The FCC’s ‘open internet rules’ make the internet less open

To prevent this kind of anticompetitive activity, the FCC instituted its own anticompetitive regulatory scheme, the so-called Open Internet rules. Why is the FCC’s monopoly not as concerning as that of any given ISP? The regulatory hustle that the Obama-era FCC worked was based on a myth: namely, that the Internet circa 2015 was in imminent danger, or “broken,” and needed to be “saved.” Insofar as regulation may be required to sustain the Internet’s longtime dynamism, a much simpler alternative


To prevent this kind of anticompetitive activity, the FCC instituted its own anticompetitive regulatory scheme, the so-called Open Internet rules. Why is the FCC’s monopoly not as concerning as that of any given ISP? The regulatory hustle that the Obama-era FCC worked was based on a myth: namely, that the Internet circa 2015 was in imminent danger, or “broken,” and needed to be “saved.” Insofar as regulation may be required to sustain the Internet’s longtime dynamism, a much simpler alternative
The FCC’s ‘open internet rules’ make the internet less open Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: ian tuttle, getty images
Keywords: news, games, cnbc, companies, open, fccs, taxes, anticompetitive, isps, capital, regulatory, internet, rules, companies, type, regulate, fcc


The FCC's 'open internet rules' make the internet less open

To prevent this kind of anticompetitive activity, the FCC instituted its own anticompetitive regulatory scheme, the so-called Open Internet rules. Under Title II, the FCC can regulate the rates that ISPs charge, using its supervisory mandate to dismiss as “unreasonable” or “unjust” any business models of which it disapproves; it can partially regulate the capital investment of existing companies, and regulate which companies (if any) can enter the ISP market; and it can impose taxes on Internet use, such as those long imposed on telephone service (the “Universal Service Fee”). What’s more, the nebulous “Internet Conduct” standard that the FCC applies as its metric for assessing abuse is subject to amendment at any time, for any reason; there is no certainty that today’s decisions will also be tomorrow’s.

As it is, telecommunications companies are generally subject to higher state and municipal taxes than other businesses, meaning that more capital will be diverted into government coffers, and smaller ISPs, already straining under the new regulatory burden, will have even more trouble getting off the ground. The result is likely to entrench already-existing players, making ISP markets less competitive. That will disproportionately harm rural and low-income Americans, often underserved by major industry players not willing to invest the time or resources to expand into less-profitable areas.

It’s Economics 101 that this type of onerous regulation will affect long-term capital investment, and while there is significant debate about the precise impact the rules have had so far, USTelecom — whose numbers former chairman Wheeler regularly cited as authoritative — reports that broadband capital expenditures among the dozen largest ISPs fell 5.6 percent from 2014 to 2016.

None of this was necessary. There was very little evidence that ISPs were engaging in the sorts of malpractice that net neutrality was designed to prevent — and even if they had been, it would not have followed that reclassification was the proper remedy. In fact, a more honest appraisal of the sequence of events is that the Obama administration and left-wing activists succeeded in pressuring the FCC into a maximal power-grab that is likely to do much more damage to Internet freedom than Comcast was doing. Why is the FCC’s monopoly not as concerning as that of any given ISP?

The regulatory hustle that the Obama-era FCC worked was based on a myth: namely, that the Internet circa 2015 was in imminent danger, or “broken,” and needed to be “saved.” That was, and is, nonsense. Insofar as regulation may be required to sustain the Internet’s longtime dynamism, a much simpler alternative is available.

First, oversight of anticompetitive activity among ISPs should be transferred to the Federal Trade Commission. The FTC’s express purpose is to monitor and intervene to stop anticompetitive business practices and fraud, and it has a credible track record on both counts. Allowing the FTC to intervene on a case-by-case basis would be a much less disruptive remedy than the FCC’s sweeping rule change, especially given that there have been very few documented instances of such anticompetitive behavior up to now. The FCC is simply not well-equipped to conduct this type of oversight, and the legal machinations that it has had to perform to give itself the authority to do so suggests that it was never intended to have that kind of latitude.


Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: ian tuttle, getty images
Keywords: news, games, cnbc, companies, open, fccs, taxes, anticompetitive, isps, capital, regulatory, internet, rules, companies, type, regulate, fcc


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Trump budget’s huge error: Larry Summers-commentary

Much can and will be said about the dire social consequences about what is in it and the ludicrously optimistic economic assumptions it embodies. My observation is that there appears to be a logical error of the kind that would justify failing a student in an introductory economics course. Apparently, the budget forecasts that US growth will rise to 3.0 percent because of the Administration’s policies-largely its tax cuts and perhaps also its regulatory policies. Then the Administration asserts


Much can and will be said about the dire social consequences about what is in it and the ludicrously optimistic economic assumptions it embodies. My observation is that there appears to be a logical error of the kind that would justify failing a student in an introductory economics course. Apparently, the budget forecasts that US growth will rise to 3.0 percent because of the Administration’s policies-largely its tax cuts and perhaps also its regulatory policies. Then the Administration asserts
Trump budget’s huge error: Larry Summers-commentary Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: larry summers, getty images
Keywords: news, games, cnbc, companies, larry, summerscommentary, cuts, growth, error, investments, justify, tax, profits, failing, trump, revenue, optimistic, budgets, huge


Trump budget's huge error: Larry Summers-commentary

This article first appeared on Larry Summers blog.

Details of President Trump’s first budget have now been released. Much can and will be said about the dire social consequences about what is in it and the ludicrously optimistic economic assumptions it embodies. My observation is that there appears to be a logical error of the kind that would justify failing a student in an introductory economics course.

Apparently, the budget forecasts that US growth will rise to 3.0 percent because of the Administration’s policies-largely its tax cuts and perhaps also its regulatory policies. Fair enough if you believe in tooth-fairies and ludicrous supply-side economics.

Then the Administration asserts that it will propose revenue neutral tax cuts with the revenue neutrality coming in part because the tax cuts stimulate growth! This is an elementary double count. You can’t use the growth benefits of tax cuts once to justify an optimistic baseline and then again to claim that the tax cuts do not cost revenue. At least you cannot do so in a world of logic.

The Trump team prides itself on its business background. This error is akin to buying a company assuming that you can make investments that will raise profits, but then, in calculating the increased profits, counting the higher revenues while failing to account for the fact that the investments would actually cost some money to make.


Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: larry summers, getty images
Keywords: news, games, cnbc, companies, larry, summerscommentary, cuts, growth, error, investments, justify, tax, profits, failing, trump, revenue, optimistic, budgets, huge


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The dumb accounting error at the heart of Trump’s budget—commentary

The budget is counting on economic growth — and a lot of it — to overcome what otherwise would be a projected $1.3 trillion deficit in 2027 and instead achieve balance. A big part of that growth comes from a deficit-neutral tax proposal whose details aren’t spelled out in the budget document. The administration says that’s okay, though, because the extra growth unleashed by the tax cuts will offset the loss in revenue. First the tax cuts provide enough extra growth to make the tax reform deficit


The budget is counting on economic growth — and a lot of it — to overcome what otherwise would be a projected $1.3 trillion deficit in 2027 and instead achieve balance. A big part of that growth comes from a deficit-neutral tax proposal whose details aren’t spelled out in the budget document. The administration says that’s okay, though, because the extra growth unleashed by the tax cuts will offset the loss in revenue. First the tax cuts provide enough extra growth to make the tax reform deficit
The dumb accounting error at the heart of Trump’s budget—commentary Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: matthew yglesias, getty images
Keywords: news, games, cnbc, companies, budget, heart, dumb, growth, deficitneutral, error, cuts, tax, proposal, trumps, budgetcommentary, economic, extra, trump, accounting, congress


The dumb accounting error at the heart of Trump’s budget—commentary

Not only does the Trump administration’s budget proposal rely on economic growth assumptions that are wildly more optimistic than those produced by any private sector forecaster, but it turns out that embedded within those assumptions is a completely ridiculous accounting error.

