“Passing this budget agreement was critical. The stakes could not have been higher,” Biden said from the Oval Office on Friday evening.
is expected to sign legislation on Saturday to raise the debt ceiling, dodging Monday’s deadline when the Treasury warned that the United States would start running short of cash to pay all its bills.
President Joe Biden meets with House Speaker Kevin McCarthy of Calif., to discuss the debt limit in the Oval Office of the White House, Monday, May 22, 2023, in Washington. 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.
Biden’s remarks were the most detailed comments from the Democratic president on the compromise he and his staff negotiated. He largely remained quiet publicly during the high-stakes talks, a decision that frustrated some members of his party but was intended to give space for both sides to reach a deal and for lawmakers to vote it to his desk.
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Deal approved, Biden will address budget, debt agreement from Oval Office Friday eveningAfter days of default threats, Republicans got some of their spending-cut demands but held the line on major Democratic priorities.
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Deal approved, Biden will address budget, debt agreement from Oval Office Friday eveningAfter days of default threats, the debt limit-budget agreement was worked out by Biden and House Speaker Kevin McCarthy, giving Republicans some of their spending-cut demands but holding the line on major Democratic priorities.
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Deal approved, Biden will address budget, debt agreement from Oval Office Friday eveningPresident Joe Biden will address the nation Friday evening from the Oval Office on the budget deal that lifts the federal debt limit and averts a U.S. government default. The legislation was passed by the Senate late Thursday night after being approved by the House the previous night. Biden is expected to sign the measure on Saturday. That will end a tumultuous episode in Washington that threatened an unprecedented default on the country’s debt, which would have sent shockwaves through the global economy. Biden’s speech is scheduled for 7 p.m. Eastern time.
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