Up another chance to to president xi i suspect that will happen but it will happen in due course and it s a perfect time to do so it is important particularly tensions are so high between our two countries that these two leaders keep it light of communication open and the president is committed to doing that. mike: china is increasing as defense spending by more than 7%. president biden s budget would increase defense spending by three-point to percent. concern about the u.s. following behind? you know, the 19th is going to maintain the most preeminent capability around the world were going to dedicate to that. hug budget we just laid out there and see how much of that budget is dedicated to the kind of threat just that our own national defense strategy says meeting. that includes the kinds of challenges in opposing the in the pacific from china certainly, but also from north korea quite frankly from russia. it s all there in the budget. it s very comprehensive. we are missing or goi
Would not provide more funding for the troubled bank. the chairman for the saudi bank later clarified the decision was because of regulatory issues the new york times points out that credit suisse has been battered by years of mistakes and controversies including huge trading loss, involvement in money laundering, and spying on former employees meanwhile treasury secretary janet yellen is set to testify before the senate finance committee this morning while the hearing is scheduled to focus on president biden s budget, it s widely anticipated that she will face questions about the recent failure of silicon valley bank and the overall health of the u.s. banking system earlier this week moody s investor service cut its view on the entire system to negative from stable citing last weekend s bank failures. meanwhile senator elizabeth warren of massachusetts is holding federal reserve chair jerome powell s feet to the fire
U.k. are at 4% and comparable to where they are here in the united states, and are you seeing the cracks in the financial systems because of the rates? we believe that the financial system is robust, but inflation is too high, and we want to bring it down, because inflation is bad for families in the u.k. just as it is bad for the families in the united states, and we have set a course, and i announced it yesterday at my budget to bring the budget down to less than 3% within the year, and we believe we are on track to do that, but it is not about the stability of the financial system and it is not bad about the economy, but it is industrial disputes and eats away at the value of the pay pact, and that is a bad thing, and that is why we want to tackle it. do these latest concerns about the svb and credit suisse
Across the country. our new resources for the irs are already paying off. taxpayers are getting drastically improved customer service this year. for example, we have answered hundreds of thousands more phone calls during this filing season than at this time last year. our proposed budget built on the economic progress by making smart fiscally responsible investments. these investments would be more than fully paid for by requiring the corporations and the wealthiest to pay their fair share. fiscal discipline remains a priority in the budget. and we have proposed a minimum income tax on 25% of the taxpayers on wealth of in excess of $1 million. we have proposed a increase of the corporate tax rate of 68%
Failures of the two banks and the action taken. what more is the white house expecting from this experience on the hill in terms of the questions that she may be getting. yeah, erica, you are right, that it is a hearing that was previously schedule for the treasury schedule to talk about president biden s budget, but the timing of this is so key, and you heard her right off of the top addressing the health of the u.s. financial market and talking about the failure that we saw in recent days of silicon valley bank and signature bank, and she was very clear saying that the banking system is sound. she said that the actions that the administration took in recent days should reassure americans that their deposits are safe. she of course was referring to the sweeping emergency actions that we saw the administration take over the weekend. one backstopping all of the funds of the depositors the, and also the federal reserve creating sweeping is emergency