U.S. Debt Default Looms Over Everyday Investors

WSJ What’s News

The Wall Street Journal

News, Daily News

4.1 • 4.2K Ratings

🗓️ 16 May 2023

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

A.M. Edition for May 16. There are now tentative signs of progress toward a deal that would raise the U.S. debt ceiling as President Biden and top lawmakers prepare to meet at the White House today. But as Journal editor Alex Frangos explains, the risk of a default is sparking concern in the markets, as Treasury holders worry they won’t get some of their money back right away. Plus, the WSJ’s Ruth Simon describes why America’s small businesses are slowing hiring. And reporter Mike Colias discusses how automakers are getting into mining to meet EV demand. Luke Vargas hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Crypto doesn't sleep, so neither do we.
0:04.0	Crack-in client support is available 24-7, 365 days a year by call, chat, or email.
0:11.6	We're here for you whenever you need us.
0:13.8	Give us a shout at crackin.com forward slash support proof, not investment advice.
0:18.8	Crypto trading involves risk of loss.
0:27.1	Fresh dead talks get underway in Washington.
0:30.1	We'll look at investor sentiment just weeks ahead of a potential U.S. default.
0:34.8	Plus, American small businesses slow hiring, and the race for minerals used to build EVs
0:41.6	sends automakers into the arms of the mining industry.
0:45.4	You are going to have a price advantage if you're sourcing this stuff directly
0:49.4	rather than relying on the middleman, but you're also taking on a lot more risk
0:52.8	that a project doesn't pan out.
0:54.9	It's Tuesday, May 16.
0:56.6	I'm Luke Vargas with the Wall Street Journal, and here is the AM edition of What's News,
1:02.0	the top headlines and business stories moving your world today.
1:10.7	And we begin with the U.S. debt ceiling because there are now tentative signs of progress
1:15.9	as President Biden and top lawmakers prepare to meet at the White House today.
1:21.1	White House and congressional staff have been negotiating behind closed doors,
1:25.6	but today's meeting will be a significant test of whether staff level work can win broader buy-in.
1:32.0	WSJ reporter Natalie Andrews has been following the talks.
1:35.7	The staff has been meeting for a week now, and we know that they still remain far apart,
1:42.8	according to Kevin McCarthy, but the Democrats have expressed some optimism that they will be able
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