• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Politicsdebt ceiling

Biden leans on both Democrat and Republican lawmakers to support debt ceiling deal

By
Lisa Mascaro
Lisa Mascaro
,
Aamer Madhani
Aamer Madhani
, and
The Associated Press
The Associated Press
Down Arrow Button Icon
By
Lisa Mascaro
Lisa Mascaro
,
Aamer Madhani
Aamer Madhani
, and
The Associated Press
The Associated Press
Down Arrow Button Icon
May 30, 2023, 7:05 AM ET
President Joe Biden stands with Defense Secretary Lloyd Austin as the national anthem is played at the Memorial Amphitheater of Arlington National Cemetery in Arlington, Va., on Memorial Day, on May 29, 2023.
President Joe Biden stands with Defense Secretary Lloyd Austin as the national anthem is played at the Memorial Amphitheater of Arlington National Cemetery in Arlington, Va., on Memorial Day, on May 29, 2023. Susan Walsh—AP
Add Fortune on Google for similar content.

President Joe Biden says he “feels good” about the debt ceiling and budget deal negotiated with House Speaker Kevin McCarthy as the White House and congressional leaders work to ensure its passage this week in time to lift the nation’s borrowing limit and prevent a disastrous U.S. default.

Recommended Video

Biden spent part of the Memorial Day holiday working the phones, calling lawmakers in both parties, as the president does his part to deliver the votes. A number of hard right conservatives are criticizing the deal as falling short of the deep spending cuts they wanted, while liberals decry policy changes such as new work requirements for older Americans in the food aid program.

A key test will come Tuesday afternoon when the House Rules Committee is scheduled to consider the package and vote on sending it to the full House for a vote expected Wednesday.

“I feel very good about it,” Biden told reporters Monday as he left Washington for his home in Delaware.

“I’ve spoken to a number of the members,” he said, among them Senate Republican leader Mitch McConnell, a past partner in big bipartisan deals who largely sat this one out.

“I spoke to a whole bunch of people, and it feels good,” Biden said.

To those progressive Democrats raising concerns about the package, the president had a simple message: “Talk to me.”

As lawmakers size up the 99-page bill, few are expected to be fully satisfied with the final product. But Democrat Biden and Republican McCarthy are counting on pulling majority support from the political center, a rarity in divided Washington, to join in voting to prevent a catastrophic federal default.

Wall Street will open early Tuesday morning delivering its own assessment, as the U.S. financial markets that had been closed when the deal was struck over the weekend show their reaction to the outcome.

McCarthy acknowledged the hard-fought compromise with Biden will not be “100% of what everybody wants” as he leads a slim House majority powered by hard-right conservatives.

Facing potential blowback from his conservative ranks, the Republican speaker will have to rely on upwards of half the House Democrats and half the House Republicans to push the debt ceiling package to passage.

Overall, the package is a tradeoff that would impose some spending reductions for the next two years along with a suspension of the debt limit into January 2025, pushing the volatile political issue past the next presidential election. Raising the debt limit, now $31 trillion, would allow Treasury to continue borrowing to pay the nation’s already incurred bills.

Additionally, policy issues are raising the most objections from lawmakers.

Liberal lawmakers fought hard but were unable to stop new work requirements for people 50 to 54 who receive government food assistance and are otherwise able-bodied without dependents. The Republicans demanded the bolstered work requirements as part of the deal, but some say the changes to the food stamp program are not enough.

The Republicans were also pushing to beef up work requirements for health care and other aid; Biden refused to go along on those.

Questions are also being raised about an unexpected provision that essentially gives congressional approval to the Mountain Valley Pipeline, a natural gas project important to Sen. Joe Manchin, D-W.Va., that many Democrats and others oppose.

At the same time, conservative Republicans including those from the House Freedom Caucus say the budget slashing does not go nearly far enough to have their support.

“No one claiming to be a conservative could justify a YES vote,” tweeted Rep. Bob Good, R-Va.

