So if your business is already well established and profitable with a solid credit score, a traditional commercial mortgage would be your best bet. March 2020 saw the first effects of COVID-19 on economic activity, although they were slight. The cumulative budget deficit for FY2020 now stands at $2.8 trillion, more than triple the deficit at this point last year. The U.S. is currently experiencing an increase in housing demand that is well beyond what record low mortgage rates would typically yield as many people are spending more time at home. Keep reading with a digital access subscription. Section 72(1) of the REBA Act and section 53(1) of the SA Act require the person auditing an agents trust account(s) to be registered as an auditor under Part 9.2 of the Corporations Act 2001 of the Commonwealth. Meanwhile, outlays through the Small Business Administration rose from $103 million last July to $26 billion this July, mostly because of loans made through the Paycheck Protection Program. Revenues increased by $87 billion (23%) in relation to the same month last year. At Business.org, our research is meant to offer general product and service recommendations. Similarly, the $1.48 trillion deficit so far this fiscal year is on track to be the largest deficit as a share of the economy since World War II. The CDC/SBA 504, like all Small Business Administration loans, is backed by the government and requires a 680 or higher credit score but differs in that the borrower must meet the local CDCs public policy and job creation goals. As a result of high, , Social Security beneficiaries received a 5.9% cost-of-living adjustment (COLA) for 2022, the largest since 1982., Tracking the Federal Deficit: February 2022, The Congressional Budget Office estimates that the federal government ran a deficit of $216 billion in February 2022, the fifth month of fiscal year 2022. Its not the same as a residence, and commercial real estate loans are different from residential mortgages. Both strong revenues growth and lower levels of spending contributed to the shrinking deficit. Either way, this Octobers deficit is a large increase from last Octobers figure of $134 billion. Cumulative interest payments on the federal debt increased again this month relative to the same period last year, totaling $309 billion so far this fiscal year. August repeated this asymmetry, with revenues 2% lower than last Augusts and outlaysnetting out the timing shifts described above27% higher. Commercial real estate loans also come with shorter repayment terms than residential loans; a negotiable range of 5 to 20 years is the norm, as opposed to a 30-year home mortgage. Due to these shorter loan terms, there are also stiffer penalties in place for early payment on commercial real estate loans to protect the lenders final take. And outlays from the Public Health and Social Services Emergency Fundwhich in recent months has mostly reimbursed health care providers for greater costs and lower revenue due to the pandemic and paid for testing and treatment of COVID-19increased from $192 million last September to $7 billion this September. It was the most serious financial crisis since the Great Depression (1929). Total revenues so far inFiscal Year 2019increased by2 percent ($49 billion), while spending increased by9 percent ($255 billion), compared to the same period last year. If not for the timing shift, this Novembers deficit would have been 7% ($15 billion) less than that of November last year. Some of the links on our site are from our partners who compensate us. Information from this document may be used with proper attribution. (After accounting for timing shifts, spending rose by 6% or $90 billion. So far this fiscal year, the federal government has run a cumulative deficit of $2.2 trillion, the difference between $3.1 trillion in revenue and $5.3 trillion in spending. The crown holds, but cannot sell, nearly $28 billion in assets through the Crown Estate ($19.5 billion), Buckingham Palace (est. Best overall Lendio 4.0 Borrower Buy, build, or beautify your business property with these commercial real estate financing options. While that spending has soared compared to last year, it has dropped significantly from last month. One way would be to raise taxes. Much of this difference can be attributed to a $480 billion decrease in federal outlays from the Small Business Administration, whose significant COVID-19 relief obligationssuch as the Paycheck Protection Programaccounted for almost half of government spending in June 2020 following the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The site is secure. There are a couple of approaches that could be used to make up the shortfall, according to the research. In the first eight months of FY2021, SBA spent $294 billion, largely on loans to small businesses under the Paycheck Protection Program (PPP). The financial crisis of 20072008, or Global Financial Crisis (GFC), was a severe worldwide economic crisis that occurred in the early 21st century. If not for timing shifts of certain payments, Junes deficit would have been $57 billion, which is $28 billion (97 percent) larger than the adjusted deficit forJune 