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The U.S. government is on track to spend more than $1 trillion on interest payments this year, surpassing military spending for the first time in history.Interest payments on the national debt (held by the public in the form of Treasury securities) will cost the government $1.2 trillion in the government's fiscal year ending in October, the Treasury Department said in a monthly report on the budget. Net interest outlays are the third costliest item in the budget behind Social Security and Medicare benefits.

Economists have grown increasingly concerned about the potential impact of those payments on the U.S. economy. Interest payments took up 2.4% of the entire U.S. gross domestic product in 2023, and The Congressional Budget Office estimates that could swell to 3.9% over the next 10 years.

Two major factors have driven those payments skyward. First, the government spent trillions to support households and the economy during the pandemic, paying for it by borrowing rather than raising taxes. Second, the Federal Reserve raised interest rates starting in 2022 to fight inflation, which pushed up how much the government owes for that debt.Although the Fed is set to gradually lower those interest rates starting next week, the pressure on the budget is likely to keep ratcheting up in the years to come.The results of the presidential election could have a major impact on the trajectory of the budget deficit. Both former President Donald Trump and Vice President Kamala Harris have proposed tax cuts and new spending that could push up the budget deficit. Harris has also proposed offsetting those new costs with tax increases on the wealthy and corporations. Trump has proposed heavy tariffs on foreign goods, but mainstream economists are skeptical those would bring in much revenue compared to the impact of the tax cuts.

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The Lagos State Government has sealed off a fast food restaurant owned by Nigerian socialite, Pascal Chibuike Okechukwu, popularly known as Cubana Chiefpriest.

This was disclo on Sunday by the state’s Commissioner for Environment, Tokunbo Wahab via his X account.

According to him, the decision to seal the business was due to the restaurant’s failure to adhere to several warnings issued regarding noise pollution and other environmental violations.

He went further to share a video of loud music emanating from the premises of the fast food restaurant which was shared by an anonymous resident.

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There was an apparent a§§a§§in@tion attempt on Republican presidential candidate Donald Trump on Sunday, September 15, while he was golfing at his course in West Palm Beach, Florida.

The FBI, which disclosed this in a statement on Sunday, said investigation is ongoing.

Secret Service agents spotted and fir£d on a g+nman in bushes near the property line of the golf course, a few hundred yards from where Trump was playing, law enforcement officials said.

The suspect left an AK-47-style a§§ault rifle and other items at the scene and fled in a vehicle but was later arrested.

This comes just two months after Trump was sh%t at a campaign rally in Pennsylvania, sustaining a minor injury to his right ear.

The suspect has been identified as Ryan Wesley Routh, 58, of Hawaii, according to CNN.

#Instablog9jaNews #Information #Awareness #StayUpdated

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The Nigerian National Petroleum Company Limited (NNPCL) has announced the estimated prices of Premium Motor Spirit (PMS), commonly known as petrol, to be sourced from the Dangote Refinery in September 2024.

The released pricing estimates forecast what Nigerians can expect to pay at NNPCL retail stations across different country regions.

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Housing market conditions are moving in favor of buyers as real estate experts see the home buying season shift away from a normally busy summertime into the fall.

With mortgage rates falling this year, the housing market may see more activity after facing a year of elevated mortgage rates and limited housing inventory. Easing borrowing costs may not only tempt buyers, but could potentially encourage more 'locked-in' homeowners to put their properties up for sale. 

Anticipated cuts to interest rates next week may drive down mortgage rates even further and more inventory coming to the market could have potential buyers busy house hunting in the coming months, Zillow reports.

“Affordability has improved substantially for homebuyers, and competition among them could extend into the fall instead of fading away as is typical at this time of year,” the report said. 

Several factors were moving in favor of homebuyers, starting with mortgage rates, which have moved low enough to make homeownership affordable again, the Zillow report found. After being over 7% in September of last year, mortgage rates have now dropped close to a full percentage point.

"Late summer may be an opportunity for buyers who have been waiting in the wings for a monthly mortgage payment they can qualify for," said Skylar Olsen, chief economist at Zillow.

Borrowing costs have fallen enough nationally to cut $100 from the typical monthly home payment, down from peak levels in May. Average payments are now less than one-third of the U.S. median household income, the report showed, meeting a widely-used definition of home affordability. 

Another positive sign for potential homebuyers is increased inventory, with 1.18 million homes now on the market—the most since September 2020. Also, 26% of the listings saw price cuts in August which was relatively high for the fall season, the Zillow report noted.

“More inventory is becoming available— enough to improve buyer negotiating power,” Olsen said.

There are opportunities for sellers too, as well-marketed houses were selling at a relatively quick pace of 20 days, almost a week faster than fall sales in the pre-pandemic era. And a third of home sales in July went for higher than the asking price, Zillow reported.

Zillow isn't the only organization tracking improvements in the housing market. A recent report from Realtor.com forecast that the week of Sept. 29 through Oct. 5 would be the best time to buy a house this year. 

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