The common wisdom is that President Joe Biden has let House Speaker Kevin McCarthy run circles around him in the debt-limit negotiations. “Anxiety is growing in some Democratic circles,” write Time’s Brian Bennett and Nik Popli, “that Biden is falling into his old placating ways, ultimately handing Republicans too much for raising an arbitrary ceiling to pay bills on spending already approved by Congress.” I’m not saying that anxiety is misplaced. Biden really has given away too much. The American Prospect’s David Dayen, whose daily analytic dispatches on the talks have been indispensable, points out that Biden backed into supporting $1 trillion in cuts over the next decade (against a Republ
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