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The House Rules Committee late on Tuesday, in the first procedural vote on the contentious legislation, cleared the measure for debate in the full House on Wednesday. The solid Democratic opposition is not necessarily indicative of how the party would vote on the bill itself. "We are certainly punching above our weight," she told her fellow House Republicans. [1/4] U.S. House Speaker Kevin McCarthy (R-CA) returns to his office from the House floor at the U.S. Capitol ahead of an expected vote in the U.S. House of Representatives on a bill raising the federal government's $31.4 trillion debt ceiling, in Washington, U.S., May 31, 2023. White House Budget Director Shalanda Young, who was one of Biden's lead negotiators, urged Congress to pass the bill.

Persons: Kevin McCarthy's, Joe Biden's, McCarthy, Biden, Chip Roy, Roy, Erin Houchin, Kevin McCarthy, Julia Nikhinson, Republican Mitt Romney, Dick Durbin, Shalanda Young, Biden's, Young, White, David Morgan, Richard Cowan, Moira Warburton, Julio, Cesar Chavez, Scott Malone, Rosalba O'Brien, Alistair Bell Organizations: U.S . House, Kevin McCarthy's Republicans, Twitter, Democratic, Treasury, Republican, White, Senate, Republicans, Office, ., U.S, Capitol, REUTERS, Senators, National Institutes of Health, Internal Revenue Service, Thomson Locations: U.S, Washington , U.S, Washington

☆ VMware employees in end-user computing and security believe Broadcom may divest their units after it closes its $61 billion deal
▼ + stars: | 2023-05-31 | by ( Rosalie Chan | ) www.businessinsider.com time to read: +5 min

Broadcom plans to acquire VMware for $61 billion, and they're preparing to close the deal this year. Workers in end-user computing and Carbon Black security think their units could be spun out or sold. Broadcom's upcoming $61 billion acquisition of VMware has led employees in two units — end-user computing and Carbon Black security — to speculate that their units could be spun out or sold. The EUC unit builds products such as Horizon and Workspace One that allow users to access their enterprise applications from anywhere over the cloud. After Carbon Black was acquired, it was supposed to take a year or two to get integrated with VMware.

Persons: Thoma, they'd, Rob Ruelas, John Ryan, Sarah Swatman, Angus McGeachie, Chris Rottner Organizations: Broadcom, VMware, Workers, Symantec, Securities, Exchange Commission, CA Technologies, Thoma Bravo, Cyber Security Services, Accenture, HCL Technologies, EUC Employees, Carbon, Symantec's Locations: EUC, Europe, Africa

☆ Chick-fil-A is rebuilding a drive-thru in California after residents complained about traffic congestion
▼ + stars: | 2023-05-31 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Chick-fil-A is rebuilding a drive-thru in Santa Barbara, CA, after its long lines disrupted traffic. But this Santa Barbara restaurant isn't the only one to have irritated local residents. Earlier this year, officials in Charlotte, North Carolina, told a problematic Chick-fil-A restaurant to demolish its building and start over with a drive-thru-only model. The Santa Barbara restaurant's franchise owner told local news site Noozhawk that it serves between 1,700 and 2,200 customers daily. That June, the City Council approved the restaurant's proposed traffic circulation agreement after previously threatening to declare it a public nuisance and even shut down its drive-thru.

Persons: —, Burger King, Santa Barbara restaurant's Organizations: Service, Santa Barbara, Santa Barbara City Council, State, City Council, Santa Barbara Independent Locations: Santa Barbara , CA, Santa Barbara , California, Santa Barbara, Charlotte , North Carolina, McDonald's, Burger, Santa

☆ What happens next with debt deal? Wall Street economists gauge the odds on passage from here
▼ + stars: | 2023-05-30 | by ( Michelle Fox | ) www.cnbc.com time to read: +7 min

An agreement on the United States' debt ceiling doesn't necessarily mean a smooth path to President Joe Biden's desk. Several Wall Street economists agree the deal will likely get signed, but not without some bumps along the way. House Committee on Rules meeting Before the legislation reaches the House for a vote, it must go through the 13-member House Committee on Rules — nine Republicans and four Democrats. "If all three vote against and no Democrat votes in favor, the bill will fail," Hatzius wrote in a Monday note. Tight House vote It's expected to be a tight vote in the House.

