The deal comes after weeks of a stand-off where the Republicans would not agree to raise the country's borrowing limit unless the Democrats cut spending
From the Oval Office, Mr Biden said:"Passing this budget agreement was critical.
"The stakes could not have been higher. If we had failed to reach an agreement on the budget, there were extreme voices threatening to take America, for the first time in our 247-year history, into default on our national debt.He added that Americans"got what they needed" and, via the bill, the government"averted an economic crisis".
The 80-year-old also took the chance to underline the achievements of his first term as president, including support for high-tech manufacturing, infrastructure and climate change investments.
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