Government debt and budget deficits are both set to spiral higher in the coming three decades if current patterns hold, according to new projections released by the Congressional Budget Office. Due largely to increases in Medicare and Social Security costs, the federal debt will reach 150 percent of GDP in 2047. Source: CNBC
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A U.S. warship carried out a “maneuvering drill” when it sailed within 12 nautical miles of an artificial island built up by China in the South China Sea, to show Beijing it was not entitled to a territorial sea around it, U.S. officials said on Thursday. Source Reuters
US President Donald Trump has once again urged NATO members to pay more, saying 2 percent of GDP was the miniumum. Earlier, EU officials seemed assured that Trump had reversed some of his criticism of the bloc. Source Deutsche Welle
A downturn in Greece’s property market deepened in the first quarter, as uncertainty over its bailout program and chronic weakness in its banking sector further eroded a traditional pillar of the country’s ailing economy. Source ekathimerini