Less than a month ago, President Biden and House Speaker Kevin McCarthy reached a deal to avert the first-ever default by the U.S. government. The agreement raised the debt ceiling until January 2025. Spending on some programs (but not defense, veterans affairs, Social Security, Medicare or Medicaid) was cut and capped for two years. Biden hailed the agreement for preventing “the worst possible crisis”: a default followed by a recession, massive job losses, and drastic reductions to retirement accounts. “Neither side got everything it wanted,” the president stated. “That’s the responsibility of governing.” McCarthy touted “historic reductions in spending” and no tax increases: “I thin
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