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good morning. breathe it in deep. the weekend is here. and welcome to cnn this morning. i'm boris sanchez. >> is and i'm paula reid. boris, it's great to be with you. >> we appreciate you getting up bright and early. amara is skiing somewhere in europe. here's a look at what we're watching this morning. >> overall we created more jobs in two years than any administration created in the first four years. >> president biden taking a victory lap following a strong jobs report. where we're seeing those jobs. plus a stunning free falls that led to the second largest bank collapse in u.s. ...

state of emergency as intense storms hammer the golden state. >> we can't live like this. >> atmospheric rivers washing out roads and bridges leaving people trapped in their mee joi management director from one of the hardest hit counties. the economy still red hot notching another strong jobs report. we'll tell you where the job gains are and why this complicates the fight to tame inflation. >> all the money is in the bank. i don't know what we're going to do now. >> reporter: a capital crisis, a stunning free fall leading to the second largest collapse of a financial institution ...

that ensures bank deposits and overseas financial institutions. the agency says all insured depositors will have access to their deposits no later than monday morning. the fdic ensures deposits of up to $250,000. why did this bank fail so quickly? >> it is an old school bank run in a modern economy. you can point to two reasons. the first is that the fed has been increasing interest rates since 2022. that has an effect on thing bank's assets, which means its unrealized bonds were worthless money. those increased interest rates has had a devastating effect in the tech sector at large....

white house with more on this, hi, lucas. lucas: it adds trillions to the national debt with $31 trillion and interest payments on the debt next year could one day approach the size of the defense budget. let that sink in. now here is house speaker kevin mccarthy adding more c -- conte. >> we've only paid $9 trillion in interest. so he's going -- took us 80 some years to happen in less than ten years. lucas: let's take a look at biden tax proposals which would add more to the national debt. 25% minimum tax on people with 10 -- 100 million plus dollars. 39.6 capital gains tax for peop...

now it's time for the last word, with ali velshi in for lawrence. good evening, ali. >> you set me up well with that conversation about having an economy that's working now, but not without hurdles and pitfalls, and this is not a good time to be messing with it. >> to be messing with it without insane list of demands that would never come to fruition. >> correct. >> and probably can't even passer own conference. >> correct. so thank you for that. and you have yourself a great weekend, it will see you next week. >> you too, buddy. >> our economic plan is working. that's the message fr...