WASHINGTON - US President Joe Biden declared a "crisis averted" on Friday in his first address from the White House's Oval Office, touting the passage of a bill to suspend the US debt ceiling and avoid economic catastrophe.
Biden, a Democrat, said he would sign the bill into law on Saturday, concluding months of uncertainty and averting what would have been a first-ever US default as early as June 5. The president, who is running for re-election, noted other bipartisan bills he has signed and offered praise to McCarthy, the speaker of the House of Representatives, who was his primary negotiating partner.
Ultimately Biden and McCarthy cobbled together a last-minute deal that suspends the debt limit until January of 2025 and caps spending.
Source: Loan Digest (loandigest.net)
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