Yes and no.
For now, I don’t see what the Republicans have won, though. In fact, I agree with other posters who say that it’s the Repubs who’ve caved – for now. I admit, the Dems took an avenue I didn’t expect, which was to put the nuclear option on the table. I think McConnell assumed the Dems would be too divided to agree on that option, and maybe they still are, but McConnell wasn’t willing to make a bet on it, so he folded.
McConnell conceded the battle in hopes of winning the longer war. McConnell wisely made the concession on the debt ceiling now, saved his filibuster lever, and bought himself time - time for rising energy prices to make the argument that we’re living with inflation and that it’s the fault of Dems’ reckless spending. The Dems, however, make it harder for McConnell to use the debt ceiling as a weapon, since he obviously thought it was important enough to reverse himself once before. McConnell’s hoping that he won’t have to use the debt ceiling and that talking head will be talking about inflation thanks to rising oil and natural gas prices so that he can make the argument that we can’t afford more social spending.
Added to that, there’s a big race for Virginia governor, which will have been decided by then. If McCauliffe loses, then all kinds of warning sirens are going to start blaring, and we’re likely to see moderates really push hard against the progressive wing of the party. Moreover, they’re likely to pull Biden toward the center and away from progressives. There’s a major risk of a serious fracture between the two sides.