Is the Biden-McCarthy Debt Ceiling Compromise Good for America?

President Joe Biden and House Speaker Kevin McCarthy worked to sell their debt ceiling compromise bill to lawmakers on Sunday.

For Context: Treasury Secretary Janet Yellen estimated the U.S. Treasury would no longer be able to fulfill its financial obligations on June 5 — giving Congress just one week to avoid an economically damaging debt default. Global rating agencies are already considering downgrading the U.S. credit rating.

Initial Political Reactions: The bill, titled the “Fiscal Responsibility Act,” received positive reactions from business groups like the U.S. Chamber of Commerce and the Business Roundtable. However, some House members on both sides of the aisle opposed it; Rep. Chip Roy (R-TX) called it a “turd-sandwich,” and Rep. Pramila Jayapal (D-WA) called it “very bad policy.” As an AP (Lean Left bias) analysis put it, “It’s a deal no one in Washington claims to really like.”

Perspectives: On the right, McCarthy touted the bill as “an important first step” in a Wall Street Journal (Opinion rated Lean Right) op-ed, and Fox News (Right bias) host Geraldo Rivera congratulated both sides for “defying your crazies.” Voices from the left appeared less approving of the deal; a Washington Post (Lean Left bias) columnist said Congress had “beclowned itself,” and a Los Angeles Times (Lean Left bias) columnist said House Republicans were “arsonists…taking credit for putting out the fire.”