Business Report: Debt in DC and NJ, film industry prospers, early holiday shopping deals

If Congress doesn’t raise the borrowing limit, the United States could default on its debt

We’re taking stock of mountains of debt, both on the state and federal level and the politics around it. We’ll start in Washington, where Congress has two weeks to raise the debt ceiling. If the borrowing limit isn’t raised, the U.S. could default on its debt. Amid political wrangling on Capitol Hill, President Biden on Monday urged Congress to take action and warned that financial market worries over the debt ceiling could impact a lot of people.

Meantime in New Jersey, the Murphy administration and state lawmakers earlier this year agreed to put billions of dollars into a special fund to be used to pay down some of the state’s outstanding debt. But so far, none of that money has been used for debt repayment. Check out the full story here.

It looks like a COVID-19-related slowdown was just a blip for New Jersey’s film industry. State officials estimate that more than $500 million will be spent for television, film and other media production in the state this year.

At least two major retailers are already rolling out shopping discounts well ahead of the holiday shopping season. Amazon Monday announced it started offering Black Friday-worthy deals, and this weekend, Target is also kicking off promotional deals. Retailers are facing supply-chain issues, so they’re urging customers to shop early this year to make sure gifts arrive on time.

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