Third Way Supports Biden-McCarthy Framework to End Debt Default

WASHINGTON — Third Way released the following statement from Jim Kessler, Executive Vice President for Policy:

“Experience matters.

“Third Way applauds and supports the agreement reached by President Joe Biden and Speaker Kevin McCarthy to suspend the debt ceiling into 2025. Throughout this drama, it has been critical to ensure an agreement does not derail the economy or gut the President’s agenda. President Biden has achieved this through deft and patient negotiations that began with the President getting congressional Republicans to publicly agree to taking Social Security and Medicare off the table during his State of the Union Address.

“Moreover, this agreement shows that experience matters. Recognizing the reality of divided government, the President negotiated a solid agreement that allows congressional Republicans to save face and sell something to their members and constituents back home, while keeping the core of Democrats’ priorities intact. Like past bipartisan achievements that Biden has achieved in this toxic and partisan stew, his steady, intelligent, and practical leadership won the day. As the President stated: ‘The agreement represents a compromise, which means not everyone gets what they want. That’s the responsibility of governing.’ That’s also the mark of veteran leadership.

“As details of the final agreement emerge, there are certain to be provisions that some will find legitimate fault with—Third Way included. We will fight those battles another day. Today, we urge Democrats and Republicans from all ideological wings to come together and support this framework so our economy and the work of America can move forward.”