Today's Scoops

Good morning! Here are today's top news stories:

💳 Visa and Mastercard Reach Settlement with U.S. Merchants
Visa and Mastercard have announced a major settlement with U.S. merchants to lower and cap fees charged by the credit card companies. This settlement, stemming from a 2005 lawsuit, aims to address allegations of excessive fees paid by merchants. The deal requires negotiations on fees with merchant-buying groups, with potential savings estimated at close to $30 billion. The fees, typically 1% to 3% of sales total, are paid to credit card companies for enabling transactions, ultimately passed on to consumers.

💰 U.S. Government Debt on "Unprecedented" Trajectory
The Congressional Budget Office warns that the U.S. government debt is on an "unprecedented" trajectory, with higher interest rates increasing the cost of paying creditors. The debt pile has soared under both Republican and Democratic administrations, notably due to tax cuts in 2017 and pandemic stimulus measures. The CBO cautions that the debt levels are dangerously high, with implications for public services and credit ratings.

🗳️ Democratic National Committee Discusses Robert F. Kennedy Jr.'s Campaign
Robert F. Kennedy Jr. announced Nicole Shanahan as his vice presidential running mate, sparking discussions within the Democratic National Committee. Kennedy's campaign is seen as a "spoiler" by some officials, with concerns raised about his funding sources and electoral prospects. The DNC is hosting calls to analyze Kennedy's campaign strategy and potential impact on the upcoming elections.

🏛️ Alabama Special Election Won by Marilyn Lands
Marilyn Lands won a special election in Alabama, focusing her campaign on promoting access to abortion and in vitro fertilization. The Alabama Supreme Court's recent ruling on frozen embryos created through IVF temporarily halted the medical procedure. Lands aims to join a minority of Democrats in the Alabama House advocating for repealing the abortion ban and ensuring IVF access.

⚡ Pumped-Storage Hydroelectric Facility Planned in Kentucky
Rye Development is set to create a pumped-storage hydroelectric facility on a former surface coal mine site near the Cumberland River in Bell County, Kentucky. The project is expected to generate 1,500 construction jobs and 30 permanent jobs, providing electricity for 67,000 homes annually. The facility, a first of its kind in the U.S. in over 30 years, aims to boost renewable energy development on mined lands.

💰 Mega Millions Jackpot Reaches $1.13 Billion
The Mega Millions jackpot has soared to $1.13 billion, marking the fifth-largest prize in the game's history. The odds of winning the jackpot are 1 in 302,575,350, with an estimated lump sum payment of $537.5 million before taxes. The next drawing is expected to have a jackpot of $20 million, with previous record wins highlighting the game's popularity.

That's all for today's news. Have a great day!

Sources:
- Visa, Mastercard settle long-running antitrust suit over swipe fees with merchants - NPR
- Is America at risk of a bond market meltdown? This watchdog thinks so - KTVZ
- Dem campaign call reveals panic mode over RFK Jr.'s White House bid, scramble to save Biden re-election hopes - Fox News
- Democrat who ran heavily on abortion rights, IVF wins Alabama special election - The Washington Post
- 'Transformational' Kentucky renewable energy project on old mine receives $81 million - AOL
- Mega Millions estimated $1.13 billion jackpot has one winning ticket, in New Jersey - CBS News
- Police investigating the death of an 8-year-old swimmer found in a pipe of a lazy river at a Houston hotel - NBC News
- FDA approves new drug that may help stop and even reverse a rare, fatal condition that doctors call a ‘ticking time bomb’ - CNN