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Anna's Daybreak News

_{Just facts, you think for yourself}

Monday, 5:12 AM

October 21, 2024

Good morning news friend! Stay engaged with the latest updates, following the fast-changing flow of events around you. 📰🌟

US Budget Deficit Hits $1.8 Trillion

The US budget deficit spiked to $1.833 trillion for fiscal 2024. Social Security costs climbed 7% to $1.5 trillion, while Medicare and military spending rose by 4% and 6%, respectively.

This is the third-largest deficit in history. It is only surpassed by pandemic-era deficits of $3.1 trillion and $2.8 trillion in 2020 and 2021, respectively. The current deficit increased by 8%, or $138 billion, from last year's $1.695 trillion.

Interest on federal debt exceeded $1 trillion for the first time. This cost rose by 29% due to higher rates and increased borrowing.

Federal revenues for fiscal 2024 reached $4.92 trillion. An 11% increase, or $479 billion, compared to the previous year. However, total outlays also grew to $6.75 trillion, a 10% rise. 

Source: Read More

Boeing Strike Nears End

After a month-long strike, Boeing and the International Association of Machinists (IAM) union, representing 33,000 workers, reached a tentative deal that will be voted on on Wednesday.

Striking workers demanded better pay and benefits. Boeing has faced delays in delivering its 777X jet and announced plans to cut 17,000 jobs.

The new agreement includes a 35% wage increase over four years, a $7,000 bonus, and increased retirement contributions.

Boeing plans to raise $25 billion in capital as it recovers from the strike that cost them $50 million per day.

Source: Read More

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SpaceX Fights Back

In March, SpaceX launched a Falcon 9 rocket with 22 Starlink satellites from Vandenberg Space Force Base.

However, the California Coastal Commission voted 6-4 against raising the annual launch limit from 36 to 50.  SpaceX filed a lawsuit against the commission.

SpaceX argues that the decision stems from “naked political discrimination” against Elon Musk. The company believes the denial reflects bias against Musk’s support for Trump. 

California Governor Gavin Newsom criticized the commission's decision, stating he believes it was a mistake.

Source: Read More

Homebuilding Trends

Single-family homebuilding in the US reached a five-month high in September, rising 2.7% to an annual rate of 1.027 million units.

Building permits for single-family homes also increased, albeit slightly, by 0.3% to 970,000 units. 

In a regional breakdown, the South saw a 6.6% increase in starts, and the Northeast surged by 10.6%. However, the Midwest and West experienced declines of 10.4% and 2.3%, respectively. 

Overall housing starts dropped 0.5% to 1.354 million units, with multi-family permits plunging 10.8%. The total number of houses approved for construction but not yet started fell by 0.7%.

Source: Read More

Bitcoin ETF Options Green Light

The SEC approved trading options for 11 Bitcoin exchange-traded funds (ETFs) on the New York Stock Exchange.

Among the approved funds are Fidelity Wise Origin Bitcoin Fund and ARK21Shares Bitcoin ETF. Options are generally used to hedge positions against volatility.

Over the last five trading days, more than $2.1 billion flowed into Bitcoin ETFs. Bitcoin's value surged 13% last month.

The SEC has delayed decisions on spot Ethereum ETF options until mid-November.

Source: Read More

“The only problem with the last laugh is that the winner has to laugh alone.”

Baked with love,

Anna Eisenberg ❤️