Treasury Secretary Janet Yellen warned that the U.S. will reach its $31.4 trillion borrowing cap on Thursday.
The debt limit is the total amount of money the U.S. government is authorized to borrow. Once the limit is reached, the Treasury must take extraordinary measures, essentially accounting maneuvers, to prevent the U.S. from defaulting.
In a letter addressed to House Speaker Kevin McCarthy last week, Yellen warned that she’d be implementing two extraordinary measures to give lawmakers more time. However, extraordinary measures can only be used for a limited amount of time.
“It is therefore critical that Congress act in a timely manner to increase or suspend the debt limit,” Yellen wrote. ”Failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability.”
Republicans and Democrats are at odds over how to handle the debt ceiling.
McCarthy told President Joe Biden that Republicans would temporarily raise the debt ceiling in exchange for a spending cap. The Speaker asked to meet with lawmakers to begin negotiations.
“I would like to sit down with all the leaders and especially the president and start having discussions,” McCarthy told reporters Tuesday.
But, White House Press Secretary Karine Jean-Pierre said Biden was not interested in this sort of negotiation..
“As President Biden has made clear, Congress must deal with the debt limit and must do so without conditions,” the Press Secretary told reporters.
Wealthfront’s CFO Alan Iberman talks the $2.05B IPO and the major moment for robo banking as the company bets on AI, automation, and “self-driving money."
A rare magnum of Dom Pérignon Vintage 1961 champagne that was specially produced for the 1981 wedding of Prince Charles and Lady Diana has failed to sell during an auction. Danish auction house Bruun Rasmussen handled the bidding Thursday. The auction's house website lists the bottle as not sold. It was expected to fetch up to around $93,000. It is one of 12 bottles made to celebrate the royal wedding. Little was revealed about the seller. The auction house says the bids did not receive the desired minimum price.
The New York Times and President Donald Trump are fighting again. The news outlet said Wednesday it won't be deterred by Trump's “false and inflammatory language” from writing about the 79-year-old president's health. The Times has done a handful of stories on that topic recently, including an opinion column that said Trump is “starting to give President Joe Biden vibes.” In a Truth Social post, Trump said it might be treasonous for outlets like the Times to do “FAKE” reports about his health and "we should do something about it.” The Republican president already has a pending lawsuit against the newspaper for its past reports on his finances.
OpenAI has appointed Slack CEO Denise Dresser as its first chief of revenue. Dresser will oversee global revenue strategy and help businesses integrate AI into daily operations. OpenAI CEO Sam Altman recently emphasized improving ChatGPT, which now has over 800 million weekly users. Despite its success, OpenAI faces competition from companies like Google and concerns about profitability. The company earns money from premium ChatGPT subscriptions but hasn't ventured into advertising. Altman had recently announced delays in developing new products like AI agents and a personal assistant.
President Donald Trump says he will allow Nvidia to sell its H200 computer chip used in the development of artificial intelligence to “approved customers” in China. Trump said Monday on his social media site that he had informed China’s leader Xi Jinping and “President Xi responded positively!” There had been concerns about allowing advanced computer chips into China as it could help them to compete against the U.S. in building out AI capabilities. But there has also been a desire to develop the AI ecosystem with American companies such as chipmaker Nvidia.
