The Senate Banking Committee on Tuesday heard critiques of CFPB’s complaint database as well as arguments on the bureau’s regulation of the financial industry during a hearing on consumer finance regulations.In response to a question from committee Chairman Richard Shelby, R-Ala., regarding CFPB’s consumer complaint database, U.S. Chamber of Commerce Center for Capital Markets Competitiveness President and CEO David Hirschmann said that while airing consumer complaints is good, CFPB’s methodology of posting unverified complaints in a “naming and shaming approach” only creates more confusion for consumers who cannot know which complaints are true.George Mason University School of Law’s Todd Zywicki criticized the Dodd-Frank Durbin Amendment for targeting debit cards, which he noted are not a product that contributed to the financial crisis, and for creating savings for retailers that are not being passed on to consumers. In response to a question from Shelby, Zywicki said cost-benefit analysis is the single most important thing a regulator can do to ensure credit availability while promoting competition, consumer choice, and transparency. continue reading » 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
iPhone SE 2021 (not the official name) will not be launched in the first half of next year as was expected by the industry, analyst Ming-Chi Kuo has shared. The highly popular iPhone SE (2020) that brought great performance at a relatively budget-friendly price had fans looking forward to a 2021 model. However, an alleged report by Kuo states that there may not be a new iPhone SE in the first half of 2021. The report states that there is stiff competition between four Apple suppliers for the anticipated iPhone 13’s cameras that might hinder the production of a new iPhone SE.According to a report by MyFixGuide citing Apple analyst Ming-Chi Kuo, there will not be an iPhone SE in the first half of 2021. iPhone SE (2020) was released in April this year with internal hardware of the iPhone 11 in the body of an iPhone 8, with a few differences. It is the cheapest iPhone model available and became quite popular among the masses upon launch. Fans who were expecting a 2021 version of the iPhone SE in the first half of next year may have to wait longer.- Advertisement – The report states that Kuo believes the market underestimates the impact of the competition being faced by Taiwan’s Genius Electronic Optical (GSEO), a company that provides camera hardware to Apple. There seems to be three other players – Largan Precision, Semco (Samsung Electro-mechanics), and a new firm named Sunny Optical. It is believed that due to this competition, Apple’s production plans for the iPhone SE 2021 model will be hindered.The report further adds that GSEO might lose orders for the ultra-wide-angle lens in the yet-unannounced iPhone 13 due to the competition. It is being estimated that while GSEO fulfilled 50 percent orders of the ultra-wide lens for iPhone 12, that number may come down to 30 percent for iPhone 13.As of now, Apple has not shared any information on iPhone SE 2021 or iPhone 13.- Advertisement – – Advertisement – Are iPhone 12 mini, HomePod mini the Perfect Apple Devices for India? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.
In-house advisors In the Eastern Cape, for example, a number of municipalities had donated buildings and paid for rent so that Seda centres could be set up there. Lupuwana said the key to widening the agency’s support on a limited budget would be the partnerships it could forge with key partners such as provincial and local governments. Briefing a National Council of Provinces committee in Cape Town this week, Seda CEO Hlonela Lupuwana said that out of those, 46 695 clients’ needs were assessed and 14 373 were helped. Last week, a group of 25 Seda business advisers embarked on a seven-day visit to Taiwan, where they were expected to gather more diagnostic skills and training on helping business owners. Another group of 25 advisers were expected to visit Brazil later this year, Lupuwana said, adding that the visits were a cost-effective way of supporting advisers as Seda only had to pay for “minor expenses”. Lupuwana said a random survey of 902 clients had shown that 80% of clients found that Seda’s assistance had a positive effect on their business. This support had come amid limited resources, and despite a six-month moratorium on the provision of all services by the agency to small enterprises. 22 October 2009 The Seda technology programme assisted 835 small businesses with a total turnover of R129-million, through its network of 27 incubators, and also helped to create 224 new small enterprises, Lupuwana said. Forging partnerships The limited budget – the agency received R331.2-million for 2009/10 – was a “major problem” in terms of meeting the agency’s targets. South Africa’s Small Enterprise Development Agency helped over 14 000 clients with services ranging from business planning and registrations to cooperatives support and access to markets in 2008/09. Its Community Private Public Partnership programme, which offers support to co-operatives and community-owned projects, has also been revived. In all, 199 830 potential and existing small businesses accessed the agency’s services through its 42 branches countrywide, an increase of 7.3% over the previous year. Seda had decided to limit the use of consultants to the supply of more technical services, and to 20% of all services offered by Seda, with the remainder being offered by in-house advisors, Lupuwana said. Source: BuaNews