Here’s how it works. The budget is counting on economic growth — and a lot of it — to overcome what otherwise would be a projected $1.3 trillion deficit in 2027 and instead achieve balance. A big part of that growth comes from a deficit-neutral tax proposal whose details aren’t spelled out in the budget document.

That’s a bit odd, because the administration has already sketched out the broad contours of its tax policy. That proposal would, on a conventional account, lead to a massive increase in the deficit. The administration says that’s okay, though, because the extra growth unleashed by the tax cuts will offset the loss in revenue.

More from Vox:

The trillions in shocking cuts in Donald Trump’s budget, explained

Trump’s budget would cut Medicaid funding nearly in half

Donald Trump is destroying his own presidency

See the problem? Trump is not only counting on supply-side magic growth to make his numbers work, he’s using the same magic bean twice. First the tax cuts provide enough extra growth to make the tax reform deficit-neutral. Then the deficit-neutral tax reform provides enough extra growth to make the overall budget balanced. It’s ridiculous. Larry Summers, the former Treasury secretary and National Economic Council director, calls it “a logical error of the kind that would justify failing a student in an introductory economics course.”

More to the point, it’s a sign that the Trump White House simply isn’t set up to govern the country at all. It’s normal for Congress to reject large aspects of a president’s budget proposal, but normally you would expect a same-party Congress to at least seriously consider what the president is requesting. But Trump isn’t even remotely in the neighborhood of a blueprint that Congress could use if they were so inclined. He’s taken the vast technical and analytical resources of the executive branch and effectively thrown them all in the trash can.


Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: matthew yglesias, getty images
Keywords: news, games, cnbc, companies, budget, heart, dumb, growth, deficitneutral, error, cuts, tax, proposal, trumps, budgetcommentary, economic, extra, trump, accounting, congress


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Trump’s budget tells the truth—and you can’t handle the truth!—commentary

The Trump budget at least starts to tell us the truth about what benefits can survive even in the short-term future. And there’s another harsh but crucial reality in the Trump budget — it knows where the money comes from. Now, let’s get to what the Trump budget gets wrong. You have to start telling the truth somewhere, and the Trump budget does the most truth telling since at least the cut-heavy Reagan budget in 1981 that helped launch a major economic expansion. With these harsh truths in mind,


The Trump budget at least starts to tell us the truth about what benefits can survive even in the short-term future. And there’s another harsh but crucial reality in the Trump budget — it knows where the money comes from. Now, let’s get to what the Trump budget gets wrong. You have to start telling the truth somewhere, and the Trump budget does the most truth telling since at least the cut-heavy Reagan budget in 1981 that helped launch a major economic expansion. With these harsh truths in mind,
Trump’s budget tells the truth—and you can’t handle the truth!—commentary Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: jake novak, getty images, source, columbia pictures
Keywords: news, games, cnbc, companies, budget, truth, theres, cant, programs, money, trumps, harsh, tells, wrong, truthand, political, dont, trump, truthcommentary, handle


Trump's budget tells the truth—and you can’t handle the truth!—commentary

The massive expansions of just about all of the programs the Trump plan seeks to cut have led to a growing number of unemployed people in America who are just getting by on various forms and levels of government assistance. This puts an undue level of new strain on the people who actually are working and paying payroll and other taxes to prop up the rest of the country. Yes, Mitt Romney was roundly pilloried when he complained that 47 percent of the people would never vote for him because they pay no federal taxes. But what part of what Romney said was factually wrong? What part of what he said wasn’t indicative of an unsustainable political and economic reality? The Trump budget at least starts to tell us the truth about what benefits can survive even in the short-term future.

And there’s another harsh but crucial reality in the Trump budget — it knows where the money comes from. Taxpayers. Somehow, prioritizing the people who actually provide us the money to spend in Washington has been portrayed as selfish or mean.

