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The man with the deal. Photo: WIktor Szymanowicz/NurPhoto via Getty Images

U.K. Prime Minister Boris Johnson announced this morning that he's reached a "great new" Brexit deal with the European Union — a statement almost unforeseeable one week ago, when Johnson seemed to be steaming toward a constitutional crisis over a potential "no deal" Brexit on the Oct. 31 deadline.

Between the lines: Johnson's deal is similar to the one his predecessor, Theresa May, saw repeatedly rejected in Parliament (including by Johnson), with some tweaks around the crucial issue of Northern Ireland.

  • The parliamentary arithmetic looks tricky for Johnson too, as he no longer has a working majority and a Northern Irish party that supports his government, the DUP, has rejected this deal.
  • Jeremy Corbyn, leader of the opposition Labour Party, has said this deal is "even worse" than May's. Labour wants a second referendum in which the public can accept or reject the deal.
  • The British pound is surging. It had weakened significantly on the prospect of "no deal," which would be economically calamitous as it would see trading arrangements dissolve overnight.

What's next: Johnson wants Parliament to convene to vote on his plan this Saturday. That's the deadline the opposition and rebels within his own party imposed to either reach a deal with the EU or seek a deadline extension beyond Halloween. It should be dramatic.

Go deeper

GOP implosion: Trump threats, payback

Spotted last week on a work van in Evansville, Ind. Photo: Sam Owens/The Evansville Courier & Press via Reuters

The GOP is getting torn apart by a spreading revolt against party leaders for failing to stand up for former President Trump and punish his critics.

Why it matters: Republican leaders suffered a nightmarish two months in Washington. Outside the nation’s capital, it's even worse.

Erica Pandey, author of @Work
3 hours ago - Economy & Business

The limits of Biden's plan to cancel student debt

Data: New York Fed Consumer Credit Panel/Equifax; Chart: Axios Visuals

There’s a growing consensus among Americans who want President Biden to cancel student debt — but addressing the ballooning debt burden is much more complicated than it seems.

Why it matters: Student debt is stopping millions of Americans from buying homes, buying cars and starting families. And the crisis is rapidly getting worse.

Why made-for-TV moments matter during the pandemic

Photo illustration: Sarah Grillo/Axios. Photos: Erin Schaff-Pool, Biden Inaugural Committee via Getty Images

In a world where most Americans are isolated and forced to laugh, cry and mourn without friends or family by their side, viral moments can offer critical opportunities to unite the country or divide it.

Driving the news: President Biden's inauguration was produced to create several made-for-social viral moments, a tactic similar to what the Democratic National Committee and the Biden campaign pulled off during the Democratic National Convention.