The incredible psychodrama of the threat of a US Treasury default is over. Both houses of Congress voted Thursday to lift the public debt ceiling until January 2025. President Biden, who is otherwise relatively unpopular, has maneuvered well to preserve the legislative gains of his first two years in office. Republicans who, taking Uncle Sam's credit hostage, dreamed of dismantling the costly programs put in place since March 2021, get only modest limits on public spending applicable only for the next two years.
At best, the compromise now adopted in an emergency will limit the debt of the United States by 1500 billion dollars over the next ten years. This figure by the Congressional Budget Office is the equivalent of a year's deficit. And no one in Washington really believes that beyond 2025, the limits imposed on the current spending of federal agencies will be...
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