Americans are facing pain at the pump, rising consumer prices, increased crime rates and an open border. These are all issues covered by House Republicans at a recent press conference while presenting their plan moving into the coming summer recess.
Russia will pull out of the International Space Station (ISS) after 2024 to focus on building its own outpost on the orbit. Russia and the US cooperated in space even at the height of the Cold War, improving US and Soviet relations.
The Biden administration is releasing more oil from the Strategic Petroleum Reserve (SPR) after a failed effort to increase supply from Saudi Arabia. In a statement Tuesday, the White House said the Department of Energy would sell another 20 million barrels of oil from the reserves to stabilize the gas market.
The Federal Reserve has imposed another big interest rate hike in an effort to tackle runaway inflation. Chairman Jerome Powell announced Wednesday, the Central Bank is raising rates by an additional three-quarters of a percentage point. This is the fourth rate hike in five months, further stoking fears of a recession.
The White House has continued to play off concerns of recession. Both the President and his aides insisted Monday that their administration does not believe the economy will hit a recession despite widespread inflation. Their dismissal came ahead of the GDP report to be released this week, which will show whether the US has experienced two consecutive quarters of shrinking.