Biden is the big winner in the debt ceiling deal | Opinion
McCarthy went one step further, declaring Republicans were now “poised to deliver [the] big consequential change in Washington” that they promised, and had “stopped Democrats’ reckless spending,” even though the bill only makes more modest spending cuts than the GOP had sought.
The vote showed again that, despite his narrow victory on the 15th ballot for speaker, McCarthy was able again to hold together the disparate factions in the coalition that comprises the House GOP majority. But by extending the debt ceiling past the 2024 election, it eliminates the possibility of both a catastrophic default and a pre-election confrontation that could have tanked the economy. Either could have threatened Biden’s re-election by causing a recession either later this year or early next year.
The parameters of the deal also justified Biden’s strategy of resisting direct negotiations with the House Republicans until the threat of default was at hand. Once again, the onset of a deadline proved the best motivator for the two parties to break a deadlock on must-pass legislation like the debt ceiling or funding the federal government.
Prominent Democrats opposing the measure included Rep. Pramila Jayapal, D-Wash., chair of the Congressional Progressive Caucus; Rep. Alexandria Ocasio-Cortez of New York and most members of the progressive group known as the Squad; Rep. Nanette Barragán of California, chair of the Congressional Hispanic Caucus; and Rep. Rosa DeLauro of Connecticut, top Democrat on the Appropriations Committee.
On the other hand, the congressional leadership of both parties joined Biden and McCarthy in supporting the compromise plan, recognizing this was the best and perhaps only chance to get the debt ceiling issue behind them.
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