Biden to deliver Oval Office speech on bipartisan debt ceiling deal

WASHINGTON β€” President Biden will address the nation from the Oval Office on Friday after Congress voted to cut spending and extend the debt ceiling for two years.

Biden’s speech will take place at 7 p.m. ET.

The bipartisan budget deal passed by a final vote of 63 to 36 in the Senate Thursday night, sending the bill to the president’s desk.

“Senators from both parties voted to protect the hard-earned economic progress we’ve made and prevent a first-ever U.S. default,” Biden said in an overnight statement. He should sign the law.

His companion bill in the Republican-led House, the Fiscal Responsibility Act, passed by a final vote of 314 to 117 a day earlier.

β€œIt protects the foundational pillars of my Investing in America program that is creating good jobs across the country, fueling a manufacturing resurgence, rebuilding our infrastructure, and advancing clean energy,” as well as programs like the Social Security, Medicare and Medicaid, Biden said in the statement, “It protects my student debt relief plan for hard-working borrowers. And it honors America’s sacred obligation to our veterans by funding full medical care for veterans.”

He added: “I look forward to signing this bill as soon as possible.”

Biden brokered the deal with House Speaker Kevin McCarthy after promising he would not negotiate the debt ceiling, a stance he maintained even as leaders hatched a plan to cut the budget federal. The cuts angered members of both parties, with some Republicans insisting they weren’t tough enough, while Democrats argued they had gone too far.

The looming threat of economic disaster loomed over the talks as the government warned it would soon run out of money to pay its bills. Biden cut short an overseas visit to return to the table in Washington as time ticked away.

Throughout the tense talks, Biden weighed using his powers to unilaterally increase the government’s borrowing limit by invoking the 14th Amendment, a move that would have rested on untested legal theory but which some Democrats have urged the president to seriously consider.

This article originally appeared on NBCNews.com

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