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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. we'll have the latest on that search. and the governor of montana thinking there's 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 really want supposed to be on the agenda. he's already cut his trip short, so he can get back to fina...

hello, everyone. welcome to "cnn newsroom." >> and i'm john berman. victor is off this froop. and we begin with president biden's 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 they'll have access to their money as of today. that includes small businesses across the country that bank ...

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 negotiations between joe manchin and chuck schumer have picked up behind the scenes. in mid-july, the ...

Whole. >> let's 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 didn't 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 sound. and that, of course, is to prevent this continuing on, this contagion effect to impact other...

They don't 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 don't expect to cost any taxpayer money at all throughout the process but that is a risk and something they're 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 moves. cnn's matt eegen. you've talked to an insider at a silicon valley bank. how are they expl...