Essential Reading! Get my 3rd book: Eat Their Lunch “The first ever playbook for B2B salespeople on how to win clients and customers who are already being serviced by your competition.” Buy Now Success is an auditor. It measures the precursors to success to determine who gets to obtain it—and for how long. It is quite often that people misunderstand what success is measuring, mistaking luck and circumstances, things outside of their control with the things that are within their control.Talent: Some believe that talent is what is necessary for success. While ability is helpful, it doesn’t seem to weigh very heavily in success’s ultimate analysis. Countless people waste their talents, and in doing so, never achieve what their ability might make possible.Hard Work: Others believe hard work is the key to success. Success values hard work and rejects anything less. Hard work carries a lot of weight, but success finds it necessary but not sufficient. By itself, hard work is not enough.Resourcefulness: Of all the human attributes, this is the linchpin. It is creativity in action. It allows one to solve problems and adjust their strategies and tactics. When plan A fails, resourcefulness gets you through the rest of the alphabet. Sadly, ingenuity is not always enough by itself, even though success demands it of you.Pluck: The word indicates a sort of determined courage. It’s an indication of one’s spirit, that indescribable attribute that you recognize when you see it. If you want to get success’s attention, your big, bold goals and the courage to pursue them might be enough to draw its eye. Your courage matters, but you need something more.Luck: The very nature of luck prevents you from being able to command good luck somehow. Being born with talent is mostly luck. Being born with resources is also luck. If there were a way to will good luck, taking a lot of shots would rank among the best strategies, but success may smile on you for a minute, but luck isn’t sustainable.Success Values Persistence MostSuccess seems to value persistence with a weight more significant than most other factors. It seems to favor those who are willing to keep going when others quit. It also seems to require your persistence to be deployed as the natural response to missteps, mistakes, and setbacks. It’s a test to see whether you are prepared to pay the price in full and in advance for what you say you want.Persistence is used to sort out all the dabblers, dreamers, and do-nothings, those who talk a big game but play a small one. It is used to challenge those with the talent to reach their full potential, judging their persistence by their willingness to excel when they could easily coast.So you worked hard for weeks. Congratulations. The ability to persistently and doggedly work hard over an extended period is evidence of your willingness to grind it out and persist. Believing you have paid the price and deserve your success is evidence that you haven’t paid the price.You’ve been resourceful. You have been willing to figure things out, and you are moving closer to your goal. Success will see this as evidence that you are ready to give up what you wished worked for something better and reward you, but not the first time you adjust your approach. Success is not that easily impressed.You’re plucky. When you have crashed into adversity, you were not dissuaded. Your courage will be rewarded. Eventually, anyway.Luck isn’t quickly or often rewarded by itself. It is fleeting, and as far as success is concerned, it will carry some weight, but not if you aren’t ticking all the other boxes above. Success is happy to crown a few one-hit wonders, but luck doesn’t provide for much more than that.If you want success, whatever that means to you, you are going to have to persist, longer than you want, and longer than seems reasonable. You are going to have to keep going when you want to give up, and when others tell you it’s time to quit, something they would have already done, were they you. Your persistence separates you from those who want something without being willing to pay the price in full and advance.The secret is that there are no secrets. Just keep going.
On Tuesday, on the Barstool Sports network on SiriusXM, Connor called Kim “fine as hell” along with more vulgar sexual comments, then said “the countdown is on” until Kim’s 18th birthday.Connor apologized on Twitter, calling his comments “inappropriate.”FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSLillard, Anthony lead Blazers over ThunderSPORTSMalditas save PH from shutoutBarstool Sports founder Dave Portnoy, without referring directly to Connor, said on Twitter that his network sometimes misses the mark with humor, but “crybabies” will not dictate its actions.Kim, of Torrance, California, won gold in Women’s Halfpipe Tuesday at the Olympics in Pyeongchang, South Korea. Typhoon Kammuri accelerates, gains strength en route to PH AFP official booed out of forum MOST READ LATEST STORIES Akari-Adamson clips Gamboa-St. Clare for 3rd straight NEXT BLOCK ASIA 2.0 introduces GURUS AWARDS to recognize and reward industry influencers Slow and steady hope for near-extinct Bangladesh tortoises Don’t miss out on the latest news and information. Sports venues to be ready in time for SEA Games PLAY LIST 00:59Sports venues to be ready in time for SEA Games01:27Filipino athletes get grand send-off ahead of SEA Games00:50Trending Articles01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City John Lloyd Cruz a dashing guest at Vhong Navarro’s wedding 2 ‘newbie’ drug pushers fall in Lucena sting Globe Business launches leading cloud-enabled and hardware-agnostic conferencing platform in PH Read Next Brace for potentially devastating typhoon approaching PH – NDRRMC FILE – In this Tuesday, Feb. 13, 2018 file photo, Chloe Kim, of the United States, smiles during the women’s halfpipe finals at Phoenix Snow Park at the 2018 Winter Olympics in Pyeongchang, South Korea. A San Francisco Bay Area radio station has fired one of its hosts, Patrick Connor, after he made sexual comments about 17-year-old Olympic snowboarder Kim on another station. Program director Jeremiah Crowe of KNBR-AM, where Connor hosted “The Shower Hour,” confirmed the firing Wednesday, Feb. 14, 2018, for NBC Bay Area. (AP Photo/Lee Jin-man, File)SAN FRANCISCO — A San Francisco Bay Area radio station has fired one of its hosts for sexual comments he made about 17-year-old Olympic snowboarder Chloe Kim on another station.Program director Jeremiah Crowe of KNBR-AM said in a statement Wednesday that host Patrick Connor has been fired.ADVERTISEMENT View comments
DA eyes importing ‘galunggong’ anew PH underwater hockey team aims to make waves in SEA Games PLAY LIST 02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss Griffin, 45, was the Cavaliers GM from 2014 to 2017, during which LeBron James returned from Miami to Cleveland and the Cavs won an NBA title. But his contract was not renewed after the 2016-17 season and James joined the Los Angele Lakers in free agency a year later.Harris, 56, spent nearly two decades with Milwaukee’s front office, starting in scouting and working his way up to general manager from 2003 to 2007. He has been with the Warriors since 2008.Langdon is a former Duke and NBA player who also played professionally in Europe. The 42-year-old has served as Nets assistant GM since 2016 and has helped rebuild Brooklyn into a squad that entered Thursday’s games on the cusp of qualifying for the Eastern Conference playoffs.Rosas, a native of Colombia, has more than a decade of NBA front office experience, primarily with the Houston Rockets and also has worked with USA Basketball as an international player scout.Sheppard stepped into his current interim post this week after the Wizards’ fired Ernie Grunfeld, and it is unclear how the 50-year-old’s potential for advancement with his current team could affect his interest in joining the Pelicans.ADVERTISEMENT FILE – In this Feb. 23, 2019, file photo, New Orleans Pelicans interim general manager Danny Ferry, left, and coach Alvin Gentry watch players warm up for the team’s NBA basketball game against the Los Angeles Lakers in New Orleans. A person familiar with the process says the Pelicans have begun interviewing candidates to become the club’s new general manager. The person says the list of candidates includes Ferry, as well as former Cleveland Cavaliers general manager David Griffin, Golden State assistant GM Larry Harris, Brooklyn Nets assistant GM Trajan Langon, Houston Rockets assistant GM Gersson Rosas and interim Washington president of basketball operations Tommy Sheppard. (AP Photo/Matthew Hinton, File)NEW ORLEANS— The New Orleans Pelicans began interviewing candidates to become the club’s new general manager on Thursday, a person familiar with the process said.The list of candidates includes current Pelicans interim general manager Danny Ferry, as well as former Cleveland Cavaliers general manager David Griffin, Golden State assistant GM Larry Harris, Brooklyn Nets assistant GM Trajan Langon, Houston Rockets assistant GM Gersson Rosas and interim Washington president of basketball operations Tommy Sheppard, the person told The Associated Press.ADVERTISEMENT Sports Related Videospowered by AdSparcRead Next The person spoke to the AP on condition of anonymity because the club has not announced any candidates to fill the job that opened when ninth-year GM Dell Demps was fired amid the fallout from All-Star Anthony Davis’ trade request.New Orleans’ next GM is expected to oversee a Davis trade — which could take place as early as this offseason — that has the potential to set the course of the franchise for years to come. That person also could decide the fate of coach Alvin Gentry.FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSPalace wants Cayetano’s PHISGOC Foundation probed over corruption chargesSPORTSSingapore latest to raise issue on SEA Games food, logisticsThe Pelicans’ record is 32-47, and they will miss the playoffs for the third time in four years.Ferry, who was serving as a Pelicans front office consultant the past three seasons, was tapped to fill in for Demps for at least the rest of this season. The 52-year-old has been a general manager twice before with Cleveland and Atlanta. He also worked in San Antonio’s front office. He built a playoff team in Atlanta, but was bought out in 2015 amid controversy when a recording of him speaking derisively about a player’s African ancestry was made public. Ferry, a former Duke and NBA player, has maintained he was reading from someone else’s scouting report when the recording was made. Cayetano: Senate, Drilon to be blamed for SEA Games mess LATEST STORIES Hontiveros presses for security audit of national power grid Panelo: Duterte ‘angry’ with SEA Games hosting hassles Philippine Arena Interchange inaugurated MOST READ SEA Games hosting troubles anger Duterte View comments Duterte wants probe of SEA Games mess Private companies step in to help SEA Games hosting Don’t miss out on the latest news and information. Bucks clinch top seed in the East with win over 76ers
LOS ANGELES — It took the Los Angeles Clippers a while to get going against a team with nothing left to play for this season.Eventually, they found some separation in the fourth quarter and went on to a 105-95 victory over the Brooklyn Nets on Feb. 29.Jamal Crawford scored 26 points off the bench, Chris Paul had 23 points and 12 assists and J.J. Redick added 19 points for the Clippers, who have won consecutive games for the first time since Feb. 5-8 when they won three in a row on the road.“I got in a pretty good rhythm,” Crawford said. “We just see what’s working for us on a particular night. I have the easy part of just shooting. Those guys are drawing up plays and getting open, so credit to them as well.”Brook Lopez had 25 points and 10 rebounds for Brooklyn, which was going for its first three-game winning streak of the season. Instead, the Nets lost their fifth straight to the Clippers at Staples Center.“They trust one another and know exactly where they’re going to be on the floor at all times offensively and defensively, and that’s something we want to work toward,” Lopez said. “It’s our job to continue building that trust and belief.”Crawford carried the Clippers in the fourth, which began with them clinging to a two-point lead. He helped them open their first double-digit lead of the game on a jumper that made it 97-86.“What I remember is Jamal Crawford, one-on-one, jump shot goes in. You see the pick and roll with DeAndre (Jordan) and Chris Paul and the lob-dunk goes in,” interim Nets coach Tony Brown said.“They’ve been playing well together since losing some of their key guys. There was just not enough defensively that we could take away from a lot of their scorers at the end.”Twice in a row, Paul fed Jordan, who converted alley-oops into monster jams. They teamed up again for the same play on the Clippers’ final basket. Jordan had 10 points and 10 rebounds.The Clippers’ defense got stops, too, and the Nets twice turned the ball over on offensive fouls.“When you are playing a team that is out of the playoffs, if you don’t make it really hard for them, then they are going to have fun,” Clippers coach Doc Rivers said.“That is how they played. To make those teams go away, you have to make it a hard night for them defensively. We did it down the stretch, but we didn’t do it all game.”Brooklyn outscored the Clippers 16-4, including seven points by Bojan Bogdanovic, to lead by six late in the third. Los Angeles answered by scoring the final eight points to take an 81-79 lead into the fourth after Crawford’s pull-up jumper beat the buzzer. Bogdanovic finished with 19 points.The Clippers trailed by eight to start the game and found themselves in a back-and-forth throughout the first half. Neither team led by more than eight, and there were 12 ties and nine lead changes.Led by seven points from Paul, the Clippers closed on a 15-6 run to lead 52-46 at the break.(BETH HARRIS, AP Sports Writer) TweetPinShare0 Shares
Napoli coach Carlo Ancelotti has threatened to lead his team off the pitch the next time one of his players is subject to continued racist abuse.Ancelotti asked several times for Napoli’s match at Inter Milan to be halted on Wednesday after racist chanting. Announcements were made on the stadium tannoy system warning fans that would happen but no further action was taken.”We asked three times for the match to be halted because of racist chants,” Ancelotti said. “Announcements were made but the match continued. Next time we’ll stop the match by leaving the pitch, even if that means maybe forfeiting the match.”Ancelotti believes the inaction by officials led to the dismissal of defender Kalidou Koulibaly 10 minutes from time.The Senegal international, who had had monkey noises directed at him throughout the Serie A game, received two yellow cards in quick succession, the second for sarcastically applauding the referee after being shown the first. Kalidou Koulibaly had monkey noises directed at him throughout Inter Milan vs Napoli by Inter fans. (AP Photo)”Koulibaly was agitated and nervous, which is normal,” Ancelotti said. “It’s not good for us and it’s not good for Italian football.”Napoli went on to lose the match 1-0 after Lautaro Martinez netted a stoppage-time winner for Inter.Koulibaly posted on Twitter of his pride of being born in France to Senegalese parents.”I’m sorry about the defeat and especially to have left my brothers! But I am proud of the color of my skin. Of being French, Senegalese, Neapolitan: a man,” he wrote.advertisementMi dispiace la sconfitta e sopratutto avere lasciato i miei fratelli!Però sono orgoglioso del colore della mia pelle. Di essere francese, senegalese, napoletano: uomo.#InterNapoli 1-0#KK26 #famiglia#ForzaNapoliSempre#DifendoLaCittà pic.twitter.com/f9q0KYggcwKoulibaly Kalidou (@kkoulibaly26) December 26, 2018It is the latest incident of racism to blight Italian football.Sulley Muntari walked off the field during a Serie A game in April 2017 in response to racial abuse. The Pescara midfielder was infuriated after unsuccessfully trying to get the referee to halt the game at Cagliari.Also Read | Chelsea fans under scanner for anti-Semitic chants during Europa League match vs VidiAlso Read | Chelsea ban fans over alleged racial abuse of Manchester City forward Raheem SterlingAlso Read | Tottenham fan throws banana peel on Arsenal’s Aubameyang, gets arrestedAlso See:
CALGARY – Shaw Communications Inc. said Thursday that 25 per cent of its workforce had chosen to accept a voluntary buyout, although it was targeting just 10 per cent. The buyouts were offered as part of its Total Business Transformation plan unveiled Jan. 30.Here’s a by-the-numbers look at some of the transformations that have shaken the company since it enrolled its first cable TV customer in Edmonton 47 years ago:3,300: The number of Shaw employees who have decided to take a voluntary buyout package.650: The number of employees who were expected to take a buyout, based on 10 per cent of the 6,500 eligible employees.1,700: The number of Shaw employees impacted by a corporate restructuring that concluded in 2015.200: The reduction in employees due to a restructuring in 2016 after Shaw bought Freedom Mobile (formerly Wind Mobile) and sold Shaw Media Inc.$2.3 billion: The price Shaw received for its ViaWest unit, a Denver-based computer centre operator, in August 2017.$2.65 billion: The price paid by Corus Entertainment Inc. to buy Shaw Media Inc. in April 2016.$1.6 billion: The purchase price Shaw paid for Wind Mobile in a deal completed in March 2016.10,000: The number of cable TV customers Shaw, then called Capital Cable TV, connected in its first year after starting up in Edmonton in 1971.3.2 million: The number of customers now served by Shaw Communications, including 1.9 million subscribers to Shaw internet and more than one-million Shaw home phone customers.$1.25 billion: Revenue reported by Shaw in its latest quarter ended Nov. 30, 2017.79 per cent: The percentage of Class A voting shares held by the Shaw Family Living Trust, giving founder JR Shaw and his heirs firm control of the company.860,000: The number of kilometres of fibre cable Shaw has installed across Canada.
