President Joe Biden got some good economic news this week, as the official inflation rate fell to only 4.0 percent. This is down from last year's high of 9.1 percent, and is a significant achievement. Most economists will tell you that's still a bit too high and that 2.0 percent is the goal they're shooting for, but 4.0 percent is getting pretty close to that goal, you have to admit.

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And so it all ended with a whimper and not a bang. President Joe Biden will sign the bill passed by both houses of Congress to increase the debt ceiling until after the 2024 elections. The bill is a clear victory for Biden, since it contains very little (virtually any) of the initial Republican budget-slashing demands. But Biden couldn't come out and say how good a deal he got from House Speaker Kevin McCarthy until now, because if he had done so it would have fed into the resistance by the farthest-right members of Congress, but now that the bill has safely been passed Biden has scheduled an Oval Office address for later today (7:00 PM, Eastern Time). We should note this is too late for anything he says to be addressed or included here in this column, but we will definitely be watching Biden speak later on today. [Editorial Note: we did listen to Biden's address, and we know it may be hard to believe, but we had picked out our "Crisis Averted" headline before Biden used the phrase tonight.]

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The news broke in Washington over the holiday weekend that we finally have a deal. President Joe Biden and House Speaker Kevin McCarthy agreed to a plan which will constrain the federal budget and raise the debt ceiling past the 2024 elections. Nobody's exactly thrilled with the parameters of the deal, with grumbles being heard from both from the MAGA right and the progressive left. At this point, though, the deal looks like it will likely garner enough support to pass the House, and the Senate likely won't kill it off at the last minute. That's where things currently stand at any rate.

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We began the week waiting, and we are ending the week waiting. All week long, rumors have leaked out about the status of the budget negotiations between House Speaker Kevin McCarthy and President Joe Biden, with both sides spinning madly to impress their bases, but we end the week with no deal actually inked.

However, we may be close. At least, that's today's big leak. It seems like both sides have agreed to some topline numbers with various face-saving things thrown in so they can both claim at least a certain degree of victory. Whether this actually works or not is still an open question.

Members of both parties are doubtlessly going to howl when the details are publicly released, and then they'll accuse their own negotiators of "giving away the store." But others will accept the face-saving spin and push forward, most likely. That's usually the endgame for such sticky negotiations, at any rate.

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With twelve more days left in the month of May, the debt ceiling follies continue unabated. Speaker of the House Kevin McCarthy just "paused" the negotiations with President Joe Biden, which was a rather pessimistic note to close out what had otherwise been a rather optimistic week. There is speculation that both sides are using this "pause" merely as a political signal to their respective bases -- to show that they are negotiating hard and not giving away the store. If this is true, negotiations will likely resume at some point this weekend. But it's anyone's guess whether they'll agree even on a framework (much less actual legislative text) any time soon.

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May is half over. June looms.

That is where we are, as President Joe Biden and House Speaker Kevin McCarthy try to hammer out some sort of deal which will allow the nation not to default on its debt. Nobody's really sure if June first will actually be the deadline -- the "drop-dead date" is constantly in flux as money comes into government coffers and flows back out again. If we make it to mid-June, the drop-dead date could shift as late as August or September, for instance. But we can't count on that happening -- we must act before the earliest possible date it could happen, which is the first of next month.

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President Joe Biden continues to goad House Republicans into doing exactly what he wants them to do. This is a bit of rather astonishing political jiu-jitsu which has only been possible because House Republicans refuse to publicly admit exactly what they want to slash in the federal budget. If Kevin McCarthy's House Republicans had kept their campaign promises and passed a budget as one of their first orders of business, then Biden wouldn't even have this opportunity (he'd have other opportunities, depending on what cuts Republicans were proposing, but they'd all be out in the open in that case). This week, Biden continuing to heap scorn on the Republican budget plans may serve up another victory for him, which clueless Republicans are going to try to tout as their own victory. Biden, though, has already moved on and has picked a new target. He will likely continue to do this for endless line items in the federal budget (with an emphasis on the ones that Republicans have traditionally supported).

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Let's make sure we all get this correct. Donald Trump is now technically not a "convicted rapist." He's not a convicted anything, because the verdict handed down against him this week was in civil (not criminal) court. And the jury balked at declaring that Trump had raped E. Jean Carroll, but they did find Trump liable for sexually attacking her and defaming her publicly. To the tune of $5 million. It only took them about three hours to do so, meaning the case was pretty iron-clad to begin with. So Donald Trump is merely the first ex-president to be found liable of being a sexual predator rather than being an actual convicted rapist.

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I realize it is the wrong season for this sports metaphor, but it now seems that the most likely outcome of the debt ceiling showdown is going to include a punt. For any long-term solution to emerge, there's going to have to first be a short-term solution that kicks the ball down the field a bit.

It is now crunch time. Tomorrow, President Biden will meet with the four congressional leaders (the leaders of both parties in both houses) for the first time in months. They are miles apart on what they want to see happen, and nobody really expects a huge breakthrough compromise to emerge from tomorrow's meeting. But the drop-dead date has been moved up to (possibly) the first of June, which only leaves a little more than three weeks to do something, or else the United States is going to default on its debt for the first time in history.

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President Joe Biden will not be attending the coronation of King Charles III tomorrow, which is entirely appropriate (although he is sending First Lady Dr. Jill Biden instead, out of respect). No U.S. president has ever attended a British coronation, and with good reason -- after all, we fought a whole war just so no American would ever have to show any sort of fealty to any King or Queen of England ever again. But even though Biden won't be there, the two men do share one notable similarity: they both waited all their lives -- decades and decades of it -- for the chance to sit at the head of their country. So it's pretty easy to see they do share how long the wait has been for both of them.

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