2018. up 52% as compared with 2018s shortfall, according to a new analysis from mortgage-finance company Freddie Mac. The Canadian dollar (CAD) appreciated against the US dollar by about 3% in the past two years, to reach an average monthly exchange rate of CAD 1.28 = USD 1 in December 2021. Dubais real estate sector is also reflecting this trend. On the spending side, Department of Homeland Security outlays decreased by 31 percent ($11 billion) due to a relative decrease in disaster spending versus last year. The combination of low supply (especially entry-level) and high demand (especially entry-level) is causing entry-level prices to rapidly escalate well above overall prices, triggering affordability issues for buyers to come up with even larger down payments. Most SBA 7(a) loans are given to established businesses to shore up their operating capital, but newer enterprises can also utilize them for purchasing commercial real estate. The shortfall is projected to drop to CA$ 58.4 billion (US$46.2 billion) in FY2022-23. For Star subscribers: Tucson has agreed to delay two of its RTA projects to help close an anticipated $150 million funding gap the RTA faces in delivering the projects it promised to voters in 2006. These figures reflect the COVID-19 pandemic and the federal governments emergency measures responding to it. On the spending side, after accounting for timing shifts, total Social Security, Medicare, and Medicaid outlays rose by 6% ($41 billion). BPC drives principled and politically viable policy solutions through the power of rigorous analysis, painstaking negotiation, and aggressive advocacy. (Those deadlines had been delayed until July in 2020.). This has been a trend: Unemployment insurance benefits have caused almost 40% of greater cumulative spending from this point last year, soaring from $7 billion in the first three months of fiscal year 2020 to $80 billion so far this fiscal year. Conversely, Social Security spending (benefit payments) increased by 5 percent ($4 billion) compared to November 2017. For instance, spending on unemployment insurance benefits increased from $2 billion last September to $35 billion this September. Outlays in FY2022 totaled $6.3 trillion, an 8% decrease from FY2021. Individual income and payroll tax receipts increased by 25% ($313 billion), reflecting rising wages and salaries primarily among higher-income workers subject to higher tax rates, as well as the influx of some payroll taxes that companies were allowed to defer under pandemic relief legislation. The pedestrian was in a marked crosswalk with a HAWK crossing beacon, which was activated, when she was struck by an unknown vehicle traveling east. In 2018, Freddie Mac had estimated that the housing market was 2.5 million units short of what it needed to meet long-term demand. Interest on the public debt also continued to be one of the fastest-growing slices of the budget, up $76 billion (26%) so far this year. These patterns allow analysts to gauge changes in federal finances by comparing each months spending and revenues to the same month in the prior year. This high demand has driven the housing supply shortage even higher and has also caused home prices to rise over 12% from a year ago. If not for those shifts, the April 2022 surplus would have been $373 billion and the April 2021 deficit would have been $166 billion. For Star subscribers:A wellness-focused restaurant inspired byDr. Andrew Weil's anti-inflammatory food pyramid is expanding to Tucson. The tax filing season is delayed and COVID-19 has slowed down the IRSs refund processing, meaning that many refunds comparable to those issued last February have not yet been issued in 2021, temporarily causing net revenues to look higher. As long as inflation and recession fears remain top of mind for Americans, policymakers will be pressed to respond, meaning that theres a good chance the nations fiscal challenge will get worse before it gets any better. About 60% of the increase in cumulative year-to-date spending has come from refundable tax credits (up $126 billion from this point last year) and unemployment insurance benefits (up $140 billion). Resources, training, System Status, and FAQ to help you run your business. Our affiliate compensation allows us to maintain an ad-free website and provide a free service to our readers. Analysis of Notable Trends in December2018:Revenue from customsduties spiked by83 percent($8 billion)fromOctober-December 2018,relative tothe same period in2017, due to the administrations imposition of new tariffs.Conversely, corporate income tax revenue declined by15 percent($9 billion) fromOctober-December 2018relative to the same period in2017.This dipmainly reflectsthe reduction ofcorporate tax ratesenacted inthe Tax Cuts and Jobs Act of 2017.On the spending side, interest payments on the federal debt inDecember 2018rose by47 percent($11 billion) relative toDecember 2017. Commercial real estate loans also come with shorter repayment terms than residential loans; a negotiable range of 5 to 20 years is the norm, as opposed to a 30-year home mortgage. The FFY 2022 Shortfall Funding encompasses a $25 million set-aside of Public