President Joe Biden and House Speaker Kevin McCarthy are confident that the United States will not default on its debt, despite ongoing negotiations and the approaching deadline to raise the debt ceiling. The negotiations are now entering a more serious and concrete phase, with the possibility of a deal drawing nearer. However, a key point of contention is the Republican request to attach work requirements to federal food benefits, which Democrats describe as a "nonstarter." Taxes will not be discussed in this debt ceiling debate, according to McCarthy. The consequences of defaulting on sovereign debt would be disastrous for the economy and global markets, with the loss of 2 million jobs even in the case of a brief default. Both sides are working to find common ground and prevent a default before the June 1 deadline.

The Biden administration has announced that rural electric cooperatives, utilities, and other energy providers will soon be able to apply for almost $11 billion in grants and loans for clean energy projects. The funds are part of the $430 billion Inflation Reduction Act signed into law last August. The Department of Agriculture (USDA) has said that rural electric cooperatives will be eligible to apply for $9.7 billion in grants for deploying renewable energy, zero-emission, and carbon capture systems from July 31. Renewable energy developers and electric service providers will also be eligible to apply for another $1 billion in partially forgivable loans from June 30. The investment is expected to bring good-paying jobs to rural communities and help rural electric cooperatives reach parity with private utility companies who have already begun significant investment in clean energy.

The Biden administration has announced new regulations that require at least 54% of all new vehicles made in the United States to be electric by 2030. This will necessitate a new North American supply chain, assembly lines, and manufacturing facilities. However, there are currently few reliable methods for ensuring that car makers and battery companies are sourcing materials ethically. Blockchain technology can provide a transparent and secure platform for tracking and verifying the origin and production of materials, ensuring accuracy and trustworthiness. This can help curb unethical practices and create safety for consumers.

Investors predict that the target rate will remain unchanged at the upcoming June 14 Federal Open Market Committee (FOMC) meeting, following the recent increase of the federal funds rate by 25 basis points on May 3. The Biden administration has appointed Philip Jefferson as the new vice chair to replace Lael Brainard, with the aim of maintaining price stability and overseeing the country's financial institutions. The latest data from the CME Fedwatch tool indicates that there is a high chance the interest rate will remain unchanged, but there is also a slim chance of a quarter-point rate hike to 5.50%. The appointment of Jefferson has raised questions about the impact on the central bank's policies and priorities moving forward, but reports suggest that he is aligned with Powell's efforts to curb inflation and is unlikely to push back against the Fed's current policies.

US President Joe Biden criticized wealthy crypto investors in a tweet on Tuesday, calling for Congress to cut tax loopholes that benefit them. He contrasted this with the stance of "MAGA House Republicans," who want to cut food safety inspections instead. Biden's proposed Digital Asset Mining Excise tax, which would impose a tax equal to 30% of the cost of electricity used by crypto mining firms, has also been a point of controversy. The White House has cited concerns over the amount of electricity used in crypto mining, and Biden has proposed changing the tax treatment for "wash sales" of digital assets.

United States President Joe Biden’s administration reiterated its commitment to help foster responsible artificial intelligence (AI) development on Thursday, as Vice President Kamala Harris met with CEOs from top companies building and researching AI products and tools.

As the United States stares down the barrel of a potential debt default come June, a curious and intriguing solution has emerged: crafting a single $1 trillion platinum coin. This unusual tactic exploits a legal loophole that allows the Treasury Department to mint platinum coins of any value.

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US President Joe Biden has highlighted the uncertainty around the safety of artificial intelligence (AI) and called on technology firms to ensure their products are secure before releasing them to the public. Speaking at a meeting with science and technology advisors, Biden acknowledged the potential benefits of AI in tackling issues such as disease and climate change but stressed the need to address possible risks to society, national security, and the economy. He also reiterated his call for non-partisan privacy laws to limit personal data gathered by tech firms and prohibit child-targeted advertising. The Center for Artificial Intelligence and Digital Policy has urged the US Federal Trade Commission to prevent OpenAI from releasing new commercial versions of GPT-4, a language model with human-like capacity to create written responses to prompts.

The recent banking failures in the US, including Silicon Valley Bank, Signature Bank, and Silvergate Bank, have led to a political blame game between President Biden and former President Trump, with each accusing the other's policies for the banking crisis. However, some analysts believe the issue lies within the banking system's management and the lack of expertise of banking operators resulting from years of low-interest rates. Andre Esteves, CEO and founder of BTG Pactual, believes this lack of expertise caused the debacle at Silicon Valley Bank, as the current generation of operators only knows inflation and hawkish policies by book or in theory, but not in practice.