[1/2] U.S. House Speaker Kevin McCarthy (R-CA) speaks with reporters at the U.S. Capitol in Washington, U.S. May 24, 2023. "The Committee on Rules will meet Tuesday, May 30, 2023 at 3:00 PM ET (7:00 PM GMT)," the panel said in a statement on Monday. The deal, if approved, will prevent the U.S. government from defaulting on its debt and comes after weeks of heated negotiations between Biden and House Republicans. The 99-page bill would authorize more than $886 billion for security spending in fiscal year 2024 and over $703 billion in non-security spending for the same year, not including some adjustments. It would also authorize a 1% increase for security spending in fiscal year 2025.

WASHINGTON, May 28 (Reuters) - U.S. President Joe Biden on Sunday finalized a budget agreement with House Speaker Kevin McCarthy to suspend the $31.4 trillion debt ceiling until Jan. 1, 2025, and said the deal was ready to move to Congress for a vote. The deal, if approved, will prevent the U.S. government from defaulting on its debt and comes after weeks of heated negotiations between Biden and House Republicans. "I strongly urge both chambers to pass that agreement," Biden said, adding that he expected McCarthy to have the necessary votes for the deal to pass. The deal has drawn fire from hardline Republicans and progressive Democrats, but Biden and McCarthy are banking on getting enough votes from both sides. McCarthy dismissed threats of opposition within his own party, saying "over 95%" of House Republicans were "overwhelmingly excited" about the deal.

☆ Biden, McCarthy debt deal would speed up Mountain Valley gas pipeline
▼ + stars: | 2023-05-29 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +2 min

[1/2] U.S. President Joe Biden hosts debt limit talks with U.S. House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, U.S., May 22, 2023. REUTERS/Leah MillisWASHINGTON, May 28 (Reuters) - U.S. energy company Equitrans Midstream Corp's (ETRN.N) long-delayed $6.6 billion Mountain Valley natural gas pipeline could win federal approval as part of Washington's debt limit deal. The pipeline is backed by Democratic West Virginia Senator Joe Manchin, whose vote is often needed since the Democrats hold a thin majority in that body. The pipeline, which would unlock gas supplies from Appalachia, the country's biggest shale gas basin, still needs review and permitting including in West Virginia. Mountain Valley is owned by units of Equitrans, NextEra Energy Inc (NEE.N), Consolidated Edison Inc (ED.N), AltaGas Ltd (ALA.TO) and RGC Resources Inc (RGCO.O).

☆ Traders turn optimistic on debt ceiling deal — and one strategist says it's a 'market opportunity'
▼ + stars: | 2023-05-29 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +4 min

Speaker McCarthy discussed the latest development of the debt ceiling negotiations with the White House. (Photo by Win McNamee/Getty Images) Win Mcnamee | Getty Images News | Getty ImagesAnalysts are broadly optimistic that the deal to raise the U.S. debt ceiling will pass a divided Congress. The compromise also sees the debt ceiling suspended until Jan. 1, 2025, pushing it past the 2024 presidential election. watch nowDavid Roche, president and global strategist for Independent Strategy saw this as a "Democratic win." He expects the deal will pass the House with Democratic support, although, like Pavlick, he said right-wing Republicans will likely vote against it.

U.S. President Joe Biden hosts debt limit talks with House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, U.S., May 22, 2023. Asia-Pacific markets are largely set to rise ahead after U.S President Joe Biden and congressional leaders reached a tentative deal to raise the debt ceiling over the weekend. The Nikkei previously reached 33-year highs last week, marking an intra-day high of 31,331.62 on May 23. In Australia, futures for the S&P/ASX 200 were at 7,245, higher than the index's last close of 7,154.8. Stocks in Hong Kong are set to buck the trend despite the overall optimism, with Hang Seng index futures at 18,536 compared to the HSI's close of 18,746.92.

