Federal Reserve admits it failed to prevent Silicon Valley Bank collapse
Meanwhile, the White House says it won’t negotiate with Republicans when it comes to raising the debt ceiling.
Meanwhile, the White House says it won’t negotiate with Republicans when it comes to raising the debt ceiling.
A critical deal to raise the nation's debt ceiling was announced over the weekend, and lawmakers in Washington now face one week to pass the bill in both chambers of Congress before the predicted deadline when default would begin. Unless the $31.4 trillion borrowing limit is increased, the U.S. will run out of cash to pay all of its bills in full and on time -- the so-called "X-date" -- as early as June 5, according to Treasury Secretary Janet Yellen. Despite the breakthrough on an agreement between President Joe Biden and House Speaker Kevin McCarthy, legislative hurdles remain to get the 99-page debt and spending bill to Biden's desk by next Monday.
An eighth person was rescued overnight from a partial apartment building collapse in Davenport, Iowa, officials said, adding that no one appears to be missing. More than a dozen people self-evacuated when the six-story residential and commercial building partially collapsed on Sunday afternoon, Davenport Fire Chief Michael Carlsten said. "It felt like there was an earthquake, or somebody had rammed a bulldozer into the building," Linnea Hoover, a building resident and journalist at ABC Davenport affiliate WQAD, told ABC News.
Two inmates allegedly escaped from a Mississippi jail on Monday, just weeks after four others broke out from the same facility. Michael Lewis and Joseph Spring were both found missing during Monday morning’s headcount at the Raymond Detention Center, according to the sheriff's office in Hinds County, which encompasses Jackson.
At least two Americans have died and 17 have suspected or probable cases of a potentially deadly infection linked to an outbreak at cosmetic surgery clinics in Mexico. The infected patients contracted fungal meningitis after having procedures under epidural anesthesia in Matamoros, Mexico -- just across the border from Brownsville, Texas -- according to the state’s Department of Health Services. Despite the closure of River Side Surgical Center and K3 Clinica, people developed symptoms of fungal meningitis weeks later.
Joran van der Sloot, the prime suspect in the unsolved 2005 disappearance of American teenager Natalee Holloway, has been severely beaten in Peruvian prison, his lawyer told ABC News on Monday. Van der Sloot is awaiting extradition to the U.S. on extortion and wire fraud charges stemming from an accusation that he tried to profit from his connection to the Holloway case. The Dutch citizen has been serving a 28-year sentence in Peru for the 2010 murder of 21-year-old college student Stephany Flores.
After months of back and forth, House Republicans and the White House this weekend unveiled a deal on raising the nation's $31.4 trillion borrowing limit while implementing some caps on government spending and other policy changes. The legislation, which was released publicly on Sunday, will need to be approved by Congress within days to avert a historic default that could begin as soon as June 5, Treasury Secretary Janet Yellen has said. President Joe Biden has vowed to sign the debt deal if it passes the House and Senate.
Ugandan President Yoweri Museveni signed one of the world's harshest anti-LGBTQ bills into law on Monday. The Anti-Homosexuality Act 2023, which was introduced in Uganda's Parliament in early March, calls for the death penalty for "aggravated homosexuality," which is defined as cases of same-sex relations involving people who are HIV positive as well as with minors and other categories of vulnerable people. Ugandan Parliament Speaker Anita Annet Among was the first to announce on Twitter that the president had signed the bill into law, saying Museveni had "answered the cries of our people."
Ralph Yarl, the teenager who was shot in the head when he mistakenly went to the wrong house to pick up his siblings, is set to attend a walk/run event in Overland Park, Kansas on Memorial Day to help raise money for traumatic brain injuries. Yarl is expected to participate in the “Going the Distance for Brain Injury” event, which takes place on Monday morning and features a 10K, 5k and 1.5 mile walk and an event for kids. Yarl suffered from his own traumatic brain injury following the shooting last month.
President Joe Biden on Sunday night celebrated a bipartisan "compromise" to raise the nation's debt ceiling and avert a historic default that could upend the economy. In a brief speech from the White House's Roosevelt Room, Biden urged Congress to move swiftly to pass the deal, brokered with House Republicans led by Speaker Kevin McCarthy, which also imposes some spending limits on the federal government and some regulatory and policy changes.
A teenager was shot and killed early Sunday morning outside an Atlanta high school after a confrontation that began at a graduation party, according to police. The Atlanta Police Department said it responded to calls about multiple people shot at 2:27 a.m. near Benjamin E. Mays High School. Powell was scheduled to begin working for the City of Atlanta on Tuesday as a participant in their youth employment program, Atlanta Mayor Andre Dickens said during a news conference Sunday.
