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'Shrink the room': How Biden and McCarthy struck a debt-limit deal and staved off a catastrophe

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How did two of the most powerful figures in Washington stave off an unprecedented default that could have ravaged the economy and held unknown political consequences? They tapped a handful of emissaries to negotiate a deal to lift the debt limit.

Speaker of the House Kevin McCarthy, R-Calif., walks to the House chamber at the Capitol in Washington, Wednesday, May 31, 2023. as the House moves toward passage of the debt limit bill.

Speaker of the House Kevin McCarthy, R-Calif., walks to the House chamber at the Capitol in Washington, Wednesday, May 31, 2023. as the House moves toward passage of the debt limit bill.

 

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