Biden signs debt ceiling bill that pulls US back from brink of unprecedented default | Chris Megerian / The Associated Press

President Joe Biden addresses the nation on the budget deal that lifts the federal debt limit and averts a US government default, from the Oval Office of the White House in Washington on Friday, June 2, 2023.It was a decidedly low-key denouement to a months long drama that unnerved financial markets at home and abroad and caused anxious retirees and social service organizations to make contingency plans in case the country was unable to pay all its bills.

The White House released a picture of the president signing the legislation at the Resolute Desk. In a brief statement, Biden thanked Democratic and Republican congressional leaders for their partnership, a cordial message that contrasted with the rancor that initially characterized the debt debate. The final agreement, passed by the House on Wednesday and the Senate on Thursday, suspends the debt limit until 2025—after the next presidential election—and restricts government spending. It gives lawmakers budget targets for the next two years in hopes of assuring fiscal stability as the political season heats up.

“No one got everything they wanted but the American people got what they needed,” he said, highlighting the “compromise and consensus” in the deal. “We averted an economic crisis and an economic collapse.” 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.

The Congressional Budget Office estimates the legislation could actually expand total eligibility for federal food assistance, with the elimination of work requirements for veterans, homeless people and young people leaving foster care.

Source: Financial Digest (financialdigest.net)

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