting that the Supreme Court's decision in this case does not preclude Congress from rejecting electoral votes when they convene on January 6. ELECTORAL COLLEGE VOTE MOVES TRUMP ANOTHER STEP TOWARDS OFFICIALLY BECOMING PRESIDENT "Counting the Electoral College votes is a matter uniquely assigned to Congress by the Constitution. Under well-settled law this fact deprives the Supreme Court of a voice in the matter, because the rejection of the vote on constitutionally specified grounds is a nonreviewable political question," they claimed. The columnists urged Congress to reject the electoral vote using the Electoral Count Act, which allows for an objection only if "the electors from a state were not lawfully certified or if the vote of one or more electors was not 'regularly given.'" "A vote for a candidate disqualified by the Constitution is plainly in accordance with the normal use of words ‘not regularly given,'" they claimed. "Disqualification for engaging in insurrection is no different from disqualification based on other constitutional requirements such as age, citizenship from birth and 14 years’ residency in the United States." An objection under the Count Act requires a petition signed by 20 percent of the members of each House. CLICK HERE TO GET THE FOX NEWS APP The dome of the U.S. Capitol building is seen from a perch in Washington, D.C. (Fox News Digital) "If the objection is sustained by majority vote in each house, the vote is not counted and the number of votes required to be elected is reduced by the number of disqualified votes. If all votes for Trump were not counted, Kamala Harris would be elected president," they wrote. "The unlikelihood of congressional Republicans doing anything that might elect Harris as president is obvious," they concluded. "But Democrats need to take a stand against Electoral College votes for a person disqualified by the Constitution from holding office unless and until this disability is removed. No less is required by their oath to support and defend the Constitution." The column garnered swift and fierce backlash online, with critics accusing the authors of "endorsing insurrection." "Oh, look. Democrats want to steal the election and invalidate the will of the American people.Threat to Democracy," Trump campaign spokesman Steven Cheung wrote on X. "You people are sick," Eric Trump replied. " Sounds like @thehill is endorsing insurrection. Yes, try blocking the inauguration of a President who won the popular vote and the electoral college. Let’s see how that goes for y’all," anti-woke activist Robby Starbuck said. This article constitutes a conspiracy to overturn the 2024 election," Senior Counsel at the Article III Project, Will Chamberlain, posted. Political comedian Tim Young weighed in, "@thehill In fantasy land, democrats at The Hill think they can stop Trump from taking office." Kevin and Keith Hodge, known as the Hodgetwins, responded, "This is a real insurrection against the will of the people." "This sounds very insurrection-y," journalist Ian Miles Cheong agreed. "Warrants were served on people who said far less than this about Biden in 2021," conservative commentator John Cardillo posted . "This is the kind of nonsense Democrats must reject Trump won in a fair democratic process," former presidential candidate John Delaney wrote . "Democrats should be either working with him when it is in the best interest of the nation or their constituents or standing firm when it's not. Americans don't want pure obstructionists." Yael Halon is a reporter for Fox News Digital. Story tips can be sent to yael.halon@fox.com .AvalonBay stock soars to 52-week high, hits $236.3Washington, Dec 12 (AP) Democratic senators are urging President Joe Biden to extend temporary protections for migrants in the US before he leaves office, warning that millions of people could be forced to return to unsafe countries once President-elect Donald Trump retakes the White House. The senators have been quietly urging the White House to take executive actions that would attempt to extend legal protections for migrants into Trump's administration, and the White House has been discussing what steps to take. But any actions from the outgoing president would happen in the wake of an election that Trump won on promises of hardline immigration enforcement. The Democratic Party is also debating internally how it should approach immigration and border security after its election losses. The Biden administration earlier this week made permanent a rule that extends work authorisations for asylum seekers, but has not made commitments on other priorities for immigration advocates and Democrats. With just weeks remaining before Biden leaves office, several Democratic senators took their pleas public Wednesday. “The urgency of the next 40 days will remain,” Sen. Alex Padilla, D-Calif., said at a news conference. “So we're going to keep pressing.” The senators from the Congressional Hispanic Conference urged the White House to re-designate or renew Temporary Protected Status for migrants from Nicaragua, Ecuador and El Salvador, as well as issue an order to expedite renewals for recipients of the Deferred Action for Childhood Arrivals program. Over 1 million migrants in the US rely on TPS, which allows people already in the country to stay and work legally if their homelands are deemed unsafe. Trump has suggested he would scale back the program as he looks to implement the largest deportation operation in US history. “We know the incoming administration is going to try to implement chaotic immigration policies that tear our families apart,” said Sen. Catherine Cortez Masto, D-Nev., adding, “But we have a chance to do something about that right now and give these families as much legal protection and reassurance as possible.” While Trump could attempt to undo some of the