FT News Briefing US debt ceiling deadline looms
May 8, 2023
The G7's price cap on Russian oil is forcing Moscow to raise taxes on producers, impacting its energy sector. Meanwhile, tensions surrounding the U.S. debt ceiling could lead to a financial disaster if not resolved. Insights from a Virginia congressman spotlight the political divide over spending cuts. The rise of AI is shaking up education companies, notably Chegg, which is struggling amidst new competition. Ethical concerns about access to AI tools in education are also highlighted, revealing deeper disparities.
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Kremlin's Tax Pinch
- Russia is raising taxes on oil and gas producers to offset losses from the G7 price cap.
- This could hurt long-term investments and has already reduced tax revenue.
US Debt Ceiling Crisis
- The US debt ceiling crisis could lead to economic chaos if Democrats and Republicans don't reach an agreement.
- Republicans demand spending cuts, while Democrats want a separate budget discussion.
Visit to Bob Good's District
- Lauren Fedor visited Congressman Bob Good's district to understand the Republican stance on the debt ceiling.
- Good, a member of the Freedom Caucus, remains firm on demanding spending cuts.