McCarthy’s future on the line as he whips debt ceiling deal

Published

2 years ago

May 31, 2023

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He got President Biden to negotiate. And then he got a deal. Now, Speaker Kevin McCarthy (R-Calif.) is in the final phase of his debt ceiling saga: Whipping up enough support for the bill in the House GOP conference to secure his political future.

Basic political wisdom dictates that McCarthy needs a majority of House Republicans to support the bill in order to maintain his political power, and McCarthy has repeatedly said that he will meet that standard. He knows he’ll need Democratic help to pass the measure, but the more GOP members that vote with him, the better for the Speaker.

“If a majority of Republicans are against a piece of legislation and you use Democrats to pass it, that would immediately be a black letter violation of the deal we had with McCarthy to allow his ascent to the Speakership, and it would likely trigger an immediate motion to vacate,” Rep. Matt Gaetz (R-Fla.) said on Newsmax on Tuesday – referring to a move to oust McCarthy from the Speakership.

As of Tuesday evening, more than two dozen members of the slim, four-seat GOP majority said they will vote against the bill, meaning McCarthy will need to rely on Democratic members supporting the Biden-blessed deal to pass the bill.

If more Democrats than Republicans vote for the bill, McCarthy could be in hot water.

“I am predicting it’ll have more Democrat votes than Republican votes,” Rep. Bob Good (R-Va.) said Tuesday. “Democrats are truly being told to suppress their enthusiasm, to not talk about it publicly.”

House Minority Leader Hakeem Jeffries (D-N.Y.) said Tuesday that Republicans committed to deliver at least two-thirds of the GOP conference – around 150 GOP members – in favor of the bill. He said Democrats would provide the vote needed to pass the bill, but vowed to hold McCarthy to that number.

McCarthy did not answer a question Tuesday on whether he could deliver 150 GOP votes for the bill, but said that he expects the bill to pass.

Some members are already starting to threaten McCarthy’s grasp on the Speaker’s gavel, officially ending the honeymoon that lasted for months after the four-day, 15-ballot saga to elect McCarthy Speaker in January.

Rep. Dan Bishop (R-N.C.) became the first GOP member to publicly call for ousting McCarthy by making a motion to vacate the chair over the debt deal on Tuesday. While it takes just one member to force a vote on ousting the Speaker – a threshold that McCarthy agreed to lower from five during his drawn-out Speaker election in January – Bishop did not explicitly commit to making that motion.

And Rep. Ken Buck (R-Colo.) confirmed an NBC News report that in a House Freedom Caucus call on Monday night, he asked whether they were considering calling a motion to vacate over spending levels in the debt bill being higher than fiscal year 2022 levels.

“[Rep.] Scott Perry [R-Pa.], the chairman of the Freedom Caucus, told me it’s premature,” Buck said on MSNBC Tuesday.

Republican leaders called members back to Washington for Tuesday evening votes and an evening conference meeting, allowing leadership to whip support for the bill in person.

“We’re kicking way beyond our weight. We barely control half of a third of the government,” House Homeland Security Committee Chairman Mark Green (R-Tenn.) said in a House GOP press call on Monday evening.

In a two-and-half hour House GOP conference meeting into the night on Tuesday, opponents of the bill aired grievances while leaders and their allies argued in favor of the bill. Members left the meeting saying their minds had not been changed.

But the meeting also served to lessen any retaliation against leadership by those angry with the bill.

“It’s a foregone conclusion it’s gonna pass. They’re gonna have Democrat support to pass it,” said Rep. Ralph Norman (R-S.C.). “And so, we just talked about the after-effects. I don’t think McCarthy wants another uprising like this.”

Rep. Thomas Massie (R-Ky.), who was a swing vote on a procedural hurdle to advance the bill in the House Rules Committee, announced his support for the bill in the meeting. It is the first legislation that he can vote for that has a chance to make it into law that cuts spending, he said.

“The engineer and the problem solver in me wanted to vote for the bill, and the politician did not,” Massie said. “I’m going against my political instincts in voting for it.”

The debt limit deal that McCarthy struck with Biden claws back some spending, increases work requirements on public assistance programs, and does not include tax increases – meeting all of the Speaker’s stated red lines for a deal.

But it has significantly fewer cuts and policy reforms less than the House GOP’s “Limit, Save, Grow” legislation passed in April. Some members accuse GOP leadership of overstating how much money the bill saves, pointing out loopholes that can undermine or nullify some of the GOP’s stated wins.

Members of the hardline conservative House Freedom Caucus are pushing GOP members to vote against the bill – warning that their conservative credentials are on the line.

“If every Republican voted the way that they campaigned, they would vote against tomorrow’s bad deal,” Rep. Lauren Boebert (R-Colo.) said in a press conference Tuesday.

Heritage Action, the advocacy arm of the conservative Heritage Foundation, will oppose the bill and include a “key vote” against it on its scorecard – a metric of conservatism that holds weight with many Republican members of Congress, campaign donors and voters. The conservative advocacy organization FreedomWorks also called a “key vote” against the bill on Tuesday.