Now, let’s get to what the Trump budget gets wrong. In short, it still isn’t “harsh” enough. So far, we have no details of any reforms to the three biggest problems in our budget: Medicare, Social Security, and Defense. No real anti-deficit and pro-taxpayer moves can be made permanent until all three of those programs are reformed and essentially cut. It’s not surprising the White House plan doesn’t make the hard choices on that three-headed fiscal monster considering it would make the current political firestorm over his other cuts look like a small campfire.

The political class and the news media remains convinced that the public will never accept even the slightest cuts or even any significant changes to those programs, but that’s just plain wrong. 41 percent of Americans don’t believe that Social Security will even exist when they retire, according to a survey by the Pew Research Center. Are we supposed to believe that they won’t stand for changes to a program they don’t expect to be around for much longer? Politicians simply don’t want to bother to make those tough choices and they’re hiding behind the voters to avoid them.

But first things first. You have to start telling the truth somewhere, and the Trump budget does the most truth telling since at least the cut-heavy Reagan budget in 1981 that helped launch a major economic expansion. Our debt is about $20 trillion, and the number of unfunded liabilities coming due in the future have some experts pegging our real debt at more like $200 trillion. There’s not enough taxpayer money in the universe to cover those costs.

With these harsh truths in mind, we have to remember that a budget that doesn’t make the harsh cuts Trump’s does simply isn’t realistic. Oh, and there’s no such thing as unicorns either.

Commentary by Jake Novak, CNBC.com senior columnist. Follow him on Twitter @jakejakeny.

For more insight from CNBC contributors, follow @CNBCopinion on Twitter.


Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: jake novak, getty images, source, columbia pictures
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Reporter’s notebook: Be warned: $25 oil is coming, and along with it, a new world order

Interestingly enough, if you believe this thesis, you may want to look at selling out of any exposure you have to car parks. “In fact what is going to happen, in 80 per cent or maybe more, parking spaces are going to be vacant. Because we are going to have, fewer cars on the road” Seba says. And given that $25 forecast for oil, you certainly want to look at selling oil, and expensive oil producers. … I see the car subprime loan debacle as something that could be the catalyst of upending the Trum


Interestingly enough, if you believe this thesis, you may want to look at selling out of any exposure you have to car parks. “In fact what is going to happen, in 80 per cent or maybe more, parking spaces are going to be vacant. Because we are going to have, fewer cars on the road” Seba says. And given that $25 forecast for oil, you certainly want to look at selling oil, and expensive oil producers. … I see the car subprime loan debacle as something that could be the catalyst of upending the Trum
Reporter’s notebook: Be warned: $25 oil is coming, and along with it, a new world order Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: oriel morrison, source
Keywords: news, games, cnbc, companies, order, oil, 25, cars, going, subprime, notebook, world, coming, starbucks, selling, warned, car, look, seba, reporters, transportation


Reporter's notebook: Be warned: $25 oil is coming, and along with it, a new world order

Interestingly enough, if you believe this thesis, you may want to look at selling out of any exposure you have to car parks. “In fact what is going to happen, in 80 per cent or maybe more, parking spaces are going to be vacant. Because we are going to have, fewer cars on the road” Seba says.

And given that $25 forecast for oil, you certainly want to look at selling oil, and expensive oil producers. Oh, and sell the car makers that are slow to adapt too, given there will be no more petrol or diesel cars, buses and trucks sold anywhere in the world within 8 years. Which also means no more car dealers by 2024.

And wait, you can sell insurers too, as the cost of car insurance will drop dramatically when you take human error out of the equation, and a much lower direct ownership of vehicles in general.

But, according to Seba, it is time to look at buying into anything that will help to produce and manufacture the next generation of cars, which are “computers on wheels.”

He says to look at companies that make the operating system, the computer platform, the batteries, mapping software, and those that adapt to the new environment.

“Imagine a Starbucks on wheels. Essentially transportation is going to be so cheap, it’s going to be essentially cheaper for Starbucks to run around and take me to work, which is, you know, 60 kilometers away, and give that transportation for free, in exchange for going to buy coffee in that hour of commute .”