This “deal” is insanity,” said Rep. Ralph Norman, R-S.C. “Not gonna vote to bankrupt our country.”

All told the package would hold spending essentially flat for the coming year, while allowing increases for military and veterans accounts. It would cap growth at 1% for 2025.

The House Rules Committee has three members from the influential Freedom Caucus who may very well try to block the package from advancing, forcing McCarthy to rely on the Democrats on the panel to ensure the bill can be sent to the House floor.

The House aims to vote Wednesday and send the bill to the Senate, where Majority Leader Chuck Schumer along with McConnell are working for a quick passage by week’s end.

Senators, who have remained largely on the sidelines during much of the negotiations between the president and the House speaker, began inserting themselves more forcefully into the debate.

Some senators are insisting on amendments to reshape the package from both the left and right flanks. That could require time-consuming debates that delay final approval of the deal.

Democratic Sen. Tim Kaine of Virginia is “extremely disappointed” by the provision greenlighting the controversial Mountain Valley Pipeline, his office said in a statement. He plans to file an amendment to remove the provision from the package.

Republican Sen. Lindsey Graham of South Carolina complained that the military spending increases are not enough. “I will use all powers available to me in the Senate to have amendment votes to undo this catastrophe for defense,” he tweeted.

But making any changes to the package at this stage seems highly unlikely with so little time to spare. Congress and the White House are racing to meet the Monday deadline now less than a week away. That’s when Treasury Secretary Janet Yellen has said the U.S. would run short of cash and face an unprecedented debt default without action.

A default would almost certainly crush the U.S. economy and spill over around the globe, as the world’s reliance on the stability of the American dollar and the country’s leadership fall into question.

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Authors
By Lisa Mascaro
See full bioRight Arrow Button Icon
By Aamer Madhani
See full bioRight Arrow Button Icon
By The Associated Press
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

Mark Zandi, Moody's chief economist.
EconomyU.S. economy
‘It’s fair to ask whether it was worth it’: The Iran war has cost Americans $1,000 per household—and that’s a conservative estimate, Mark Zandi says
By Tristan BoveJuly 1, 2026
6 hours ago
Melania Trump NFT earnings surge 28x in 2025 as first lady rakes in nearly $17 million in total earnings, filing shows
PoliticsDonald Trump
Melania Trump NFT earnings surge 28x in 2025 as first lady rakes in nearly $17 million in total earnings, filing shows
By Mia OsmonbekovJuly 1, 2026
7 hours ago
Donald Trump sits at his desk in the Oval Office, smiling and with his hands folded in front of him.
PoliticsDonald Trump
Trump got a $78K pension from the Screen Actors Guild in 2025 because he appeared in Home Alone 2 in 1992
By Sasha RogelbergJuly 1, 2026
8 hours ago
Anthropic CEO Dario Amodei
AIAnthropic
Anthropic’s AI models are back online after a two-week government standoff—settling the company and administration into a fragile truce
By Tristan BoveJuly 1, 2026
8 hours ago
US President Donald Trump during a Presidential memorandum signing in the Oval Office of the White House in Washington, DC, US, on Monday, June 29, 2026.
PoliticsDonald Trump
Inside Trump’s finances: World Cup tickets, a $250,000 golf sculpture, over $1 billion in crypto earnings, and a merch machine
By Eleanor PringleJuly 1, 2026
14 hours ago
senate
CommentaryCongress
One rare bipartisan AI bill is moving through Congress. Here’s why it deserves to pass
By Neil Björkman and Betsy BrewerJuly 1, 2026
14 hours ago

Most Popular

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big Tech
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
18 hours ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
7 days ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
5 days ago
The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
Newsletters
The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
By Diane BradyJuly 1, 2026
16 hours ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
2 days ago
Current price of oil as of July 1, 2026
Personal Finance
Current price of oil as of July 1, 2026
By Joseph HostetlerJuly 1, 2026
12 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.