Is the Biden-McCarthy Debt Ceiling Compromise Good for America?
President Joe Biden and House Speaker Kevin McCarthy worked to sell their debt ceiling compromise bill to lawmakers on Sunday.
For Context: Treasury Secretary Janet Yellen estimated the U.S. Treasury would no longer be able to fulfill its financial obligations on June 5 — giving Congress just one week to avoid an economically damaging debt default. Global rating agencies are already considering downgrading the U.S. credit rating.
Initial Political Reactions: The bill, titled the “Fiscal Responsibility Act,” received positive reactions from business groups like the U.S. Chamber of Commerce and the Business Roundtable. However, some House members on both sides of the aisle opposed it; Rep. Chip Roy (R-TX) called it a “turd-sandwich,” and Rep. Pramila Jayapal (D-WA) called it “very bad policy.” As an AP (Lean Left bias) analysis put it, “It’s a deal no one in Washington claims to really like.”
Perspectives: On the right, McCarthy touted the bill as “an important first step” in a Wall Street Journal (Opinion rated Lean Right) op-ed, and Fox News (Right bias) host Geraldo Rivera congratulated both sides for “defying your crazies.” Voices from the left appeared less approving of the deal; a Washington Post (Lean Left bias) columnist said Congress had “beclowned itself,” and a Los Angeles Times (Lean Left bias) columnist said House Republicans were “arsonists…taking credit for putting out the fire.”
Featured Coverage of this Story
From the LeftDon’t call the debt-ceiling deal a success. It shouldn’t have been a crisis at all
The arsonists are taking credit for putting out the fire.
Late Saturday night and again Sunday morning, House Speaker Kevin McCarthy and two of his lieutenants were providing self-congratulatory spin to scrums of reporters at the Capitol on a holiday weekend, declaring their success at ending an economic crisis Republicans unnecessarily provoked.
They didn’t describe their deal with President Biden that way, of course. But that’s what we’ve been enduring — needless brinkmanship that’s undermined global confidence in the nation’s financial reliability and in the dollar as the world’s reserve currency,...
From the CenterWhat is in the US debt ceiling deal?
The bipartisan deal agreed by US president Joe Biden and Republican House Speaker Kevin McCarthy has one main purpose: to stop America from defaulting on its debt in early June, when the Treasury is projected to run out of cash to pay all its bills. Here are the key provisions of the fiscal pact as it heads to Congress for voting.
The legislation raises the US’s $31.4tn debt ceiling for two years. Technically, it is a suspension of the borrowing limit until 2025, but the effect will be the same,...
From the RightRepublicans win on the debt ceiling: Here's why House GOP should support deal
The agreement reached Saturday night between Speaker Kevin McCarthy and President Joe Biden is an historic first step toward shifting government back toward common sense and conservatism.
It is a step toward creating a smaller government, lower taxes, less regulation, economic growth, prosperity, and more take home pay. All of this will also strengthen Social Security and Medicare.
I emphasize it’s a first step because that is what I lived through in 1995 in our first year as a Republican House majority (the first in 40 years). Step by step, we got budget...