President Biden cut a deal with House Speaker McCarthy to increase the national debt limit. Or, more accurately, he defused the Republican threat to default on the debt and tank the economy if Democrats don’t accede to their policy demands––at least for the next few years. Many pundits have said Biden “won” the debt-limit fight, that he didn’t concede any more than he would’ve during the regular government-funding process, and that he achieved some semblance of bipartisanship. But that stands in stark contrast to President Obama’s approach; after House Republicans extorted much bigger concessions from him in 2011, Obama said it was a mistake to negotiate in the first place, and refused to do so again. Republicans talked a big game, puffed their chests, but ultimately backed down from future standoffs. Which approach is right? Those who argue Biden out-negotiated McCarthy, and thus “won”? Or those who say Biden’s decision to negotiate in the first place re-establishes a terrible precedent and thus precludes any claim to victory? Host Brian Beutler moderates a new, debate-style format for the show. Jordan Weissmann, Washington editor of Semafor, defends Biden’s approach, while David Dayen, executive editor of the American Prospect, argues this new precedent won’t age well.