An (almost) historic compromise that will not please all Republicans and Democrats but will be good for the American people by averting the first default of the United States and a crisis of global dimensions.
After weeks of intense negotiations, Joe Biden and Kevin McCarthy have come to an agreement in principle on the debt ceiling that will be voted on Wednesday in Congress where he will have to overcome opposition from Trumpians and liberals.
"The deal is a compromise, so not everyone will get what they wanted. But it's good news for Americans," the US president announced shortly after the news was leaked to the New York Times. "It will avoid a catastrophic default that would have caused an economic recession and the loss of millions of jobs," the president stressed. "There's still a lot of work to be done," said Republican Speaker McCarthy, "but we've made sure there are no new taxes in the budget." Beyond the hot statements of the two architects of the turnaround, according to analysts, the agreement is a success for Biden and his team who have managed to scale back the initial demands of the Grand Old Party.
The compromise calls for an increase in debt for the next two years in exchange for some cuts on the administration's agenda far from the $130 billion goal set by Republicans at the beginning.