Debt Ceiling Deal Clears Hurdle & CEOs Visit China 5/31/23

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 31 May 2023

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

The long-awaited debt ceiling deal advances to the House floor, after a narrow vote in the House Rules Committee. President Joe Biden and House Speaker Kevin McCarthy had announced the deal over the weekend, capping federal baseline spending for two years and raising the debt ceiling. Former SEC Chair Jay Clayton, and Gary Cohn, vice chairman at IBM and former National Economic Council director, discuss the latest on the debt ceiling deal and the impact on the economy. Jim McGregor, APCO Worldwide greater China chairman, discusses Tesla CEO Elon Musk’s and JPMorgan CEO Jamie Dimon’s separate visits to China this week. He explains the fine line CEOs must walk when dealing with both Beijing and Washington. Plus, bumpy earnings reports from Advanced Auto Parts and HP. In this episode: James L. McGregor, @jamesLmcgregor Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in Show Music Please.
0:03.0	Hi, I'm C.N.C. producer Katie Kramer, today on Squack Pod.
0:09.0	A debt deal moving forward, a bill advancing to the house floor former SEC chairman
0:14.9	Jake Clayton tells us progress is promising I'm optimistic that we actually had this
0:19.9	debate Gary Cohn formerly director of the National Economic Council, also says things are looking up.
0:26.0	You never know what can happen on the House floor, but it feels to me that we will get a bipartisan
0:31.2	vote tonight. As all of the leaders have said, we need to have a
0:34.8	bipartisan bill. And major US CEOs are making the rounds in China. Why it's high
0:41.0	stakes for the likes of Jamie Diamond and Elon Musk with
0:44.0	Apco's Jim McGregor. This is what all CEOs are doing. You're walking a very fine line
0:48.7	between Brussels, Beijing, and Washington, D.C. and trying to get through this minefield.
0:54.0	Plus two Bumpy Earnings Reports,
0:57.0	advanced auto parts and HP both surprising Wall Street.
1:01.0	Do you even call it check though?
1:03.0	It's Wednesday, May 31st, 2023, Squawk Pod begins right now.
1:09.0	Stand back to be by in three, two, one, queue please.
1:14.2	Good morning, everybody.
1:15.3	Welcome to Squawk Box right here on CNBC.
1:17.6	We are live from the NASDAQ Market site in Times Square.
1:21.0	I'm Becky Quick, along with Joe Kernan. Andrew is out today.
1:25.0	First up today, Mr Chairman.
1:28.0	Six to six, what should I do?
	...

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