Debt limit; Tesla slashes prices

WASHINGTON (AP) – Treasury Secretary Janet Yellen has informed Congress that the US is projected to reach its debt limit on Thursday and then resort to “extraordinary measures” to avoid default. Those measures include delaying some payments to provide some headroom to make other payments that are deemed necessary, such as for Social Security and debt instruments. Yellen said on Friday that while her department could not estimate how long the extraordinary measures would keep the US paying the government’s obligations, “it is unlikely that the cash and extraordinary measures will be exhausted before the beginning of June.”

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Tesla cuts vehicle prices to boost declining demand

DETROIT (AP) – With its sales slowing and its share price plunging, Tesla Inc dramatically slashed prices on several versions of its electric vehicles, making some of its models eligible for new federal tax credits Which could help in the interest of the buyer. The company slashed prices in the United States by almost 20% on some versions of its top seller Model Y SUV. The deduction would make more versions of the Model Y eligible for a $7,500 electric-vehicle tax credit available through March. Tesla also reduced the base price of its cheapest model, the Model 3, by about 6%. Far from appeasing investors, the sharp price cut sent Tesla shares down nearly 2% in late afternoon trading.

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