Relief checks live updates: 2023 tax season, debt ceiling, cuts to Social

Hello and welcome to AS USA’s live blog on inflation relief and other financial news

On Thursday the US Treasury has begun to take “extraordinary measures” as the country reaches the debt limit, after which it is unable to borrow to make payments to programs like Social Security. The actions taken by Secretary Janet Yellen buy Congress time to reach an agreement on an increase or suspension of the debt ceiling.

Inflation has been trending downward and so has employment. In January, inflation increased by 0.1 percent, bringing the year-over-year increase in prices to 6.5 percent. While prices are not falling, they are not increasing at the same rates they were in mid-2022. On the employment side, the rate of those without work fell to 3.5 percent in December, an additional indicator that the labor market remains tight.

Most states have stopped issuing payments to support residents through this inflationary period. However, we will bring you the latest on that front and all the other major news from Washington to Wall Street.