Debt ceiling: McCarthy wins 1st round, Biden eyes long game
WASHINGTON — Speaker Kevin McCarthy surprised Washington when he showed he could unite the House’s raucous Republican majority to pass a sweeping package to raise the nation’s debt limit by $1.5 trillion in exchange for steep spending reductions, an opening bid awaiting President Joe Biden’s response. The next moves are more difficult, and politically uncertain. This week’s stunning turnaround for the battle-hardened Republican speaker is only act one in what is expected to be a long summer battle with Democrats to find agreement to lift the nation’s borrowing capacity ...