What Wall Street has to say about the horrid June private payrolls report
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Los Angeles Times
21 minutes ago
- Los Angeles Times
Trump tax law could cause Medicare cuts if Congress doesn't act, CBO says
WASHINGTON — The federal budget deficits caused by President Trump's tax and spending law could trigger automatic cuts to Medicare if Congress does not act, the nonpartisan Congressional Budget Office reported Friday. The CBO estimates that Medicare, the federal health insurance program for Americans over age 65, could potentially see as much as $491 billion in cuts from 2027 to 2034 if Congress does not act to mitigate a 2010 law that forces across-the-board cuts to many federal programs once legislation increases the federal deficit. The latest report from CBO showed how Trump's signature tax and spending law could put new pressure on federal programs that are bedrocks of the American social safety net. Trump and Republicans pledged not to cut Medicare as part of the legislation, but the estimated $3.4 trillion that the law adds to the federal deficit over the next decade means that many Medicare programs could see cuts. In the past, Congress has always acted to mitigate cuts to Medicare and other programs, but it would take some bipartisan cooperation to do so. Democrats, who requested the analysis from CBO, jumped on the potential cuts. 'Republicans knew their tax breaks for billionaires would force over half a trillion dollars in Medicare cuts — and they did it anyway,' Rep. Brendan Boyle of Pennsylvania, the top Democrat on the House Budget Committee, said in a statement. 'American families simply cannot afford Donald Trump's attacks on Medicare, Medicaid and Obamacare.' Hospitals in rural parts of the country are already grappling with cuts to Medicaid, which is available to people with low incomes, and cuts to Medicare could exacerbate their shortfalls. As Republicans muscled the bill through Congress and are now selling it to voters back home, they have been critical of how the CBO has analyzed the bill. They have also argued that the tax cuts will spur economic growth and pointed to $50 billion in funding for rural hospitals that was included in the package. Groves writes for the Associated Press.
Business Insider
28 minutes ago
- Business Insider
CNFinance announce ADS ratio change
CNFinance (CNF) announced that it plans to change the ratio of its American depositary shares to its Class A ordinary shares, par value $0.0001 per share, from the current ratio of one ADS to 20 Class A ordinary shares to a new ratio of one one ADS to 200 Class A ordinary shares. For the company's ADS holders, the change in the ADS Ratio will have the same effect as a one-for-ten reverse ADS split. A post-effective amendment to the ADS Registration Statement on Form F-6 will be filed with the SEC to reflect the change in the ADS Ratio. The company anticipates that the change in the ADS Ratio will be effective on or about September 5, subject to the effectiveness of the post-effective amendment to the ADS registration statement on Form F-6 on or before that date. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Business Insider
43 minutes ago
- Business Insider
Foresight Autonomous plans to conduct 1-for-7 reverse stock split
Foresight Autonomous (FRSX) announced that it plans to conduct a reverse share split of the company's outstanding ordinary shares, no par value per share, at a ratio of 1-for-7 which is expected to be implemented at market open on the Tel-Aviv Stock Exchange on August 24, and on the Nasdaq Capital Market on August 25. There will be no change to the existing ratio of the number of ordinary shares represented by the company's American Depositary Shares. However, as a result of the reverse share split, the ADS price is expected to increase proportionally, although the company can give no assurance that the ADS price after the reverse share split will be equal to or greater than the ADS price on a proportionate basis. The company believes that the reverse share split will help the company to maintain compliance with Nasdaq listing requirements. However, the company can give no assurance that this goal will be achieved. As of the effective date for the reverse share split, the company's ADSs will continue to be traded on the Nasdaq under the symbol 'FRSX' with a new CUSIP Number. Elevate Your Investing Strategy:
