Shelves may not be so empty this holiday season — at least at the big stores.
Why it matters: Supply chain issues have hung like storm clouds over the retail sector, but major companies planned enough ahead of time and wrangled the shipping workarounds they needed to ensure they have enough to sell during their most important sales quarter.
Treasury Secretary Janet Yellen warned in a letter to lawmakers on Tuesday that the federal government will run out of money to pay its bills as soon as Dec. 15 if the debt ceiling is not suspended or raised.
One idea to ensure the government does not default, even if the debt ceiling is not raised, is to mint a trillion-dollar coin. Yellen has called this a gimmick, but some economists insist it’s a legitimate finance trick that can be used to stave off a default.
Axios Re:Cap host Felix Salmon is joined by former U.S. Mint Director Philip Diehl to discuss the idea behind the trillion-dollar coin and whether it’s remotely likely to be minted in the next month.
Gooder Foods, maker of a new "better for you" mac and cheese brand, raised $6.4 million from Springdale Ventures, Willow Growth Partners, Third Craft, Gingerbread Capital, Purple Arch Ventures and First Course Capital.
Why it matters: America is deeply divided, but we can all agree that mac and cheese is delicious.
The chip shortage is starting to abate — at least a little.
Driving the news: Manufacturing of motor vehicles jumped 11% in October, according to industrial production numbers out Tuesday from the Federal Reserve.
Toyota Motor is finally jumping into the electric vehicle race while defending its continued focus on hybrids as the best way to reduce carbon emissions.
Why it matters: Toyota earned a reputation for environmental leadership with its Prius hybrid back in 1997. But lately, it has been eclipsed by Tesla, the world leader in electric vehicles.
The U.S. Constitution — one copy of it, anyway — is the latest asset to become the focus of crypto-powered, meme-stock-style investment fever.
What's happening: People are ponying up millions of dollars worth of cryptocurrency to buy into ConstitutionDAO, a consortium assembling a bid on an original Constitution that's for sale in a Thursday Sotheby's auction.
Drug company Viatris has priced its new generic insulin, called Semglee, at almost $270 per vial, a mere $20 cheaper than the longstanding competitor that has existed for years.
The big picture: The rollout of Semglee highlights the specific warped incentives within the insulin market, where diabetes patients have struggled to afford their insulin for years.
TerraPower, the Bill Gates-founded nuclear power venture, announced Tuesday plans to replace a Wyoming coal-fired power station with a $4 billion advanced reactor demonstration project.
Why it matters: Roughly half of the project's funding will come from the U.S. government, including $1.5 billion from the infrastructure bill that President Biden signed into law this week, per an emailed statement from Energy Secretary Jennifer Granholm.
