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NEW YORK (AP) – U.S. stocks are higher in afternoon trading on Wall Street as energy companies rise with oil prices and technology and industrial companies bounce back from sharp losses yesterday. General Electric is jumping after it said it will shed its health care business and its majority stake in oil services company Baker Hughes over the next few years. Banks and other financial companies are down.
WASHINGTON (AP) – The Trump administration is pushing U.S. allies to cut their oil imports from Iran to zero by November. A senior State Department official says U.S. officials are visiting European and Asian countries to say they should completely eliminate their oil imports from Iran before Nov. 4. That’s when a grace period ends and sanctions on Iran’s energy sector kick back in, following the U.S. withdrawal from the Iran nuclear deal.
WASHINGTON (AP) – A budget scorekeeper for U.S. lawmakers projects that federal debt compared to the size of the economy will reach 78 percent this fiscal year, the highest level in nearly seven decades. The Congressional Budget Office predicts the debt will grow even as government revenue flattens out in the next few years. Keith Hall, the CBO’s director, says the prospect of large and growing debt poses substantial risks for the nation.
WASHINGTON (AP) – The Trump administration may deliver on its promise to reduce a commonly used tax form to postcard size, but it doesn’t shrink the workload for many Americans filing their taxes. A draft copy of the new 1040 income tax form obtained by The Associated Press shows that the form will be reduced from two full pages to one half-sized page. But the legwork to claim popular deductions has been moved off the main form to one of six accompanying worksheets. The new form is expected to be unveiled this week.
DETROIT (AP) – Toyota’s Lexus luxury brand is recalling about 121,000 cars worldwide because of fuel leaks in the engine that can cause fires. Toyota says a diaphragm material in the fuel injection system can harden over time and crack, allowing fuel to leak. The recall covers certain 2006 through 2013 IS350 cars, as well as the 2010 through 2014 IS350C, and the 2007 through 2011 GS350 and GS450h. All have 3.5-liter V6 gasoline engines. Most of the recalled cars are in the United States.