As per the news on news websites -
In his highly anticipated address from the Oval Office, President Joe Biden applauded House Speaker Kevin McCarthy for the successful bipartisan budget and debt ceiling agreement recently passed by Congress.
During his 12-minute speech, President Biden emphasized the significance of this bipartisan effort in averting an economic crisis, giving special recognition to the Republican negotiators led by McCarthy. He praised the collaborative approach taken by both sides, highlighting their honesty, respect, and commitment to fulfilling their promises.
In addition to McCarthy, President Biden extended commendations to other congressional leaders from both parties, including House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer, and Senate Minority Leader Mitch McConnell. He emphasized the critical nature of passing this budget agreement and acknowledged that while compromises were made, it ultimately served the needs of the American people by preventing an economic collapse.
President Biden expressed his intention to sign the bill into law on Saturday, solidifying its impact and ensuring its implementation.
The Bipartisan Budget Agreement received significant support in the Senate, passing with a final vote of 63-36, and in the Republican-led House, where it passed with a final vote of 314-117. President Biden recognized the agreement's protection of key pillars of his Investing in America agenda, such as job creation, manufacturing, infrastructure development, clean energy, and essential programs like Social Security, Medicare, Medicaid, and veterans' medical care.
During his speech, President Biden took the opportunity to reflect on his administration's achievements, including the passage of the infrastructure law and legislation focused on boosting computer chip production to compete with China. He also criticized certain Republicans for defending what he referred to as "special interest tax loopholes" and hinted at his plans for the future, suggesting he would return and seek re-election with the support of the American people.
The negotiations surrounding the budget and debt ceiling were marked by the looming threat of an economic catastrophe. Fitch Ratings, a leading credit rating agency, had placed the U.S. on negative watch due to concerns about governance. However, the agency maintained the federal government's perfect AAA credit rating while keeping it on negative watch through the third quarter of the year.
In response to these developments, Treasury Department spokeswoman Lily Adams emphasized the fiscal responsibility of the debt ceiling bill and reaffirmed the strength and stability of the Treasury market.
Throughout the talks, President Biden remained firm on his stance not to negotiate over the debt ceiling, even as the leaders worked on a plan to reduce the federal budget. The discussions were crucial as the government faced imminent challenges in meeting its financial obligations.
While there were considerations of invoking the 14th Amendment to unilaterally raise the borrowing limit, President Biden chose to pursue a bipartisan agreement and find common ground among lawmakers.
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