Treasury Secretary Janet Yellen warned of an economic "calamity" if Congress does not raise the nation's borrowing limit, adding urgency to a meeting between President Joe Biden and congressional leaders. Yellen said a default could cause a "severe" economic downturn with a "ripple effect" felt around the world, and that the government would have to choose between paying Social Security benefits, military salaries, or interest on the debt.
Posts tagged as “California”
A shooting at a house party in Chico, California, early Saturday morning left one 17-year-old girl dead and five other people wounded. Police believe the incident was isolated, and two men and the 17-year-old girl remain hospitalized in stable condition. The identities of the victims have not yet been released as police continue to investigate the tragedy.
King Charles III was crowned in a historic ceremony at Westminster Abbey in London, with his son Prince Harry in attendance. The coronation was met with both celebration and protest, as some people gathered in Trafalgar Square to show their support for the Duchess of Sussex, while others held up posters reading "not my king". Royal expert Richard Fitzwilliams has suggested that King Charles III should reach out to Harry and Meghan after the coronation.
The Davis Police Department has arrested Carlos Dominguez, a 21-year-old former student at the University of California, Davis, in connection with three recent stabbings, two of which were fatal. He was taken into custody Wednesday after 15 people called in reports of a person matching the suspect's description and was found with a large knife in his backpack. He is being held in Yolo County Jail on suspicion of murder and attempted murder, but the police are still investigating and asking anyone with information to contact them.
The National Football League (NFL) is facing an investigation from the attorneys general of New York and California over possible violations of pay equity and anti-discrimination laws. Subpoenas have been issued to NFL executives as part of an examination into the workplace culture, following a lawsuit filed by former NFL director Jennifer Love. The NFL has said it takes allegations of workplace discrimination seriously and has a zero-tolerance policy, but the investigation is ongoing and the attorneys general have not yet released any findings.
The United States is facing a potential debt crisis, with the possibility of defaulting on its debt as early as June 1. In response, House Democrats have taken the first procedural steps to try to force a House vote on a clean debt ceiling increase. President Biden has invited the top four congressional leaders to the White House on May 9 to discuss potential solutions to avert the crisis.
The California Department of Financial Protection and Innovation (DFPI) has taken over San Francisco-based First Republic Bank, appointing the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC accepted a bid from JPMorgan Chase Bank to assume all deposits and most of the assets of First Republic Bank. This is the third financial institution to be taken under government control this year, with the FDIC and DFPI taking steps to ensure the safety and soundness of the financial system.
Anurag Chandra was found guilty of three counts of first-degree murder and three counts of attempted murder after ramming his car into another vehicle carrying six teenage boys in Southern California. The boys had played a doorbell-ringing prank on Chandra prior to the incident, and three of them were killed in the crash. The California Highway Patrol's MAIT investigated the scene of the crash and Chandra is set to be sentenced on April 30, facing a maximum sentence of life in prison without the possibility of parole.