McCarthy’s Debt Deal Avoids Default But May Worsen Recession
House Speaker Kevin McCarthy at a news conference late Wednesday, after the House passed his debt-ceiling deal with President Joe Biden.
Photographer: Ting Shen/BloombergThis is Washington Edition, the newsletter about money, power and politics in the nation’s capital. We’re still focused on the debt-ceiling drama. Today, Emily Birnbaum looks at the economic impact (spoiler: it’s not great). Sign up here and follow us at @bpolitics. Email our editors here.
House Speaker Kevin McCarthy and President Joe Biden successfully married their parties’ centrist flanks to avert an immediate financial crisis. But they don’t otherwise have a lot to show for their debt-ceiling negotiations.