actions, they would set up a legal impediment and give migrants stronger legal standing to challenge Trump's orders. In 2017, the Trump administration announced the end of TPS for Nicaraguans, saying that it was no longer needed. But TPS holders challenged the legality of that decision in a lawsuit in court. Since then, the duration of TPS for Nicaragua depends on a court order from a federal judge. The White House is considering taking action to extend temporary protections for some nations, but nothing has yet been decided, according to two people with knowledge of the discussions who spoke to The Associated Press on condition of anonymity to discuss negotiations. Redesignating protected status for some nations would involve a more serious undertaking because it would grant people the right to stay in the US from the date it was designated and a determination on the safety and security of the nation must be done. The renewal procedure only involves those already in the US who would be allowed to stay longer. In the last months, advocates have ramped up pressure on the Biden administration re-designate Nicaraguan migrants for TPS, which would protect thousands of people from deportation. Hundreds of religious, immigration and human rights organizations argue that the combination of political and environmental circumstances make it unsafe for Nicaraguans to return to their country. “We don't know how politics can change with Trump and TPS gives us peace of mind,” said Grethel Gomez, a 60-year-old Nicaraguan activist and asylum petitioner who could benefit from TPS. “There is horror of deportation, and this would give us security." Gomez's son was a human rights activist in Nicaragua and was detained for 45 days. She took to the streets to protest and ask for his release and was also persecuted, she said. Gomez left Nicaragua clandestinely and arrived in the United States with a tourist visa in 2021. Less than a year later she requested asylum, but she has not yet had any interviews and fears that her process will be hindered during the Trump administration. TPS could also benefit those Nicaraguans who came under a separate Biden program called humanitarian parole and have temporary legal status that expires after two years. Trump has said that he will end the parole program. Other immigrants, such as Jose Cabrera, a TPS holder from El Salvador, have lived in the US for decades. But the TPS designation for El Salvador ends in March. Cabrera, who took time off from his landscaping job to speak alongside the senators at the Capitol Wednesday, said, “I'm proud to be part of this community. But right now, there's so much fear among immigrants like me, especially with the new administration coming in.” (AP) IJT IJT (This story has not been edited by THE WEEK and is auto-generated from PTI)

When Andrew Westphal's Costa Rica honeymoon was over last May, you could say the honeymoon was really over. "Traveler's trots. Let's just say again, gastrointestinal distress," Westphal said. He and his new bride were experiencing the same stomach symptoms and decided to go to an urgent care near them. "And it ended up being a $4 antibiotic that solved the issue completely in a day," Westphal recalled. But then, Westphal said, the real pain began when he received his first bill: $1,888. What really stood out, though, was the difference between what his insurance covered compared to his wife's insurance for the medical testing. "So mine ended up being just about $1,700 to $1,800, and she paid $21 for those labs," Westphal said. "I'm trying to just wrap my head around how I could get such a large bill for such a simple service." His insurance carrier is Anthem while hers is Cigna. They both have high-deductible plans, and neither has met their deductibles. RELATED STORY | Murder of UnitedHealthcare CEO ignites online fury over health insurance industry "I, unfortunately, am not surprised," said Adam Fox, the deputy director of the Colorado Consumer Health Initiative. Fox said Westphal's story underscores the idea that insurance plans are not negotiating better costs for the people they are serving, putting consumers at risk of unpredictably high bills. Additionally, Fox said, there is a larger issue with the rates being charged at so-called "Hospital Outpatient Departments." In a letter to Westphal regarding his urgent care bill, UC Health stated that he had "received these services within a Hospital Outpatient Department." Fox said Medicare charges about $440 for the same tests Westphal was billed $1,840. "They're basically charging four times what Medicare does," said Fox. "I think those services can be provided at a much lower cost. And I think what we are seeing is as hospitals acquire more facilities and doctors offices, they are charging higher costs for the same level of service to patients. And that puts Coloradans at financial risk." A UCHealth spokesperson clarified that its urgent care centers are not Hospital Outpatient Departments, but the labs in certain cases are at the hospital. UCHealth and Anthem declined our requests for interviews, but in an email, a UCHealth spokesman pointed to high-deductible health insurance plans, stating, "This shifts more of the burden of paying medical bills onto patients." UCHealth said it offers billing estimates for anyone who wants to know individual responsibility for a service. An Anthem statement also references high-deductible plans, stating that Westphal's "claim was therefore processed correctly." Anthem said, "We are transparent with Anthem members about the price of health care services." Westphal said he had no idea that what he thought was a simple doctor's visit for antibiotics could cost so much. After his appeals were denied, he said he is learning a frustrating lesson. "You need to find out how much your services are going to cost, even