Opinion: Biden and McCarthy scored wins from debt deal, but challenges persist
The 11th-hour compromise reached by President Joe Biden and House Speaker Kevin McCarthy to raise the United States debt ceiling and cap future federal spending was largely a political win for both leaders, as well as a practical deal for the country.
Coming to a vote just days before the U.S. Treasury was set to run out of money, the bipartisan bill passed by 63-36 votes in the Senate, and by 314-117 votes in the House, with only fringe members of both parties who felt their side conceded too much – i.e., progressive Democrats and MAGA Republicans — voting against it.
In addition to embodying a much-needed shift to the center for Biden on economy policy, the deal’s passage added another bipartisan achievement to the president’s roster, in addition to infrastructure, gun control and high-tech semiconductor manufacturing. As he gears up to run for reelection, Biden can point to these impressive legislative feats as proof of his unique ability to bring both parties together.
That being said, the reaction to the deal from the extremes of both parties — particularly from far-right Republicans — underscores the headwinds both leaders – especially McCarthy — could face moving forward.
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