A search was underway Sunday for a gunman who shot three people at a casino in Seattle, according to police. The shooting unfolded at the Roxbury Lanes & Casino in southwest Seattle just before 11 p.m. on Saturday, the Seattle Police Department said. Officers responded to reports of multiple people shot at the casino and bowling alley and upon arrival discovered three victims suffering from gunshot wounds, police said.
Three people were killed and five others were injured when a shootout erupted between two outlaw biker gangs at the annual Red River Memorial Day Motorcycle Rally in New Mexico, police said. As tens of thousands of motorcycle enthusiasts converged on the Taos County resort town for the annual event and live music festival, members of the Bandidos and Water Dog biker gangs got into a fight in which multiple rounds of gunfire were traded between the two groups, New Mexico State Police Chief Tim Johnson said at a news conference Sunday morning. Johnson said all eight people shot in the episode, including those killed, were members of the two biker gangs.
One of the largest insurance agencies in the country will no longer accept applications for home and business insurance in California due to wildfire risks and the cost of rebuilding. State Farm has ceased new applications, including all business and personal lines property and casualty insurance, starting Saturday, the company announced in a press release. Existing customers will not be affected, and the company will continue to offer auto insurance in the state, according to the release.
German automaker Mercedes-Benz has seen its share of the U.S. luxury market slip as customers traded in their V8 sedans and sport utility vehicles for Teslas. Now, the company is following in Tesla's footsteps by building out its own charging network, accelerating its electrified fleet and adding Level 3 autonomous driving technology to its vehicles. Mercedes' goal is simple: Become the "most desirable electric vehicle luxury brand," according to Dimitris Psillakis, president and CEO of Mercedes-Benz North America.
Deputy Homeland Security Secretary John Tien, a 24-year Army vet, now finds himself with a new challenge, handed down by Secretary Alejandro Mayorkas specifically because of his background: defeating, disrupting and dismantling Mexican drug cartels. "These cartels are responsible for human smuggling, human trafficking, narcotics trafficking in particular, who are making, shipping and selling dangerous and deadly narcotics," Tien told ABC News in an interview, laying blame with them for the spread of opioids like fentanyl. Tien is one of the most senior law enforcement officials in the country.
Speaker Kevin McCarthy announced at a brief presser on Saturday night that House Republicans and the White House have reached a tentative deal to raise the federal government's debt limit, ending a monthslong stalemate. "I just got off the phone with the president -- I talked to him twice today -- and after weeks of negotiations, we have come to an agreement in principle," McCarthy said, emerging from his office shortly after 9 p.m. ET on Saturday. McCarthy, who did not take any questions from the press, laid out next steps for the deal, including plans to post the text on Sunday and vote on the bill on Wednesday.
Newly released surveillance footage shows a dramatic shootout between a North Carolina public bus driver and passenger while the bus was in motion. The shooting occurred on May 18 on a Charlotte Area Transit System (CATS) bus, after the passenger asked the driver to get off between stops near the Steele Creek Premium Outlet Mall, the transportation agency said. Tobias then walks away and can be seen pulling a firearm out of his jacket pocket, as two other passengers are visible seated on the bus, before moving back towards the front door of the bus and turning to face the driver.
At least two people have died in strikes on Russian territory as Russia reported more attacks on Saturday, with drones crashing in its western regions and areas on the border with Ukraine coming under shelling, according to Russian officials. Russia's Belgorod region on the border with Ukraine came under multiple rounds of shelling, killing one person, according to its governor, Vyacheslav Gladkov. In the neighboring Kursk region, which also borders Ukraine, one person was killed by cross-border mortar fire, Kursk Gov. Roman Starovoit said.
The family of a man fatally shot by a security guard in a San Francisco Walgreens last month during an apparent shoplifting altercation has filed a $25 million wrongful death lawsuit. Banko Brown, 24, died on April 27 following an altercation with the guard, police said. The guard, 33-year-old Michael Earl-Wayne Anthony, has not been charged in the shooting.
A missing youth basketball coach in Florida was found dead nearly a week after police said he was last seen going for a run. Makuach Yak, 31, was found dead Friday evening inside the Delray Oaks Natural Area, a park in Delray Beach, Florida, local authorities said. "Right now, it appears his death is not criminal in nature," the Delray Beach Police Department said in a social media post.