The Debt-Limit Crisis Is Over. Now On to the Debt Crisis.
Passing legislation to raise the US’s borrowing capacity was easier than a lot of members of Congress thought it would be — but addressing the debt itself will be a lot harder.
Is he now willing to say what he wants to cut?
Photographer: STEFANI REYNOLDS/AFPMaybe the most surprising aspect of the debt-ceiling increase President Joe Biden signed into law last week is that, once all the kicking and screaming was done, it not only passed Congress but passed easily. And maybe the most intriguing question raised by this whole debate is whether we should be prepared for more surprises.
With the Fiscal Responsibility Act, leaders on both sides made sales pitches to their respective caucuses, but there was no last-minute scrambling for votes or intense arm-twisting. The margins were comfortable enough that the dozens of members who want reputations as purists were able to vote “no” with no hard feelings.