President Biden and House Speaker Kevin McCarthy have agreed in principle on raising the nation’s debt limit, but the final approval rests in Congress’ hands. The deal has already received pushback from both progressive Democrats and ultra-conservatives, and failure to secure votes from members of their own parties by the June 5 deadline could result in a default. Economists believe that the proposed spending cuts will not significantly affect the stable economy. The editorial board at the Washington Post notes that the agreement sets a dangerous precedent, and that the debt limit itself needs to be eliminated. Politico outlines the details of the deal and highlights the trade-offs that angered the parties’ bases, including support for an Appalachian gas pipeline promoted by Democratic Sen. Joe Manchin. While the debt deal might boost certain sectors of the stock market, some experts think the market relief will only be short-lived. Investors.com and others warn of a fiscal hangover and a possible stock market dip and recession around the corner. Writing for CNN, Dean Obeidallah notes that making concessions is part of the game, and there is an easy fix for fellow Democrats who dislike the agreement: win back control of the House in 2024, while retaining the Senate and White House, to roll back any objectionable parts of the deal.
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