keeping his economic commitments abroad while managing a debt crisis at home, president biden says the best use of his time was to cut shows h histropy asia. we ll have the latest on that search. and the governor of montana thinking there s enough threat from china to ban tiktok, but how will he force it out of the hands of teenagers. all these stories are coming in to cnn news central. today in hiroshima, president biden was peppered with questions did the debt default, which really want supposed to be on the agenda. he s already cut his trip short, so he can get back to finalize a deal. leaders in washington have about two weeks to avert a potential disaster. let s take the live to japan for marc stewart . reporter: i cannot stress enough if there s a u.s. daylight, not only likely would it put the u.s. economy into recession, it could create global financial shockwaves. that s relevant for the g7. policy decisions, positions relating to the war in ukraine. money i
hello, everyone. welcome to cnn newsroom. and i m john berman. victor is off this froop. and we begin with president biden s dramatic overnight move to dparnguarantee the money is e bank. this comes after the failure of two banks. today the president announced regulators are taking them over, but unlike what was seen in 2008 the u.s. will cover only bank customers not bank investors. all customers who had deposits in these banks can rest assured that we protect it, and they ll have access to their money as of today. that includes small businesses across the country that bank there and need to make payroll, pay their bills and stay open for business. investors in the banks will not be protected. they knowingly took a risk, and when the risk didn t pay off, investors lose their money. that s how capitalism works. svb s small businesses are thankthal for president biden s decision. i am quite relieved from what i heard from president biden. i think the administration h
a major energy and health care bill that could breathe new life in his agenda. he urged congress to act quickly and pass it. the fact is that my message to congress is this. this is the strongest bill you can pass to low eriner inflatio tackle costs, and promote energy security, all the time while reducing the burdens facing working class and middle class families. manu raju is on capitol hill for us. manu, how did this come together? reporter: over the last few days, these negotiations between joe manchin and chuck schumer have picked up behind the scenes. in mid-july, the talks broke off for a little bit of time after manchin saw the june inflation numbers about 9%. he came out, he was concerned about it, he indicated he did not want to move forward on climate and energy provisions and tax provisions. at that point, schumer said they could agree on potentially a narrow health care bill. but things changed over the last several days. manchin told a group of reporters e
comes as target and home depot are reporting that their sales are actually down. yeah, so target reported some disappointing numbers. their sales were just fractionally higher in the latest quarter, but they actually said that their online sales were down, and they reported that consumers are pulling back, again, on the more discretionary items. home improvement you know, home improvement had just been booming for the longest time as people who were stuck at home during covid spent a lot of money to improve their homes and trying to sell their homes in a hot housing market, and some of those numbers jim just reported on home sales slowing down, that has also hurt some of the sales numbers at home depot. yeah, a lot of uncertainty in the economy especially as we re looking at a potential default on u.s. debt. hopefully a break through comes soon on a deal. matt eegen, thanks for your reporting as always. coming up a killer strike. the moment a baseball pitcher threw a curve ball
eased in the west and the south but rose in the north east and the midwest. lots to follow there. so do you need more evidence that americans are worried about inflation? wal-mart says to check out their grocery division. the company says grocery sales increased by double digits last quarter even as sales of discretionary product like home goods and clothing were sluggish. matt, wal-mart says even wealthier households have been buying up a lot of groceries at wal-mart. what does that tell you about the overall picture of the economy? well, first americans are bargain shopping. right, after two years of high inflation people are looking for deals, and no surprise they re looking for deals at wal-mart. this brand is all about every day low prices. so this is all just fine for wal-mart. they just reported pretty strong