Fox Corporation's stock has dropped more than $500 million following the departure of star host Tucker Carlson, who had been with Fox News for over a decade. Former President Donald Trump praised Carlson, calling him "very talented" and "terrific to me". AdWeek reported that Carlson was still a top-rated host, drawing 334,000 viewers in the 8 p.m. slot for the week ended April 20.
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Sen. Joe Manchin (D-W.Va.) has threatened to repeal the Inflation Reduction Act, a major law he negotiated and passed in 2020, if the Biden administration does not honor the agreement. The Act includes billions of dollars in tax credits and deductions to reduce carbon emissions and fight climate change, and Manchin has noted that $384 billion of the Act was allocated for energy security. He has said he will vote to repeal the bill if the administration does not change course.
Fox News has announced that it is parting ways with Tucker Carlson, its far-right prime-time host, and will air "Fox News Tonight" as an interim show helmed by rotating personalities until a new host is named. Carlson was a top-rated host for the network, drawing 334,000 viewers in the coveted 25- to 54-year-old demographic in the 8 p.m. slot for the week ended April 20. Fox Corporation shares dropped after the news was released.
Bed Bath & Beyond Files for Bankruptcy Protection, Citing Struggles to Compete with Online Retailers
Bed Bath & Beyond Files for Bankruptcy Protection, Citing Struggles to Compete with Online Retailers
Bed Bath & Beyond has filed for bankruptcy protection in the U.S. District Court in New Jersey, with assets and liabilities estimated to be between $1 billion and $10 billion. The company plans to remain open and continue serving customers while conducting a limited marketing process to solicit interest in one or more sales of its assets. This filing follows years of declining sales and losses, as the company has been unable to compete with online and discount retailers.
BuzzFeed Inc. announced a 15% workforce reduction, including the closure of its news division, due to CEO and co-founder Jonah Peretti's overinvestment in the news division and failure to hold the company to higher standards for profitability. The closure has been met with wisecracks online, but Peretti said the company had produced a huge amount of amazing reporting and that it was a difficult decision to make.
House Speaker Kevin McCarthy (R-Calif.) has proposed the Limit, Save, Grow Act, which would increase the debt limit by $1.5 trillion and cut government spending. The bill includes reclaiming unspent COVID-19 funds, cancelling student loan forgiveness, and rescinding new funding for the IRS. Talks between Speaker McCarthy and President Biden are expected to begin soon, as the summer deadline approaches, to avoid a potential default and its catastrophic economic consequences.
On Tax Day, President Joe Biden and First Lady Jill Biden released their tax returns for 2022, showing a total income of $579,514 and total federal and state taxes paid of $169,820. The couple donated $20,180 to 20 charities, and the IRS recommends filing electronically and using direct deposit to receive refunds quickly. Taxpayers can also use their refund to pay down debt, save for the future, or donate to charity.
House Speaker Kevin McCarthy has proposed a plan to raise the debt ceiling in exchange for spending cuts and policy changes, which he outlined at the New York Stock Exchange. The plan would lift the debt ceiling for a year and return federal government spending to fiscal year 2022 levels, but President Biden must agree to the proposed spending cuts for it to pass. House Republicans are optimistic that they can come to an agreement that will be able to pass and avert a potential disaster.