Your Monday Briefing: A U.S. Debt Mitigation Agreement
US officials reach agreement on debt reduction
President Biden and Chairman Kevin McCarthy reached an agreement in principle to lift the debt limit for two years, a breakthrough after a marathon of crisis talks that brought the country within days of its first bankruptcy in history.
“It is an important step forward that reduces spending while protecting critical programs for working people and growing the economy for all,” Biden said in a statement Saturday night.
The deal would suspend the borrowing limit, which currently stands at $31.4 trillion, long enough to get past the next presidential election. The Treasury expected that it would be unable to meet its obligations by June 5. Economists and Wall Street analysts warned that bankruptcy would be devastating and could potentially lead to a global economic collapse.
Details: Domestic spending would be capped, but not as much as Republicans wanted. Defense, Social Security, Medicaid and veterans programs would be protected from budget cuts.
Erdogan is re-elected
President Recep Tayyip Erdogan, facing the biggest political challenge of his 20 years in power, won re-election yesterday. According to the state news agency Anadolu, Erdogan won 52.1 percent of the vote, compared to 47.9 percent for his challenger, Kemal Kilicdaroglu.
Addressing his supporters from a white bus outside his home in Istanbul, Erdogan thanked them for giving him another five years in office and for supporting him in a runoff that delayed his victory by two weeks.
“We will be together until the grave,” he said.
In a televised speech, Kilicdaroglu did not dispute the results, but said the elections, in which Erdogan used his state power, had been unfair.
View from abroad: The results were closely watched by NATO allies, including the US, whose relations with Erdogan are strained as he has blocked Finland’s membership in the alliance and refused to endorse Sweden’s entry.
Covid cases are rising in China
Health authorities in China have reported a rise in Covid cases since April, especially of newer sub-variants spreading around the world. A prominent doctor estimated that as many as 65 million people a week across the country could become infected by the end of June.
Those numbers could have led to a repeat of the “zero Covid” policy that was abruptly reversed in December. But officials across China appear to be trying to prepare the population for an increase in infections without reintroducing heavy controls.
Context: Since the government lifted its severe restrictions on domestic travel, it has turned to boosting growth and job creation. The youth unemployment rate, which is at its highest level in years, may be more politically urgent than the rising Covid numbers.
THE LAST NEWS
Asia Pacific
Eight years ago, Ryyan Alshebl, a Syrian refugee, crossed the Mediterranean in a dinghy and traversed the continent on foot, eventually seeking asylum in Germany.
Now he is the mayor of Ostelsheim, a small, conservative village in southwest Germany. The story of how the city chose a refugee as mayor holds clues to a nation struggling with its multicultural identity.
ART AND IDEAS
Your songs from home
We recently asked readers to share songs that evoke memories of a home. Thanks to everyone who responded. Here are a few of your favorites, shared by several readers:
Delhi residents pointed to the soundtrack of the movie “Delhi-6” which was released in 2009. Many recommended “Dil Gira Dafatan”. “This song depicts the rapid surrender of one’s heart to his beloved – and from me to Delhi,” wrote Kritika Rawat, who is 28 and lives in Bangalore.
People who grew up or had lived in the Philippines celebratedManilaby Hotdog. Jay, who is 48 and now lives in Singapore, said the song “captures both the city’s spirit at its peak of optimism and the sense of wistfulness felt by the millions of Filipinos abroad.”
Many readers have recommended Peter Allen’s”I still call Australia home.” The reason is simple, says Sue Irie, 56, who lives in Kashiwa, Japan: “Because even though I’ve lived abroad longer than I’ve lived in Australia, Australia is still my home.”
We hope you enjoy this playlist. Maybe you take it on a long walk, letting the sounds wash over you from elsewhere.