WASHINGTON, May 28 (Reuters) - U.S. President Joe Biden said on Sunday he had finalized a budget agreement with U.S. House Speaker Kevin McCarthy to suspend the $31.4 trillion debt ceiling and that the deal was ready to move to Congress for a vote. "I strongly urge both chambers to pass that agreement," Biden said, adding that he expected McCarthy to have the necessary votes for the deal to pass. The deal has drawn fire from hardline Republicans and progressive Democrats, but Biden and McCarthy believe they have enough votes from moderates on both sides. [1/2] U.S. President Joe Biden speaks on his deal with House Speaker Kevin McCarthy (R-CA) to raise the United States' debt ceiling at the White House in Washington, U.S., May 28, 2023. But McCarthy dismissed threats of opposition within his own party, saying "over 95%" of House Republicans were "overwhelmingly excited" about the deal.

Hours later, the Democratic president said he was confident the legislation would pass both chambers of Congress to avoid a U.S. government default. Biden and McCarthy were due to speak later on Sunday to finalize the agreement, which has drawn fire from hardline Republicans and progressive Democrats. House Republicans expected on Sunday to unveil legislation to pass the deal. But McCarthy dismissed threats of opposition within his own party, saying "over 95%" of House Republicans were "overwhelmingly excited" about the deal. The deal would also impose a 1% across-the-board spending cut should Congress fail to enact 12 appropriations bills by Oct. 1.

[1/3] U.S. President Joe Biden hosts debt limit talks with U.S. House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, U.S., May 22, 2023. Here's what we know so far:A CAP ON DISCRETIONARY SPENDINGThe deal would suspend the $31.4 trillion debt ceiling until January of 2025, allowing the U.S. government to pay its bills. Republicans have told their members that non-defense discretionary spending would be cut to 2022 levels, apart from veterans' healthcare, which would remain fully funded. The U.S. government will spend $936 billion on non-defense discretionary spending in 2023. However, other sources say the deal codifies relief from student loan payments while Biden's executive action providing up to $20,000 of debt relief per borrower is under review by the Supreme Court.

WASHINGTON, May 27 (Reuters) - U.S. President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal to suspend the federal government's $31.4 trillion debt ceiling on Saturday evening, ending a months-long stalemate. Biden and McCarthy held a 90-minute phone call earlier on Saturday evening to discuss the deal, McCarthy briefed his members later in the evening, and the White House and the House leader spoke afterward. [1/6] General view of the U.S. Capitol after U.S. House Speaker Kevin McCarthy (R-CA) reached a tentative deal with President Joe Biden to raise the United States' debt ceiling and avoid a catastrophic default, in Washington, U.S. May 27, 2023. The long standoff on raising the debt ceiling spooked financial markets, weighing on stocks and forcing the United States to pay record-high interest rates in some bond sales. The work to raise the debt ceiling is far from done.

[1/3] U.S. President Joe Biden hosts debt limit talks with U.S. House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, U.S., May 22, 2023. REUTERS/Leah MillisWASHINGTON, May 27 (Reuters) - U.S. President Joe Biden and House Republican Speaker Kevin McCarthy on Saturday reached an agreement in principle to lift the debt ceiling that would trim some U.S. federal spending. Here's what we know so far:A CAP ON DISCRETIONARY SPENDINGThe deal would suspend the $31.4 trillion debt ceiling until January of 2025, allowing the U.S. government to pay its bills. In exchange, non-defense discretionary spending would be capped at current year levels in 2024 and increased by only 1% in 2025. INCREASED DEFENSE SPENDINGThe deal is expected to boost defense spending to around $885 billion, in line with Biden's 2024 budget spending proposal.

☆ Most Gulf markets end lower, Egypt ekes out gains
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +1 min

Most Gulf Cooperation Council countries, including Saudi, have their currencies pegged to the dollar and generally follow the Fed's policy moves, exposing the region relatively directly to any monetary tightening there. Saudi Arabia's benchmark index (.TASI) lost 0.4%, with Al Rajhi Bank (1120.SE) declining 1% and Dr Sulaiman Al-Habib Medical Services (4013.SE) finishing 1.4% lower. Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.5%, led by an 11.3% jump in Edita Food Industries (EFID.CA). On the other hand, Egypt has deferred payments for its large wheat purchases, in some cases by months, according to a government official and traders, as the country grapples with a shortage of hard currency. Egypt is one of the world's biggest wheat importers and uses the purchases to make heavily subsidised bread available to tens of millions of people.

