To avoid govt logjam, US strikes 2-yr budget deal to lift spending cap

The US Senate on Thursday reached a two-year budget deal to avert another government shutdown when federal funding is due to expire.The deal, agreed upon by both the Democratic and Republican leaders of the Senate, was immediately welcomed by the White House.Senate Majority Leader Mitch McConnell and Senate Minority Leader Charles Schumer announced the budget deal in the House."I am very pleased to announce that we have reached a two-year budget deal to lift the spending caps for defence and urgent domestic priorities far above current spending levels," Schumer said.He added that there were still a few final details to work out but all the principles of the agreement were in place.

Foxconn to set up $10-bn manufacturing unit in US to create 3k jobs: Trump

United States (US) President Donald Trump has said that Taiwanese tech giant Foxconn will setup a manufacturing unit in Wisconsin with an investment of $10 billion, which will create over 3,000 jobs for Americans.

The company is the largest manufacturer of iPhones for Apple.

"I'm pleased to announce that Foxconn, a world leader in manufacturing for computers, communications and consumer electronics... Will build a state-of-the-art manufacturing facility for the production of LCD panel products in Wisconsin, investing many, many billions of dollars right here in America and creating thousands of jobs, and I mean American jobs," Trump told reporters at the White House on Wednesday.

He was accompanied by Foxconn Chairman Terry Gou, Vice-President Mike Pence and House Speaker Paul Ryan.

He called Gou "one of the great businessmen anywhere in the world".

"I would see Terry, and I would say Terry, you have to give us one of these massive places you do great work with," he added.

The president said that Foxconn's initial investment of more than $10 billion will create 3,000 jobs at a minimum, with the potential for up to 13,000 jobs in the very near future.
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