A break-glass option, gumbo and a bike ride: How the debt ceiling deal got done.
. It was up to Biden and McCarthy to break the impasse, McConnell maintained. It was time to start negotiating, and Biden knew it. But it wouldn’t be easy.
“Everyone in Washington is going to look terrible if we were actually to go over the brink and default,” former Treasury Secretary Larry Summers said in the days before the deal was reached.To win the speaker’s job, McCarthy had to placate both moderates and a right-wing faction closely aligned with former President Donald Trump, who called on Republicans to let the country default unless all their demands — including the “” — were met.
The key points of the emerging Biden-McCarthy deal were laid out just two days later, on May 11, at a low-key news briefing in the Capitol. Graves told reporters that he saw four main areas where a deal could be reached: reforming how permits are issued, clawing back unspent Covid funds, capping spending and imposing new work requirements on people getting federal aid.
A behind-the-scenes player in the bubbling conservative revolt was Russell Vought, who was a budget director in Trump’s White House. He had the ear of lawmakers who were skeptical of McCarthy’s willingness to deliver real cuts, said a person familiar with the talks. Vought was instrumental in leading the fight for speaker that forced McCarthy through so many rounds of votes.
The pause came roughly overnight in Japan — where Biden was taking part in a meeting with the leaders of other advanced democracies. . Biden’s team, briefing him at odd hours back home because of the 13-hour time difference, viewed the GOP’s position as a troubling step backwards, according to White House officials.
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