House Republicans on Tuesday are unveiling a 2018 budget that ignores Trump’s request for $54 billion in cuts to departments and agencies such as State and the National Institutes of Health. Instead, spending outside of defense would be reduced by $5 billion. The GOP proposal would boost funding for the nation’s defense by $72 billion, $18 billion more than Trump sought.Click here to download a pdf of this article, Missile.pdf
Some 33 states reported lower revenues than initially projected in the latest fiscal year, the highest number of states to come up short since the recession blew a giant hole in state budgets in 2010, according to the National Association of State Budget Officers.
States are also bracing for the potential impact of new policies out of Washington that threaten to put great financial strain on their budgets.
Next week, U.S. Trade Representative Robert Lighthizer is due to outline the administration's goals for the NAFTA talks to Congress and the farm lobby has turned up the heat in the past weeks to ensure that its interests will make Lighthizer's list.Click here to download a pdf of this article, Missile.pdf
The Gymboree Corp., which filed for Chapter 11 bankruptcy reorganization, announced it intends to close approximately 350 stores, mainly across its Gymboree and Crazy 8 brands.
The San Francisco-based apparel retailer operates more than 1,300 specialty stores under three brands: mid-level Gymboree, higher-end Janie & Jack and Crazy 8, a value-oriented line.
"As Washington fails to deliver on those two priorities small-business optimism is dropping," said Juanita Duggan, president of NFIB. "Gridlock is driving down small-business optimism, which will eventually drive down the economy."Click here to download a pdf of this article, Missile.pdf
Almost 19 percent of people 65 or older were working at least part-time in the second quarter of 2017, according to the U.S. jobs report released on Friday. The age group’s employment/population ratio hasn’t been higher in 55 years, before American retirees won better health care and Social Security benefits starting in the late 1960sClick here to download a pdf of this article, Missile.pdf
Non-bank lenders are rushing into the commercial real estate debt market to meet demand for mezzanine and preferred-equity loans from developers piecing together construction financing for new projects while the current real estate expansion still has legs.
With prompting from regulators, banks are becoming more cautious when it comes to construction and acquisition lending, and there are fewer financing options available in the downsized CMBS market. As a result, developers have turned to an expanding number of private lenders and funds, including foreign capital groups in Asia and the Middle East eager to invest in U.S. real estate through bridge and mezzanine debt rather than higher-risk direct equity investments.
It's good job security to be a crane operator in most American metros these days, with the U.S. construction pipeline at or near peak levels across most commercial property types.
At nearly 40 million square feet of construction starts so far, the first half of 2017 has easily surpassed total office starts for all of 2015 and is running ahead of the pace of last year's cyclical peak of 76 million square feet. In Chicago alone, 10 office and residential projects valued at $1 billion or greater are under construction or in the development pipeline.
Many of these projects are large mixed-use developments near the urban core that include significant portions of multifamily, retail and entertainment, while others, like Chicago's 94-story Vista Tower, are standalone residential and hotel projects.
"Over the past month we've seen continued uncertainty as it relates to legislative policies that stand to impact small businesses," said Martin Mucci, Paychex president and CEO. "The decline in this month's index and modest growth in wages seem to reflect an unclear regulatory picture combined with a narrowing labor market."Click here to download a pdf of this article, Missile.pdf
"In the world of bank regulation there are still two parallel universes: one where bank bailouts are frowned upon as an abuse of taxpayers' money, and another where bank bailouts are considered as a politically more expedient and cheaper way of solving banking crisis," said Christian Stiefmueller, a senior policy analyst at the independent watchdog Finance Watch in Brussels. "These two sets of rules are not compatible."Click here to download a pdf of this article, Missile.pdf
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