Bank of America prepares for US to default on national debt, BofA CEO says

Members of Congress are currently debating on whether to raise the debt ceiling

Bank of America is preparing for the United States to default on its debt for the first time in history, CEO Brian Moynihan said Monday. The U.S. reached its debt ceiling last month.

Moynihan, who runs one of the largest banks in the country, claimed Bank of America was preparing for a possible financial crisis if lawmakers do not reach an agreement that raises the debt ceiling by June.

“We have to be prepared for that, not only in this country but in other countries around the world. You hope it doesn’t happen, but hope is not a strategy — so you prepare for it,” Moynihan told CNN anchor Poppy Harlow.

Members of Congress are currently debating on whether to raise the debt ceiling, which would allow the U.S. to pay its necessary debts.

Democrats are pushing to expand the ceiling as fast as possible, and Republicans are attempting to negotiate for major spending cuts. The U.S. will default on its loans if no deal is made.

House Speaker Kevin McCarthy (R-CA) said the national debt is the largest threat to the future of the U.S. during a speech on Capitol Hill Monday. But, he claimed Republicans could not write a “blank check” on America’s future.

“Defaulting on our debt is not an option,” McCarthy said, “but neither is a future of higher taxes, higher interest rates, and an economy that doesn’t work for working Americans.”

Moynihan said although it is a good thing that lawmakers are talking across the political aisle, people need to be prepared for the possibility of a default.

The U.S. reached its debt limit of $31.4 trillion last month. Treasury Secretary Janet Yellen said she is attempting to use “extraordinary measures” to keep the country afloat, but her efforts will only last until the summer.

Yellen has urged lawmakers to avoid the defaults, claiming that defaulting would cause an economic “catastrophe” for the country.

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YOU LIE! Marjorie Taylor Greene Calls Out Biden At SOTU For Claiming GOP Wants To ‘Sunset’ Social Security And Medicare

Joe Biden told more than a few lies in his state of the union address on Tuesday night, but one of them got a huge reaction from Republicans.

Biden claimed that the GOP wants to ‘sunset’ Social Security and Medicare.

The House erupted and Marjorie Taylor Greene called Biden out, yelling ‘You lie!’

Breitbart News reports:

Marjorie Taylor Greene Calls Biden a ‘Liar’ During State of the Union Address

Rep. Marjorie Taylor Greene (R-GA) interrupted President Joe Biden’s 2023 State of the Union address to call him a “liar” after he claimed Republicans want to “sunset” Social Security and Medicare.

“Instead of making the wealthy pay their fair share, some Republicans want Medicare and Social Security to sunset. I’m not saying it’s the majority,” Biden claimed.

Greene then shouted “liar” from her seat in the House of Representatives. In addition to Greene’s outburst, other Republicans in attendance shouted “no” and booed Biden after he falsely claimed the GOP wants to “sunset” Social Security and Medicare.

Watch the video below:

Biden says, “We’re not going to be threatened to default on the debt if we don’t respond.”

Democrats and media were outraged by the pushback. They think no one remembers how they treated Trump.

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Zoom lays off 1,300 workers as CEO vows to cut his salary by 98 percent

On Monday, Zoom CEO Eric S. Yuan announced that his company would be laying off over 1,000 employees, making it the latest tech giant to slash its workforce in recent weeks.

Yuan took responsibility for the cuts and vowed to implement changes to management’s pay, including reducing his salary by a whopping 98 percent in Fiscal Year 2023.

“We have made the tough but necessary decision to reduce our team by approximately 15 percent and say goodbye to around 1,300 hardworking, talented colleagues,” Yuan wrote in an email to his “Zoomies.”

“I know this is a difficult message to hear, and certainly not one I ever wanted to deliver,” he continued, explaining that US-based employees would be contacted first, with those in other countries being dealt with according to local laws.

“For those Zoomies waking up to this news or reading this after normal work hours,” he added, “I am sorry you are finding out this way but we felt it was best to notify all impacted Zoomies as soon as possible.”

Yuan explained that while Zoom sustained massive growth during the pandemic, he and other executives “didn’t take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably, toward the highest priorities.” 

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