Despite winning only a wafer-thin majority in the House and failing to convert the Senate after the 2022 midterm elections, Republicans led by Speaker Kevin McCarthy were able to force concessions on President Biden’s budget direction upon threat of federal debt default. Opinions vary on how much ahead congressional Republicans came out on this struggle, though McCarthy is being praised in conservative circles for winning new spending limits in exchange for suspension of the ceiling through January 1, 2025. It is also something of a blow to Biden’s reverse-Reaganomics agenda.
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