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U.S. President Joe Biden speaks with Canada's Prime Minister Justin Trudeau as they meet during the Ninth Summit of the Americas in Los Angeles, California, U.S., June 9, 2022.

REUTERS/Kevin Lamarque

US green subsidies pushback to dominate Biden's Canada trip

As Ottawa prepares for a two-day visit by President Joe Biden starting Thursday, Canadians have been speculating about whether he will do something to stop the northward flow of border crossings by undocumented migrants at Roxham Road, Quebec.

That problem is grabbing headlines, but it is nothing next to the border challenges the Americans face, and the Canadians likely have more important requests for Biden. Behind the scenes, the government is focused on getting Americans to help mitigate the impact of the Inflation Reduction Act, the largest climate spending package in US history, which could lead to the loss of capital and jobs from Canada.

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Silicon Valley Bank collapse isn't the same as 2008 financial crisis | World In :60 | GZERO Media

Silicon Valley Bank collapse: Not 2008 all over again

Ian Bremmer shares his insights on global politics this week on World In :60.

With the Silicon Valley Bank collapse, is it 2008 all over again?

There's one very clear way that it's not, which is that it's not a big enough crisis for people to come together. And remember, after 2008, everyone understood that we needed to do everything possible to get the markets functioning, get trust in the system again, and avoid a great depression. Nobody's saying that right now. And it's not just because the US political system is more divided, it's also because people feel like it's fine to go after the "woke" banks. It's fine to go after the Trump era deregulation around the medium size banks. And everyone can point at their favorite villain while you don't really need to do a hell of a lot beyond the bazooka that Secretary Yellen threw at SVB and Signature Bank this weekend. So no, in that regard, it's very much not 2008 all over again. In some ways I'm happy about that and other ways I'm not.

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Silicon Valley Bank logo seen through broken glass.

REUTERS/Dado Ruvic

Yellen brings bazooka to stop SVB contagion

The US government on Sunday night announced measures to stop the collapse of Silicon Valley Bank from leaving 97% of its depositors holding the bag — and to avert another financial crisis (without spending taxpayer money).

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Who Will Cave On Raising US Debt Ceiling (Again?) | GZERO World

Who will cave on raising US debt ceiling (again?)

In a development that will surprise exactly no one, there’s more than a little kicking and screaming going on these days in Washington over the debt ceiling debate. On GZERO World, Utah Senator Mitt Romney, a throwback from another era of US politics, has a message for the rabble-rousers on both sides: pipe down.

That means stop playing brinkmanship with a US debt default, Romney tells Ian Bremmer in the latest episode of GZERO World.

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General view of the US Department of the Treasury in Washington, DC.

Graeme Sloan/Sipa USA via Reuters Connect

US debt ceiling looms over a House divided

The US government surpassed its debt ceiling early Thursday, prompting the US Treasury Department to implement a series of temporary emergency measures to avoid a US government default. What does this mean and why does it matter?

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US Cannot Issue New Debt Until Congress Acts To Raise Debt Limit | GZERO Media

GOP partisanship could trigger first-ever US default

Jon Lieber, head of Eurasia Group's coverage of political and policy developments in Washington, DC shares his perspective on US politics:

What does it mean that the US has hit its borrowing limit?

Well, the US this week hit its statutorily created debt limit, meaning that because of all the money that it borrowed during the course of the pandemic and the fact that it's borrowing hundreds of billions of dollars a year spending more than it takes in tax revenues, it hit its $31.5 trillion debt limit, which means that the US is now in a situation that it cannot issue new debt until Congress acts to raise the debt limit. However, Congress does not want to raise the debt limit, and there are a couple episodes during 2011 and 2013 where Congress came very, very close to the date where it would've potentially defaulted for the first time ever by not making payments to creditors.

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Are We In A Recession? | US Politics In :60 | GZERO Media

Are we in a recession?

Jon Lieber, head of Eurasia Group's coverage of political and policy developments in Washington, DC, shares his analysis on US politics.

When is a recession, not a recession?

The Biden administration this week has spent an extraordinary amount of time refuting the notion that the US economy is in a recession. Treasury Secretary, Janet Yellen on Sunday pointed to strong job numbers and consumer spending as signals that the US economy continues to grow. But plenty of analysts have started to question how strong and durable that growth is in the face of rising prices and Fed induced interest rate hikes. Later this week, the government will release its estimate for second quarter economic growth. The first quarter data showed that the economy shrank by 1.5% and supply chain problems wreaked havoc on economic output and some estimates of second quarter growth suggest there could be another quarter of contraction in the cards.

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Will Tech Giants Be Taxed For Worldwide Profits With A Global Tax Rate? | Cyber In :60 | GZERO Media

Will tech giants be taxed for worldwide profits with a global tax rate?

Get insights on the latest news about emerging trends in cyberspace from Marietje Schaake, International Policy Director at Stanford University's Cyber Policy Center and former European Parliamentarian:

Today, we talk about the "T word", as I often refer to: taxation. But that taboo is finally broken in the United States.

How would a global minimum corporate tax rate, like the one Janet Yellen has called for, affect Big Tech?

Now, ideally, it would ensure a level playing field for all companies, and European leaders embrace the US change of course, but they did add that there should be ways to tax tech giants for their global profits. It's a demand that is widely shared in Europe. So the hope is that that can be arranged between all OECD members.

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