There is some good news for economic growth too. The savings households make on cars, will drive higher consumer spending in the U.S., which in turn will drive business and job growth. Seba forecasts that productivity gains will boost GDP by an additional $1 trillion.

But on the other hand, outstanding auto loan debt in the U.S. stands at more than $1 trillion. And there are those who see the U.S. subprime-auto market as a big problem already.

Josh Jalinski, president of Jalinski Advisory Group told CNBC’s Street Signs that it’s a huge risk. “We have a potential auto subprime crisis looming in America, the likes we haven’t seen since 2008. … I see the car subprime loan debacle as something that could be the catalyst of upending the Trump train.”


Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: oriel morrison, source
Keywords: news, games, cnbc, companies, order, oil, 25, cars, going, subprime, notebook, world, coming, starbucks, selling, warned, car, look, seba, reporters, transportation


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Exxon must give records to NY prosecutor, state appeals court rules

Exxon has been battling subpoenas from New York Attorney General Eric Schneiderman, who is probing the company for fraud in its public statements about climate change. The appeals court upheld a lower court’s decision, rejecting Exxon’s argument that the court did not properly consider which state’s laws on turning over evidence in an investigation should apply in the case. The investigation is taking place in New York, but Exxon’s headquarters are in Texas. “We respect, but disagree with the co


Exxon has been battling subpoenas from New York Attorney General Eric Schneiderman, who is probing the company for fraud in its public statements about climate change. The appeals court upheld a lower court’s decision, rejecting Exxon’s argument that the court did not properly consider which state’s laws on turning over evidence in an investigation should apply in the case. The investigation is taking place in New York, but Exxon’s headquarters are in Texas. “We respect, but disagree with the co
Exxon must give records to NY prosecutor, state appeals court rules Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: getty images, lee celano
Keywords: news, games, cnbc, companies, exxon, york, investigation, courts, appeals, records, prosecutor, decision, lower, state, court, rules, ny, company, exxons


Exxon must give records to NY prosecutor, state appeals court rules

A New York state appeals court on Tuesday ruled that Exxon Mobil Corp should be compelled to turn over records in an investigation into how much the company knew about global warming as it continued to publicly downplay the effects it was expected to have on the fossil fuel industry.

Exxon has been battling subpoenas from New York Attorney General Eric Schneiderman, who is probing the company for fraud in its public statements about climate change. The appeals court upheld a lower court’s decision, rejecting Exxon’s argument that the court did not properly consider which state’s laws on turning over evidence in an investigation should apply in the case. The investigation is taking place in New York, but Exxon’s headquarters are in Texas.

“We respect, but disagree with the court’s decision and are assessing our options and potential next steps,” said Scott Silvestri, an Exxon spokesman.

“The unanimous appeals court rightly affirmed the lower court’s decision and rejected Exxon’s frivolous claims, which were merely one of the many tactics the company has employed in its campaign of delay and distraction,” said Schneiderman’s spokeswoman, Amy Spitalnick.


Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: getty images, lee celano
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Here’s the secret to finding billion-dollar start-ups

Here’s what he believes are the three key factors to observe before deciding to invest in a start-up. “The biggest thing you’re investing in is the entrepreneur. It turns out early stage, middle stage, late stage — you’re investing in the entrepreneur,” says Jordan. “So you’re looking for someone who is passionate, can tell a story and, most of all, is persistent. Because the one constant in a start-up is things go wrong all the time, and you need someone who can power through them.”


Here’s what he believes are the three key factors to observe before deciding to invest in a start-up. “The biggest thing you’re investing in is the entrepreneur. It turns out early stage, middle stage, late stage — you’re investing in the entrepreneur,” says Jordan. “So you’re looking for someone who is passionate, can tell a story and, most of all, is persistent. Because the one constant in a start-up is things go wrong all the time, and you need someone who can power through them.”
Here’s the secret to finding billion-dollar start-ups Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: julia boorstin, george kavallines, andrew harrer, bloomberg, getty images, michael newberg, pat cotillo, jr, source, ford motor company
Keywords: news, games, cnbc, companies, secret, disruptor, startups, heres, youre, billiondollar, wrong, entrepreneur, finding, jordan, investing, key, willing, stage


Here's the secret to finding billion-dollar start-ups

Here’s what he believes are the three key factors to observe before deciding to invest in a start-up.

