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

Government shutdown averted as Biden signs funding bill

CNN — The House of Representatives voted on Friday to approve a stopgap bill to fund the government through December 16, averting a shutdown just hours ahead of a midnight deadline when funding was set to expire. President Joe Biden signed the bill Friday afternoon. The Senate passed the measure on a bipartisan basis on … 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 approves government funding extension to avert shutdown

CNN — The Senate voted on Thursday to approve a short-term government funding extension that would prevent a shutdown at the end of the week. The bill was approved on a bipartisan basis with a vote of 72 to 25. Government funding is currently on track to expire Friday at midnight, but the stopgap bill … Read more

Liz Truss’s premiership has got off to the worst start possible

Liverpool, England CNN — Liz Truss’s first few weeks as British prime minister have been defined by crisis. She’d barely been in the job 48 hours when news broke that Queen Elizabeth II had died, placing the country in a state of official mourning and delaying the official launch of the Truss plan for Britain. … 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

Markets hate Liz Truss’ plan for the UK. Just look at these charts

London CNN Business — When the UK government, led by the new Prime Minister Liz Truss, unveiled its plan to rescue the British economy on Friday, the reaction from investors was instantaneous: They hated it. The British Pound crashed below $1.10 by mid-afternoon, hitting a new 37-year low against the greenback. UK government bonds also … Read more