Biden and McCarthy Pulled Off a Debt Ceiling Deal Averting an Economic Catastrophe

Didn’t hear any mention of the bumbling, fumbling, senile Joe Biden for a while

Dr. Zach Zachariah
5 min readJun 3


US Capitol Building sketched by Bing Image Creator; Text added by the author

The United States Senate on Thursday ratified the bipartisan Fiscal Responsibility Bill 2023. The bill had previously gained a strong majority in the US House of Congress. The agreement, which was negotiated by President Biden and Speaker McCarthy, suspends the debt ceiling until January 1, 2025, and aims to reduce government deficits by approximately $1.5 trillion over the next ten years.

Addressing the nation from the Oval Office on Friday, President Biden stated, “No one got everything they wanted, but the American people received what they needed.” He emphasized that the bipartisan agreement is a significant victory for the economy and the American citizens. On Saturday, President Biden signed the bill into law, averting a potentially catastrophic debt default just before the approaching Monday deadline.

Biden praised McCarthy, the Speaker’s team, and his own advisers for their honesty and directness during the negotiations. “Both sides kept their word,” the president added, emphasizing the importance of effective leadership by giving credit where it is due.

Following the bill’s passage in the House, Speaker McCarthy expressed his desire to make history and accomplish something unprecedented. He highlighted the significance of reducing government spending compared to previous years, stating, “Tonight, we all made history.”

Victory for bipartisanship and compromise

As a senator and vice president, Biden honed his skills in compromise and bipartisanship by collaborating across party lines. He highlighted these abilities during his 2020 presidential campaign. In his Friday address from the Oval Office, he reiterated his philosophy, stating, “The only way American democracy can function is through compromise and consensus, and that’s what I have worked to do as president.”

Biden emphasized that he has already signed 350 bipartisan bills during his presidency. These include significant measures such as the $1 trillion Infrastructure Law, the CHIPS Act to bring semiconductor…



Dr. Zach Zachariah

Ph.D. chemist with an M.B.A. | Enrolled Agent | Writes on science | economy | taxes | public interest topics | American politics | Indian-Americans | COVID-19