Biden and McCarthy will meet Tuesday to try to break the debt ceiling logjam
NBCDec 25, 2022
The Facts
On Wednesday, US Pres. Joe Biden and Republican lawmakers expressed optimism that a deal to raise the US debt ceiling could be reached by the end of the week, following emergency talks at the White House.
Before leaving for Japan to participate in the G7 summit, Biden told reporters he was confident that an agreement on the budget would be reached as "there's no alternative," adding that "every leader understands the consequences of failure."
The Spin
Pro-establishment narrative
While this laborious process is far from over, real progress is being made in negotiations to raise the debt ceiling. The US defaulting on its debts is not an option, and both political parties are working hard to ensure that does not happen.
Establishment-critical narrative
While lawmakers may be hopeful about negotiations to raise the debt ceiling, this process has taken far too long. Faith in the US financial system is further diminishing every moment a deal is not made. Nobody should use the threat of defaulting as leverage; both Democrats and Republicans have failed the electorate by putting partisan politics ahead of the national interest.
