President Biden and House Speaker Kevin McCarthy reached a deal to increase the debt ceiling on Friday night. Congress is expected to vote on the measure on Wednesday. The question is will it pass.
Of course, this is a crisis caused by Republicans. If Donald Trump were still President, McCarthy and his caucus wouldn't blink an eye at raising the debt ceiling let alone entertain spending cuts. But since Biden is President, Republicans must be repulsive and threaten the very foundation of our economy.
Nevertheless, a deal was made. To be sure, this is shotgun marriage and there will be aspects of unappealing to both sides at the wedding party. Such is the nature of compromise. But for many, compromise is anathema, and no deal is better than passing the deal. Yet should there be no deal by June 5th then it means the government runs out of money and a first-time default on the national debt. There are many Republicans won't vote for the deal no matter what as they do not care if we default. At the same, I also worry that some Democrats will cut their nose to spite our face. This means you AOC.
There are too many in this country who want chaos and instability so as to enhance their personal brand and to hell with us peasants who lose our jobs, homes and life savings in the process.
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