Sep 29, 2018

Italy's budget proposal sparks fears of financial collapse

Italian Deputy Prime Minister Luigi Di Maio speaks to reporters after unveiling a new budget proposal. Photo: Antonio Masiello via Getty Images

Italy's populist government unveiled a draft budget Friday that includes tax cuts and a guaranteed "citizens income" for the poor, raising its annual budget deficit to 2.4% of its GDP and renewing fears in the European Union of a Greece-like debt crisis, reports the Financial Times.

The big picture: The budget must be approved by the European Commission, which asks all EU member states to bring down their overall debt to 60% of GDP. Italy's debt, which is second in Europe only to Greece, currently sits at 130% and is expected to rise. A budget veto by the Commission could spark a political fight ahead of next year's European Parliament elections, which are already expected to pit the center-right establishment and against surging right-wing populists.

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Minnesota activates National Guard amid fallout from George Floyd death

A portrait of George Floyd hangs on a street light pole in Minneapolis. Photo: Stephen Maturen/Getty Images

George Floyd, 46, moved to Minnesota to improve his life and become his "best self," but instead, he is dead because of Minneapolis police.

The latest: Minnesota Gov. Tim Walz declared a state of emergency and activated the state's National Guard in response to violent clashes over the past two days between police and protesters in the Twin Cities.

Trump signs executive order targeting protections for social media platforms

President Trump signed an executive order on Thursday designed to limit the legal protections that shield social media companies from liability for the content users post on their platforms.

What they're saying: "Currently, social media giants like Twitter receive an unprecedented liability shield based on the theory that they are a neutral platform, which they are not," Trump said in the Oval Office. "We are fed up with it. It is unfair, and it's been very unfair."