Day: May 29, 2023

Debt Limit Deal A Compromise, But Mostly A Biden Win!

It seems that the crisis over the raising the federal debt ceiling will be resolved by a compromise, which means no one gets everything they want.

However, it also seems that the Democrats and President Joe Biden will come out better than the Republicans and Speaker of the House Kevin McCarthy.

The Freedom Caucus in the Republican Party in the House of Representatives and the Progressive Caucus in the Democratic Party are not happy, but the passage of the deal seems to be likely, although some Republicans in the Senate, such as Mike Lee of Utah, may try to hold up the deal.

But the Democrats are making fewer concessions compared to the Republicans, and Kevin McCarthy may face a no confidence vote from the Republican caucus, although he would seem to be likely to survive, although maybe in a weakened state.

The best part of the proposed deal is to push the debt limit issue off for two years, until after the next Presidential and Congressional Elections in 2024!