The daily business briefing: May 26, 2023

Biden and McCarthy near a deal to raise the debt limit, Ford and Tesla team up on supercharger access, and more

Tesla chargers
Owners of Ford's EVs will have access to 12,000 Tesla Supercharger stations in 2024
(Image credit: Thomas Trutschel/Photothek via Getty Images)

1. Biden, McCarthy near deal to raise debt limit

President Biden and House Speaker Kevin McCarthy (R-Calif.) on Thursday appeared to be closing in on a deal to raise the $31.4 trillion debt ceiling and cap spending for two years. The two leaders met virtually with a June 1 deadline to avoid a catastrophic default. Biden said the two sides were still discussing where to make the cuts. "I don't believe the whole burden should fall back to middle class and working-class Americans," Biden said. Any agreement will take days to move through the Republican-controlled House and the Democratic-controlled Senate, with lawmakers on both sides expected to object to elements of any compromise. "I don't think everybody's going to be happy at the end of the day," McCarthy said.

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