This week, President Biden and Speaker McCarthy convened for the first time in over three months to negotiate on the debt ceiling. Although the face-to-face meeting garnered headlines, it didn’t bring the two sides closer to an agreement. Time is quickly running out to strike a deal to prevent a catastrophic default.
This ordeal has parallels to the high-stakes debt ceiling negotiations of 12 years ago. Back then, following similarly contentious negotiations, Congress and the White House reached an agreement in the eleventh hour, narrowly avoiding a default.
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