if you think it's something that should be very simple, cost so little," Westphal said. "And yet this insurance company or this provider can really do whatever they want." Full statement from Anthem: This story was originally published by Jaclyn Allen at Scripps News Denver .The U.S. fiscal outlook has dramatically deteriorated since the last time we ran a surplus in 2001, and President Joe Biden — like Democratic and Republican presidents before him — shares some responsibility for our high and rising debt. But it’s not too late to start turning things around. During his time in office, Biden approved more than $4 trillion of new 10-year borrowing, debt-financing everything from COVID relief to infrastructure spending to student debt cancellation. This borrowing helped lift inflation to a 40-year high and push interest rates well above recent levels. It also added to an already high and rising national debt. As a result of borrowing approved by the last four administrations, along with the built-in growth of our health and retirement programs, the national debt will soon approach record levels as a share of the economy. So too will the cost of interest paid by taxpayers on the national debt, which already exceeds spending on Medicare or national defense. And deficits will total about $2 trillion per year . But Biden’s fiscal record isn’t all bad. Coming out of the COVID pandemic, he oversaw a tremendous economic recovery, which has helped limit growth in the ratio of debt to gross domestic product. The president also negotiated and signed into law the bipartisan Fiscal Responsibility Act, which restored appropriations caps and is projected to save $1.5 trillion over a decade. And the Inflation Reduction Act, though a mixed fiscal bag overall, included important reforms to lower Medicare drug prices and improve tax enforcement. Now, with just under two months left in his term, Biden has the opportunity to build on these fiscal successes and make right some of these fiscal failures. That starts with protecting his legacy on tax compliance. Every year, households and businesses underpay their taxes by $600 billion. The combination of tax cheating and honest mistakes adds tremendously to our debt. Every president from Reagan through Trump proposed to increase funding to the Internal Revenue Service to reduce this “tax gap.” Biden actually succeeded, persuading Congress to appropriate $80 billion to the IRS to upgrade its information technology, improve its customer service and strengthen its enforcement. Unfortunately, this funding is under threat. Congress has already rescinded more than a quarter of the funds to pay for other spending, and an end-of-year appropriations deal could go further. Another $20 billion of cuts from the IRS would reduce tax revenue by more than $65 billion, according to the Congressional Budget Office. Biden should insist against this, threatening to veto any effort to reduce IRS funding, which only encourages further tax cheating. He should also work with Congress to address excessive payments under the pandemic-era employee retention credit, which has cost many times more than intended and turned into a lightning rod for fraud. Beyond the IRS funding, Biden should insist appropriations levels stick to the caps that he negotiated on a bipartisan basis. There will be tremendous pressure from both parties to spend more. Republicans will want to increase funding on defense, Democrats will want to increase nondefense funding, and both will insist that these incremental changes will have little effect on the fiscal outlook. No question, this country has many unmet needs — both when it comes to national security and to our domestic priorities. But Congress should fund those priorities by cutting spending elsewhere. There is tremendous room to cut waste, improve efficiency, and scale back or eliminate projects and programs that aren’t worth their costs or aren’t working. Failing to abide by spending caps this year would make any future enforcement harder and would send the signal that Congress can spend without restraint. Biden should put his foot down. There’s also much that the president can do through executive action. He could start by withdrawing his various student debt cancellation schemes. These policies are costly, inflationary and poorly targeted — most of the benefit will go to those with graduate degrees and very high lifetime earnings. Student debt cancellation is also likely to boost tuitions and reduce the quality of higher education, as schools will be able to charge more and deliver less if potential students know they are unlikely to be responsible for much of the cost. These executive actions also clearly go beyond the powers intended for the president, which the Supreme Court and other courts have recognized by declaring some of these schemes illegal and putting holds on others. On the other hand, this administration has appropriately and intelligently used its clearly defined authority to begin to tackle fraud and other excesses in the Medicare Advantage program. Biden officials should do more here where possible and work in the transition to help the incoming Trump administration understand the importance of a well-run and cost-effective Medicare Advantage program. Most important, Biden should use the presidential bully pulpit to make the case for paying for new priorities, reducing our debt and securing federal trust funds. Social Security is only nine years away from insolvency, while Medicare is only 12 years away. We cannot afford for future administrations to ignore these challenges and continue the cycle of borrowing for everything. We need leaders to level with the American people about the challenges ahead — challenges Biden understands well. And it is not too late.

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