US Deficit Hits $1.5T

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BUSINESS & ECONOMY

💸 SF Fed: Middle- and Low-Income Americans Running Out of Disposable Cash

According to the SF Fed, Middle- and low-income Americans are running out of disposable cash, with their liquid assets about 13% below pre-pandemic projections. Unlike the top 20% of earners, lower-income households have used their savings more rapidly and are encountering higher rates of credit card delinquencies.

💰 US Budget Deficit Reaches $1.5 Trillion Before Fiscal Year Ends

The US budget deficit reached $1.52 trillion for the fiscal year through July, slightly lower than 2023 but significantly higher than pre-pandemic levels. July's deficit was $244 billion, down 16% from last year. Increased revenues and tax deferrals helped reduce the deficit, but rising interest payments on debt, driven by Fed rate hikes, remain a major issue. Treasury Secretary Janet Yellen stated, "The rising cost of debt underscores the need for fiscal discipline."  

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WORLD

🚨 Biden Joins European Leaders to Warn Iran of Imminent Attack on Israel

President Joe Biden and European leaders UK's Sir Keir Starmer, France's Emmanuel Macron, Germany's Olaf Scholz, and Italy's Giorgia Meloni—warned Iran against launching an imminent attack on Israel, which could escalate into widespread conflict. They urged de-escalation and supported Israel’s right to defend itself. They emphasized, “We called on Iran to stand down its ongoing threats of a military attack against Israel.”  

🇺🇦 Ukraine Takes Control of 1,000 sq km of Russian Land

Ukraine's top commander Oleksandr Syrskyi reports seizing 1,000 sq km in Russia’s Kursk region during a major incursion.  "Russia brought war to others, now it's coming home." Putin called it a "major provocation," ordering forces to expel the attackers. The operation has led to extensive evacuations and heightened tensions.

🌍 UN Security Council Advocates for Africa’s Permanent Seat 

UN Secretary-General Antonio Guterres and General Assembly President Dennis Francis urge for Africa to gain a permanent seat on the UN Security Council, citing underrepresentation. The 15-member UNSC includes five permanent members and 10 non-permanent seats, with Africa currently holding three. Francis asserts, "Africa's underrepresentation offends principles of equity and inclusion, necessitating urgent reform."

SCIENCE & TECH

📱 Apple’s Rumored iPhone ‘Air’ Looks Promising

Apple is preparing to unveil the iPhone 'Air' in 2025, which will feature a much slimmer design, slotting between the iPhone 17 and 17 Pro. This model will blend a stylish, streamlined look with core iPhone functionalities and the latest Apple Intelligence.

📱 TikTok Adds Group Chats to Compete with Messaging Apps 

TikTok has rolled out new direct messaging features, including group chats for up to 32 participants and a variety of sticker options. Users can now share TikTok clips as video stickers and create custom sticker sets. Group chats are restricted to mutual followers and are unavailable for users aged 13-15 for connectivity within the platform.

SPORTS & ENTERTAINMENT

🎵 Taylor Swift Ends Kanye West’s Billboard No. 1 Streak Amid Feud

Taylor Swift’s album "The Tortured Poets Department" topped the Billboard 200, ending Kanye West’s streak of 11 consecutive No. 1 albums with his "Vultures 2" debuting at No. 2. Their feud, starting in 2009 when West interrupted Swift’s VMA win, has continued with public disputes. Reflecting on the past, Swift said, “That took me down psychologically to a place I’ve never been before.” 

🕊️ Rachael Lillis, Pokémon Voice Actress, Dies at 55

Rachael Lillis, the voice actress famed for her roles as Misty and Jessie in "Pokémon," passed away on August 10, 2024, at 55 after battling breast cancer. Lillis began her career in the 1990s, contributing to numerous anime series and video games. Her co-star Veronica Taylor described her as a "magnificent wonder" and "bright light" whose impact will be "forever remembered."

🏅Boxer Cindy Ngamba Makes History as First Refugee Olympic Team Medalist

Cindy Ngamba, a 25-year-old refugee from Cameroon, has become the first athlete from the Refugee Olympic Team to win an Olympic medal. She secured a bronze by defeating French boxer Davina Michel in the women's 75-kilogram quarterfinals. Ngamba advances to the semifinals. Aiming for gold she stated, “Hopefully in the next round, I will get the job done not hopefully I will get it done.”   

🎉 Miley Cyrus Becomes Youngest Disney Legend

Miley Cyrus was honored as the youngest Disney Legend at the D23 fan convention held at the Honda Center in Anaheim, California. She received this accolade for her iconic role as Hannah Montana, which launched in 2006 when she was 13. In her emotional speech, Miley, stated, “A little bit of everything has changed, but at the same time nothing has changed at all.”  

OTHER NEWS

🚀 Trump & Musk's Chat on X as 1M Listen

Donald Trump and Elon Musk held a live-streamed discussion on X, delayed by 42 minutes due to alleged technical issues, which Musk attributed to a “massive DDOS attack.” They discussed Trump’s assassination attempt, illegal immigration, and criticism of Vice President Kamala Harris. Musk said, “This massive attack illustrates opposition to people hearing Trump.”

🗳️ Judge blocks RFK Jr.’s New York ballot bid, cites non-residency

A New York judge has ruled against independent presidential candidate Robert F. Kennedy Jr., barring his name from the state’s ballot finding his claimed residence there to be a "sham" since he lives in California. Kennedy plans to appeal, calling the decision partisan. This ruling could also affect his ballot status in other states. Kennedy remarked, "The Democrats are showing contempt for democracy." 

🤖 Trump falsely accuses Kamala Harris of using AI to inflate rally crowd size

Former President Trump falsely claimed Vice President Kamala Harris used AI to create images of fake rally crowds. He wrote that “there was nobody at the plane, and she ‘A.I.’d’ it.” Despite media reports confirming large crowds, Trump stated, “She’s a CHEATER. This is the way the Democrats win Elections, by CHEATING.”

🛑 New Federal Rule Aims to Simplify Subscription Cancellations

The Biden administration is pushing for a new federal rule to make canceling subscriptions as simple as signing up. Proposed by the FTC and FCC, this rule mandates that companies ease cancellation processes and allow customers to bypass automated systems to speak with real representatives. White House Policy Advisor Neera Tanden stated, "It should take one or two clicks on your phone to end the service."

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