US debt ceiling deadline looms
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 8 May 2023
⏱️ 10 minutes
🧾️ Download transcript
Summary
The G7-led price cap on Russian oil exports has forced the Kremlin to raise the tax burden on producers, and education companies are struggling after a warning over ChatGPT. Plus, the FT’s deputy Washington bureau chief Lauren Fedor explains what’s at stake if the US doesn’t raise its debt ceiling.
Mentioned in this podcast:
Russia’s energy sector hit as Kremlin forced to increase tax
Debt ceiling diehard in rural Virginia vows to ‘call Democrats’ bluff’
Yellen warns of ‘constitutional crisis’ over US debt ceiling impasse
Education companies’ shares fall sharply after warning over ChatGPT
Credit: The debt ceiling must be raised to avoid 'economic calamity’: Janet Yellen
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Katie McMurran, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.9 | Good morning from the Financial Times. |
| 0:11.4 | Today is Monday, May 8th, and this is your FT News Briefing. |
| 0:18.8 | The Kremlin is pinching oil producers for more money, |
| 0:21.6 | and education companies are hurting because of artificial intelligence tech like chat GPT. |
| 0:27.6 | Plus, the US economy could be headed for a disaster if lawmakers can't agree to raise |
| 0:32.3 | the debt limit soon. We'll take a look at why Democrats and Republicans aren't getting this done. |
| 0:37.5 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:49.9 | Remember back in December, G7 countries introduced a price cap for Russian oil at $60 |
| 0:56.1 | The idea was to keep Russian oil flowing to the global economy while also making sure |
| 1:00.7 | that Moscow doesn't make too much money to fund its war in Ukraine. |
| 1:04.6 | Turns out, Russia is trying to plug that gap caused by the price cap by raising taxes on its oil |
| 1:10.4 | and gas producers. The FT recently saw an analysis of Russia's tax change from a G7 member. |
| 1:16.3 | The analysis found that the higher tax could do long-term damage to the industry since it |
| 1:21.0 | hurt how much producers can invest. Russian oil and gas tax revenue fell by 45% year on year |
| 1:27.2 | in the first quarter of 2023. |
| 1:34.4 | You've probably heard a bit about the US debt ceiling recently. For those who don't know, |
| 1:39.1 | the debt ceiling is the limit on how much the federal government can borrow. |
| 1:42.8 | And US Treasury Secretary Janet Yellen said last week that the government could run out of |
| 1:47.2 | money as soon as June 1st, that is if Congress doesn't raise the debt ceiling. Here's Yellen |
| 1:52.8 | on ABC yesterday. |
... |
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