The CBO outlined the revised estimate Thursday in a letter issued by its director, adjusting the projected 10-year revenue generated by the nearly $80 billion in IRS spending included in the law President Biden signed last week. The 10-year funding boost is now estimated to raise $180.4 billion, down from $203.7 billion, according to the CBO.
Biden's Student Loan Forgiveness Could Test Legal Powers
President Biden's student loan forgiveness plan could be the latest legal test of the administration's emergency executive powers during the pandemic.
If the White House plan is challenged in court, its lawfulness could hinge on the education secretary's powers under a 2003 federal statute that gives the head of the Education Department the capability to waive or modify federal student-loan provisions during war or a national emergency.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
Canadian Western Bank 3Q
Economic Indicators:
None scheduled
Stocks to Watch:
Andrew Forrest's Wyloo to Invest A$150M in Hastings Technology Metals
Wyloo Metals, owned by Australian billionaire Andrew Forrest, Friday said it plans to invest $104.7 million in rare-earths developer Hastings Technology Metals, which would use the funds to buy a stake in Toronto-listed Neo Performance Materials.
Wyloo would be issued secured, exchangeable notes that would have a term of three years and could be swapped any time after 60 days for Hastings shares at A$5.50 each, the company said.
Read more here.
Expected Major Events for Friday
06:00/GER: Sep GfK consumer climate survey
06:45/FRA: Aug Consumer confidence survey
08:00/ITA: Aug Consumer Confidence Survey
08:00/ITA: Aug Business Confidence Survey
08:59/JPN: Jun Final Labour Survey - Earnings, Employment & Hours Worked
12:30/US: Jul Advance Economic Indicators Report
12:30/US: Jul Personal Income & Outlays
14:00/US: Aug University of Michigan Survey of Consumers - final
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Expected Earnings for Friday
5E Advanced Materials Inc (FEAM) is expected to report for 4Q.
Bit Digital Inc (BTBT) is expected to report for 2Q.
Canadian Western Bank (CWB.T) is expected to report for 3Q.
Kentucky First Federal (KFFB) is expected to report for 4Q.
National American University Holding Inc (NAUH) is expected to report for 4Q.
Ubiquiti Inc (UI) is expected to report for 4Q.
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ANALYST RATINGS ACTIONS
Kosmos Energy Raised to Buy From Hold by Berenberg
Akerna Cut to Neutral From Buy by HC Wainwright & Co.
Dream Finders Homes Raised to Neutral From Underperform by B of A Securities
Edgewise Therapeutics Cut to Sell From Neutral by Goldman Sachs
KB Home Cut to Neutral From Buy by B of A Securities
Kosmos Energy Raised to Buy From Hold by Berenberg
Krystal Biotech Cut to Neutral From Buy by Goldman Sachs
La-Z-Boy Cut to Market Perform From Outperform by Raymond James
Lennar Cut to Underperform From Neutral by B of A Securities
Magenta Therapeutics Cut to Neutral From Buy by Goldman Sachs
Merck Raised to Buy From Hold by Erste Group
Stride Raised to Overweight From Equal-Weight by Morgan Stanley
Toll Brothers Cut to Neutral From Buy by B of A Securities
Verve Therapeutics Raised to Buy From Hold by Stifel
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
08-26-22 0521ET
