Debt crisis roils Washington; Meta fined record

WASHINGTON (AP) — If the debt crisis roiling Washington were eventually to send the United States crashing into recession, America’s economy would hardly sink alone. The repercussions of a first-ever default on the federal debt would quickly reverberate around the world. Orders for Chinese factories that sell electronics to the United States could dry up. Swiss investors who own U.S. Treasurys would suffer losses. Sri Lankan companies could no longer deploy dollars as an alternative to their own dodgy currency. Moody’s Analytics has concluded that even if the debt limit were breached for no more than week, the U.S. economy would weaken so much, so fast, as to wipe out 1.5 million jobs.


Meta fined record $1.3 billion and ordered to stop sending European user data to US

LONDON (AP) — The European Union has slapped Meta with a record $1.3 billion privacy fine and ordered it to stop transferring users’ personal information to the United States by October. Meta, which had previously warned that services for its users in Europe could be cut off, vowed to appeal and ask courts to immediately put the decision on hold. The company said Monday that “there is no immediate disruption to Facebook in Europe.” The decision applies to user data like names, email addresses, messages, viewing history and other information that Meta — and other tech giants — use for targeted ads. The legal battle followed former National Security Agency contractor Edward Snowden’s revelations of electronic surveillance by U.S. security agencies.

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