Entrepreneurial drive. “The biggest thing you’re investing in is the entrepreneur. It turns out early stage, middle stage, late stage — you’re investing in the entrepreneur,” says Jordan. “So you’re looking for someone who is passionate, can tell a story and, most of all, is persistent. And brave and courageous. Because the one constant in a start-up is things go wrong all the time, and you need someone who can power through them.”

More from CNBC Disruptor 50:

How we picked the 2017 CNBC Disruptor 50

Uber CEO Kalanick’s big, bold and false claim about Lyft

Airbnb now has its eye on your air travel

Jordan points out that business models evolve, as do companies’ vision, so the key is having someone who’s willing to adapt to the market and shift focus with the opportunities. The entrepreneur has to be better than the idea, because ideas change, Jordan says, adding, “I remember the first time I heard both Airbnb and Pinterest. I was like, I’m not sure I get it — you know, sharing your home with a stranger, a digital pinboard — then you see what the entrepreneur can do with it and turn it into, and that’s where the magic happens.”


Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: julia boorstin, george kavallines, andrew harrer, bloomberg, getty images, michael newberg, pat cotillo, jr, source, ford motor company
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USDA bracing for ‘significant’ cuts to food stamps, crop insurance, rural programs

The Trump administration’s budget blueprint for fiscal 2018 has the U.S. Department of Agriculture bracing for “significant” cuts to rural development, food stamps and crop insurance programs. Approximately three-fourths of the USDA’s budget goes to mandatory programs such as food stamps, or the federal government’s Supplemental Nutrition Assistance Program (SNAP), crop insurance and some conservation programs. He said about $194 billion of the savings would come from cuts to the SNAP program an


The Trump administration’s budget blueprint for fiscal 2018 has the U.S. Department of Agriculture bracing for “significant” cuts to rural development, food stamps and crop insurance programs. Approximately three-fourths of the USDA’s budget goes to mandatory programs such as food stamps, or the federal government’s Supplemental Nutrition Assistance Program (SNAP), crop insurance and some conservation programs. He said about $194 billion of the savings would come from cuts to the SNAP program an
USDA bracing for ‘significant’ cuts to food stamps, crop insurance, rural programs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: jeff daniels, andrew harrer, bloomberg, getty images
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USDA bracing for 'significant' cuts to food stamps, crop insurance, rural programs

The Trump administration’s budget blueprint for fiscal 2018 has the U.S. Department of Agriculture bracing for “significant” cuts to rural development, food stamps and crop insurance programs.

“I don’t think there’s any reason to try to sugar coat this,” said USDA Secretary Sonny Perdue in a conference call with reporters to discuss the administration’s fiscal 2018 budget proposal for the agency. “I’ve communicated with our team at USDA and just said ‘look, when times are tough we just dig down and do more’ — and that’s what we will do here.”

The White House also is proposing legislation to tighten eligibility on food assistance programs for the poor. More than 43 million Americans are already getting monthly food stamp benefits and the federal cuts are likely to affect millions nationally.

“It’s obvious that USDA as well as many parts of government will face a significant funding reduction. The president campaigned on the fact that we we’re going to reduce deficits, and that’s what he’s doing in this budget.”

Approximately three-fourths of the USDA’s budget goes to mandatory programs such as food stamps, or the federal government’s Supplemental Nutrition Assistance Program (SNAP), crop insurance and some conservation programs.

Overall, the president’s discretionary funding request for USDA in fiscal 2018 is about $18 billion, a decline of about 21 percent from the 2017 annualized continuing resolution level.

At the same time, the department plans to slash about 5.5 percent of its total workforce.

“Obviously, some may see this as a glass half full,” said Perdue. “I see this as an opportunity to demonstrate to the American people that we can do more with less — and we will do more with less.”

