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Still no breakthrough in the debt ceiling talks between President Biden and Congressional leaders.

It seems as though Congressional leaders and President Biden are in a real gridlock moment here.

They're not willing to really budge off of their positions.

And Senators grill former executives of the failed Silicon Valley Bank and signature bank.

Tomorrow, the same executives who are in the Senate today are going to be testifying in the House.

Plus, they will also have a plus one. They'll have the former CEO of First Republic Bank, which failed and was sold a couple weeks ago.

Plus, the FTC moves to block Amgen's deal for Horizon Therapeutics.

It's Tuesday, May 16th. I'm Pierre Bienaume for the Wall Street Journal, filling in for Anne Marie for Tohli.

This is the PM edition of What's News, the top headlines and business stories that move the world today.

The Federal Trade Commission said it is seeking to block Amgen's almost $28 billion acquisition of Horizon Therapeutics.

This marks a new effort by anti-trust enforcers to prevent pharmaceutical companies from merging.

The FTC filed a lawsuit in federal court seeking an injunction that would prevent the deal from closing.

The Federal judge would need to approve the injunction.

The FTC said the deal would allow Amgen to, quote, entrench the monopoly positions of Horizon's eye and gout drugs.

Amgen said it was disappointed by the FTC's decision, but doesn't believe a merger presents any competitive issues.

And it will work to close the deal by mid-December.

Horizon said the deal would accelerate the availability of rare disease drugs worldwide.

Senate Democrats and Republicans pressed former Silicon Valley Bank chief executive Greg Becker,

and two ex-executives from Signature Bank in a hearing today.

...