With debt deal, McCarthy threads the needle
House Speaker Kevin McCarthy, dismissed by critics as weak and beholden to the right flank of his party, appears to have emerged from the first major test of his leadership victorious, if not unscathed.
As the clock began ticking down toward a potential default on the nation’s record-high debt, he strengthened his hand in negotiations with President Joe Biden by unexpectedly passing – with a united GOP front – a symbolic, partisan bill to cut spending and roll back some Biden initiatives. Last night, after several weeks of high-stakes wrangling, he presided over a bipartisan deal that passed the House with 72% support and strong majorities from both parties – highly unusual for major bills in this era of polarized politics.
If the bill also clears the Senate quickly, it would avoid default on the $31 trillion national debt – anticipated to occur as soon as Monday – and trim an estimated $1.5 trillion in spending over the next decade, though a second round of “adjustments” reportedly could reduce the total cuts to $1 trillion.
