Morning Business Report: The U.S. may face power outages this summer
Two-thirds of North America may face power outages this summer. The western U.S. is at elevated risk due to wide-area heat events. The North American Electric Reliability Corporation says new EPA environmental rules that restrict power plant emissions also enhance the risk of outages.
Investors will be watching as President Biden and House Speaker McCarthy are set to meet today on the debt ceiling. A possible debt default looms just 11 days away. A debt default would mean delays or a reduction in certain benefits provided by the government, such as social security, veteran pensions, and the salary of government workers. Medicare and Medicaid would be impacted as well.
Stocks fell at the end of the week after debt-ceiling talks paused.
Fed Chair Powell says a slowdown in bank lending could cool the economy.
Americans are serious about their summer travel this year, according to the American Automobile Association. The organization estimates that 42 million Americans will travel at least 50 miles from home this Memorial Day weekend. That’s a seven percent increase over last year, including both road and air travel.
Empower Brands is recalling 456,000 of its PowerXL Stuffed Wafflizer waffle makers due to a potential burning hazard. The company has received 44 reports of the product posing a burn risk. The reports include 34 burn injuries and three people requiring medical attention. Major retailers, both in store and online, sold these waffle makers from July 2021 through October 2022.
