The latest debt ceiling bill averts the potential of an unprecedented government default that would have rocked the U.S. and global economies.
, averts the potential of an unprecedented government default that would have rocked the U.S. and global economies. Raising the nation’s debt limit, now at $31.4 trillion, will ensure that the government can borrow to pay debts already incurred.Biden said from the Oval Office on Friday eveningThe agreement was hashed out by Biden and House Speaker Kevin McCarthy, giving Republicans some of their demanded federal spending cuts but holding the line on major Democratic priorities.
"No one got everything they wanted but the American people got what they needed," Biden said, highlighting the "compromise and consensus" in the deal. "We averted an economic crisis and an economic collapse." Biden used the opportunity to itemize the achievements of his first term as he runs for reelection, including support for high-tech manufacturing, infrastructure investments and financial incentives for fighting climate change. He also highlighted ways he blunted Republican efforts to roll back his agenda and achieve deeper cuts..
Even as he pledged to continue working with Republicans, Biden also drew contrasts with the opposing party, particularly when it comes to raising taxes on the wealthy, something the Democratic president has sought."I’m going to be coming back," he said. "With your help, I’m going to win." US President Joe Biden during a national address in the Oval Office of the White House in Washington, DC, US, on Friday, June 2, 2023. Photographer: Jim Watson/AFP/Bloomberg via Getty Images
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