“No one got everything they wanted, but the American people got what they needed,” President Biden said after the bill passed.
signed legislation Saturday that suspends the $31.4T debt ceiling and prevents a potentially disastrous, first-ever national default.Friday evening, which followed the bill’s passage in Congress, Biden hailed the agreement as a major bipartisan achievement and described the deal as “a crisis averted.”
“No one got everything they wanted, but the American people got what they needed,” Biden said. “Nothing — nothing would have been more irresponsible. Nothing would have been more catastrophic.” The deal, which remains in effect until 2025, includes $136B in cuts to non-defense discretionary spending, imposes new work requirements on multiple social assistance programs, fast-tracks the energy permitting process, and schedules an end to Biden’s student loan payment moratorium.
The signing followed months of intense and often bitter negotiations that sometimes seemed on the brink of collapse, and just two days before the U.S. Treasury was scheduled to run out of funds.“the biggest cut in savings this Congress has ever voted for.” Early in the negotiations, McCarthy seemed likely to either push the country into default or lose his speakership to a revolt from his party’s far-right flank.
“The big winner, however, is Biden, who prevailed in a standoff that could have sunk the economy—and his reelection chances,”
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