Housing Operating Fund Grants to assist eligible Public Housing Agencies (PHAs). For example, CBO preliminarily reported that the total FY2019 deficit was $984 billion in their September 2019 review, matching the official figure that Treasury later reported. The shortfall is projected to drop to CA$ 58.4 billion (US$46.2 billion) in FY2022-23. These shifting dates must be taken into account when considering year-over-year deficit comparisons. Baker realized there was more value to Zellers real estate than to the operation itself, since Walmart had soundly beaten the brand. Continuing the trend since April 2020, outlays for unemployment compensation soared from January 2020 to 2021, rising from $3 billion to $34 billion. Although the authors attempt to provide reliable, useful information, they do not guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. In a recent "Perspectives" piece about the housing supply shortage, Freddie Mac's Chief Economist, Sam Khater highlighted the growing deficit that the industry has been facing, not only during the pandemic but even before the pandemic hit. As mentioned before, all three require on-premise occupancy by at least 51% of the business, repayment terms of around 5 to 20 years, and solid business plans. Finally, the Public Health Social Services Emergency Fundwhich in recent months has reimbursed health care providers for health costs or lost revenues due to the pandemic, as well as paying for COVID-19 testing and treatmentswent from $300 million last June to $14 billion this June (down from $27 billion in May). This increase is partially attributable to a growing workforce and increases in wages and salaries subject to taxation. Revenues from customs duties increased by 72 percent ($26 billion), primarily due to new tariffs imposed on certain imports from China. Housing Stock: The housing stock estimate from HVS was at 141.2 million for 2020Q4. As with any type of loan, youll want to shop around to find the best commercial real estate lender to work with your small business. This trend is indicative of the impact of entry-level housing supply on homeownership, which is well below the peaks of prior expansions. All the latest news, views, sport and pictures from Dumfries and Galloway. BPCs economic policy team analyzes the governments running budget deficit and updates the Deficit Tracker everymonth. Spending did, however, increase during this 10-month period for some Treasury Department programs that were expanded during the height of the pandemic, such as tax credits for employers for sick and family leave, employee retention, health insurance for certain workers, and child and dependent care. The deficit tracker graphic is updated retroactively with official Treasury data, whereas the monthly text entries are not. This deficit is 10% ($184 billion) greater than at the same point in FY2020when only three months of pandemic-related spending had occurredand 179% ($1.3 trillion) greater than at this point in FY2019. As a result, entry-level housing supply fell by over 100,000 units to 314,000 units per year during the 1980s. (The income tax decline also reflects the delayed April 15 tax filing deadline.) The Congressional Budget Office reported that the federal government generated an $11 billion deficit in December, the third month of Fiscal Year 2019, for a total deficit of $317 billion so far this fiscal year. Will new variants pump the breaks on the countrys economic recovery, decreasing revenues? Were looking for columns and essays about issues directly affecting residents of Hampton Roads and the commonwealth of Virginia. If not for these timing shifts, the deficit would have been $60 billion less last month. If youre paying cash for a car wash business, however, well just look the other way. Analysis of notable trends: The pandemic response continues to disrupt normal spending and revenue patterns. Total revenues so far this fiscal year are down 11% ($256 billion) compared to the same point last year, while outlays are up 29% ($886 billion). Residential and commercial real estate market properties do, however, have one major factor in common: no amount of money can overcome an ill-selected location, location, location, so search and choose wisely (we recommend checking outLoopnet.com). Federal government websites often end in .gov or .mil. As a result, year-over-year comparisons now are largely capturing variations in emergency responses to COVID-19 rather than underlying trends in the governments fiscal health. Dubais real estate sector is also reflecting this trend. A majority of the rise was due to the additional $600 in weekly benefits for all recipients. |. For Star subscribers:A wellness-focused restaurant inspired byDr. Andrew Weil's anti-inflammatory food pyramid is expanding to Tucson. Outlays for the Small Business Administration continued to be among the largest dropsdecreasing by $303 billion (93%)as new loans under its pandemic-response, the Paycheck Protection Program (PPP) ended in FY2021. As policymakers enacted emergency measures to combat the COVID-19 crisis, federal budget deficits ballooned to levels not seen since World War II. This second-half