“Despite good-faith efforts to find common ground, the White House will not pursue a bigger debt reduction agreement without tax hikes. I believe the best approach may be to focus on producing a smaller measure, based on the cuts identified in the Biden-led negotiations, that still meets our call for spending reforms and cuts greater than the amount of any debt limit increase.”

translation: Our agenda was radical and stupid. Our demands will never be met, regretfully we have decided to not destroy the economy in a childish temper tantrum.