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In our news wrap Thursday, revised government data confirmed the U.S. economy shrank in the second quarter, U.K. Prime Minister Liz Truss defended her economic plan that includes billions in tax cuts for high earners without offsetting spending reductions and six Republican-led states sued over President Biden’s student loan forgiveness plan saying the administration overstepped its authority.
Amna Nawaz:
In the day’s other news: Wall Street came back to earth with a thud after Wednesday’s one-day rally. Recession fears and rising interest rates sent major stock indices down by 1.5 percent to nearly 3 percent. The Dow Jones industrial average lost 458 points to close at 29225. The Nasdaq fell 314 points. The S&P 500 slipped 78.
The latest financial data did little to help the mood of investors. Revised government figures confirmed that the U.S. economy shrank in the spring months for the second quarter in a row and average 30-year mortgage rates hit 6.7 percent, the highest since the housing market crashed in the Great Recession.
Britain’s new Prime Minister Liz Truss defended her government’s economic plan today. Last week, she announced billions of dollars in tax cuts for high earners without offsetting spending reductions. That sent the British pound plunging and jolted world markets.
Today, Truss said she’s doing what’s needed to deal with soaring energy prices and sluggish growth.
Liz Truss, British Prime Minister:
It’s a difficult time. We’re facing a global economic crisis brought about by Putin’s war in Ukraine. It was the right decision to take. And we need to continue to make sure we deliver the economic growth, that we have delivered the jobs and opportunities.
Amna Nawaz:
Later, published reports said Truss will hold emergency budget talks tomorrow.
A spending bill to keep the U.S. government running past tomorrow is a big step closer to final approval. The measure passed the Senate today and headed to the House of Representatives. It would avert a partial government shutdown and keep federal agencies running through mid-December.
Virginia “Ginni” Thomas, wife of Supreme Court Justice Clarence Thomas, was questioned today by the Congressional January 6 Committee. The committee chair said she stood by false claims that the 2020 presidential election results were fraudulent. The conservative activist arrived on Capitol Hill after months of negotiating with the committee. She was one of the last witnesses before the committee concludes its work.
Russia has announced it will formally annex four occupied regions of Ukraine tomorrow. That follows a series of staged votes which Ukraine and the West rejected as illegal. In Washington today, President Biden joined the chorus of condemnation.
Joe Biden, President of the United States: The United States — I want to be very clear about didn’t United States will never, never, never recognize Russia’s claims on Ukraine’s sovereign territory. The so-called referenda was a sham, an absolute sham.
Amna Nawaz:
Meanwhile, Ukraine’s forces have reportedly gained ground around Lyman. The northeastern city lies within one of the regions being annexed.
A fourth leak has been detected in the Nord Stream natural gas pipelines beneath the Baltic Sea. The Swedish Coast Guard released aerial video of the latest rupture today as natural gas bubbled up to the surface. The lines were built to carry Russian gas to Germany. Russia has denied sabotaging the lines to retaliate for Western support of Ukraine.
Instead, today, Russian President Vladimir Putin called it — quote — “international terrorism.”
The Supreme Court of India ruled today that all women have the right to an abortion up to 24 weeks of pregnancy. Under existing Indian law, single women could legally have abortions up to 20 weeks, but married women had up to 24 weeks. Abortion has been legal in India since 1971.
Back in this country, six Republican-led states filed suit over President Biden’s student loan forgiveness plan. They said the administration overstepped its authority and they argued that economic fallout from COVID-19 cannot justify the plan since Mr. Biden has said the pandemic is over. The administration plans to cancel up to $20,000 in education debt for millions of Americans.
And the rapper known as Coolio, one of hip-hop’s biggest names of the 1990s, has died. His manager says he passed away in Los Angeles on Wednesday. There is no word on the cause. Coolio won a Grammy for his 1995 hit “Gangsta’s Paradise” from the movie soundtrack for “Dangerous Minds.”
Coolio’s legal name was Artis Leon Ivey Jr. He was 59 years old.
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