The whole point of the GOP’s debt limit drama was to provoke a recession to sabotage Biden before the election, but Republicans have failed.
Simon Rosenberg tweeted:
One reason Rs acted w/such ferocious recklessness is Biden’s economic plan is working – growth remains strong, inflation is way down, the COVID/Russian war troubles are just about behind us.
MAGA’s goal was to sabotage this progress – optimistic that Team Biden prevented that. https://t.co/8A7Z4Bg7Lj
— Simon Rosenberg (@SimonWDC) May 28, 2023
Republicans know that if the economy is not in a recession next year, their odds of keeping the House and taking back the White House with Trump as the nominee are low.
The goal was always to use the debt limit to provoke a recession, but when Biden wouldn’t give anything up, it threw a wrench into the Republican plan. Time began to tick away and Kevin McCarthy realized that he was about to be blamed for a default.
President Biden has cut a deal. If Republicans blow it up, the default will be on them. It has always been Kevin McCarthy’s job to get a debt limit increase that would pass the Senate through the House.
McCarthy was hoping that he could trigger a default and voters would blame Biden. This is why the Speaker has been in front of the television cameras non-stop all week.
A two-year budget deal means that there will not be any government shutdowns or defaults to disrupt the economy.
Before anyone worries too much about the length of the budget deal, remember that if Democrats win back the House and keep the Senate and White House, that budget deal will be torn up by the Democratic Congress.
The economy won’t be tanking. Republicans are growing enraged, and Biden remains in a position to win a second term.