The daily business briefing: May 24, 2023

Snags in debt-ceiling talks make investors nervous, Apple extends a deal with Broadcom to supply iPhone chips, and more

 Kevin McCarthy surrounded by reporters
Kevin McCarthy and President Biden have yet to reach a deal on raising the debt limit
(Image credit: Jabin Botsford/The Washington Post via Getty Images)

1. Debt ceiling snags stoke investor anxiety

House Speaker Kevin McCarthy (R) left the Capitol late Tuesday without a deal to raise the debt ceiling and avert an unprecedented default. His top negotiator suggested Republicans and Democrats were locked in a standoff. "Bottom line is that we're going to have to see some movement," the negotiator, Rep. Garret Graves (R-La.), said. The impasse, despite recent progress, made it more likely Congress would vote on any deal hours before June 1, the point at which Treasury Secretary Janet Yellen has said her department would start running short of money to pay all the country's bills. The standoff prompted investors worried about a potential default to shed their go-to safe haven, Treasury bills, and buy bonds of top-rated companies like Microsoft and Johnson & Johnson instead.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.