Kevin McCarthy, Winning
Once again, House Speaker Kevin McCarthy has given us a pleasant surprise.
According to the Associated Press:
WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy have reached an agreement in principle on legislation to increase the nation’s borrowing authority and avoid a federal default.
Negotiators are now racing to finalize the bill’s text. McCarthy, R-Calif., said the House will vote on the legislation on Wednesday, giving the Senate time to consider it before June 5, the date when Treasury Secretary Janet Yellen has said the United States could default on its debt obligations if lawmakers did not act in time.
While many details about the deal are unknown, both sides will be able to point to some victories. But some conservatives expressed early concerns that the compromise does not cut future deficits enough, while Democrats have been worried about proposed changes to work requirements in programs such as food stamps.
Oh, don't be silly, AP.
McCarthy came out the winner in this, given that the Democrats consider compromise, any compromise, with Republicans a moral failure. Republicans in their book are sinners, Nazis, monsters, so any compromise with Republicans is selling one's soul to the devil. They couldn't compromise to get their underwear changed.
McCarthy, though, somehow got the deal done, which, on objective grounds, tells us he knows how to skillfully play his cards to compromise.
Republicans, of course, say they don't like compromise, either, but there had to be one to avoid this debt default.
What we saw here was an actual compromise, not a cave-in, which is what compromises that have been sold to the GOP voters in the past as compromises really were.
What did McCarthy get for us?
According to AP:
TWO-YEAR DEBT INCREASE, SPENDING LIMITSThe agreement would keep nondefense spending roughly flat in the 2024 fiscal year and increase it by 1% the following year, as well as provide for a two-year debt-limit increase — past the next presidential election in 2024. That’s according to a source familiar with the deal who provided details on the condition of anonymity.VETERANS CAREThe agreement would fully fund medical care for veterans at the levels included in Biden’s proposed 2024 budget blueprint, including for a fund dedicated to veterans who have been exposed to toxic substances or environmental hazards. Biden sought $20.3 billion for the toxic exposure fund in his budget.WORK REQUIREMENTSRepublicans had proposed boosting work requirements for able-bodied adults without dependents in certain government assistance programs. They said it would bring more people into the workforce, who would then pay taxes and help shore up key entitlement programs, namely Social Security and Medicare....UNSPENT COVID MONEYThe agreement would rescind about $30 billion in unspent coronavirus relief money that Congress approved though previous bills, with exceptions made for veterans medical care, housing assistance, the Indian Health Service, and some $5 billion for a program focused on rapidly developing the next generation of COVID-19 vaccines and treatments.
On a holiday weekend when people are paying the least attention, Joe Biden finally cut a deal with Kevin McCarthy to raise the debt ceiling and end a game of chicken that Biden and Democrats lost months ago. House Republicans didn’t get everything they wanted, but Biden and the Democrats didn’t get anything they wanted except to limit the embarrassment:
But come on … they won. Biden and Chuck Schumer lost this weeks ago, and now they just caved. It would not surprise me if the Democrats knew this was coming all along, and they merely waited for a holiday weekend to give them enough cover to pull the trigger.
As I said, utterly predictable. Just like the way we knew McCarthy would win, because — again — he won the moment he got the debt-ceiling hike through the House. He forced Biden and Schumer to negotiate on his terms, and he kept enough of them to matter. We’ll have more on the deal as it comes together, and as the media tries to spin it any other way.
Image: U.S. House Photography, via Wikipedia // public domain