The agreement that President Joe Biden and House Speaker Kevin McCarthy reached recently to suspend the U.S. debt ceiling until 2025 avoided immediate turmoil in financial markets but does little to avert the crisis that may be brewing due to huge federal deficits.
The deal cuts the 2024 deficit by $64.5 billion and offers plans to save $1.5 trillion over 10 years, but much could change depending on which political party controls Congress and the White House in 2025.
The…
