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Welcome to The Hill’s Business & Economy newsletter

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Business & Economy

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The Big Story

Bessent urges Congress to act on debt limit by mid-July

Treasury Secretary Scott Bessent called on Congress on Friday to raise the nation’s debt ceiling by mid-July to keep the federal government from defaulting on its debt.

“Therefore, I respectfully urge Congress to increase or suspend the debt limit by mid-July, before its scheduled break, to protect the full faith and credit of the United States,” he said.

Republicans are hopeful they will be able to raise the debt limit on their own this year using a process known as budget reconciliation.

The aim is to raise the debt ceiling using the same vehicle being put together to advance wide swaths of President Trump’s agenda with only GOP votes.

This would allow Republicans to avoid Democratic demands for concessions in exchange for their votes, but it would also set a hard mid-summer deadline for the massive bill that has spawned numerous divisions on the right.

Read the full report at TheHill.com.

Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.

Did someone forward you this newsletter? Subscribe here.

Essential Reads

Key business and economic news with implications this week and beyond:

African investors pitch Trump tumult as potential turning point

BEVERLY HILLS, Calif. — African investors see opportunity in the chaos of President Trump’s return to the White House, despite the pain caused by his foreign aid cuts and whiplash tariff decisions.

Full Story

Crypto industry brushes off failed stablecoin vote

The crypto industry is brushing off a failed vote on a stablecoin bill in the Senate, underscoring recent progress and the hope that this isn’t the end of the line for crypto legislation.

Full Story

White House: ‘Ridiculous’ to think Trump doing anything for his own personal wealth

White House press secretary Karoline Leavitt said Friday it would be “ridiculous” to think President Trump is personally benefiting from his time at the White House, calling out reporters for questions about his family’s business ventures while in office.

Full Story

Tax Watch

Welcome to Tax Watch, a new feature in The Hill’s Business & Economy newsletter focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year.

Trump: GOP should ‘probably not’ raise taxes on rich

President Trump said Friday that GOP lawmakers should “probably not” raise taxes on the rich, but added that he’s “OK if they do.”

“The problem with even a ‘TINY’ tax increase for the RICH, which I and all others would graciously accept in order to help the lower and middle income workers, is that the Radical Left Democrat Lunatics would go around screaming, ’Read my lips,’ the fabled Quote by George Bush the Elder that is said to have cost him the Election. NO, Ross Perot cost him the Election! In any event, Republicans should probably not do it, but I’m OK if they do!!!” Trump wrote in a post on Truth Social.

Three sources told The Hill on Thursday that the White House had put forward a proposal to allow the top marginal income tax rate cut that Trump signed into law in 2017 to expire at the end of the year for the highest-income Americans. The rest of the 2017 tax cuts would be extended.

And while the top tax bracket for 2024 applied to incomes higher than $609,351 for single filers and $731,201 for joint filers, the White House is pitching a new higher rate that would apply to those with incomes greater than $2.5 million for single filers or $5 million for joint filers, according to one source with knowledge of the pitch.

The White House’s idea for raising taxes on the rich comes as House Republican leaders are looking to craft a Trump agenda bill that appeases all corners of the ideologically diverse GOP conference.

— Mychael Schnell

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COMING UP

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The Ticker

Upcoming news themes and events we’re watching:

The next NFIB Small Business Optimism Index is set for release on Tuesday at 6 am E.T.

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In Other News

Branch out with more stories from the day:

Air traffic controllers for Newark airport briefly lose radar access again

The air traffic controllers directing planes into the Newark, New Jersey, airport briefly lost their …

Full Story

Good to Know

Business and economic news we’ve flagged from other outlets:

Dow drops more than 100 points Friday as investors await U.S.-China trade talks (CNBC)
Trump floats 100% tariff on Barbies while his UK trade ‘deal’ shields super-luxury cars like Rolls-Royce (CNN)
Cities Turn to Sports Stadiums to Snap Out of Downtown Doom Loop (The Wall Street Journal)

What Others are Reading

Top stories on The Hill right now:

White House ‘actively looking’ at suspending habeas corpus in immigration crackdown

White House deputy chief of staff Stephen Miller said Friday that President Trump and his team are “actively looking at” suspending habeas corpus as part of the administration’s immigration crackdown. Read more