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Today’s Big Story

Debt ceiling gets raised

The Senate passed a bill that increases the debt limit through 2025 and cuts spending on Thursday night, pushing the bill to President Biden for final approval.

Why it matters: It means the U.S. will avoid a potentially devastating default on its debt that could plunge the country and world into a deep recession.

Details: In addition to raising the debt ceiling the bill included several provisions to cut spending.

1. Spending: Keeps non-defense discretionary spending in 2024 at roughly the same level as 2023 and caps increases in 2025 at 1%.

2. Defense: $885 billion goes to overall defense spending for the Pentagon and support for Ukraine in its war against Russia.

3. Supplemental Nutrition Assistance (SNAP): Requires able bodied adults on food assistance programs to work until 54, but veterans, homeless, and some former foster youth are exempt. The provision phases out in 2030.

4. Temporary Assistance for Needy Families (TANF): Slightly reduces state grants for direct cash assistance to families in poverty.

5. COVID Aid: Pulls back $27 billion in unspent aid and reallocates it to non-defense discretionary spending.

Big Picture: The bill would reduce budget deficits by $1.5 trillion over the next 10 years according to a report from the Congressional Budget Office.

What’s next? Biden has already endorsed the bill and will sign it into law before the June 5th default deadline. However, it looks as if we will get to do this all over again in 2025.

Little Stories

Business & Economy

*Adidas began selling its Yeezy shoe stockpile (worth over $1.2 billion) on Wednesday that was created in partnership with Kanye West before the company cut ties with the artist after he made a string of antisemitic statements. Adidas plans to donate the sales to charity.

.*Mortgage rates inched higher this month to 6.79% as demand for housing returned to late February levels.

World

*Social media influencers in France could face jail time if they break new promotion regulations after legislation was approved on Thursday.

*Canada becomes the first country in the world to print warning labels directly on individual cigarettes. —— Meanwhile, Sweden is close to becoming the first “smoke free” European country.

US News, Politics, & Government

*A structural engineer reported issues with an Iowa apartment building before it collapsed over the weekend, yet officials didn’t order residents to leave. Three people who lived in the building are still missing.

*A Republican resolution overturning President Joe Biden’s student loan forgiveness plan passed in the Senate on Thursday. The measure is mostly symbolic because Biden will veto it and there aren’t enough Democrats in the House and Senate to override his veto.

Sports & Entertainment

*Nikola Jokic recorded a triple double (double digit point, rebounds, and assists) during the Nuggets 104-93 victory over the Heat in Game 1 of the NBA Finals.

*Singer Billy Joel will end his 10-year residency at Madison Square Garden in 2024.

Science, Health, & Tech

*Sucralose (Splenda) turns into a chemical that breaks down DNA when it is digested, according to a new study.

*Scientists are studying repeated signals sent from the center of the Milky Way that they believe could be intelligent aliens trying to make contact.

Extras

*Today is National Donut Day! Celebrate with free donuts at these U.S. and Canadian chains.

*A German surgeon was fired for having a janitor assist with an amputation.

*These are the seven most loved brands in the U.S.