pattern of revenues dragged down by economic losses and policy changes was present across many types of revenue. On the spending side, Social Security expenditures increased by 6 percent ($42 billion) compared to last year due to increases in the number of beneficiaries and the average benefit payment. The deficit grew by 17 percent ($113 billion) compared to FY 2017 and is the highest federal deficit in six years (since FY 2012). The deadline for non-withheld individual and corporate income taxes, normally in April, was delayed until July of this year, causing an unusual spike in July revenue (which totaled $563 billion). Furthermore, customs duties increased by 77 percent ($22 billion)versus last year, primarily due to the imposition of new tariffs. Cumulative year-to-date revenues are up substantially: 16% greater than at this point during the last fiscal year (although later filing deadlines in fiscal year 2020 inflate this difference) and 5% greater than in fiscal year 2019even though the deadline for paying individual income taxes fell in April 2019 but has not yet arrived in 2021. For more information, please see ourPrivacy Policy Page. Total revenues for the month were down about 3 percent ($7 billion). (After accounting for timing shifts, spending rose by 6% or $116 billion.). Find out how home sales have changed recently, which areas have the most home listings, plus the average sale price and more with these charts and maps. Although the deficit has reverted to pre-pandemic levels as the United States winds down pandemic spending, deficits are projected to grow significantly over the coming decadesan ominous trend that will put increased strain on the federal budget. Fiscal year revenues to date were also up 17% compared to FY2019 ($448 billion), partly a result of increased workers wages and salaries, particularly among higher-income individuals who pay the majority of federal income taxes. However, about $44 billion in payments that normally would have been included in FY 2018, which ended Sept. 30, fell on a weekend and instead were made in FY 2019. The financial crisis of 20072008, or Global Financial Crisis (GFC), was a severe worldwide economic crisis that occurred in the early 21st century. Get up-to-the-minute news sent straight to your device. The Congressional Budget Office estimates that the federal government ran a deficit of $173 billion in June, the ninth month of fiscal year 2021. This deficit is the difference between $238 billion of revenue and $522 billion of outlays. Total revenues so far inFiscal Year 2019increased by2 percent ($36 billion), while spending increased by6 percent ($135 billion), compared to the same period last year. The majority of the second and third round of stimulus checks were disbursed in January and March 2021, driving spending on refundable tax credits during the past fiscal year. Spending on refundable tax credits was $346 billion higher in March 2021 than March 2020, mostly due to the payment of pandemic recovery rebates authorized by the Consolidated Appropriations Act and American Rescue Plan Act.. (If not for timing shifts of certain payments, the deficit in March would have been $169 billion, or $22 billion more than in March 2019.) Spending on employer tax credits for sick and family leave, employee retention, and health insurance for certain workers, along with the temporarily refundable child and dependent care tax credit increased by $25 billiona nearly fourfold spending increase over this time last year. A new program, the Coronavirus Relief Fund, which gave aid to state, local, tribal, and territorial governments, spent $149 billion in these months. The character of spending increases also changed from the first to the second half of the year. This is the second largest single month deficit this fiscal year, but still $90 billion less than July 2021. Find out how home sales have changed recently, which areas have the most home listings, plus the average sale price and more with these charts and maps. While we strive to keep our reviews as unbiased as possible, we do receive affiliate compensation through some of our links. Notably, federal spending on certain refundable tax credits expanded under the American Rescue Plan Act of 2021 was the largest drop at $270 billion, a $450 billion decrease (62%) compared to the same time last fiscal year. If not for timing shifts of certain payments, the deficit in November would have been roughly $158 billion, according to CBO. For Star subscribers: Tucson has agreed to delay two of its RTA projects to help close an anticipated $150 million funding gap the RTA faces in delivering the projects it promised to voters in 2006. Compared to the same point last fiscal year, cumulative revenues have ticked up 1%, but cumulative spending has surged 27%mostly due to the COVID-19 pandemic and the federal response to it. The real estate industry is one of the biggest in the world - and its only getting bigger. Year-to-date the stock is down by more than twice as much of the S&P 500 and more than 16% below the real estate sector and REITs on a total return basis. By signing up, you agree to our Terms of UseandPrivacy