WASHINGTON – The combined effect of President Donald Trump’s tax cuts and last month’s budget-busting spending bill is sending the federal deficit toward the $1 trillion mark next year, according to a new analysis by the Congressional Budget Office.The CBO report says the nation’s $21 trillion debt would spike to more than $33 trillion in 10 years, with debt held by investors spiking to levels that would come close to equaling the size of the economy, reaching levels that many economists fear could spark a debt crisis.Republicans once laced into President Barack Obama for trillion-dollar-plus deficits but mostly fell quiet on Monday’s news.CBO says economic growth from the tax cuts will add 0.7 per cent on average to the nation’s economic output over the coming decade. Those effects will only partially offset the deficit cost of the tax cuts. The administration had promised the cuts would pay for themselves.Instead, Monday’s report estimates that the GOP tax bill, which is Republican-controlled Washington’s signature accomplishment under Trump, will add $1.8 trillion to the deficit over the coming decade, even after its positive effects on the economy are factored in.The economic growth promises to drop the nationwide unemployment rate below 4 per cent starting this year, CBO predicts, though interest rates would rise more rapidly than the agency had earlier predicted, countering some of the positive economic impact of the tax cuts.The report paints an unrelentingly bleak picture of the federal deficit, predicting it will hit $804 billion this year, rise to just under $1 trillion for the upcoming budget year and permanently breach the $1 trillion mark in 2020 unless Congress stems the burst of red ink.The government would borrow about 19 cents of every dollar it spends this year. Deficits would grow to $1.5 trillion by 2028 — and could exceed $2 trillion if the tax cuts are fully extended and if Washington doesn’t cut spending.“Such high and rising debt would have serious negative consequences for the budget and the nation,” said CBO Director Keith Hall. “In particular, the likelihood of a fiscal crisis in the United States would increase.”Republicans controlling Washington have largely lost interest in taking on the deficit, an issue that has fallen in prominence in recent years. Trump has ruled out cuts to Social Security and Medicare, and Capitol Hill Republicans have failed to take steps against the deficit since Trump took office.But if warnings of a future fiscal crisis turn out to be true, lawmakers might be forced to take painful steps, Hall warned, that would be more draconian than if they tackled the deficit now.With conservatives complaining about the $1.3 trillion catchall spending bill — which blew through previous budget limits by $300 billion over this year and next — House GOP leaders have scheduled a vote this week on a proposed amendment to the Constitution to require a balanced federal budget. The vote is sure to fall well short of the two-thirds required to pass and is being rushed to a vote without hearings or committee debate.“The CBO’s latest report exposes the scam behind the rosy rhetoric from Republicans that their tax bill would pay for itself,” said top Senate Democrat Chuck Schumer of New York. “The American people deserve a Congress that is focused squarely on helping the middle class, not patronizing Kabuki theatre — like sham ‘balanced budget’ votes — from Republicans who blew up the deficit to benefit wealthy special interests.”The White House is also likely to propose rolling back some of the spending increases in the government-wide funding bill, targeting domestic programs backed by Democrats, but the idea isn’t gaining much traction on Capitol Hill.“It’s going nowhere,” said Sen. Lindsey Graham, R-S.C. “We made a deal.”Republicans are unlikely to pass even a nonbinding budget blueprint, instead opting to take a pause in the heat of election season.“Without question, we have challenging work ahead,” said House Budget Committee Chairman Steve Womack, R-Ark., who promised he will be “working with my colleagues in the days ahead to craft a responsible budget plan.”Many economists believe that if deficits continue to rise and the national debt grows, government borrowing will “crowd out” private lending and force up interest rates. And if interest rates go up, the government will have to pay much more to finance the more than $14 trillion in Treasury debt held by investors.Last year’s deficit registered $665 billion, which was well below the record $1.4 trillion posted during Obama’s first year in office, when the Great Recession led to plunging revenues and a spike in spending. The deficit settled below $500 million for part of Obama’s second term but has steadily risen since then.The new report predicts the economy will grow by 3.3 per cent this year but that gross domestic product growth will drop to 1.8 per cent by 2020. It warns that interest rates on government borrowing will spike, with the benchmark 10-year Treasury note, currently yielding 2.8 per cent, will average a 3.0 per cent interest rate this year and 3.7 per cent next year.“We expect interest rates to accelerate faster,” said CBO’s Hall.