Newsletter Jan 23, 2023

3 things you must know

Lawmakers reach across the aisle to avert debt ceiling crisis
A bipartisan group of lawmakers is preparing a plan to defuse a looming crisis over the nation's debt ceiling by changing it from a fixed dollar amount a percentage of national economic output, the group's top Republican said Sunday. The proposal would replace the current federal debt ceiling -- now set at $31.4 trillion -- with a rule that would limit debt to a share of national economic output. The government came close to its statutory borrowing limit last week as the nation fears a potential politically induced crisis.
SEE THE 'MEAT' OF THE PROPOSAL TO ALTER DEBT LIMIT

Media companies rocked by layoffs amid ad revenue decline
From CNN to the Washington Post, U.S. media companies are facing tough times as several outlets have announced layoffs this winter amid fears of an economic downturn. Vox Media, owner of the Vox, The Verge, New York Magazine and its online platforms, announced Friday it was laying off 7% of its staff -- the latest in a line of layoffs at CNN, NBC, MSNBC, Buzzfeed and other outlets.
FIND OUT THE FALLOUT FROM THE MEDIA'S MASS FIRINGS

CEO pay continues to rise amid mass layoffs, budget cuts
CEO pay has soared even as they have laid off workers to cope with a challenging macroeconomic environment. According to an Economic Policy Institute report, CEO pay has grown exponentially over time -- up 1,460% since 1978, compared to a meager 18.1% pay increase for workers in that same period. In 2021, CEOs earned 399 times more than the average worker.
EXECS PAD THEIR POCKETS WHILE ISSUING PINK SLIPS

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Markets

DJIA	33,375.49	1.00%
S&P 500	3,972.61	1.89%
Nasdaq Composite	11,140.43	2.66%
Japan: Nikkei 225	26,823.02	1.01%
UK: FTSE 100	7,770.59	0.30%
Crude Oil Futures	81.36	-0.34%
Gold Futures	1,933.00	0.25%
Yen	129.21	-0.22%
Euro	1.09	0.23%
* As of market close

Ten killed in mass shooting in California

A man fatally shot 10 people at a ballroom dance venue where people were celebrating the Chinese Lunar New Year late on Saturday in a city on the eastern edge of L.A. Another 10 people were taken to local hospitals to be treated for injuries, and at least one was in critical condition, the L.A. County Sheriff's Department said Sunday. There was no immediate information about a motive for the shooting, which is the deadliest in the U.S. since the Uvalde, Texas school massacre.

SHOOTING STRIKES AT THE HEART OF THE ASIAN COMMUNITY

Six more documents found at Biden's home

A new search of President Joe Biden's home in Delaware on Friday by the Justice Department found six more items, including documents with classification markings, a lawyer for the president said Saturday night. Some of the classified documents and "surrounding materials" dated from Biden's time in the Senate (1973-2009) to his tenure as vice president (2009-2017). The DOJ, which searched Biden's home for over 12 hours, also took some personally handwritten notes as VP.

WHY DO DOCUMENTS KEEP APPEARING AT BIDEN'S HOME?

'SNL' returns with spoofs on Santos, Biden

After a long hiatus, "Saturday Night Live" returned with guest host Aubrey Plaza, musical guest Sam Smith and some expected shots at congressman George Santos, the embattled New York Republican who for weeks has generated headlines over false statements about his resume. The show also featured cameos from President Joe Biden, former cast member Amy Poehler and skateboard legend Tony Hawk.

WATCH THE HIGHLIGHTS, START YOUR MONDAY WITH A LAUGH

Rare air

Skateboarder Tony Hawk was the first to perform this signature feat.

Friday's answer: Actor Alec Baldwin once received a letter of consolation from then-President Richard Nixon after his unsuccessful run for student body president at George Washington University.

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