Monday Afternoon Update: Target Down $10 Billion, Debt Deal Latest, Rescue Efforts Underway In Davenport Iowa After Building Collapse

Memorial Day
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This article is adapted from today’s Morning Wire Afternoon Update. To listen to the podcast version, click here.

8 People Rescued After Apartment Building Partially Collapses In Iowa

Authorities in Davenport, Iowa are conducting a massive search and rescue operation after a six-story apartment building partially collapsed Sunday evening. So far, authorities have not released the number of any possible casualties or injuries. It’s unclear what caused the building to crumble, but officials say that they found a gas leak and water leaking when they arrived at the scene. Eight have been saved so far. 

Debt Deal Latest

President Joe Biden and House Speaker Kevi. McCarthy (R-CA) struck a deal over the weekend to raise the nation’s debt ceiling – with the clock ticking down on default. The Democratic president and Republican House speaker reached a final agreement late on Sunday, as negotiators scrambled to draft and submit the bill text for review. The text includes various spending cuts and increased work requirements for food stamp recipients, which Democrats had initially called a non-starter. Congress has until June 5th to vote on the measure. We’ll discuss the latest on the negotiations tomorrow morning. 

Target Down $10 Billion

Retail giant Target has lost $10 billion in market capitalization in ten days, apparently due in large part to the backlash over prominent LGBTQ+ PRIDE displays – including transgender-friendly clothing items for children. As of Monday morning, the stock price had dropped to under $140 per share which translates to a 14% decrease in value for the Minnesota-based company.

Idaho Murder Victims’ Families Want Death Penalty

The families of two of the four victims slain in the University of Idaho killings last year reportedly have signaled that they support the death penalty for the 28-year-old man accused of the quadruple murder. The suspect was indicted on charges including first-degree murder of four friends and college students — Kaylee Goncalves, Ethan Chapin, Xana Kernodle, and Madison Mogen — who were stabbed to death on November 13, 2022. 

Texas AG Impeached

Following an investigation into allegations of corruption, the Texas House of Representatives took the unprecedented move to impeach Attorney General Ken Paxton on Saturday.  

The vote triggered an automatic temporary suspension of Paxton until the state senate trial is over. Paxton faces 20 articles of impeachment — including accusations of violating the state’s whistleblower law, entering into a settlement agreement with the whistleblowers that provides for payment of the settlement from public funds,” violating the Securities Act, and more. Paxton has slammed the impeachment as “illegal, unethical, and profoundly unjust” after the vote. Now, the state senate will begin its trial which requires two-thirds support for the removal of the attorney general. We’ll have a full report tomorrow morning. 

Recep Tayyip Erdogan  Re-election

Turkey’s incumbent president Recep Tayyip Erdogan cruised to re-election in a historic run-off vote over the weekend. Turkey’s Supreme Election Council declared Erdogan the winner on Sunday, and he will now remain in office until 2028. Ergodan, who has been in office since 2008, said “The only winner today is Turkey.”  His supporters filled the streets of Turkey in celebration.

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