The Fed is expected to raise its benchmark interest rate by twice the usual amount this week as it steps up its fight against inflation, which is at a four-decade high.
The first quarter's growth was hampered mainly by a slower restocking of goods in stores and warehouses and by a sharp drop in exports.
Raising a plan released by Florida GOP Sen. Rick Scott, Biden blasted what he called"this ultra-MAGA agenda," which he said would raise costs for Americans families The budget deficit fell by more than $350 billion in Biden's first year, according to the White House, but with inflation at a 40-year high, Republicans are hitting Biden on the economy as the 2022 midterm election cycle kicks off and Americans are still paying more at the pump.
In an effort to manage inflation, the Federal Reserve is expected to raise the short-term interest rate by a half-percentage point Wednesday -- double the usual amount and the sharpest rate hike since 2000, meaning it will soon cost Americans more to buy big-ticket items like cars and homes. The annual deficit has expanded to around $3 trillion due to the pandemic's blow on the economy, with the gross national debt surpassing $30 trillion for the first time earlier this year. Former President Donald Trump's massive tax cut in 2017 has added more than $1 trillion to the debt by some estimates -- a point Biden hit head on.
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