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Wednesday’s business headlines

Wednesday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Wednesday’s business headlines with Jane King.

Federal deficit projected to double this year

The federal deficit is projected to roughly double this year, as bigger interest payments and lower tax receipts widen the nation’s spending imbalance.

Even though the economy is growing, it’s not growing fast enough to make up for the government’s record spending in the past few years.

The Committee for a Responsible Federal Budget predicts the deficit will be $2 trillion this month.

Gas prices hit highest seasonal level in a decade

U.S. gas prices this week hit the highest seasonal levels in more than 10 years.

Oil prices jumped as Saudi Arabia and Russia said they will pump less oil.

Triple AAA pegged the average price of a gallon of regular gasoline at $3.81 on Tuesday — the highest post-Labor Day price since 2012.

In Indianapolis, AAA says the current average is around $3.59 a gallon.

Some fall flights cheaper than 2019 prices

End-of-summer airfare discounts are in full swing, with students back in school and more workers back in the office. It’s the latest signal that flight pricing might be returning to normal.

An analysis from the travel app Hopper found that the cheapest fares heading into the fall are cheaper than in recent years. Fall fares are down 9% from last year and 10% from 2019 prices.

Instagram launches new safety features

Instagram has new back-to-school safety features for parents and kids.

Dayna Geldwert, head of global policy programs at Instagram, says one of those is parental supervision.

“Once it’s enabled, parents can set daily time limits for their teens. They can also schedule block hours for when they don’t want their teen to have access to the app,” Geldwert said.

Other features include quiet mode, where the teen won’t get notifications, and a restrict mode where you can ignore bullies without them knowing you have restricted them.

Hallmark, Venmo partner for new cards

The partnership means people can now send a physical gift card loaded with money will allow ou can send a physical gift card loaded with money.

People will be able to choose cards from different ranges, such as birthday, congrats, wedding, holiday, and everyday cards. They can then scan the QR code inside the card, add the amount they want to gift, write a note, and send it.