Despite whatever click-bait headlines you’re seeing on Fox News, and the predictable rage of rage-aholics, it’s been reported by the Wall Street Journal that Republicans and Democrats have basically reached a debt deal. Credit the skillful negotiations of Republican Speaker Kevin McCarthy and the fumbling negotiations of President Joe Biden.

Biden’s opening card in this game was something he specializes in: nothing. He gambled this spring that he could portray the Republicans as intransigent extremists by refusing to negotiate with them, and the Republicans would wind up having to simply raise the debt ceiling without any concessions from the Democrats. More borrowed money to spend now and repay later, and no conditions on spending it.

Biden lost that gamble, bigly.

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