Economy

TL/DR - President Biden has claimed that legislation he signed, the Inflation Reduction Act, has saved the federal government $160 billion by giving Medicare the power to negotiate lower prescription drug prices. However, these savings have not yet been realized, with the Congressional Budget Office projecting 10-year cumulative savings of $161.7…

TL/DR - The U.S. government's budget deficit for Q1 of its fiscal 2024 year hit nearly $510 billion, according to a report by the Treasury Department. The increased deficit has pushed the total government debt past $34 trillion for the first time. Despite the Biden administration's assurances that the Inflation Reduction Act would reduce the…

TL/DR - The European Union has reached an agreement on landmark rules for artificial intelligence (AI), in the first major regulation of the technology in the western world. The key areas of contention were how to regulate generative AI models, such as OpenAI's ChatGPT, and the use of biometric identification tools. The new law categorizes AI…

Greeneville Water Commission Awarded $1.5M Grant for Sewer Infrastructure Improvements The US Department of Commerce’s Economic Development Administration (EDA) has awarded a $1.5 million grant to the Greeneville Water Commission in Tennessee for improving sewer infrastructure. The initiative is aimed at supporting business growth and job creation…