The deal to end the United States' debt limit standoff was classic Joe Biden politics: eke out a narrow compromise from an ugly beginning and declare victory.

President Biden's pact with Republican Kevin McCarthy suspends the $31.4 trillion U.S. debt ceiling, avoiding an economic crisis, in exchange for setting spending caps in the coming two fiscal years.

Both sides got something out of the deal and Biden said it fits with a declared goal throughout his political career: striking bipartisan deals to fix problems and take the venom out of the country’s ideological divide.