Debt Limit Crisis Averted

President Biden and House Speaker Kevin McCarthy reached a debt ceiling deal aimed at avoiding a default, which Biden referred to as preventing a historic crisis. However, they still need to garner support from skeptical members of Congress. McCarthy’s position as speaker could be at risk if he fails to persuade conservative Republicans who have already criticized the deal. The bill would require bipartisan support to pass, with at least 111 Republicans and 107 Democrats needed in the House. Some Republicans, including members of the House Freedom Caucus, have voiced opposition to the bill, citing concerns about fiscal responsibility and the national debt. On the Democratic side, there are reservations among progressives about the legislation. Additionally, doubts remain in the Senate, where a bipartisan effort is necessary for the bill to become law. Senators Lindsey Graham, Ted Cruz, and J.D. Vance have expressed concerns about defense capabilities, considering the proposal a blank check for Democrats, and suggesting it could be detrimental.