☆ TipRanks reveals the top 10 consumer goods sector analysts of the past decade
▼ + stars: | 2023-05-28 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +4 min

TipRanks recognized Wall Street's 10 best analysts in the consumer goods sector for identifying the best investment opportunities. TipRanks used its Experts Center tool to identify the pros with a high success rate, and analyzed each stock recommendation made by analysts in the consumer goods sector over the past decade. TipRanks' algorithms calculated the statistical significance of each rating, the analysts' overall success rate and the average return. Top 10 analysts from the consumer goods sectorThe image below shows the most successful Wall Street analysts from the consumer goods sector. Mark Astrachan - Stifel NicolausMark Astrachan has the 10th spot on the list, with a success rate of 65%.

☆ Debt ceiling deal will be 'transformational' for Americans, McCarthy says
▼ + stars: | 2023-05-28 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden hosts debt limit talks with U.S. House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, U.S., May 22, 2023. REUTERS/Leah MillisHouse Speaker Kevin McCarthy said Sunday that the tentative deal House Republicans have reached with the White House to address the nation's debt ceiling will be "transformational" for the American public. Treasury Secretary Janet Yellen warned that failing to raise the debt ceiling by early June could result in "economic chaos." Some House Republicans, like Rep. Chip Roy of Texas, have been vocal critics of the deal on social media. McCarthy on Sunday encouraged members of Congress to read the bill when it's released before taking a stance.

☆ The U.S. isn't the only country with a debt ceiling. Here's how Denmark avoids the drama
▼ + stars: | 2023-05-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

U.S. President Joe Biden hosts debt limit talks with U.S. House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, U.S., May 22, 2023. Yet in Denmark — the only other democracy with a similar type of nominal debt ceiling — barely anybody knows it exists. Separation of church and state While the U.S. debt ceiling restricts government borrowing to a particular figure, most other economies set debt limits as a percentage of GDP. The Danish debt ceiling, or "gældsloft," was implemented as a constitutional requirement in 1993 after a restructure of the country's government, and set at 950 billion Danish kroner ($137.5 billion). Denmark is the only other country in the world with a debt ceiling comparable to that of the U.S., but it never causes the same political crises that Washington frequently faces.

☆ Republicans question June 1 debt ceiling deadline as talks zero in on potential trade-offs
▼ + stars: | 2023-05-23 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +4 min

Andrew Caballero-Reynolds | AFP | Getty ImagesWASHINGTON — A significant group of House Republicans raised questions Tuesday about whether the Treasury Department's June 1 deadline to avoid a potential U.S. debt default was accurate. "We'd like to see more transparency on how they come to that date," House Majority Leader Rep. Steve Scalise said Tuesday at a news conference. "We're getting closer," McCarthy told reporters late Monday, adding that the "circle" of issues was becoming "smaller, smaller, smaller." A Republican negotiator, Rep. Patrick McHenry, N.C., told reporters that spending was still the biggest hurdle to an agreement. Rep. Garret Graves, R-La., left, and Rep. Patrick McHenry, R-N.C., speak to reporters about debt ceiling negotiations as they leave the House Republicans' caucus meeting at the Capitol Hill Club in Washington, May 23, 2023.

Persons: Kevin McCarthy, Joe Biden, Andrew Caballero, Reynolds, Steve Scalise, Scalise, Janet Yellen's, Nathan Howard, Biden, We're, McCarthy, Karine Jean, Pierre, Jean, Pierre said, Katherine Clark, Elise Stefanik, Patrick McHenry, Garret Graves, Bill Clark Organizations: White, AFP, Getty Images WASHINGTON, House Republicans, Treasury, Republican, Bloomberg, Getty, CNBC, US, Democratic, Courage for America, Capitol, Getty Images House Republicans, Rep, Republicans, Capitol Hill Club, CQ, Inc Locations: Washington ,, United States, California, Washington , DC, U.S, N.C, R, Washington

☆ Fresh round of debt ceiling talks kick off as US default worries grow
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +5 min

A failure to lift the debt ceiling would trigger a default that would shake financial markets and drive interest rates higher on everything from car payments to credit cards. Any deal to raise the $31.4 trillion debt limit must pass both chambers of Congress before Biden could sign it into law. A plan passed by the House last month would cut a wide swath of government spending by 8% next year. Biden has said he would consider spending cuts alongside tax adjustments but that Republicans' latest offer was "unacceptable." McCarthy told reporters debt ceiling talks have not included discussions about tax cuts passed under former President Donald Trump, a Republican.

