Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Thursday, June 1st, and today we're discussing, well, a little bit of

everything. Before we dive into that, if you are enjoying the breakdown, please go subscribe to it,

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All right, friends, well, yesterday was my May wrap-up, and of course we were focused on the big narrative shift, which was away from the U.S. and towards China and the East more broadly.

Today, then, we kick off June with a slew of stories that point to what we're going to be

dealing with for the rest of the summer. First, let's do

a bit of an update on the debt ceiling. The debt ceiling deal was passed in the House during a late

night session, almost certainly averting a default. Lawmakers across the aisle approved the bill

in a 314 to 117 vote. The legislation will now move to the Senate for a vote which is

anticipated to succeed without controversy before passing over to the president's desk for ratification. Two-thirds of

House Republicans voted for the bill with some of the most outspoken members of the House

Freedom Caucus, either rejecting the bill or abstaining from voting. The bill enjoy even more

support, meanwhile, from Democrats, with 77% supporting it and a much

smaller contingent of progressives opposing the bill than had been anticipated.

Given that a greater number of Democrats approved the bill than Republicans, commentators

have started to argue that GOP House Speaker Kevin McCarthy secured a bad deal for his party.

This could potentially set up a leadership contest to dethrone the speaker.

Remember, Republican Dan

...