The bipartisan measure, which was approved this week by the House and Senate, eliminates the potential for an unprecedented government default. “Passing this budget agreement was critical.
Photo Insert: The stakes could not have been higher,” Biden said from the Oval Office on Friday evening.
The stakes could not have been higher,” Biden said from the Oval Office on Friday evening. “Nothing would have been more catastrophic,” he said, than defaulting on the country’s debt.
The agreement was hashed out by Biden and House Speaker Kevin McCarthy, giving Republicans some of their demanded federal spending cuts but holding the line on major Democratic priorities.
It raises the debt limit until 2025 — after the 2024 presidential election — and gives legislators budget targets for the next two years in hopes of assuring fiscal stability as the political season heats up.
“No one got everything they wanted but the American people got what they needed,” Biden said, highlighting the “compromise and consensus” in the deal. “We averted an economic crisis and an economic collapse,” the Associated Press (AP) reported.