Republican and Democratic leaders in Congress both portray the long-awaited deal to raise the nation’s debt ceiling as a win for their side.
The Fiscal Responsibility Act of 2023, unveiled on May 29, ends a months-long disagreement between President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) over the terms for increasing the borrowing limit. The deal would suspend the country’s $31.4 trillion debt limit through Jan. 1, 2025.
After racing to complete a compromise agreement over Memorial Day weekend, each side emerged claiming victory.
“The deal that the president is announcing today, we think, is a good one,” White House officials told reporters on May 29. “It protects the historic economic gains we’ve made, really allowing one of the strongest recoveries on record to continue by taking the threat of default off the table into 2025.”…