US Budget Deficit Hits $1.5 Trillion

In July, the deficit reached $244 billion, marking a 10% increase from the previous year.

July’s revenue climbed to $330 billion, up 20% year-over-year, but adjustments indicate only a 12% rise. Meanwhile, outlays surged by 16%, driven by a $72 billion spike in Medicare costs.

For the first ten months of the fiscal year, the total deficit stands at $1.517 trillion, a 6% decrease from 2023's figures.

Meanwhile, revenue increased by 11% to $4.085 trillion, while outlays rose 6% to $5.602 trillion.

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Banks Gunning for BNPL

JPMorgan Chase and Citibank are now competing with established buy-now, pay-later (BNPL) providers like Klarna and Affirm.

BNPL allows shoppers to pay over time, often interest-free. However, tougher regulations, effective since July 30, require BNPL companies to address consumer disputes and provide clearer terms.

In 2022, $60 billion in BNPL loans were issued in the US. Yet, rising interest rates mean BNPL providers are now offering longer payment plans with higher costs.

Meanwhile, banks are developing products that integrate BNPL-like features into existing credit cards.

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How to Handle Surprise Medical Bills

One in five Americans faces medical debt, totaling $88 billion.

To tackle high bills, begin by checking if you qualify for charity care. Nonprofit hospitals must offer financial assistance based on income.

Next, understand the No Surprises Act. This law protects insured patients from unexpected out-of-network charges during emergencies. If you believe a bill violates this act, contact the hospital or use consumer assistance programs.

Always request an itemized bill to catch potential errors. Cross-reference the bill with insurance explanations.

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Hidden Seas Found on Mars

Scientists found vast reservoirs of liquid water deep beneath Mars' surface. This water could cover Mars with an ocean a mile deep.

Researchers from UC Berkeley and UC San Diego used seismic data from NASA's InSight lander to uncover this hidden treasure.

The water lies between 11.5 and 20 kilometers deep, making it difficult to access with current technology.

One of the study's authors, Michael Manga, believes these underground conditions could sustain life, similar to environments on Earth.

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