Digging into several independent sources, Bloomberg journalists discovered the underlying reason behind the debt limit deal between President Joe Biden and the House of Representatives Speaker.
The deal on raising the federal debt ceiling was nailed down in the course of painstaking talks. Previously, Congress approved the increase in government borrowings in reasonable terms, but this time, US legislators came to a gridlock. They were not able to come to a common denominator because of Joe Biden’s involvement. The US leader actively exploited this burning issue at rallies on the back of his presidential campaign aiming to win over voters. After the question was settled, Joe Biden said that the government owed the debt limit deal to his virtues. According to his rhetoric, he averted the US defaulting on its debt and saved the whole world. Journalists detected the evidence of the agreement between Joe Biden and Republican House Speaker Kevin McCarthy. In essence, the new bill raising the debt ceiling until 2025 will be the argument for electing Joe Biden for a second term in 2024.
Joe Biden endeavored to gain an advantage in the pre-election race by making proposals to terminate about a dozen of tax loopholes that currently benefit oil corporations, wealthy crypto investors, and large hedge funds. This measure suggested in the White House would save $18 billion paid by Americans in taxes. The Republicans stood for each of these loopholes, but Biden is determined to deal with the matter. With these arguments, he appealed to voters to support him.
