Matt Eegen News Today

keeping his economic commitments abroad while managing a debt crisis at home, president biden says the best use of his time was to cut shows h histropy asia. well have the latest on that search. and the governor of montana thinking theres enough threat from china to ban tiktok, but how will he force it out of the hands of teenagers. all these stories are coming in to "cnn news central." today in hiroshima, president biden was peppered with questions did the debt default, which rea...

hello, everyone. welcome to "cnn newsroom." >> and im john berman. victor is off this froop. and we begin with president bidens dramatic overnight move to dparnguarantee the money is e bank. this comes after the failure of two banks. today the president announced regulators are taking them over, but unlike what was seen in 2008 the u.s. will cover only bank customers not bank investors. >> all customers who had deposits in these banks can rest assured that we protect it, and theyll hav...

a major energy and health care bill that could breathe new life in his agenda. he urged congress to act quickly and pass it. >> the fact is that my message to congress is this. this is the strongest bill you can pass to low eriner inflatio tackle costs, and promote energy security, all the time while reducing the burdens facing working class and middle class families. >> manu raju is on capitol hill for us. manu, how did this come together? >> reporter: over the last few days, these ne...

Whole. >> lets talk about some of those emergency measures the government took over the weekend. matt, stay with us. also joining the conversation is aaron klein. good to see you. thank you for joining us. in addition to the fdic ensuring all depositors including those who didnt have insurance and guaranteeing deposits they created an emergency lending facility really to act as a back stop, the treasury here putting some $25 billion on the line suggesting that the financial system is whole, is s...

They dont expect to have to utilize any taxpayer money. however, make no mistake about it the full faith and credit of the u.s. government is behind these moves. they dont expect to cost any taxpayer money at all throughout the process but that is a risk and something theyre trying to make very clear is different in the bail outs of 2008 and 2009. >> they need it to be different both economically and politically. phil mattingly at the white house thank you so much for helping us understand these...

Consumer spending is slowing down. income, if you adjust for inflation, is negative. thats why people are pretty upset right now. but also jobs. that does not seem to check the box of recession right now. if you look at the unemployment rate, it is 3.6% right now. that is historically low. it is just above a half century low. remember, during april of 2020 during the height of covid, it was 15% almost. so, this is a far cry from that. so, were not seeing the layoffs that are typically associated...

But also provide more than $50 billion to bolster semiconductor chip production, which are in short supply right now. but nevertheless, there are enough republicans and democrats who expect to get this over the finish line and send this to the presidents desk today, guys. >> manu raju, thank you. business reporter matt eegen joins us now. weve heard from president biden today, also from secretary yellen echoing what we heard from the fed chair, that this is not a recession. where do we stand? ...