Biden, McCarthy getting ‘closer’ to debt ceiling deal before clock runs out
USA TodayDec 01, 2022
Biden, McCarthy Draw Closer to Debt Ceiling Deal
Image copyright: The White House [via Wikimedia Commons]
The Facts
The US White House and top House Republicans have reportedly narrowed on a two-year spending deal to raise the debt ceiling, but nothing has been finalized yet as negotiators leave Washington, D.C., for Memorial Day weekend.
This comes as House Speaker Kevin McCarthy (R-Calif.) expressed optimism about reaching an agreement to prevent a default after months of stalemate as Treasury Secretary Janet Yellen moved the deadline up four days to June 5 on Friday.
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 isn't an option, and both political parties are working hard to ensure that doesn't happen.
Establishment-critical narrative
While lawmakers may be hopeful about negotiations, this process has taken far too long. 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.