Trump signs proclamation to restrict student visas at Harvard
Last month, the US State Department ordered all its consular missions overseas to begin additional vetting of visa applicants looking to travel to Harvard University for any purpose, according to an internal cable seen by Reuters.
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Business Times
an hour ago
- Business Times
US budget deficit forecast US$1 trillion higher over next decade: watchdog
[WASHINGTON] US federal budget deficits will be nearly US$1 trillion higher over the next decade than projected in January by the Congressional Budget Office (CBO) as a result of tax and spending legislation and tariffs, a budget watchdog said on Wednesday (Aug 20). The Committee for a Responsible Federal Budget's (CRFB) latest forecasts show a cumulative deficit of US$22.7 trillion from fiscal 2026 to 2035, compared to the CBO's January forecast of US$21.8 trillion, which was based on laws and policies that were in place before US President Donald Trump took office in January. The CBO, Congress' non-partisan budget referee agency, said on Monday that it will not issue its customary mid-year budget update this year and will issue its next 10-year budget and economic outlook in early 2026, offering no explanation for the move. The CRFB, which advocates for deficit reduction, projected a US$1.7 trillion deficit in fiscal 2025 or 5.6 per cent of GDP, down slightly from US$1.83 trillion in 2024 and the CBO's 2025 projection of US$1.87 trillion in January. But it said that deficits steadily rise over the decade, reaching US$2.6 trillion or 5.9 per cent of GDP by 2035. The new CRFB estimates include the budget effects of the One Big Beautiful Bill Act tax and spending bill, as well as Trump's tariffs that are currently in place. But like CBO, they do not include the dynamic economic effects on growth from these changes, a forecasting rule that has drawn criticism from the Trump administration. The group projects the tax cut and spending bill to increase deficits, including interest, by US$4.6 trillion to 2035, adding another year to the CBO's US$4.1 trillion cost estimate to 2034. But CRFB estimates that this will be offset by US$3.4 trillion worth of extra import duty revenue over the next decade due to Trump's new tariffs that are currently in place. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up New rules restricting eligibility for health insurance subsidies will reduce deficits by another US$100 billion to 2035, and Congress' rescission of prior funding to foreign aid, public broadcasting and other programmes would save another US$100 billion if sustained over a decade, CRFB said. Net interest payments on the national debt will total US$14 trillion over the decade, CRFB projected, rising from nearly US$1 trillion or 3.2 per cent of GDP in 2025 to US$1.8 trillion or 4.1 per cent of GDP in 2035. The forecasts are based on legislative and tariff changes since January but keep CBO's economic forecasts unchanged. Under an alternative scenario forecast by CRFB, the budget picture looks far worse, boosting deficits nearly US$7 trillion higher than the CBO baseline. This scenario would see a significant part of Trump's tariffs cancelled if the Court of International Trade's ruling against many of Trump's new tariffs is upheld, cutting US$2.4 trillion from revenues over a decade. The alternative scenario also assumes extension of a number of temporary tax cuts in the One Big Beautiful Bill Act, including tax breaks on overtime, tips, Social Security income and car loan interest, higher state and local tax deduction allowances and full expensing of factory investments, adding US$1.7 trillion to deficits over 10 years. CRFB's alternative scenario also ditches the CBO's projection of a decline in 10-year US Treasury yields over the decade to about 3.8 per cent. If that interest rate stays at the current level of about 4.3 per cent, interest costs would grow by about US$1.6 trillion through 2035, CRFB said. The total 2035 debt-to-GDP ratio would grow from 118 per cent in the CBO January baseline to 120 per cent under the CRFB's projected baseline scenario and 134 per cent under the CRFB's alternative scenario. REUTERS
Straits Times
2 hours ago
- Straits Times
At least 14 wounded in Russian attack on Ukraine's Sumy region, PM says
Sign up now: Get ST's newsletters delivered to your inbox KYIV - At least 14 people, including a family with three children, were wounded in an overnight Russian attack on Ukraine's northern region of Sumy, Ukraine's prime minister said on Wednesday. The strike took place at a time of intense efforts by U.S. President Donald Trump to bring an end to the Russian war in Ukraine. Russia launched 15 drones in an assault on the Okhtyrka area in the early hours of Wednesday, local prosecutors said on the Telegram messaging app. The children injured in the attack, which struck a residential neighbourhood in the town, were aged 5 months, 4 years and 6 years, Prime Minister Yulia Svyrydenko wrote on X. "Russia continues to manifest its fears through acts of pure terrorism across Ukraine, once again targeting the homes of families and their sleeping children," she said. Russia has repeatedly said it does not attack civilians or civilian infrastructure. Overall, Russia launched a total of 93 drones and two missiles to attack the country overnight, the Ukrainian air force said, adding it downed 62 drones and one missile, and