“President Biden and Speaker McCarthy Reach Compromise Agreement to Avoid U.S. Default”

The culture of compromise still exists in Washington. After agreeing on Saturday evening to avoid a default in payment by the United States with catastrophic consequences, President Joe Biden and Kevin McCarthy, the speaker of the House of Representatives with a Republican majority, are trying to sell this agreement to their party. Because only the US Congress has the power to raise the debt ceiling. Unique in developed countries, this mechanism limits the possibility of borrowing to finance the American deficit.