Some members are showing that they can be swayed. Rep. Marjorie Taylor Greene (R-Ga.) told reporters that while the bill is a “shit sandwich,” she is interested in what “sides” leaders can provide to make the metaphorical meal more appetizing – such as a balanced budget amendment or rescinding more IRS funding. “Dessert,” Greene said, would be impeaching Biden or Homeland Security Secretary Alejandro Mayorkas.

McCarthy brushed off conservative criticism of the bill on Tuesday.

“I’m not sure what in the bill people are concerned about. It is the largest savings of $2.1 trillion we’ve ever had,” McCarthy told reporters, citing what Republicans say are preliminary Congressional Budget Office (CBO) estimates of how much the deal could reduce the deficit.

Critics of that figure say that appropriations targets past 2025 are not enforceable.

The CBO on Tuesday evening estimated the deficit reduction at $1.5 trillion over 10 years.

McCarthy also told CNN that he is not worried about his Speakership, saying that he is “still standing” and that reporters are “underestimating” him.

Some of the opposition to the bill is coming outside of the House Freedom Caucus.

Freshman Rep. Wesley Hunt (R-Texas) – who flew back from visiting his wife and newborn in the hospital in order to vote for McCarthy for Speaker in January – said Tuesday that he will vote no on the bill. Rep. Vern Buchanan (R-Fla.), a senior member on the House Ways and Means Committee, also tweeted he plans to oppose the bill. Median pay dips for the few women CEOs of S&P 500 companies Chick-fil-A, McDonald’s introduce new app feature that can track customers’ location

To some Republicans, the opposition to the deal is puzzling.

“We don’t control all those levers of power. So we can’t throw a Hail Mary pass on every play, which is what some that are our conference may want to do,” Rep. John Rutherford (R-Fla.) said Monday, saying the bill “is like a 60 yard pass, maybe completed pass.”

Mike Lillis and Mychael Schnell contributed.

Business

Tesla shares sink as Musk launches political party

Published

42 mins ago

July 7, 2025

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Tesla shares sink as Musk launches political party

Shares in Elon Musk’s Tesla have reversed sharply over renewed concerns about his focus on the company’s recovery as he plots against Donald Trump.

Shares in the electric car firm plunged by more than 7% at the start of trading on Wall Street – taking about $71bn (£52bn) off its market value.

The stock has often come under pressure since Musk started his association with the president, latterly helping bring down federal government costs through a new department known as DOGE (Department of Government Efficiency).

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But it is now suffering as their political relationship has soured.

Musk has publicly opposed the so-called “big, beautiful bill” – Mr Trump’s flagship tax cut and spending plans that received Congressional approval last week – since he left his DOGE role.

Musk wrote in a post on his X platform on 30 June: “It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country – the PORKY PIG PARTY!!”

Once the bill was passed, he created a poll on X, asking people if they would want him to launch the America Party.

He wrote on 4 July: “Independence Day is the perfect time to ask if you want independence from the two-party (some would say uniparty) system!”

The vote ended with 65.4% in favour of creating the party.

The formation of the America Party was announced the following day.

“By a factor of 2 to 1, you want a new political party and you shall have it! When it comes to bankrupting our country with
waste & graft, we live in a one-party system, not a democracy.”

“Today, the America Party is formed to give you back your freedom,” Musk posted.

Trump responded on his Truth Social account: “I am saddened to watch Elon Musk go completely ‘off the rails,’ essentially becoming a TRAIN WRECK over the past five weeks.

“He even wants to start a Third Political Party, despite the fact that they have never succeeded in the United States –
The System seems not designed for them.”

Trump has previously threatened to go after Tesla‘s government subsidies and contracts through the DOGE department to save “big” as their relationship deteriorated.

Such threats have also pressured the share price at Tesla.

It has suffered throughout Trump 2.0 and, in fact, has trended lower since last December – shortly after Mr Trump’s election win was confirmed.

The possibility of tariff hits to the business, followed by actual tariff disruption, along with a consumer and investor backlash against Musk’s previous DOGE role have contributed to a 35% decline on the December peak.

The very absence of Tesla’s CEO dragged on the shares.

Tesla sales suffered globally as the trade war ramped up due to the imposition of tariffs by a government he supported, until the public row between him and the president began in early June.

Musk had only just renewed his 100% focus on Tesla and his other business interests by that time.

Tesla sales were down during the presidential election campaign last year and continued to decline, on a quarterly basis, during the first half of 2025.

Neil Wilson, UK investor strategist at Saxo Markets, said of the company’s share price woes: “Investors are worried about two things – one is more Trump ire affecting subsidies and the other more importantly is a distracted Musk.

“Investors had cheered Musk stepping back from frontline politics but are now worried he’s going to sucked back in and take his eye off Tesla.”

Environment

Hyundai Ioniq 9 first drive: Stylish SUV outside, spacious and versatile 3-row minivan inside

Published

1 hour ago

July 7, 2025

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Hyundai Ioniq 9 first drive: Stylish SUV outside, spacious and versatile 3-row minivan inside

Hyundai flew us out to Savannah, Georgia, a few weeks ago to get our first impressions of the much-anticipated Ioniq 9 three-row SUV. The vehicle uses the same E-GMP platform as the Kia EV9 and some smaller HMG EVs but the real question is: how is the Ioniq 9 different? Let’s take a look…

Size matters

This is a big EV with spacious three rows that seat six or seven adults comfortably. As far as I am concerned,the Ioniq 9 is Hyundai’s flagship vehicle.

