Business Briefs – July 8, 2019

U.S. Consumers Step Up Borrowing At Healthy Pace in May

WASHINGTON (AP) – U.S. consumers borrowed more on their credit cards in May and also took out more student and auto loans, a modest sign of economic health. The Federal Reserve says that consumer borrowing increased 5% that month, just below April’s 5.2% rise

Report: U.S. Government Faces Potential Default in Sept.

WASHINGTON (AP) – Lower than expected tax revenues now mean there is a “significant risk” that the federal government will run out of borrowing authority in the early part of September. That’s according to a new analysis by the Bipartisan Policy Center, a Washington think tank and advocacy group. The report adds urgency to Washington budget and debt talks that have yet to go anywhere. The group’s economic policy director says the main culprit is that tax revenues are persistently weaker than anticipated.

Poll: 1 in 4 Don’t Plan to Retire Despite Realities of Aging

CHICAGO (AP) – If you aren’t considering retiring any time soon — and maybe not at all — you aren’t alone. A new poll finds that nearly 1 in 4 Americans say they never plan to retire. The survey by The Associated Press-NORC Center for Public Affairs Research also finds that nearly 4 in 10 adults who are fully retired said they felt very or extremely prepared when they decided to leave the workforce for good.

Fuel Makers Launch Ad Criticizing Trump Ethanol Mandates

MADISON, Wis. (AP) – An association representing oil refineries has launched a TV ad in four swing states criticizing President Donald Trump’s moves to expand the use of ethanol in gasoline. The American Fuel and Petrochemical Manufacturers began running the ad statewide Monday in Michigan, Pennsylvania, Ohio and Wisconsin.