☆ Biden and McCarthy to meet on the debt ceiling with only 10 days until U.S. risks default
▼ + stars: | 2023-05-22 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +3 min

Biden joined Irish Taoiseach Leo Varadkar, Speaker of the House Kevin McCarthy (R-CA) and other members of Congress for the traditional St. Patrick's Day Friends of Ireland Luncheon. Biden and McCarthy are set to meet at 5:30 p.m. WASHINGTON — White House negotiators and representatives of House Speaker Kevin McCarthy resumed debt ceiling talks Monday morning, as President Joe Biden prepared to meet with McCarthy face to face with only 10 days to go until the U.S. risks default. Biden is hoping to reach a debt limit deal that would push the next deadline out past the 2024 presidential election. But House Republicans, who so far have endorsed only a one-year hike, say that if Biden wants more time, then he will need to agree to even more cuts.

"Unfortunately, the White House moved backwards," McCarthy said, adding that the "socialist wing" of the Democratic Party appeared to be in control. McCarthy's office did not immediately respond to a request for comment on the White House statement. Democratic President Biden’s proposed 2024 budget and Republicans’ ‘Limit, Save, Grow’ Act will both generate budget savings over a decade, but how they will do so is starkly different. The source also said House Republicans want to extend tax cuts passed under former President Donald Trump, which would add $3.5 trillion to the federal debt. Congressional Republicans voted to raise the debt ceiling three times, with no budget cut pre-conditions, when Republican President Donald Trump was in the White House.

☆ Washington quiet as debt ceiling deadline inches closer
▼ + stars: | 2023-05-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Nathan... Read moreWASHINGTON, May 20 (Reuters) - White House and Republican congressional negotiators on raising the federal $31.4 trillion debt ceiling were quiet on Saturday after meetings on Friday failed and President Joe Biden said in Japan he believed a default could be avoided. Biden said in Japan late on Friday Washington time that he still believed a default could be avoided. Biden was upbeat despite the White House acknowledging that "serious differences" remained with Republicans, who control the House of Representatives. Democrats have been pushing to hold spending steady at this year's levels, while Republicans want to return to 2022 levels. A plan passed by the House last month would cut a wide swath of government spending by 8% next year.

☆ House Speaker McCarthy says debt ceiling negotiations can't resume until Biden returns from G-7 summit
▼ + stars: | 2023-05-20 | by ( Brian Schwartz | ) www.cnbc.com time to read: +2 min

U.S. House Speaker Kevin McCarthy (R-CA) speaks to reporters with U.S. Senate Republican Minority Leader Mitch McConnell (R-KY) at his side following debt limit talks at the White House in Washington, U.S., May 9, 2023. The on-again, off-again deliberations on Capitol Hill surrounding the debt ceiling are back off-again, as House Speaker Kevin McCarthy told reporters on Saturday Republicans will only continue negotiations when President Joe Biden returns from the Group of Seven Summit in Japan. "Unfortunately, the White House moved backwards," McCarthy said about the current deliberations surrounding the debt ceiling. Biden is scheduled to return to Washington, D.C., from the G-7 summit on Sunday. McCarthy's revelation that the talks are on pause again, at least for now, is the latest hurdle facing the debate in Congress on what to do with the pending debt limit.

With the end of another earnings season in sight, Wall Street's attention has turned to Washington and the debt ceiling deadline. Republican negotiators on Friday walked out of talks on raising the debt limit , abruptly ending a positive week of discussions that appeared to be leading toward a deal. Democrats and the White House have been pushing for a "clean" hike to the debt limit that would push the next deadline past the 2024 presidential election, while Republicans are pressing for spending cuts. Many investors believe this ongoing game of chicken over the debt limit is largely for show, since the U.S. has never defaulted on its debt obligations. U.S. President Joe Biden hosts debt limit talks with House Speaker Kevin McCarthy (R-CA) and other congressional leaders in the Oval Office at the White House in Washington, U.S., May 9, 2023.

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