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The Treasury Department informed Arizona Gov. Doug Ducey (R) Tuesday that he cannot use federal COVID-19 funding on education grants directed at discouraging mask mandate in schools, AP reports.

Why it matters: In a letter to Ducey, the department said Arizona was misusing the funds by utilizing them to undermine compliance with public health measures aimed at stopping the spread of the virus, per the New York Times.

The Justice Department said Tuesday it is reviewing a previous decision not to charge FBI agents accused of mishandling the investigation into disgraced former USA Gymnastics doctor Larry Nassar.

Why it matters: Less than a month ago, FBI director Christopher Wray formally apologized to the U.S. gymnasts abused by Nassar, noting that the FBI's failure to stop Nassar was "inexcusable."

Kidnapping families, torturing kids for information on whom to ask for ransom, and dismembering those that don’t pay: This is how cartels and local gangs operate as they have diversified their business from drug trafficking to extortion.

Why it matters: The stories of survivors show the dire straits migrants face in their journey to the U.S., the one place they think can be a safe haven from the violence, climate disasters, political persecution and poverty that made them leave their place of birth.

Facebook whistleblower Frances Haugen told lawmakers Tuesday she believes the social media giant won't change its ways unless Congress makes it.

Why it matters: Haugen is finding a receptive audience among senators who have pledged to pass laws on online privacy, altering online liability shields and increasing algorithmic transparency.

Ozy Media is being sued by one of its investors for fraud after a whirlwind week in which the digital media company announced both that it was shutting down and then opening back up.

Driving the news: Lifeline Legacy Holdings, a Beverly Hills-based group, claims that Ozy misrepresented its business performance and interest from other investors, according to a lawsuit filed yesterday in California.

Netflix's newest series "Squid Game" is so far one of the company's most in-demand original series, according to data from Parrot Analytics.

Why it matters: "Squid Game" could soon become the first non-English Netflix series to top its most-watched list.

California Gov. Gavin Newsom has declared a state of emergency due to the oil spill in Orange County, with miles of popular beaches closed for what may be months.

Why it matters: The 127,000-gallon spill from an Amplify Energy pipeline about 5 miles offshore is among the largest spills in recent California history. It's causing oil to wash ashore, coating wildlife.

Treasury Secretary Janet Yellen told CNBC on Tuesday that the U.S. could face a recession if Congress fails to raise the debt ceiling by Oct. 18.

Driving the news: President Biden on Monday urged Republicans to "get out of the way" and let "Democrats vote to raise the debt ceiling this week."

Johnson & Johnson said Tuesday it asked the Food and Drug Administration to approve a booster shot of its one-dose COVID-19 vaccine for people 18 years and older.

Why it matters: The company last month released data from a global study on the efficacy of a booster shot for its vaccine, which showed that the protection offered by its coronavirus vaccine was strengthened by a second dose.

A trillion-dollar platinum coin could be minted "within hours of the Treasury Secretary's decision to do so," Philip Diehl, former director of the United States Mint, tells Axios.

Why it matters: Congressional solutions to the debt-ceiling problem could take weeks to implement, especially if the reconciliation process is used — and time is running out. In case of emergency, a trillion-dollar coin could be deployed to bridge any gap between the money running out and the debt ceiling being raised.

Tension is escalating in Hollywood as the entertainment industry scrambles to adjust to its new streaming reality.

Why it matters: An increasing number of intra-industry spats could threaten production at a time when consumers are looking for more content choices than ever before.

Scientists Syukuro Manabe, Klaus Hasselmann and Giorgio Parisi received the Nobel Prize in physics on Tuesday for their work in predicting global warming and the understanding of complex physical systems.

Why it matters: These researchers helped describe and predict the long-term behavior of complex systems, like the Earth's climate, which are characterized by randomness and disorder and are difficult to understand.

Facebook's latest string of controversies is beginning to seriously weigh on its stock performance — a clear indication of the tech giant's vulnerability to long-term business headwinds, even if its ads business continues to grow for now.

The big picture: In the past, investors have mostly shrugged at blows to Facebook's reputation, including Capitol Hill hearings and leaks, and instead have focused on ad and user growth as metrics for success.

Energy prices are climbing around the world amid a perfect storm of extreme weather, rising power demand, and supply constraints. It’s roiling markets overseas, with China and India facing electricity crises while a dozen power companies in the U.K. have gone belly-up.

Driving the news: Oil prices jumped again Monday after OPEC decided not to boost production beyond the modest increase that it had previously outlined.

Like an aging rock star seeking to reach a new audience, Microsoft is betting Windows 11 will help it connect with a new generation.

Why it matters: Microsoft could once count on a huge portion of the computing market automatically choosing Windows because their business demanded it or they needed a specific app that wasn't available elsewhere. Today, many businesses are putting the choice between Mac or Windows in the hands of individual workers.

The new era of private spaceflight — heralded by the all-civilian Inspiration4 crew — is at risk of lacking the transparency of missions led by NASA and other space agencies.

Why it matters: Companies like SpaceX and Blue Origin are trying to woo more customers in the coming years to help bring about their vision for humanity in space. Bringing in new customers hinges on those people having a clear picture of the risks of space travel.

The Chinese military has flown a record 145 fighter planes into Taiwan's air defense identification zone (ADIZ) during the past four days, escalating Beijing's campaign of intimidation toward the self-governing island.

Why it matters: President Biden has emphasized the need to ensure his strategy of "vigorous competition" with China "does not veer into conflict." China's growing aggression toward Taiwan is drawing fresh fears of a catastrophic war and threatens to put that rhetoric to the ultimate test.

The U.S. Chamber of Commerce issued a statement late Monday clarifying its support for the Senate-passed $1.2 trillion infrastructure bill if passed independently. But it rejected President Biden linking it to his broader, $3.5 trillion reconciliation package.

Driving the news: The statement came shortly after the Chamber told Axios it opposed passage of the bipartisan infrastructure bill, given Biden linked the measure to his reconciliation proposal during his meeting with House Democrats on Friday.

The U.S. will not offer Iran concessions just to get nuclear talks restarted, a senior U.S. official told reporters, rejecting an Iranian demand for "a goodwill gesture," such as the release of $10 billion in frozen Iranian funds.

Why it matters: Indirect talks between the U.S. and Iran over a mutual return to the 2015 nuclear deal have been suspended since the Iranian elections in June. There is no set date for talks to resume, but the Iranians have signaled it could happen in early November.

Authorities are working to contain one of the largest oil spills in California's recent history that has devastated wildlife and contaminated several popular beaches.

The big picture: The spill was detected Saturday and was estimated to be about 13 square miles in size. Some 126,000 gallons of crude oil has spilled into the waters, per the Coast Guard. The full scope of the environmental impacts remain unknown.

The Ukrainian president may have pledged to reform the country's corrupt system of politics, but the Pandora Papers tell a different story.

Driving the news: Ukraine is the country with the highest number of politicians named in the leak of offshore data, which implicates hundreds of people linked to offshore companies — including President Volodymyr Zelensky.

A government watchdog will review whether the financial market trading activity of two top economic officials at the Fed violated the central bank’s rules or the law, a Fed spokesperson said on Monday.

Why it matters: It’s the latest fallout from a rare public scandal at one of the world’s most influential economic bodies — one that's led to rapid resignations, raised questions about conflicts of interest and drawn ire from lawmakers.