Washington – President Biden addresses the nation from the Oval Office Friday night after both houses of Congress passed an agreement to suspend the debt ceiling and limit federal spending. The president has expressed his willingness to sign the measure, known as the Fiscal Responsibility Act of 2023, as soon as possible.
The President takes the floor at 7 p.m., less than 24 hours after the Approved by the Senate the deal, 63-36. The 11 amendments voted by the Senate before the final adoption failed. A majority of Republicans and a majority of Democrats in the House voted for of the bill on Wednesday evening.
Exactly when the president will sign the legislation is unclear, but it may take a day or two for the legislation to reach the president’s office once Congress passes it.
“No one gets everything they want in a negotiation, but make no mistake: This bipartisan agreement is a great win for our economy and the American people,” the president said in a statement late Thursday after the Senate passed the deal. “Our work is far from done, but this agreement is a critical step forward and a reminder of what is possible when we act in the best interests of our country. I look forward to signing this bill into law as soon as possible and responding to the American people directly tomorrow.”
Passing the legislation by Congress before the weekend ensures that the federal government will have the power to borrow more and pay its bills before the critical June 5 deadline identified by Treasury Secretary Janet Yellen.
Markets reacted positively to the debt ceiling agreement and strong jobs data on Friday, with investors reassured that the country will not default for the first time in its history.
What’s in the Debt Ceiling Agreement – and What’s Not
The deal suspends the debt ceiling until the first quarter of 2025, leaving the next battle over the debt ceiling after the 2024 presidential election. The deal keeps discretionary non-defense spending roughly stable, with current 2023 levels for 2024. There are spending targets, rather than budget caps, after 2025. The agreement codifies the end of student loan payment suspensions, which means that loan holders will have to start making payments again in September. It also cancels unspent COVID-19 relief funds and changes work requirements for the Supplemental Nutrition Assistance Program.
The deal did not cut spending enough to satisfy many conservative Republicans, while some progressives opposed it because they felt the cuts went too far. House Speaker Kevin McCarthy said many members of Congress “want to make the perfect the enemy of the good.”
“It’s a good package,” he told reporters on Wednesday night. “And that’s a down payment on what conservative governance can look like in Washington, D.C. But in a divided Washington, it’s not perfect, but it’s a step in the right direction for the conservative philosophy that I stand for. and the results I’m looking for and House Republicans are looking for.”
Senate Majority Leader Chuck Schumer, after the deal passed in the Senate Thursday night, dismissed the idea that Democrats underestimated the new House speaker.
“No, look at the vote,” Schumer said. “Do you underestimate Kevin McCarthy? Look at the vote in the House and the Senate. That says it all. We did not underestimate it.
Ellis Kim contributed to this report.
How to watch Biden address the nationWhat: President Biden speaks ahead of the signing of the debt ceiling agreementDate: June 6, 2023Time: 7 p.m. ETLocation: Oval Office, White HouseOnline stream: Live on CBS Stream news in the player above and on your mobile or streaming device.
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