The deal suspends the nation's debt limit until 2025, after the next presidential election, and ensures the government can continue borrowing to pay already incurred debts.
President Joe Biden celebrated a "crisis averted" in his inaugural speech to the nation from the Oval Office Friday evening, ready tothat eliminates the potential for a first-ever government default that would have sent shock waves through the U.S. and global economies.
"We’re cutting spending and bringing deficits down at the same time," Biden said. "We're protecting important priorities from Social Security to Medicare to Medicaid to veterans to our transformational investments in infrastructure and clean energy." White House press secretary Karine Jean-Pierre said Friday that Biden was using the occasion to deliver his first address to the nation from behind the Resolute Desk in the Oval Office because "he just wanted to make sure that the American people understood how important it was to get this done, how important it was to do this in a bipartisan way."
US President Joe Biden during a briefing on extreme weather preparedness in the Roosevelt Room of the White House in Washington, DC, US, on Wednesday, May 31, 2023. Photographer: Michael Reynolds/EPA/Bloomberg via Getty Images
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