The debt limit debacle has been the big story of the past several weeks in Congress after House Republicans took hostage the nation’s credit obligations to force President Joe Biden to cut social programs that benefit poor people.
The deal struck this week between the White House and House Speaker Kevin McCarthy has centrists in both parties declaring victory while their ideological flanks cry foul. The compromise bill passed the House late last night 314-117. The Senate plans on taking up the legislation as early as this evening.
To understand how the policy outcomes of the deal might translate into real world implementation Matt Yglesias posted seventeen thoughts on the debt limit deal that are worth a read; while Grace Seegers reports that childless adults will bear the brunt of GOP cuts to the social safety net.
Loud armchair analyses over who won and lost the debt ceiling fight will drag on through the weekend until the next big political news story wipes the slate clean. Before that happens, let’s take a moment to reflect —