The debt deal is not perfect, but it passed anyway

If you read the left & right media regarding the Biden/McCarthy debt deal, it becomes clear that the deal is a relief to the Democrats. They are almost in unison (some are making token complaints but nothing serious) in support of the deal. That is because it presents them with the increase in the debt limit, meaning the possibility of more spending.

Democrats say they are concerned about these elements of the deal:
-student loan forgiveness going away (they weren’t going to get it through the courts anyway)
-some work requirements being added (token)
-weaker government spending will hurt jobs (narrative more than reality)
–climate change – WVa pipeline (token for Manchin)

Realistically, they just want the increase in the spending limit, so expect 100% Democrat voting block for the deal.

Conservative Republicans have the biggest problems with the deal , justifiably so, because they are not getting the spending reduction they want and the country requires. They believe, for some reason, that they can get more than this version without pain to anyone but Democrat politicians, which defies reality.

Hopefully the negotiations will allow those Republicans to vote against the deal for political purposes, and the bill will pass the House and move to the Senate tonight. [UPDATE: This did happen and the Senate Passed the deal on June 1st, sending it to Pres. Biden’s desk for signature.] Something is better than nothing now, and there is something in this deal.

There is nothing good to come from continued negotiations at this point or exceeding the self-imposed debt limit. I don’t think the US will default on any obligations, but I do believe that financing government debt would become more expensive and that is not a good thing. Even if more Democrats than Republicans vote to pass the bill, it is a good thing. As a matter of fact, that would make the most sense at this time since Democrats get what they want.

However, one thing that is critical to change in the bill is the expiration date. It needs to be January 31st, 2025, not January 1st. The new Congress and President needs to take office before it expires.

There is no doubt that government spending needs to be reduced dramatically, but realistically that can only happen in chunks, over time, and with different election results. Take this deal as a win and move on tot he next battle.

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