Baby Formula Crisis Hits 70 Percent Out-of-Stock Rate Nationwide

With the baby formula in the United States surging to an out-of-stock rate of 70 percent, the FDA has given Abbott permission to reopen its Michigan plant amid the crisis and authorized foreign imports. Professor Peter Pitts, a former FDA associate commissioner and current president of the Center for Medicine in the Public Interest, joined Cheddar News to discuss the ongoing shortage and its wide impact. “As difficult as things is in urban areas, they’re even worse in small communities and tribal areas where parents can't just go to the next store on the corner," he said. Pitts also noted that the Abbott factory was a "disaster" prior to its shutdown and that it would have been "regulatory malpractice" to have left it open.
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Biden Proposes Canceling Student Loan Interest to Tackle Debt Crisis
The Biden administration has unveiled a plan, Plan B, to address the student loan debt crisis. It offers to cancel up to $20,000 in interest for borrowers enrolled in income-driven repayment plans. This proposal aims to reset balances for those facing growing debt due to unpaid interest, benefiting low—and middle-income borrowers. An estimated 25 million borrowers are eligible for some form of interest forgiveness.
Spirit Airlines Defers Airbus Orders, Furloughs Pilots
Spirit Airlines will defer the delivery of some airbus planes in order to boost the company's cash reserves. The planes, originally set to be delivered in 2025 and 2026, will now be delivered between 2030 and 2031. The company says this will increase liquidity by $340 million dollars. Spirit will also receive between $150 million and $200 million dollars in monthly payments to compensate for faulty planes due to an engine recall.
Thumbtack’s New App Simplifies Homeownership Challenges
Introducing the One App for Your Home: A New Thumbtack for a New Era. Thumbtack's latest app update offers 30 features to help homeowners easily navigate the complexities of home ownership. With personalized guidance on projects and professional hires, Thumbtack aims to simplify the process and empower homeowners to take confident action.
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