recorded hits at 20 locations. Top stories Swipe. Select. Stay informed. Singapore Emergency broadcast system to alert S'pore public to disasters via their mobile phones: Edwin Tong Singapore New annual course will groom future leaders of Singapore's Chinese community Singapore Grab users in Singapore shocked by fares of over $1,000 due to display glitch Singapore Singapore indie cinema The Projector owes over $1.2m to creditors Life Five things to do at Singapore Night Festival – from kampung chilling to spotting luminous crabs Asia Calls to cut ties: Malaysia flag furore tests PH-BN relations Singapore Proposals sought to develop Changi East Urban District next to T5 Business New CDC job-matching drive may bring overlooked front-line roles closer to applicants: Experts Ukraine's State Emergency Services reported a "massive drone strike" on the southern region of Odesa, saying one person was wounded and a large fire erupted at a fuel and energy facility. Officials of the Izmail district in the Odesa region said port infrastructure in the city was damaged. Russia has stepped up its attacks on Ukraine's energy sector this week. One attack sparked fires at an oil depot belonging to Azerbaijani state oil company SOCAR, while another damaged a gas transport facility in the central region of Poltava. Russia has regularly attacked oil depots and fuel storage facilities since the first days of the full-scale invasion it launched in February 2022. The Energy Ministry said Ukrainian energy facilities had been attacked 2,900 times since March 2025 alone. REUTERS
Business Times
6 hours ago
- Business Times
US budget deficit forecast US$1 trillion higher over next decade, watchdog says
[WASHINGTON] US federal budget deficits will be nearly US$1 trillion higher over the next decade than projected in January by the Congressional Budget Office as a result of tax and spending legislation and tariffs, a budget watchdog said on Wednesday (Aug 20). The Committee for a Responsible Federal Budget's (CRFB) latest forecasts show a cumulative deficit of US$22.7 trillion from fiscal 2026 to 2035, compared to the CBO's January forecast of US$21.8 trillion, which was based on laws and policies that were in place before US President Donald Trump took office in January. The CBO, Congress' non-partisan budget referee agency, said on Monday that it will not issue its customary mid-year budget update this year and will issue its next 10-year budget and economic outlook in early 2026, offering no explanation for the move. The CRFB, which advocates for deficit reduction, projected a US$1.7 trillion deficit in fiscal 2025 or 5.6 per cent of GDP, down slightly from US$1.83 trillion in 2024 and the CBO's 2025 projection of US$1.87 trillion in January. But it said that deficits steadily rise over the decade, reaching US$2.6 trillion or 5.9 per cent of GDP by 2035. The new CRFB estimates include the budget effects of the One Big Beautiful Bill Act tax and spending bill, as well as Trump's tariffs that are currently in place. But like CBO, they do not include the dynamic economic effects on growth from these changes, a forecasting rule that has drawn criticism from the Trump administration. The group projects the tax cut and spending bill to increase deficits, including interest, by US$4.6 trillion to 2035, adding another year to the CBO's US$4.1 trillion cost estimate to 2034. But CRFB estimates that this will be offset by US$3.4 trillion worth of extra import duty revenue over the next decade due to Trump's new tariffs that are currently in place. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up New rules restricting eligibility for health insurance subsidies will reduce deficits by another US$100 billion to 2035, and Congress' rescission of prior funding to foreign aid, public broadcasting and other programmes would save another US$100 billion if sustained over a decade, CRFB said. Net interest payments on the national debt will total US$14 trillion over the decade, CRFB projected, rising from nearly US$1 trillion or 3.2 per cent of GDP in 2025 to US$1.8 trillion or 4.1 per cent of GDP in 2035. Tariff challenge The forecasts are based on legislative and tariff changes since January but keep CBO's economic forecasts unchanged. Under an alternative scenario forecast by CRFB, the budget picture looks far worse, boosting deficits nearly US$7 trillion higher than the CBO baseline. This scenario would see a significant part of Trump's tariffs cancelled if the Court of International Trade's ruling against many of Trump's new tariffs is upheld, cutting US$2.4 trillion from revenues over a decade. The alternative scenario also assumes extension of a number of temporary tax cuts in the One Big Beautiful Bill Act, including tax breaks on overtime, tips, Social Security income and car loan interest, higher state and local tax deduction allowances and full expensing of factory investments, adding US$1.7 trillion to deficits over 10 years. CRFB's alternative scenario also ditches the CBO's projection of a decline in 10-year US Treasury yields over the decade to about 3.8 per cent. If that interest rate stays at the current level of about 4.3 per cent, interest costs would grow by about US$1.6 trillion through 2035, CRFB said. The total 2035 debt-to-GDP ratio would grow from 118 per cent in the CBO January baseline to 120 per cent under the CRFB's projected baseline scenario and 134 per cent under the CRFB's alternative scenario. REUTERS
