Top 5 US news stories
May 5 2026
Utilities Plan $1.4 Trillion Grid Buildout as AI Demand Surges
U.S. Debt Tops 100% of GDP as Deficits Mount
Boomers' $110 Trillion Wealth Transfer Slows as Heirs Wait
White House Weighs AI Oversight in Response to Mythos
Mideast Cease-Fire Wavers as Iran Strikes UAE, U.S. Ships
Utilities Plan $1.4 Trillion Grid Buildout as AI Demand Surges
Investor-owned U.S. utilities plan to spend at least $1.4 trillion on capital expenditures through 2030, more than 21% above the $1.1 trillion outlined a year earlier, with roughly 49% allocated to transmission and distribution, as regional grid operators approve historic projects to power surging electricity demand from AI data centers, according to PowerLines, a consumer education nonprofit. PJM Interconnection's board in February approved 122 new baseline transmission projects at an estimated cost of $11.8 billion, up from $920 million in PJM's 2021 plan, an increase of nearly 1,300% in four years, according to the Piedmont Environmental Council. The Texas Public Utility Commission in April 2025 approved the state's first 765-kilovolt extra-high-voltage transmission lines, with Oncor now working on four such projects, two of them jointly with the Lower Colorado River Authority. Dominion Energy and partners have proposed a 115-mile, 765-kilovolt line through as many as nine central Virginia counties to serve a data center load Dominion has told regulators is growing by 2 to 3 gigawatts in new requests every month. The activity reverses a decade-long slowdown: U.S. utilities completed just 888 miles of new high-voltage transmission lines in 2024, down from nearly 4,000 miles built in 2013, according to Federal Energy Regulatory Commission data.
Citizen Journal
U.S. Debt Tops 100% of GDP as Deficits Mount
The U.S. national debt now exceeds 100% of gross domestic product, crossing a threshold last surpassed in the wake of World War II. As of March 31, the country's publicly held debt was $31.265 trillion while GDP over the preceding year was $31.216 trillion, putting the ratio at 100.2%, compared with 99.5% when the last fiscal year ended Sept. 30. The figure is expected to climb because the federal government is running historically large annual deficits of nearly 6% of GDP. The government is currently spending $1.33 for every dollar it collects in revenue, and the budget deficit this year is projected at $1.9 trillion. That figure is little changed from 2025 as Republican tax cuts take effect before scheduled spending cuts, with the final tally depending on Iran war spending, tariff refunds and the strength of the economy.
WSJ
Boomers' $110 Trillion Wealth Transfer Slows as Heirs Wait
Older Americans hold approximately $110 trillion in wealth, but the long-anticipated "great wealth transfer" to their heirs may unfold as a slow drip rather than a sudden windfall, financial advisers say. The two generations holding the most wealth are baby boomers, between 61 and 80 years old, and Gen X, between 45 and 61. Americans are living longer than previous generations, and wealthy Americans in particular are spending large sums on longevity research and treatments. They are also spending more on themselves through luxury travel and upscale retirement communities. Some wealthy individuals are already parceling out portions of their estates in smaller doses, helping children and grandchildren with home purchases, college tuition and family vacations.
WSJ
White House Weighs AI Oversight in Response to Mythos
The White House is weighing a new government review process for artificial-intelligence tools deemed to pose cybersecurity risks, a move that could expand federal oversight of AI in response to Anthropic's Mythos model, according to people familiar with the discussions. Officials are considering a cybersecurity-focused executive order that could formalize a government oversight group to create standards for the most powerful AI models, with the stated goal of protecting consumers and businesses from cyberattacks caused by the premature release of such systems. The internal conversations mark a recalibration of the Trump administration's largely hands-off approach to AI oversight, after officials unwound Biden-era safety standards and pushed back against state-level regulation. National Cyber Director Sean Cairncross has convened administration officials and tech-industry leaders in recent weeks as part of the response to Mythos. Vice President JD Vance and Treasury Secretary Scott Bessent have participated in meetings on the subject, and Bessent has warned financial-industry executives about the risks such models could pose.
WSJ
Mideast Cease-Fire Wavers as Iran Strikes UAE, U.S. Ships
The Middle East cease-fire faltered Monday as the United Arab Emirates blamed Iran for a drone attack that caused a fire in the Fujairah Oil Industry Zone, the largest oil storage area in the Emirates and the first such assault since a truce was reached in early April. Adm. Brad Cooper, head of U.S. Central Command, said U.S. warships shot down cruise missiles and drones that Iran fired at American ships and commercial vessels the Navy was guiding through the Strait of Hormuz, while Army helicopters destroyed six Iranian military speedboats that threatened ships in the strait. Cooper said U.S. forces had cleared a safe pathway through Iranian sea mines over the past several weeks using drones and other technology, with two U.S.-flagged merchant vessels successfully transiting the strait. President Trump announced the initiative Sunday to help guide stranded ships out of the strait, an operation CENTCOM has called Project Freedom, and said Iran had "taken some shots at unrelated Nations," including a South Korean cargo ship, but that no other damage had occurred during transits. Iran did not officially confirm or deny it had resumed attacks, and a senior military official denied on state media that its boats had been sunk, leaving unclear whether the cease-fire had collapsed.
CENTCOM / WSJ / NYT
MAY 5, 1961: ALAN SHEPARD BECOMES THE FIRST AMERICAN IN SPACE
Alan Shepard’s Freedom 7 capsule completed a 15-minute suborbital flight, reaching 116 miles above Earth. The mission was a pivotal early victory for NASA in the Cold War space race against the Soviet Union.
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