U.S. President Joe Biden addresses the nation on preventing default and the Bipartisan Budget Agreement, in the Oval Office of the White House in Washington, DC, June 2, 2023.
Swimming Pool | Via Reuters
WASHINGTON — President Joe Biden on Friday night gave his first speech from the Oval Office to discuss the bill to raise the debt ceiling while limiting federal spending, calling it an “important” deal. He plans to sign the bill on Saturday.
“Nobody has everything they want, but the American people get what they need. We prevented the economic crisis and the economic collapse,” Biden said.
Debt Ceiling Compromise Bill through the Senate by a margin of 63-36 on Thursday night, winning enough support from both sides to pass the institute’s 60-vote threshold to avoid filming. On Wednesday it moved through the House After about 72 hours, pass 314-117.
The deal has little time to spare: The Treasury Department estimates the federal government will run out of money by June 5 if the debt ceiling is not lifted.
“This is very important,” Biden said. “It is essential for all the progress we’ve made over the past few years to uphold the faith and credibility of the United States and pass a budget that continues to grow our economy and respond to it,” he said. reflect our values as a nation.”
No deal, federal obligations such as Social Security, Medicare, and military pay will not be sent. And the failure to lift the debt ceiling would roil global financial markets and cause job losses in the US
The bill came after weeks of intense negotiations between House Speaker Kevin McCarthy and the White House. The deal ultimately gave conservatives some ideological policy victories in exchange for their votes to raise the debt ceiling after next year’s presidential election and through 2025.