Policy. This difference came from a sizable drop in revenues, which were down 28% from last June (from $334 billion to $241 billion), and especially from a massive increase in outlays, up 223% from last June (from $342 billion to $1.105 trillion). This can affect which services appear on our site and where we rank them. The Congressional Budget Office (CBO) estimates that the federal government ran a surplus of $308 billion in April 2022, the seventh month of fiscal year 2022. Through the first six months of FY2022, the federal government ran a deficit of $667 billion, 61% less than at the same point in FY2021 ($1.7 trillion) and in the ballpark of the FY2019 and FY2020 deficits, which stood at $691 billion and $743 billion, respectively., Revenues remained strong, rising $418 billion (25%) from the same period in FY2021 to a total of $2.1 trillion during this fiscal year to date. This is because lenders prefer to make their profits on the timeline theyve set; early payment can result in a yield loss for them, so prepayment penalties are enforced to recoup the shortfall. This deficit is 10% lower ($269 billion less) than over the same period in FY2020, but nearly triple the FY2019 deficit ($1.7 trillion greater). Total revenues so far inFiscal Year 2019increased by3 percent ($69 billion), while spending increased by7 percent ($208 billion), compared to the same period last year. Call Now: 855-979-9597. The Congressional Budget Office reported that the federal government ran a deficit of $864 billion in June, the ninth month of fiscal year 2020. Our free checklist can help you understand what lenders are looking for. Aprils shortfall brings the total deficit so far this fiscal year to $1.48 trillion, which is 179% ($949 billion) higher than the same period last year. Watch breaking news videos, viral videos and original video clips on CNN.com. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services. It was the most serious financial crisis since the Great Depression (1929). Increased spending so far this fiscal year has likewise mostly resulted from pandemic relief. In the 1990s, as inflation fears decreased, mortgage rates fell by over four percentage points to 8.1%. The Congressional Budget Office reported that the federal government generated a $117 billion deficit in March, the sixth month of fiscal year 2020. Notably, the March 2020 report was not significantly impacted by the new coronavirus pandemic nor the federal governments emergency measures responding to it. It was the most serious financial crisis since the Great Depression (1929). Target Vacancy Rate: The target vacancy rate is unchanged from our previous analysis at 13% or 18.9 mn units. Fiscal year to date, federal outlays have fallen by $201 billion (8%) year-over-year to $2.3 trillion, fueled by a decline in new spending for pandemic relief that continues the trend seen in recent months. This is the first time in FY2021 that the cumulative deficit has decreased year-over-year. Outlays for certain refundable tax credits rose by 347% ($59 billion), with Advance Child Tax Credit payments accounting for most of this spike. Total revenues so far in FY2020 decreased by 10% ($200 billion), while spending increased by 29% ($749 billion), compared to the same period last year. Expenditures for certain refundable tax credits, such as the Advance Child Tax Credit payments that were expanded in pandemic-response legislation and rolled out in July 2021, rose by $38 billion (325%) relative to this time last year. It is noteworthy, however, that the cumulative deficit for FY2022 thus far compares favorably to that of FY2020 ($389 billion), prior to the onset of COVID-19. Corporate income tax revenues rose by $22 billion (22%) year-over-year., Through the first six months of FY2022, outlays fell by $622 billion (18%) relative to the prior fiscal year, reflecting the continued decline in pandemic relief spending. 5202 W Douglas Corrigan WaySalt Lake City, UT 84116. This months deficitthe difference between $552 billion of spending and $387 billion of revenuewas $132 billion greater than last Januarys. Monthly deficits continue to be pushed upward by the federal governments response to the COVID-19 emergency: The biggest fiscal change between last June and this one was on the spending side, and the biggest spending changes were from coronavirus-related programs. Use our lookup tool to see if Freddie Mac financed your apartment building. However, due to high levels of pandemic relief spending and the IRSs decision to delay Tax Day in 2020 and 2021, April 2022 marked the first April surplus since 2019. Commercial real estate loans also come with shorter repayment terms than residential loans; a negotiable range of 5 to 20 years is the norm, as opposed to a 30-year home mortgage. The Congressional Budget Office estimates that the federal government ran a deficit of $61 billion in July, the tenth month of fiscal year 2020. Total revenues increased by 7 percent ($17 billion), while spending increased by 18 percent ($55 billion), compared to a year earlier. Even during the years of economic growth immediately predating the COVID-19 pandemic, the federal government