Biden Debt Victory.

June 2, 2023 Glen Turpening

After clearing both houses of Congress, President Biden will have an opportunity to sign the debt ceiling bill thus averting catastrophe. (NY Times)

After weeks of political impasse, tense negotiations and mounting economic anxiety, the Senate gave final approval on Thursday night to bipartisan legislation suspending the debt limit and imposing new spending caps, sending it to President Biden and ending the possibility of a calamitous government default. The approval by the Senate on a 63-to-36 vote brought to a close a political showdown that began brewing as soon as Republicans narrowly won the House in November, promising to use their new majority and the threat of a default to try to extract spending and policy concessions from Mr. Biden. The president refused for months to engage with Speaker Kevin McCarthy but finally did so after the California Republican managed in April to pass a G.O.P. fiscal plan, spurring negotiations with the White House that produced the compromise last weekend.

By Carl Hulse, writing for the NY Times

The President and the Speaker were able to shepherd a bill through the legislature that will avert a short term crises and kick the debt bucket down the road past the next election. Both parties are breathing a sigh of relief even though factions on both sides of the isle bitterly opposed the bill. But, if those factions had votes needed to pass it they probably would have voted for it albeit with some holdouts. Washington will now move on to the next news cycle and the Trump/Desantis side show is gearing up to be quite a spectacle.