The U.S. is hosting South Korea’s president who is expected to make a speech to a joint session of Congress. And the number of Americans smoking cigarettes has reached an all-time low. These stories and more highlight the daily rundown for Thursday, April 27, 2023.
South Korean president to address Congress
South Korean President Yoon Suk Yeol will deliver an address to a joint session of Congress. The leader is looking to strengthen his ties with the U.S. during this week-long trip.
“To president Yoon and Mrs. Kim, thank you for making the journey. We are delighted to have you here. I’ve never been more optimistic, and I mean that, I’ve never been more optimistic about our nations, what we can achieve together if we continue to work together as allies and as friends,” President Biden said after welcoming Yoon to the White House on Wednesday, April 26. There, they called their bond “unbreakable” amid ongoing threats from North Korea.
The two met to discuss the joint military exercises between the U.S. and South Korea and how to deter the North’s advancing nuclear program. Biden and Yoon also discussed the promotion of peace in Taiwan and their shared-support for Ukraine amid the war.
South Korea’s visit to the U.S. marks the 70th anniversary of the alliance.
House passes debt ceiling package
The Republican-controlled House narrowly passed a bill Wednesday, April 26, to raise the nation’s debt limit. However, the bill is expected to be dead on arrival in the Democrat-controlled Senate.
The bill was passed 217 to 215 with no Democratic support and 4 Republicans joining in opposition.
The bill would raise the spending cap by $1.5 trillion while cutting federal spending by around $4.5 trillion. The cuts would largely come from programs pushed by the White House. President Biden has asked for no spending cuts, saying he wants the debt limit raised without any conditions attached.
The Congressional Budget Office estimates that the nation could default on its debt as soon as June if a debt limit deal isn’t reached. This could create financial turmoil around the world and diminish the value of the U.S. dollar.
First Republic Bank stock tumbles
Eyes will be on First Republic Bank’s stock today as it plummeted for a second day on Wednesday, April 26. The future of the bank is on shaky ground after the disclosure that depositors withdrew more than $100 billion during last month’s banking crisis.
The New York Stock Exchange halted trading on the stock more than a dozen times yesterday, as shares plunged nearly 30%. On Tuesday, April 25, shares dropped to 49%. It has raised concerns over the bank’s stability given the recent collapse of Silicon Valley Bank and Signature Bank.
Bank executives have announced plans to get First Republic on better footing, which include selling off assets and job cuts.
First Republic has already received two multi-billion dollar bailouts. The bank was given $30 billion in bailouts led by JP Morgan Chase in March 2023. In February 2023, JP Morgan also extended a $70 billion line of credit to First Republic.
Trans lawmaker barred from MT House floor
Montana Republicans have barred transgender lawmaker Zooey Zephyr from the House floor for the remainder of its legislative session. Zephyr was barred after telling peers next time they “bow your heads in prayer, you see blood on your hands.” The comments were made as the floor debated a bill to ban gender-affirming care for children.
The move to bar Zephyr caps off a weeklong standoff between the Democratic and House Republican leaders. Protests in support of Zephyr have disrupted legislative proceedings in the chamber.
Zephyr has defended the comments and refused to apologize, saying the comments came in defense of the transgender community.
U.S. adult cigarette smoking hits new low
The number of Americans smoking cigarettes has dropped to a new all time low, according to a government survey released today.
According to the CDC, one in nine adults say they smoke cigarettes. Last year, the percentage of adult smokers dropped to about 11%, down from 12.5% in the previous year.
But comparing that to the mid-1960’s, when 42% of U.S.. adults were smokers, smoking has dramatically dropped off over the years.
While cigarette smoking is fizzling out, the number of Americans using e-cigarettes increased to nearly 6%. That’s up from 4.5% the year before.
According to the CDC, cigarette taxes, tobacco product price hikes, smoking bans, and changes in social acceptance are all factors in the decline of cigarette smoking.
NFL draft tonight, Carolina Panthers hold first pick
Thirty-one football players will hear their names called during the first round of the NFL draft. Normally, there are 32 first round selections made, but this year the Miami Dolphins had to forfeit their top selection due to violations of the league’s integrity of the game policy.
Teams at the top of the order are hoping their selections tonight will breathe fresh air into their organization.
Last month, the Carolina Panthers traded up to get the first overall pick, and will be followed by the Houston Texans.
Many draft experts say Alabama quarterback Bryce Young will be the first overall pick. Ohio State’s CJ Stroud is also expected to be one of the first few players taken.
The draft takes place in Kansas City, home of the reigning Super Bowl champions.