Perdue, a former governor of Georgia, has only been on the job as secretary for five weeks and agency officials conceded he had no input on the White House’s proposed fiscal 2018 budget for the USDA.

The administration is sending proposed legislation to Congress to make changes to some of the mandatory USDA programs, which include outlays for food stamps or SNAP benefits as well as crop insurance and some conservation programs.

Michael Young, USDA’s acting deputy secretary, told reporters Tuesday those legislative proposals would save $240 billion over a 10-year period. He said about $194 billion of the savings would come from cuts to the SNAP program and another $46 billion from other USDA programs.

Yet Perdue last week testified before the House Agriculture Committee and called SNAP “a very important, effective program. As far as I’m concerned we have no proposed changes. You don’t try to fix things that aren’t broken.”

Given the SNAP program changes now sought by the White House, however, last week’s remarks by Perdue seem odd. Perdue didn’t address the contradiction directly during the call.

Instead, Young sought to defend the secretary, suggesting that the administration’s proposed fiscal 2018 budget still was following the law by funding SNAP and that any changes would be made legislatively.

“We include the full amount needed to finance the estimated SNAP participation level,” said Young. “The budget also does include some proposed legislative changes. That would need to be enacted in order for them to make any kind of reductions or changes to the mandatory programs.

In the crop insurance area, there’s a proposal to limit crop insurance premium subsidies. There’s also plan that still needs congressional approval that would limit crop subsidies to producers making adjusted gross incomes of $500,000 or less.

As for SNAP, one proposal would require states to begin matching the federal benefits up to 25 percent. Young said the estimated 10-year savings from that matching plan would save the U.S. government about $116 billion.

The Trump administration also wants to tighten some of the eligibility requirements of the federal nutrition program benefits. There’s also a plan to cap the large household amounts to the benefit for just six members.

The government also wants to tack on additional fees to retailers participating in redeeming SNAP benefits.

“A budget proposal is about priorities for our county — and the budget the president released [Tuesday] is filled with misplaced priorities that would be terrible for America’s food system, our people and our nation,” said Willy Ritch, acting executive director of the Food Policy Action, a non-profit advocacy group.

Added Ritch, “Under the president’s budget, families, seniors, and farmers who are already struggling would find it harder to put food on the table and make ends meet. This budget is also a bad deal for rural America by eliminating conservation and rural development programs that protect our vast precious lands, waterways and watersheds and promote economic growth in rural America.”

In rural development, the program is expected to total nearly $35 billion in loans and grants but that funding is down about $3 billion from the fiscal 2017 level. The water and wastewater loan and grant program would be eliminated in the new budget too, along with the agency’s rural business program.

The administration also isn’t planning to fund a direct single-family rural housing loan program, which was targeted to assist low-income applicants.

Last year, the Heritage Foundation, a conservative think-tank, wrote a report urging the federal government to shut down its rural housing loan program. Heritage argued that the default rate of the single-family home guarantee program runs “at least double that of a comparable single-family loan guarantee program.”

In research, economics and education, meanwhile, the department proposed cutting discretionary funding next year by almost 15 percent below the 2017 level. The agency also plans to shutter 17 research locations out of a total of 90, which includes agriculture laboratories.

The USDA plans to eliminate some international food assistance programs, including the so-called “Food For Peace” and the McGovern-Dole international food assistance program named after former Sens. George McGovern and Bob Dole.

Ironically, Dole was a supporter of Trump during the campaign and the international food program bearing his name has helped an estimated 40 million needy people in impoverished countries since its inception in 2003.

In the White House’s “America First” budget blueprint document released Tuesday, it justified the elimination of the McGovern-Dole program by contending it “lacks evidence that it is being effectively implemented to reduce food insecurity.”


Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: jeff daniels, andrew harrer, bloomberg, getty images
Keywords: news, games, cnbc, companies, stamps, rural, insurance, food, cuts, program, budget, proposed, snap, programs, significant, usda, bracing, crop, fiscal, changes


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Constellation Brands made takeover approach for Jack Daniel’s owner Brown-Forman

Constellation Brands, the owner of Corona and Svedka Vodka, has made an approach to acquire Jack Daniel’s owner Brown-Forman, people with knowledge of the matter said. Brown-Forman said it was not interested in selling, but informed the board of Constellation Brands’ interest, said the people, who asked not to be named discussing private information. Shares of Brown-Forman have gained 12 percent over the last week, amid takeover rumors. A representative for Brown-Forman declined to comment. A re


Constellation Brands, the owner of Corona and Svedka Vodka, has made an approach to acquire Jack Daniel’s owner Brown-Forman, people with knowledge of the matter said. Brown-Forman said it was not interested in selling, but informed the board of Constellation Brands’ interest, said the people, who asked not to be named discussing private information. Shares of Brown-Forman have gained 12 percent over the last week, amid takeover rumors. A representative for Brown-Forman declined to comment. A re
Constellation Brands made takeover approach for Jack Daniel’s owner Brown-Forman Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: leslie picker, getty images
Keywords: news, games, cnbc, companies, daniels, brands, brown, brownforman, potential, representative, approach, comment, jack, owner, interested, constellation, week, takeover


Constellation Brands made takeover approach for Jack Daniel's owner Brown-Forman

Constellation Brands, the owner of Corona and Svedka Vodka, has made an approach to acquire Jack Daniel’s owner Brown-Forman, people with knowledge of the matter said.

Brown-Forman said it was not interested in selling, but informed the board of Constellation Brands’ interest, said the people, who asked not to be named discussing private information.

Terms of any potential offer could not be learned, but Brown-Forman’s market cap is hovering around $22 billion. There are no ongoing talks, one of the people said. But Constellation remains interested in a potential merger.

The Brown family, who are fifth-generation owners of Brown-Forman, own a majority of the voting power and have indicated historically that they do not want to sell their company.

Shares of Brown-Forman have gained 12 percent over the last week, amid takeover rumors.

The stock rose 4.9 percent on the report of the deal Tuesday, before being halted briefly. When trading resumed, Brown shares gave back those gains and turned sharply lower. They were recently down nearly 6 percent.

A representative for Brown-Forman declined to comment. A representative for Constellation Brands did not immediately respond to a request seeking comment.


Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: leslie picker, getty images
Keywords: news, games, cnbc, companies, daniels, brands, brown, brownforman, potential, representative, approach, comment, jack, owner, interested, constellation, week, takeover


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Reaction: 22 people killed and 59 injured in Manchester terror attack

Our live blog tracked reaction as 22 people were killed and at least 59 injured after a bomb was detonated in Manchester, England. The Islamic State claimed responsibility for the terrorist attack. Police announced plans to deploy more armed officers in the U.K. capital city. Read the analysis below.


Our live blog tracked reaction as 22 people were killed and at least 59 injured after a bomb was detonated in Manchester, England. The Islamic State claimed responsibility for the terrorist attack. Police announced plans to deploy more armed officers in the U.K. capital city. Read the analysis below.
Reaction: 22 people killed and 59 injured in Manchester terror attack Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: david reid, spriha srivastava, luke graham
Keywords: news, games, cnbc, companies, responsibility, live, reaction, killed, 59, terrorist, state, injured, tracked, officers, plans, attack, manchester, uk, terror, 22


Reaction: 22 people killed and 59 injured in Manchester terror attack

Our live blog tracked reaction as 22 people were killed and at least 59 injured after a bomb was detonated in Manchester, England. The Islamic State claimed responsibility for the terrorist attack. Police announced plans to deploy more armed officers in the U.K. capital city.

Read the analysis below.


Company: cnbc, Activity: cnbc, Date: 2017-05-23  Authors: david reid, spriha srivastava, luke graham
Keywords: news, games, cnbc, companies, responsibility, live, reaction, killed, 59, terrorist, state, injured, tracked, officers, plans, attack, manchester, uk, terror, 22


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