HOW DEBT DEFAULT COULD AFFECT YOU

By Tami Luhby and Elisabeth Buchwald, CNN

President Joe Biden and House Republicans may have as little as a month to prevent the US from defaulting on its debt, which would impact millions of Americans and unleash economic and fiscal chaos here and around the world.

Treasury Secretary Janet Yellen warned Monday that the government may not be able to pay all of its bills in full and on time as soon as June 1. However, the forecast was uncertain, and the default date might come several weeks later, she said. The US hit its $31.4 trillion debt ceiling in January, and Treasury has been using cash and "extraordinary measures" to satisfy obligations since then.

Just what would happen if the nation defaults on its debt is unknown since it's never actually happened before. A close call in 2011 roiled the financial markets and prompted Standard & Poor's to downgrade the US' credit rating to AA+ from AAA.

Yellen gave a sense of the turmoil it would cause in her letter to House Speaker Kevin McCarthy on Monday.

"If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests," she wrote.

To be clear, a debt default doesn't mean all payments would stop and people would permanently lose out on money they are owed. Treasury would have the funds to satisfy some obligations, but it's not certain how the agency would handle the disbursements. Much would also depend on how long it takes Congress to address the borrowing cap.

"Tens of millions of people across the country who expect payments from the federal government may not get them on time," said Shai Akabas, director of economic policy at the Bipartisan Policy Center.

"Such calamity would place further stress on our servicemembers, retirees, and veterans, as well as their families, caregivers, and survivors," Rene Campos, senior director of government relations for the Military Officers Association of America, said in a blog post. "Though life in uniform is not always predictable, those who serve or have served their country expect their country to honor their commitment to service."

About $25 billion in pay or benefits for active-duty members of the military, civil service and military retirees, veterans and recipients of Supplemental Security Income is sent out on the first day of the month, according to the CBO.

Susan Sample has served on the West University Place City Council and is running for re-election as mayor. She has supported one of the lowest tax and crime rates in Harris County and built-up youth sports and senior citizen recreation, parks, and flood relief.

Sample earned Rice University management and accounting degrees, University of Texas Law and Business graduate degrees, and University of Houston tax law master's and Spanish degrees. She is a tireless wife and mother to 11-year-old twins.

Clay Brett is running to serve on the City Council with Sample. He’s a lawyer and business investor who's emotionally invested in the city he wants to serve. With a young son and daughter, he’s determined to make West University’s streets safe for his and all children.

Financial markets

Americans' investments would take a direct hit. Case in point: Markets had what was then their worst week since the financial crisis during the 2011 debt ceiling standoff after the Standard & Poor's downgrade.

Even if the debt ceiling impasse is resolved soon after a default, stocks could shed as much as a third of their value. That would wipe out around $12 trillion in household wealth, according to Moody's Analytics.

Borrowing costs

If a default occurs, yields on US Treasuries will inevitably rise to compensate for the increased risk that bondholders won't receive the money they're owed from the government.

Since interest rates on loans, credit cards and mortgages are often based on Treasury yields, the cost of borrowing money and paying off debt would rise. That's on top of the increased costs Americans are already facing from the Federal Reserve rate hikes.

Families and businesses would also have a tougher time getting approved for lines of credit since banks would have to be more selective about to whom they loan money. Read the full story at StyleMagazine.com

$8 MILLION HOUSTON EQUITY FUND GRANT POWERED BY WELLS FARGO OPEN FOR MINORITY SMALL BUSINESSES SECOND ROUND GRANT APPLICATION OPEN MAY 15TH

By Adam Zuvanich, Houston Public Media

Minority -owned small businesses and nonprofits in the Houston area can apply for up to $100,000 in grant funding later this month.

A total of $8 million is available this year during the second phase of the "Open for Business" grant program, which is funded by Wells Fargo and administered by the Houston Fund for Social Justice and Economic Equity. An online application portal for grant money is scheduled to be open from 5 a.m. May 15 through 11:59 p.m. May 31, with eligible businesses and nonprofits competing to receive awards ranging from $5,000-$100,000 apiece.

To be eligible, businesses and nonprofits must have been established before Dec. 31, 2021, and be located within Houston city limits. Eligible businesses must also be "mission-aligned" and "diverse-owned" with no more than 100 employees and no more than $3 million in gross revenue during 2022, according to the Houston Fund for Social Justice and Economic Equity, which says eligible nonprofits must be historically underserved organizations with no more than 100 employees.

The grants can be used for tangible assets such as land purchases and

By Ed Lavandera,

The longtime partner of the man accused of gunning down five people, including a 9-year-old, in a neighboring Texas home apparently helped the suspect while also cooperating with authorities -- all while a massive manhunt was underway -- a prosecutor said Wednesday.

The suspected gunman, Mexican national Francisco Oropesa, was caught Tuesday and faces one count of first-degree felony murder -- with four more counts expected -- after the mass shooting Friday night, San Jacinto County criminal district attorney Todd Dillon said. The charge could be upgraded to capital murder -- a death penalty offense in Texas -- a source with his office told CNN.

Oropesa's longtime partner, Divimara Lamar Nava, faces a charge of hindering apprehension or prosecution of a known felon, a third-degree felony, online sheriff's records show. She was booked Wednesday; It's not clear if she has an attorney or when her court improvements, building construction or renovation, purchases of inventory, machinery, equipment and technology and improvements or modernizations of landscaping, parking lots, streets and utilities, among other uses.

"We are committed to bridging the economic gap in our city by supporting Houston's underrepresented and underfunded minority-owned small businesses and nonprofit organizations,” Thomas Jones, the board president for the Houston Fund for Social Justice and Economic Equity, said in a news release. “It is our continued vision and mission to facilitate transformative change in our local communities."

The Houston Fund for Social Justice and Economic Equity, also known as the Houston Equity Fund, was established by the City of Houston in 2021. The Open for Business program is a three-year, $20 million initiative, with a total of $5 million having been awarded to more than 200 businesses and nonprofits during the first phase last year.

Grant recipients during the first phase are not eligible for awards during the second phase, but they can apply for additional funding as part of the third phase next year.

The Houston Equity Fund says on its website that the businesses and nonprofits it selects for the funding can "demonstrate direct, tangible and meaningful impact" related to the four pillars of the fund, which are community building, economic development, social and racial justice, and youth empowerment and education. www. houstonequityfund.org

9-year-old appearance will be.

"Ms. Nava appeared to be cooperating up until the time that we arrested her," Dillon said. However, "what we believe that Ms. Nava was doing is that she was providing him with material aid and encouragement, food, clothes, and had arranged transport to this house."

Nava was arrested at the same Montgomery County location where

Oropesa was found Tuesday evening hidden in a closet under a pile of laundry, according to case records and San Jacinto County Sheriff Greg Capers. Law enforcement had tracked her to the home, associated with a relative of Oropesa, a law enforcement source told CNN, about a 20-minute drive west of where the shooting unfolded in Cleveland, northwest of Houston.

The district attorney, like other officials, has referred to Nava as the suspected killer's "wife," though public records suggest she is not married. "I don't know if it's common-law (marriage), or they've actually in fact been married," Dillon said. "But they were living together as husband and wife."

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A man suspected of assisting Oropesa also is in custody in the San Jacinto County jail, the district attorney said. He's being held on a possession of marijuana charge, and "we expect there to be more charges filed," Dillon said. "Several arrests" have been made in connection with the slayings, and "others are hinging on what's going on right now," Chief Deputy Tim Kean of the San Jacinto County Sheriff's Office said Wednesday morning. Fewer than five people have been arrested beyond Oropesa, he said.

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