STATEMENT: Patrick Gaspard on Reported Deal To Avert an Unprecedented and Devastating Default

Washington, D.C. — Today, the White House and congressional leadership announced a deal to prevent a first-ever default on America’s debt. Patrick Gaspard, president and CEO of the Center for American Progress, released the following statement:

President Joe Biden has saved us from the political terrorism of MAGAnomics with what reports suggest is an imperfect debt ceiling deal that must be passed. House Speaker Kevin McCarthy, who was willing to sacrifice education, veterans benefits, and public safety in the interest of his own power, now has the onus to secure support for this deal from his caucus.

The United States’ long-term fiscal health requires us to reform this broken debt ceiling process and to roll back irresponsible tax cuts for the richest Americans that were never paid for.