President Biden, Kevin Mccarthy, Susanna Palmer discussed on Bloomberg Law


President Biden is planning to meet with Republican House speaker Kevin McCarthy to discuss the debt ceiling, reporter Julie serkin has more from Capitol Hill. Figure Kevin McCarthy immediately pretty much responding on Twitter about a meeting at The White House saying quote, President Biden, I accept your invitation to sit and discuss a responsible debt ceiling increase to address irresponsible government spending. No official time or date has been set. The Justice Department is investigating Abbott Laboratories nearly a year after the baby formula shortage. The Wall Street Journal reported on Friday investigators are focusing on Abbott's plant in Sturgis, Michigan, Abbott shut down production at the huge plant last February, after infants who consumed formula made there became sick. Military officials are confirming the death of a former navy seal in Ukraine. The U.S. Navy says it's unclear why Daniel swift was in the Eastern European country, swift was a special warfare operator who had been listed as an active deserter since 2019. That's the latest I'm Julie Ryan. And I am Susanna Palmer in the Bloomberg newsroom. U.S. technology stocks are about to hit their next hurdle, vanishing profits when earnings season for the most influential segment of the S&P 500 Index gets underway in the coming week. Highlighting the risks ahead, Microsoft, which kicks off the group's reporting on Tuesday, joined in starting to cut thousands of jobs this week as sales slow. Google parent Alphabet has followed with plans of its own to shrink its workforce. Billionaire Elon Musk does much of his communication through Twitter, the troubled company he now owns, but on Friday Musk appeared in court on the witness stand in a trial over tweets that may have crashed the stock price of Tesla. Musk tweeted he claimed he had funding secured to take the company in private. This left many stockholders with big losses as investments were made on the information. Mark feige is a retired securities litigator. This is an unusually straightforward case. You have a couple of tweets that are as close to black and white as you can. Did he, in fact, have funding secured or not. So it's much simpler than the typical securities fraud case. Musk's testimony continues on Monday. Social media giant YouTube and its parent company Google will stand before the Supreme Court next month to defend its algorithms under a law known as section two 30. The decades old regulation gives them immunity from third party posters who violate the decency act. The lawsuit is being brought by a family of a terrorist attack victim, the family says YouTube helped promote and spread ISIS ideology. Facebook whistleblower and data engineer Francis haugen believes those algorithms aren't covered and these companies can do better. We have tools, but all these things decrease usage. You know, they make the companies a little bit less money. Now, Amy Gonzales was killed nearly 8 years ago in a 2015 terror attack in Paris, her parents have brought the suit to the Supreme Court. The U.S. has hit its federal debt ceiling and now the Treasury Department has launched the use of special measures to keep the country from defaulting on its debts, details now from Bloomberg's Amy Morris in Washington. Treasury tapped the financial resources of two government run funds for retirees in a move that will give the treasury some room to keep making federal payments until it can boost the overall level of debt. They say they'll return that money once the debt limit is increased. Treasury secretary Janet Yellen says the timeline is so uncertain she's urging lawmakers to act soon. In Washington, I'm Amy Morris Bloomberg radio. We mentioned at the top that a lot of technology companies are coming out with earnings in the week ahead. But it isn't just tech. There are a whole bunch to watch for, including 3M American Airlines, American Express, Comcast, General Electric Halliburton Johnson & Johnson Kimberly Clark and Lockheed Martin and that is just naming a few. Global news, 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. I'm Susanna Palmer. This is Bloomberg. Bloomberg radio on demand and in your podcast feed. On the latest edition of the Bloomberg businessweek podcast, a conversation with Bloomberg consumer reporter, Dina Shanker, on the cover story, why faith me has fizzled out. It's been years in the making because that IPO was huge. And everyone was excited about it. I mean, the entire industry suddenly you had the small new startups that were coming up that were getting tons of funding because everyone's opportunity here. You had the big food companies coming out with new products or reinventing old ones. Everyone wanted a piece of this because everyone thought, yeah, we can convince meat eaters to sub something else in. But it turns out that that's a really hard sell. And it's going to get even harder if the food doesn't taste quite as good. And it doesn't. According to most people, that you will ask about it. It's also more expensive. And then, yes, environmentally, these things are so much better for the planet, but most people aren't buying for the planet. They do care about their health, but then it turns out these products are not healthy. Now, some people might say they're marginally healthier. But even that is not settled. So consumers just really started backing away. And we saw sales plummet at the supermarket, restaurants, just everywhere, basically. If it was healthy, I'd be a buy in. I mean, what exactly is in it? I mean, I know there's a lot of sodium, right? Not good. What else? So these are ultra processed foods, which means that the ingredients themselves are processed or they're extracts of other foods. So that means the ingredient list, are they so crazy compared to other things in the supermarket, they're not. There's

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