viewers. i m max foster. bianca is off for the day. but just ahead this is the first time we re seeing this scare happening in washington. the white house and both sides of pennsylvania avenue going to grasp the consequence of what is happening right now. stop playing games, stop blaming somebody else. we got 30 daysys to do it. and a simple request that turned in to a violent situation. and we don t know where he is and we don t have any tips. writers in hollywood are underpaid. there is a tremendous amount of content, but they are not getting the compensation that they want. at some point they have to take a stand. live from london, this is cnn newsroom with max foster and bianca nobilo. and it is tuesday, may 2, 9:00 a.m. in london, 4:00 a.m. in washington where u.s. secretary janet yellen is asking congress to overt what could become a global catastrophe. and she warns that the u.s. could default by june 1. and she says that the impact could rob not
their loans. and the key is that jpmorgan is assuming all the $2 billion of first republic s deposits, including those above the $250,000 fdic insurance limit. so that means if you have money at first republic, you are good. your money is safe. just changing from one bank to another. the government did have to either swooen the pot to get the deal done. fdic is covering a big chunk of potential loan losses here. all of this is after another weekend scramble in washington and on wall street to come up with a solution to this first republic problem. a source says that janet yellen and other u.s. officials were in touch with regulators as first republic has been teetering the past week or so. jp more b pchlt p morgan says t participated in due diligence on