House Easily Passes Debt Bill

Kevin McCarthy won his bid to shepherd a debt ceiling bill through the House, winning passage by a vote of 314-117, but now he must deal with angry members of his own party.

More Republicans voted against the bill than Democrats, putting McCarthy’s speakership in potential danger from GOP members who have threatened to seek a removal vote over his compromise deal with the White House.

The bill itself moves now to the Senate, where leaders of both parties have said they support it. If passed there, it will end global market concerns over a potential government shutdown.

Retail Boycotts Intensify

The backlash against companies embracing LGBTQ+ marketing continues to build, even as new companies step or stumble into the fray. The North Face is now facing pushback for an ad showing a drag queen sporting its outdoor wear.

The boycotts in these cases have been remarkably effective. Target’s decline in market value has now grown to $12.4 billion, with shares at their lowest price since the 2020 pandemic.

Bud Light, meanwhile, saw another 30 percent decline in sales in the most recent month, and Budweiser sales are down 10 percent. Disney, caught up in a long feud in Florida with Gov. Ron DeSantis, is down 21 percent since last May.

US, Chinese Jets Play Top Gun

A Chinese fighter jet came within 400 feet of a U.S. Air Force plane over the South China Sea in what the U.S. military called an “unnecessarily aggressive” maneuver. Tension has been growing in the area, which is considered international air space.

Video of the encounter (Watch here) shows the U.S. aircraft shuddering from the turbulence of the close encounter.

The U.S. officially complained to the Chinese, who responded by demanding that America cease surveillance flights over the South China Sea. The U.S. said flights would continue.

➤ Mike Pence and Chris Christie plan to join the growing ranks of Republicans running for president. Former VP Pence will announce his candidacy next week in Iowa, while former N.J. governor Christie will announce next week in New Hampshire. (More)

➤ Virginia Gov. Glenn Youngkin is joining other GOP state leaders in sending National Guard troops to the U.S.-Mexico border. Virginia will send 100 troops and support personnel to help Texas handle its ongoing migrant crisis. (More)

➤ Americans remain largely unsatisfied with the state of the nation, a new Gallup poll reports. Only 18 percent say the country is doing well, about half the historical average from the survey. Over 75 percent say they believe the economy is getting worse. (More)

➤ Donald Trump proposed a year of massive celebration in 2026 to commemorate 250 years of American independence. The country will celebrate its semiquincentennial birthday, and Trump says he wants it to be a 12-month “Great American State Fair.” (More)

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➤ NASCAR suspended driver Chase Elliott from his next race for deliberately crashing into Denny Hamlin during this weekend’s Coca-Cola 600 at the Charlotte Motor Speedway. (More)

➤ Poker star Tom Dwan won the largest pot in televised poker history Tuesday night, taking down a $3.1 million pot with two pairs. His opponent only had a pair of eights. (See video of full hand here)

➤ Alabama banned transgender athletes from participating on any female sports teams in college. The state had previously banned transgender athletes from participating in female youth sports from grades K-12. (More)

Market Report   5/31/23

➤ Big Stock Move: U-Haul stock dropped nearly 17 percent after a disappointing 4th quarter earnings report. The company reported that moving and storage activity was shrinking back to more traditional levels. (More)

➤ Amazon employees staged a symbolic walkout Wednesday to protest a lack of trust in Amazon leadership and new return-to-the-office rules. More than 1,000 employees walked out, mainly at Amazon’s main headquarters in Seattle. The company has 360,000 employees worldwide. (More)

➤ Twitter’s market value has plunged by as much as 70 percent since Elon Musk bought it for $44 billion last fall. Financial partner Fidelity held a $20 million stake in the company before the purchase and now values that stake at just $6.5 million. (More)

➤ Hubble Network, a Seattle-based startup, plans to launch a cutting-edge satellite network capable of connecting with any Bluetooth device anywhere in the world. The company says it will launch its first four satellites this coming January. (More)

➤ Meanwhile, across the Pacific, North Korea’s attempted launch of a spy satellite failed this week as the rocket fell into the sea. The launch was a violation of UN resolutions and drew sharp rebukes from South Korea and Japan, but North Korea pledged to try again. (More)

➤ Amazon’s Alexa will no longer allow customers to use celebrity voices, including those of Samuel L. Jackson, Melissa McCarthy, and Shaquille O’Neal. The popular service costs up to $4.99 per voice, but Amazon says it’s cutting off the voices by October, even if customers paid for them. (More)

➤ Wild video captured at a Georgia accident scene shows a car soaring through the air for 120 feet before crashing into another moving car. The driver was hospitalized in serious condition. (Watch video here)

➤ “Godfather” star Al Pacino, 83, is expecting his fourth child, this one with 29-year-old girlfriend Noor Alfallah. That will beat fellow “Godfather” star Robert DeNiro’s record of 79 in the very-old-dad sweepstakes. (More)

➤ Air New Zealand will begin requiring international passengers to step on a scale and weigh themselves as part of a 10,000-person survey. The airline says its pilots need the data to calculate the weight and balance of a loaded aircraft. (More)

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Today’s Trivia

How many Republicans have officially announced they’re running for President in 2024?