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The US is expected to reach its debt limit today, according to Treasury Secretary Janet Yellen, but lawmakers have a few months to negotiate until the government defaults.
The debt ceiling is the maximum amount the federal government is able to borrow to finance obligations that lawmakers have approved.
The debt ceiling currently stands at $31.4 trillion and has been modified more than 100 times since World War II.
The Treasury Department will begin implementing extraordinary measures to delay a default and avoid a financial crisis.
How much revenue the government collects in tax revenue this spring will also be a factor in how long the country can go before default.
Yellen anticipates selling existing investments and suspending reinvestments of the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund. Also, she is suspending the reinvestment of a government securities fund of the Federal Employees Retirement System Thrift Savings Plan.
These funds are invested in special-issue Treasury securities, which count against the debt limit. Yellen’s actions would reduce the amount of outstanding debt subject to the limit and temporarily provide the agency with additional capacity to continue financing the federal government’s operations.
No retirees will be affected, and the funds will be made whole once the impasse ends.
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New Zealand Prime Minister Jacinda Ardern unexpectedly announced that she will resign within weeks, saying she doesn't believe she has the energy to seek reelection in the October polls.
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President Trump is eyeing a comeback.. to Facebook and Twitter.
Trump's campaign is formally petitioning Facebook’s parent company to unblock his account there after it was locked two years ago.
Speaking of bannouncements.. In a video released yesterday, Trump said that if he retakes the White House, he will ban Chinese nationals from buying US farmland or owning telecommunications, energy, technology and medical supplies companies.
Notables
Ukrainian President Volodymyr Zelensky today once again called upon Western allies and partners to send more weapons to Ukraine to help fight Russia. Zelensky's appeal comes as the US is set to finalize a massive $2.5 billion military aid package for Ukraine that includes a first shipment of Stryker combat vehicles, sources told CNN. The package is not expected to include tanks or the long-range missiles sought by Kyiv. US officials say the Biden administration also intends to provide $125 million in additional energy support for Ukraine. According to Zelensky, the additional weapons are crucial as Russia is likely to launch another series of drone attacks soon.
'Rust' shooting announcement expected
A decision on criminal charges over the deadly "Rust" film shooting is set to be announced today, prosecutors say. The2021 film set shooting resulted in the death of cinematographer Halyna Hutchins after she was struck by a live round of ammunition fired from a prop gun being held by actor Alec Baldwin. He maintains he did not pull the gun's trigger.
RR
Amid rising Covid-19 cases across the US, Florida Republican Gov. Ron DeSantis is pushing to permanently ban coronavirus vaccine and face mask mandates in his state.
DeSantis, a vocal Covid-19 skeptic, signed measures in 2021 that made Florida the first state in the country to threaten businesses with fines if they required workers to get a Covid-19 vaccine.
In addition to proposing permanent bans on mask and vaccine mandates, DeSantis also wants to prevent doctors from losing their medical licenses if they stake out positions that contradict medical consensus.
This comes as medical experts have noted a national decline in childhood vaccination numbers. Among several reasons, experts say misinformation and disinformation around Covid-19 vaccines may have seeded doubt in other vaccines.
AV