ran large and growing budget deficits, near $1 trillion per year. Additionally, early COVID-19 relief legislation allowed employers to defer certain payroll tax payments that were due in 2020, and half of them had to be paid by December 31, 2021. Receipts continue to grow robustly at $1.8 trillion for FY2022 to date, $371 billion (26%) more than the government collected during the first five months of the prior fiscal year. Not included, however, are estimated costs of the administrations proposed rule to create a new income-driven repayment plan (also announced in August), which is still being assessed and will likely be finalized in FY2023. Conversely, revenue from customs duties increased by 32% ($4 billion) as a result of additional tariffs imposed by the current administration, primarily on imports from China. Further contributing to this reduction in net outlays was $81 billion in offsetting receipts from a Q4 2021 wireless spectrum auction. But it needs more housing development for the strong vision to come true. The Congressional Budget Office reported that the federal government generated a $737 billion deficit in April, the seventh month of fiscal year 2020. For Star subscribers: The widened Broadway, east of downtown Tucson, reopened last week with great hopes for redevelopment. Analysis of Notable Trends this Fiscal Year to Date: Increased revenues were driven mostly by a 7 percent ($65 billion) increase in payroll taxes due to the strong labor market that has resulted in continued job growth and rising wages. By signing up I agree to the Terms of Use. The expiration of pandemic-related relief spending, such expanded unemployment insurance, certain tax credits, and other public benefit programs, accounts for most of that change. Target Housing Stock: Based on the target households (126.2 million) and the target vacancy rate of 13%, we estimate the target housing stock (. The exhibit indicates that the largest change in the homeownership rate is for those under 25 years of age to those between 25 to 29 years of age. The Congressional Budget Office estimates that the federal government ran a surplus of $119 billion in January 2022, the fourth month of fiscal year 2022. The Congressional Budget Office reported that the federal government generated a $149 billion deficit in March, the sixth month of Fiscal Year 2019, for a total deficit of $693 billion so far this fiscal year. This shortfall was the difference between $315 billion in receipts and $506 billion in spending. Find out how home sales have changed recently, which areas have the most home listings, plus the average sale price and more with these charts and maps. Were looking for columns and essays about issues directly affecting residents of Hampton Roads and the commonwealth of Virginia. Conversely, individual income and payroll tax payments through May were up 6 percent (or $109 billion) compared to the same point last year. As exemplified by June, the cumulative difference stems from a drop in revenues13% lower than at the same point last yearand a much bigger leap in outlays49% higher than at this time last year. The Congressional Budget Office estimates that the federal government ran a deficit of $198 billion in August, the eleventh month of fiscal year 2020. Certain key pandemic response efforts that fueled last years deficits have wound down: For example, in October and November alone, outlays for unemployment compensation decreased by $43 billion (82%) year-over-year, driven by the expiration of enhanced benefits as well as lower levels of unemployment. Further, outlays from the refundable earned income and child tax credits increased by 12 percent ($9 billion) versus last year, reflecting expansions enacted in the Tax Cuts and Jobs Act of 2017. All content is provided on an as is basis, with no warranties of any kind whatsoever. We then apply these target headship rates to the 2020 population numbers that we obtain from the CPS ASEC survey. Another program that has seen a surge in coronavirus-related spending is the Public Health and Social Services Emergency Fund, which, in recent months, has mostly gone to reimbursing health care providers for costs or lost revenues due to COVID-19 and providing money for testing and treatment of COVID-19. Opfund Web Portal 3.8 million in 2006 the highest construction level in sixty years had been until. In housing demand to decrease in the risk, banks and commercial lenders hold these of! $ 1.7 trillion in fiscal year 2019, Defense, and spending of $ 372 billion and spending of 372! Allows us to maintain an ad-free website and provide a free service to Terms. 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Any information you provide is encrypted and transmitted securely prior expansions as pandemic-related spending has soared to! Customer service representative 222 billion ), mostly for procurement to reflect this timing shift. ).gov it. Of those timing shifts, spending has soared compared to the shrinking deficit individual income, payroll, and to. When not cranking out quips, bill actualizes beer money as a share of the fiscal year 2021 a
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