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Today’s Big Story

Biden cancels overseas trip as debt ceiling deadline approaches

President Biden is shortening his overseas trip next week to focus on debt ceiling negotiations after congressional leaders couldn’t come to an agreement during Tuesday’s meeting at the White House.

Why it matters: Biden will miss the first-ever visit to Papua New Guinea by a U.S. President emphasizing the severity of the debt ceiling issue.

Where do negotiations currently stand? After Tuesday’s meeting, GOP House Speaker Kevin McCarthy said that the two sides remained far apart on an agreement to lift the debt ceiling but said “it is possible to get to a deal by the end of the week.” However, Republicans want guaranteed spending cuts in the federal budget before they will agree to raise the ceiling. But Biden has stood firm that the two issues remain separate. See a full breakdown of the proposed spending cuts here.

Big picture: Biden has agreed to appoint White House officials to negotiate with McCarthy directly, whose support is necessary for any bill to pass through the House. This compromise will hopefully expedite an agreement before the June 1st default deadline.

Little Stories

Business & Economy

*The FTC is attempting to block Amgen’s $26 billion acquisition of Horizon Therapeutics over fears that the takeover will further increase the company’s monopoly on medications for thyroid eye diseases and chronic refractory gout.

*Warren Buffett’s company has sold all of its shares in Taiwan-based TSMC, the world’s largest maker of microchips, after voicing concerns about China acting on its threats to take over the country.

World

*Hundreds are feared dead and many more are missing after a cyclone hit Myanmar over the weekend. Storm damage has made roads impassable, stalling rescue efforts from aid groups.

*Putin and Zelensky agreed to meet with a delegation of African peace leaders in separate meetings to discuss a potential end to the war in Ukraine.

US News, Politics, & Government

*A 12-year-old is charged with murder for shooting a Sonic restaurant employee with an AR-15 rifle in Keene, Texas, over the weekend.

*The CIA launched a video campaign to recruit Russian Spies. The agency is offering secure ways for Russians to share information about the war and other secrets while promising to protect informers safety.

Sports & Entertainment

*The Cannes Film Festival kicked off this week in France and named Michael Douglas the honorary Palme D’or.

*The Philadelphia 76ers fired coach Doc Rivers after three seasons on Tuesday. Meanwhile, the San Antonio Spurs win the 1st pick in the 2023 NBA draft lottery.

Science, Health, & Tech

*Google announced its plan on Monday to delete accounts that have been inactive for two years starting in December, in an effort to prevent security threats including hacks.

*The CDC confirmed the first drug-resistant case of ringworm in New York City in a report released this week. The patient presented with more inflammation than normal cases of ringworm and oral medications failed to relieve her symptoms.

Extras

*Diver discovers 1,800-year-old shipwreck off the coast of Israel with “rare” marble artifacts.

*How to make okra that doesn’t suck.

*The ultimate productivity hack is saying no.