Irish Examiner view: Archaic debt ceiling must be scrapped  

Deal provides hope for now but the US debt limit should be replaced by something closer to a normal fiscal strategy

The 99-page agreement jointly released by US House speaker Kevin McCarthy and president Joe Biden avoids a potentially disastrous US debt default — for now.  File picture: Alex Brandon/AP

It was not until 7pm on Sunday that US president Joe Biden and Republican house leader Kevin McCarthy released the full 99-page text of the agreement they had reached to avoid an embarrassing and potentially financially disastrous American debt default.

With the nation facing down a scenario where it was going to be unable to pay obligations to its vast military, its hospitals, its schools, its judiciary and its investors, Biden and McCarthy thrashed out a deal — with both making compromises — and gave us the most significant sign in quite a while that there is room for bipartisanship in American politics.