states hits today and that is the legal limit. if congress does not raise that limit, the country risks default which would have almost unmanageable consequences. now the treasury department is taking what are called extraordinary measures to push that date back a bit. but they can t do it forever. this morning cnn has also learned that president biden still plans to announce he is running for re-election. he does plan to announce that bid after the state of union address next month. those are the plans that are in place. there are new details this morning about how this special counsel investigation into classified documents at his home and office may have impacted that timing. and embattled new york congressman george santos wrapped in yet another lie as newly uncovered documents contradict his claims that his own mother was in the south tower on 9/11. just the latest in his string of lie lies. but we begin with the u.s. hitting the trillion dollars borrowing limit. laure
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course correction for these tech companies, this may be short lived, that we may see hiring in other ways. microsoft saying they re going to have a huge investment in ai, artificial intelligence. so while we re losing unfortunately painfully folks now in the tech industry, we could see gains rather soon. sooner rather than later. tis important to point out these are a massive companies that have a small percentage of the labe force. it doesn t reflect the over labor market right now. it is an important part of it. because technology is what keeps this world running. but it is not the overall labor market. it is important to note what is happening in other industries which are struggling to hire folks right now. and maybe tech was a little bloated. not to use a word people don t like. one analyst said it is promiscuous hiring. that is the first time i ve heard that. cheeky. me too. but just a little overzealous in
a large slew of tech layoffs. but what happened was during the pandemic, a lot of us turned to e-commerce. we were online and investing in tech. that of course is changing. and microsoft is saying we need to keep up with changing consumer behaviors. and one one analyst put it to t me this way. they were spending like rock stars and one analyst saying this i acourse correction, a little bit of a pulling back. but tech represents about 2% of employment. so this is a smaller base of employment compared to something like leisure and hospitality which is 11%. and we know that this morning unemployment claims came out, 190,000. that is below the norm. so we re seeing maybe in other industries that there aren t layoff happens. this is just specific to tech. and we ve heard from many other industries as well. they re having trouble hiring people and one analyst also suggesting that during this
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