Summary
1, Biden budget proposals will increase federal annual expenditure to $6 trillion, with an annual deficit over $1.3 trillion in the next decade.
2. The Republican Party officially proposed a $928 billion infrastructure plan, and the application areas of funds have become important differences.
3, , World Health Organization said that Africa needs more than 20 million doses of the new crown vaccine in the next month and a half.
4, JPMorgan Chase 's Dimon , and Citigroup 's 's harsh criticism of Biden's global lowest corporate tax rate plan.
Foreign media headlines
- Biden's budget proposal will increase federal spending to $6 trillion, with an annual deficit of more than $1.3 trillion in the next decade
Documents show that the budget proposed by the Biden administration will jump to $6 trillion in the next fiscal year, with an annual deficit of more than $1.3 trillion in the next decade.
The proposal is scheduled to be released publicly on Friday, including all plans announced by Biden earlier, including trillions of dollars in proposals on new taxes and government spending. In addition, the government will also explain for the first time the fiscal proposal will have the expected impact of inflation, employment, and economic growth. By 2031, expenditure will reach $8.2 trillion, and the proportion of federal debt in GDP will rise to 117% in the next decade.
Like most presidential budgets, the documents to be released on Friday are ambitious, but Democrats have only a slight advantage in House and Senate, with lawmakers from both parties already making it clear that their hotels are unlikely to accept Biden’s proposals in full.
Nevertheless, the document will show for the first time the fullest efforts Biden has made to significantly expand the size and scope of the federal government and give a glimpse of the assessment of the economic situation and prospects of the White House. The U.S. government predicts that if inflation factors are taken into account, the economy will grow by less than 2% annually for most of the next decade.
Republican lawmakers have raised objections. Indiana Senator Mike Braun said Biden's $6 trillion budget was "unbelievable" and "crazy".
Biden administration has made it clear that it will not worry about rapid inflation rising like some people in Wall Street . The Biden administration predicts that the year-on-year growth of CPI will never exceed 2.3%. The budget predicts a rapid rebound in the labor market, with unemployment falling to 4.1% next year and staying below 4% over the next decade.
The U.S. Office of Management and Budget (CBO) has not yet responded to a request for comment for the New York Times report. White House Press Secretary Jen Psaki declined to comment on the accuracy of the budget figures reported, but he defended the expected size of the budget.
She said, "The budget will reflect the president's continued efforts to fulfill his commitment to keep the epidemic under control and bring people back to work. The proposals of the "American Jobs Plan", "American Balance Plan" and "American Family Plan" will make our financial situation better."
- The Republican Party officially proposed a $928 billion infrastructure plan, and the application field of funds has become an important difference
On Thursday local time, U.S. Senate Republicans formally proposed a $928 billion infrastructure plan to the White House. Although it has increased significantly from the previous $568 billion, it is still significantly lower than the latest $1.7 trillion plan proposed by the White House. In addition to the still large amount gap between
, there is still a gap between the two parties in the definition of "infrastructure" and how to pay, and negotiations are expected to continue between the two parties.
At present, it seems that the two parties have difficulty reaching an agreement on the specific application areas of funds. Republicans’ infrastructure proposals include $506 billion for roads, bridges and major projects, including $98 billion for public transportation systems and $72 billion for water infrastructure, but not funding Biden’s proposed priorities such as free community colleges or paid family leave.
In addition, Republicans' new proposals do not include subsidies for consumers to buy electric vehicles. Republicans also reiterate their opposition to raising corporate taxes to pay for infrastructure investments and opposition to "pay" for infrastructure plans by taxing wealthy groups.
Senate Minority Leader McConnell said that the U.S. Republican Party is open to the infrastructure spending bill and is open to increasing infrastructure spending.
The White House responded that it was concerned about the Republican infrastructure proposal and remained concerned that the Republican infrastructure plan “had not provided substantial new funding.”
U.S. President Biden said there have been no detailed changes to the Republican proposed infrastructure proposal. He said Republican Senator Capito has been informed that negotiations on infrastructure must end as soon as possible. Capito pointed out that there are differences in the definition or scope of infrastructure between the two sides, and the Republicans hope that all funds will be used for the infrastructure of entities, rather than "human infrastructure."
Biden has taken the lead in making concessions, reducing his infrastructure plan from the initial $2.3 trillion to $1.7 trillion. Biden once said that he hopes the Republican Party will propose at least $1 trillion in infrastructure plans.
Currently, both parties hope to end negotiations before Memorial Day (May 31). If the negotiations between the two sides fail, the Democratic Party may once again forcefully pass the infrastructure bill through budget coordination procedures after entering the next fiscal year in October this year.
budget coordination procedure, this "big killer" can only be used once per fiscal year. The Democrats have passed the budget coordination procedure in February this year, paving the way for the Biden administration's $1.9 trillion anti-epidemic relief plan, using up the 2021 fiscal year quota that ended at the end of September this year.
