National News: Biden warns Russia against using nuclear weapons, Republicans introduce abortion ban bill and worst stock market tumble since June 2020

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Biden warns Vladimir Putin against using nuclear weapons 

President Biden warned Russia against using chemical and nuclear weapons in Ukraine during a 60 Minutes interview Sunday night. This came after a week of record land gains and P.O.W. captures by the Ukrainian military, according to the Associated Press

“Don’t. Don’t. Don’t. You will change the face of war unlike anything since World War II,” Biden said in regards to Putin potentially using chemical and nuclear weapons in the region. 

Biden clarified that the consequences of any chemical or nuclear weapon usage by Russia would depend on the extent of the attack. 

“They’ll become more of a pariah in the world than they ever have been. And depending on the extent of what they do will determine what response would occur,” Biden said. 

Sen. Graham introduces bill to ban abortion after 15 weeks 

Sen. Lindsey Graham (R-S.C.) introduced a bill early last week which would ban abortions after 15 weeks nationwide, according to NPR. The bill is meant to follow up the reversal of Roe v. Wade back in June which determined abortion laws to be left to the states and revoked the constitutional right to an abortion.  

“I think we should have a law at the federal level that would say, after 15 weeks, no abortion on demand except in cases of rape, incest or to save the life of the mother,” Graham said at a news conference Tuesday morning. “States have the ability to do [so] at the state level, and we have the ability in Washington to speak on this issue if we choose. I have chosen to speak.” 

While the bill has been introduced in the House, it stands no chance of progressing while Democrats hold both chambers of Congress. However, senior GOP aides have indicated that the bill would be top priority for Republicans if they regain Congress this November according to the Washington Post

America’s billionaires lost $93 billion last week after stocks tumble to two-year lows 

America’s billionaires lost nearly $93 billion last week after stocks tumbled to two year lows due to continuing inflation worries. 

Last Tuesday marked the ninth worst daily loss ever for billionaires in America according to Bloomberg. The S&P 500 fell 4.4%, the most since June 2020, while the Nasdaq 100 Index tumbled 5.5%, its steepest decline since March 2020. Overall, last week marked the worst week since June for both the S&P 500 and Nasdaq 100 Index, according to CNBC

JPMorgan Chase and Morgan Stanley still predict a “soft landing” according to the NYT, meaning inflation will decrease without a recession. However, others are not so optimistic. Economists at Wells Fargo and Citigroup still expect recession. At the very least, the markets are bound to be volatile in the weeks and months to come.  

“Investors can expect a lot more volatility in markets going into year end. We think 2023 is still going to be filled with lots of uncertainty,” said Dan Ivascyn, chief investment officer of the bond investment house Pimco. 

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