Raise the roof… The debt-ceiling clock is ticking. The US hit its $31.4T debt limit in January, prompting Treasury Secretary Yellen to deploy “extraordinary measures” to keep the economy running. Last week the GOP-led House passed a bill to raise the ceiling. While the Biden admin said it has “no chance” of becoming law, it could spark negotiations as the default deadline looms. The stakes are high: if the US defaults on its debt (read: can’t pay its bills), one-tenth of all economic activity could grind to a halt, Goldman Sachs estimates.
Jet not set… Summer vacays just got complicated. Boeing is pausing some jet deliveries after an eagle-eyed worker spotted a “gnarly” flaw in nearly three-quarters of its stored 737 Max jets. Southwest now expects fewer of the popular jets than promised, and plans to cut hiring because of Boeing’s delays, even as the industry faces a labor shortage. It’s bad timing: airlines like Delta are seeing record summer bookings as travel demand takes off. American Airlines CEO said that delivery issues force it to cancel flights.