- The World Health Organization said that Africa needs more than 20 million doses of the new crown vaccine in the next month and a half
The World Health Organization said on Thursday that Africa needs at least 20 million doses of the new crown vaccine in the next month and a half to provide the second round of vaccines for those who have received the first batch of vaccines.
data shows that one dose of AstraZeneca vaccine has 70% efficacy in at least 12 weeks, and the second dose of the vaccine can provide 81% protective efficacy. And antibodies were observed within six months after the first injection.
and WHO pointed out that in order to vaccinate at least 10% of the African continent by September, they urgently need 200 million doses of new coronary pneumonia vaccine .
As of Thursday, 28 million vaccines from different drugmakers have been injected in Africa, with nearly 1.4 billion people in Africa, which is equivalent to less than two people in every 100 Africans being vaccinated.
"Africa needs vaccines now. Dr. Masdiso Moti, WHO Regional Director of Africa, said: "The suspension of our vaccination activities will cause considerable losses. We urgently call on countries that have already vaccinated high-risk groups to speed up vaccine sharing to fully protect the most vulnerable groups." "Handle
redistribution of vaccine doses is helpful, but it is costly. WHO said Africa must improve its vaccine production capacity.
"Intellectual property immunity is a critical first step, but it must be accompanied by the sharing of expertise and key technologies," WHO wrote in a press release.
In Africa, 54 countries have participated in the draft resolution submitted by the WHO to the World Health Assembly, which aims to strengthen local production, promote technology transfer and innovation, and adopt the promotion of From the perspective of local production, consider the "Trade-related Intellectual Property Agreement" and intellectual property issues.
- JPMorgan Chase's Damon and Citigroup's Fraser strongly criticized Biden's plan for the world's lowest corporate tax rate
JPMorgan Chase CEO Jamie Dimon (Jamie Dimon) and Citigroup CEO Jane Fraser expressed concerns Thursday about U.S. President Biden’s efforts to raise businesses’ taxes on foreign profits and the shared goal of setting a world’s lowest corporate tax rate. In testimony before the House Financial Services Committee, Dimon said the plan to raise the U.S. foreign profit rate to 21% could push companies to move their businesses overseas over time. Dimon believes that the shift could accelerate if allies violate their commitments and implement similar global lowest tax rates.
"I think the United States will be the only country in the world that has what we call a global tax rate," he said.
Dimon has previously questioned the tax increase plan, and he believes that the tax increase will be four times the Republican tax cuts in 2017, saying it was a mistake. But he is not opposed to all taxes, and at a Senate Banking Committee hearing Wednesday, he said the U.S. should impose an carbon tax . A spokesman for JPMorgan explained that there are concerns that the U.S. will impose a relatively high tax on foreign income at a rate of 21%, just to allow foreign partners to evade their tax commitments. This situation could put the United States at a competitive disadvantage and encourage factories, profits and workers to be offshore. Fraser of Citigroup agreed with this, adding, "It is difficult for other countries to sign plans similar to the world's lowest tax rate, which may make the United States' competitiveness globally decline."
After-hours stocks trading
WSB concept stocks continue to rise after-hours Ex press (EXPR.US) rose 6.03%, Gauss Electronics (KOSS.US) rose 2.98%, Blackberry (BB.US) rose 2.91%. On Thursday, there were the most discussions about AMC mentioned in the WSB forum under Reddit, and GME, which rose sharply last day, ranked second.
Beyond Meat (BYND.US) rose 4.2%, announcing the launch of the first 6-box vegetarian burger Beyond Burger in Canada. It previously announced that it would further cooperate with KFC China to launch the "Grown Generation Sichuan Spicy Tender Beef Five-Party" with plant meat as raw material. It has now been sold in more than 2,600 stores in 28 cities across the country.
Salesforce (CRM.US) rose 4.19%, the company's revenue in the first quarter of fiscal year 2022 was US$5.96 billion, a year-on-year increase of 23%; adjusted earnings per share was US$1.21, compared with 70 cents in the same period last year. It is expected to have revenue of US$6.22 billion to US$6.23 billion in the second quarter, and revenue of US$25.9 billion to US$26 billion for the full year.
Property Solutions Acquisition (PSAC.US) rose 2.24%. The company resubmitted an 8K document revised for the first quarter of 2021 financial report in accordance with the requirements of SEC US Securities and Exchange Commission , which marks that the audit process has been completed by the merger and listing of PSAC and FF.
号 (YY.US) fell 2.21%, with revenue in the first quarter of 643 million US dollars, a year-on-year increase of 88.1%; net loss was US$53.52 million, and net profit was US$69.62 million in the same period last year; the global average monthly active user (MAU) of mobile devices was 339.9 million, a year-on-year decrease of 15.1%.
