Best photos of June 16: Iranian missiles strike Tel Aviv to Trump arriving for the G7 in Calgary
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
an hour ago
- Zawya
Ambassador of Belarus E.Sobolevski presents copies of his Credentials at the Ministry of Foreign Affairs, Emigration and Egyptian Expatriates
On August 19 2025, the Ambassador Extraordinary and Plenipotentiary of the Republic of Belarus to the Arab Republic of Egypt, Evgeny Sobolevsky, presented copies of his credentials to the Deputy Minister of Foreign Affairs, Emigration and Expatriates for Protocol Issues, Haitham Salah. The interlocutors discussed the friendly nature of relations between Belarus and Egypt, as well as the presence of a number of promising areas for the development of cooperation. Distributed by APO Group on behalf of Ministry of Foreign Affairs of the Republic of Belarus.
Zawya
an hour ago
- Zawya
US budget deficit forecast $1trln higher over next decade, watchdog says
WASHINGTON - U.S. federal budget deficits will be nearly $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. The Committee for a Responsible Federal Budget's latest forecasts show a cumulative deficit of $22.7 trillion from fiscal 2026 to 2035, compared to the CBO's January forecast of $21.8 trillion, which was based on laws and policies that were in place before U.S. 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 $1.7 trillion deficit in fiscal 2025 or 5.6% of GDP, down slightly from $1.83 trillion in 2024 and the CBO's 2025 projection of $1.87 trillion in January. But it said deficits steadily rise over the decade, reaching $2.6 trillion or 5.9% 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 $4.6 trillion through 2035, adding another year to the CBO's $4.1 trillion cost estimate through 2034. But CRFB estimates that this will be offset by $3.4 trillion worth of extra import duty revenue over the next decade due to Trump's new tariffs that are currently in place. New rules restricting eligibility for health insurance subsidies will reduce deficits by another $100 billion through 2035, and Congress' rescission of prior funding to foreign aid, public broadcasting and other programs would save another $100 billion if sustained over a decade, CRFB said. Net interest payments on the national debt will total $14 trillion over the decade, CRFB projected, rising from nearly $1 trillion or 3.2% of GDP in 2025 to $1.8 trillion or 4.1% 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 $7 trillion higher than the CBO baseline. This scenario would see a significant part of Trump's tariffs canceled if the Court of International Trade's ruling against many of Trump's new tariffs is upheld, cutting $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 $1.7 trillion to deficits over 10 years. CRFB's alternative scenario also ditches the CBO's projection of a decline in 10-year U.S. Treasury yields over the decade to about 3.8%. If that interest rate stays at the current level of about 4.3%, interest costs would grow by about $1.6 trillion through 2035, CRFB said. The total 2035 debt-to-GDP ratio would grow from 118% in the CBO January baseline to 120% under the CRFB's projected baseline scenario and 134% under the CRFB's alternative scenario. (Reporting by David Lawder; Editing by Sam Holmes)
Arabian Business
3 hours ago
- Arabian Business
India and China agree to restore flights and trade flow after minsiter Wang's visit
India and China – the two biggest countries in the world that comprise nearly 35 per cent of the planet's population – have agreed to resume direct flights and step up trade and investment flows as they look to rebuild the ties damaged by a border clash in 2020. The border talks covered issues related to pulling back troops both countries have amassed on their border and delimitation of borders and boundary affairs. There was no major breakthrough on those issues, but Beijing said both countries agreed to meet again in China in 2026. However, the two countries have agreed to resume direct flights – without setting up an exact date at the moment – and boost trade and investment, along with smooth facilitation of visas. Direct flights have been suspended since the COVID-19 pandemic in 2020. At the meeting of the Special Representatives between visiting Chinese foreign minister Wang Yi and National Security Adviser (NSA) Ajit Doval, the two sides agreed to create an expert group under the Working Mechanism for Consultation and Coordination (WMCC) on border affairs to explore 'early harvest in boundary delimitation', and to set up another working group under the WMCC to 'advance effective border management' and maintain peace and tranquillity. The statement was issued after minister Wang's two-day visit to New Delhi. Indian Prime Minister Narendra Modi, posted on X about making steady progress after meeting Wang: 'Glad to meet Foreign Minister Wang Yi. Since my meeting with President Xi in Kazan last year, India-China relations have made steady progress guided by respect for each other's interests and sensitivities. I look forward to our next meeting in Tianjin on the sidelines of the SCO Summit. Stable, predictable, constructive ties between India and China will contribute significantly to regional as well as global peace and prosperity.' Glad to meet Foreign Minister Wang Yi. Since my meeting with President Xi in Kazan last year, India-China relations have made steady progress guided by respect for each other's interests and sensitivities. I look forward to our next meeting in Tianjin on the sidelines of the SCO… — Narendra Modi (@narendramodi) August 19, 2025 Modi's scheduled visit to China at the end of August to take part in the summit of the Shanghai Cooperation Organisation will be his first to the country in more than seven years. A readout from the Chinese foreign ministry said Wang told Doval that 'the stable and healthy development of China-India relations is in the fundamental interests of the two countries' people. The two sides should enhance mutual trust through dialogues and expand cooperation'.
