Federal judge temporarily blocks parts of New York gun law

CNN — The federal judge has temporarily blocked the enforcement of parts of a New York gun law that was enacted in the wake of a Supreme Court decision earlier this summer striking down certain protections. Among the provisions of the New York law that the state cannot enforce is one that defines Times Square … Read more

Supreme Court leaves ban on bump stocks in place — again

CNN — The Supreme Court declined Monday to consider the latest challenge to a federal ban on bump stocks, keeping in place the prohibition on devices that essentially allow shooters to fire semiautomatic rifles continuously with one pull of the trigger. By declining to grant an appeal, the justices not only avoided taking up a … Read more

Liz Truss admits mistakes on controversial tax cuts plan, but doubles down on it anyway

London CNN — British Prime Minister Liz Truss admitted mistakes had been made with her government’s controversial “mini-budget” announced last week – which felt the pound to historic lows and sparked market chaos – but stood by her policies. Speaking to the BBC’s Laura Kuenssberg on Sunday morning Truss said: “I do accept we should … Read more

US officials troubled by controversial UK tax cut plan

new York CNN — US officials are increasingly troubled by the United Kingdom’s proposal to slash taxes at a time of crushing inflation, a plan that has ignited turbulence in financial markets. UK Prime Minister Liz Truss’s tax-cut plan has drawn criticism from economists and investors and prompted the Bank of England to calm panicked … Read more

Senate takes key vote to advance government funding after Manchin drops plan amid GOP backlash

CNN — The Senate voted on Tuesday to take up a stop-gap bill that would keep the government funded through December 16 as lawmakers work to avert a shutdown by the end of the week. The vote had earlier been on the verge of failing due to the inclusion of a controversial permitting reform proposal, … Read more

Premarket stocks: Ronald Reagan’s tax lesson for Britain

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. new York CNN Business — The British pound hit a record low against the dollar on Monday … Read more

CBO says Biden’s student loan cancellation plan could cost $400 billion

Washington CNN — President Joe Biden’s plan to cancel up to $20,000 in federal student loan debt for low- and middle-income borrowers could cost $400 billion, according to a Congressional Budget Office report released Monday. Biden announced the forgiveness plan in August, after facing mounting pressure from progressives to broadly cancel some student loan debt. … Read more

Liz Truss defends controversial tax cuts as pound falls

London CNN — Liz Truss has defended her government’s controversial announcement to cut taxes for citizens and businesses in an exclusive interview with CNN’s Jake Tapper. Truss told Tapper that by cutting taxes, her government was “incentivizing businesses to invest and we’re also helping ordinary people with their taxes.” While the cuts were expected, critics … Read more

Kyrsten Sinema raises concerns about proposed tax in Democrats’ bill

CNN — Republican senators and the business community are mounting a full-court press on Sen. Kyrsten Sinema to sink – or substantially change – the Democrats’ economic package, arguing in private conversations that the new tax increases would hurt companies in her home state of Arizona. And in a private call with business groups on … Read more

Joe Manchin says Republicans in ‘normal times’ would be supporting energy, health care bill

Washington CNN — Democratic Sen. Joe Manchin argued his Sunday party that Republicans would in “normal times” support an energy and health care bill he recently negotiated with leaders of legislation, saying the major piece of legislation addresses key areas the GOP has long championed. “I think it’s a great piece of legislation and on … Read more