Biden, McCarthy Draw Closer to Debt Ceiling Deal

    Photo: 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.

    Nerd narrative

    There's a 3% chance that the US will default on its sovereign debt before July 1, 2023, according to the Metaculus prediction community.

    Establishment split



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