The drive was similar to the Kia EV9, which is obviously a good thing. The big vehicle has solid electric acceleration, and Hyundai has done great work with the suspension to make this heavy car feel light on its toes. But Hyundai has made efforts to make the drive even smoother and quieter. The foam-filled tires, soft suspension, acoustic glass, and active noise cancellation all make the ride feel like floating rather than driving.

Front-row seats are not only spacious but also offer ample comfort and legroom. Also, there’s plenty of legroom in the second row (42.8 inches) and spacious third row (32.0 inches). Did I mention this is a big vehicle?

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What stands out to me on the interior is the flat floor enabled by the E-GMP battery and remarkably long wheelbase (3,130mm / 123.2 inches). It doesn’t feel like an SUV inside, it feels like a big minivan (oxymoron noted). While many folks are embarrassed to be seen in a minivan, nothing beats the configuration internally for trips and driving more than 4 people around – so the comparison is fully complimentary.

Hyundai obviously kitted us out with their top-end interiors, and they definitely felt sporty and luxurious.

Frunk

The Frunk o the Ioniq 9 isn’t anything to write home about and one of the few downsides to this vehicle. Hyundai of course says that their customers don’t want it, just like the bigger Frunk-maker’s say that their customers love it. For better or worse, it is a great place to put some charging cables, a tire inflator kit or some valuables but don’t expect it to be used frequently like a Tesla/Rivian or F-150/Silverado Frunk for groceries and general purpose cargo.

I really love the look of the Ioniq 9, which the company says is shaped like a sailboat hull with its big taper at the back. That also gives the Ioniq an otherworldly low drag coefficient of 0.259. That, along with the big 110kWh battery and Hyundai’s always efficient EVs, gets this thing to 335 miles for the RWD version. The performance AWD variant only drops down to 311 miles, a hit worth taking.

That range and the spacious interior mean that this is a great road trip EV. AWD versions can even tow up to 5000lbs. HMG’s software adjusts range predictions based on towing. Aerodynamics and efficiency of the trailer will all determine how much range is sacrificed but with over 300 miles to start with, odds are it will get you where you are towing.

NACS charging

The Ioniq 9 is one of the first non-Tesla EVs to come standard with a NACS charger, meaning it can natively charge at most Tesla Superchargers. Hyundai also includes an adapter so it can charge at CCS Combo stations and use a J-1772 Level1/2 charger.

Exterior

I am torn on the exterior look of the Ioniq 9. I love the shape, which Hyundai says is reminiscent of the aerodynamic hull of a sailing ship. I love the pixel lights that have become iconic in Hyundai’s EV lineup. Even the overall silhouette, something that Hyundai calls “Aerosthetic”—a harmonious blend of aerodynamics and aesthetics— is pretty incredible.

But I don’t love some of the design ornaments–like the cutout pieces over the front and back wheels. While I realize that seems like a nit-pick, I can’t unsee it. It is more subdued in the darker colors, however.

Pricing: starts at $58,955 for the RWD S trim and goes up to $76,490 for the Performance Calligraphy Design AWD trim. Eligible for $7500 Federal tax credit and various state/local and utility discounts.

Electrek’s take

I really love this take on the 3rd row electric SUV. Would I take the Ioniq 9 off-road like a Rivian? No. Does it accelerate like a Telsa Model X? No.

However, it does everything most third-row SUV owners expect, and it does it quietly and effortlessly. For those looking for a luxurious 3-row electric SUV with an interior that rivals the comfort of a minivan, you have to put the Hyundai Ioniq 9 at the top of your list.

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Technology

Trump advisor Navarro rips Apple’s Tim Cook for not moving production out of China fast enough

Published

1 hour ago

July 7, 2025

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Trump advisor Navarro rips Apple's Tim Cook for not moving production out of China fast enough

Peter Navarro: 'Inconceivable' that Apple could not produce iPhones outside China

White House trade advisor Peter Navarro chastised Apple CEO Tim Cook on Monday over the company’s response to pressure from the Trump administration to make more of its products outside of China.

“Going back to the first Trump term, Tim Cook has continually asked for more time in order to move his factories out of China,” Navarro said in an interview on CNBC’s “Squawk on the Street.” “I mean it’s the longest-running soap opera in Silicon Valley.”

CNBC has reached out to Apple for comment on Navarro’s criticism.

President Donald Trump has in recent months ramped up demands for Apple to move production of its iconic iPhone to the U.S. from overseas. Apple’s flagship phone is produced primarily in China, but the company has increasingly boosted production in India, partly to avoid the higher cost of Trump’s tariffs.

Trump in May warned Apple would have to pay a tariff of 25% or more for iPhones made outside the U.S. In separate remarks, Trump said he told Cook, “I don’t want you building in India.”