Biden and McCarthy’s budget deal to lift the debt ceiling, explained
Posted on AllSides May 28th, 2023
From The Left
With a potential default date just days away, lawmakers have managed to avert economic calamity by coming to a deal in principle to raise the debt ceiling and cap government spending for two years. While the full details of the bill have not yet emerged, the reported elements of the deal included concessions from both parties, effectively ensuring that lawmakers won’t have to revisit the debt ceiling until after the 2024 presidential election. Any deal will still have to pass both the Republican-controlled House of Representatives and will need to...