“The American people got what they needed.”

WASHINGTON — President Joe Biden is expected to tell the nation Friday night that no one got everything they wanted from the debt-limiting agreement approved by Congress on Thursday, but “the American people got what they wanted.” needed”.

“We avoided an economic crisis and an economic collapse,” Biden will say, according to excerpts of his remarks.

Biden addresses the nation the day after Congress passes the package he negotiated with House Speaker Kevin McCarthy, R-California, to suspend the debt ceiling and cut deficits by 1, $5 trillion over the decade.

Biden is expected to sign the bill as soon as Saturday, just two days before the nation runs out of maneuvers to pay its bills.

Although the deal averts an unprecedented default, ratings agency Fitch said on Friday it stood by its warning of a possible credit downgrade as “repeated political clashes over the debt limit…weaken trust in fiscal and debt governance”.

The agency cited a “steady deterioration in governance over the past 15 years, with increased political polarization and partisanship”.

The agreement suspends the debt ceiling until January 2025, limits spending for the next two years and makes various policy changes, including the acceleration of the granting of permits for oil and gas projects and the taxation new work requirements for older Americans receiving food assistance.

President Joe Biden speaks in the Roosevelt Room of the White House, Sunday, May 28, 2023, in Washington.

President Joe Biden speaks in the Roosevelt Room of the White House, Sunday, May 28, 2023, in Washington.

This article originally appeared on USA TODAY: Joe Biden says debt deal averted crisis and economic collapse

Leave a Comment