The International Monetary Fund (IMF) has issued a stern warning to France, urging the government to take immediate action to reduce its debt load. The IMF cautioned that the country’s budget deficit is projected to surge to 4.5% of GDP in 2027, significantly higher than the previous forecast of 2.9%. This alarming increase poses a serious threat to France’s fiscal stability.
Senate Democrats have voted down a resolution, introduced by Senator Eric Schmitt (R-Mo.), that aimed to rein in wasteful COVID spending. The resolution sought to save taxpayers over $13 billion by disapproving the Treasury Department’s misuse of COVID recovery dollars. Republicans argue that the spending is irresponsible, especially given the current high inflation and interest rates. They also criticized the Biden administration’s efforts to extend the deadline for spending the funds, claiming it would lead to further financial havoc for Americans.
The International Monetary Fund (IMF) has projected that France will drop out of the world’s top 10 economies by 2029 due to sluggish economic growth. The fund’s latest outlook predicts France’s contribution to global economic growth will decline, with its budget deficit remaining above 4% and public debt exceeding 115% of GDP. In contrast, the UK is expected to become the tenth largest economy while Türkiye is poised to take ninth place.
Following a major contraction in the wake of October 7 attacks, the Israeli economy is showing signs of recovery. Labor market data and credit card transactions indicate a rebound, despite ongoing fighting. The return of reservists and influx of foreign workers have helped alleviate labor shortages in some sectors, while construction remains impacted by the absence of Palestinian workers. The government’s budget deficit has increased significantly, but authorities maintain they have the capacity to manage it.
The New Jersey Motor Vehicle Commission (MVC) is facing a $50 million deficit for the 2025 fiscal year. Officials say fee increases may be necessary to close the gap. Rising operating costs and changes have contributed to the deficit. The MVC has relied on cost-saving measures in recent years to avoid passing costs to drivers. However, officials now say fee increases may be unavoidable.
