Mr. Biden had insisted for months that he would not negotiate over raising the borrowing limit.
But privately, many aides had been planning on talks all along — though they refused to admit those talks were linked to the debt limit.
The Biden team reasoned that it would have to negotiate fiscal issues this year anyway, both on appropriations bills and on programs like food stamps that are included in a regularly reauthorized farm bill.
It featured work requirements and measures to speed fossil fuel projects, and it raised the debt limit for one year.
Mr. Biden, under fire from business groups and others who feared the standoff could result in the United States running out of money before the debt limit was raised, soon agreed to designate a team of negotiators.
Persons:
Biden, Lael Brainard, Janet L, McCarthy, Young, Michael Linden, Louisa Terrell, Ricchetti
Organizations:
Biden, National Economic Council, Social Security, White House
Locations:
United States