With just two days to spare, President Joe Biden signed legislation on Saturday that lifts the nation’s debt ceiling, averting an unprecedented default on the federal government’s debt.
The Treasury Department had warned that the country would start running short of cash to pay all of its bills on Monday, which would have sent shockwaves through the U.S. and global economies.
“Passing this budget agreement was critical. 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. “We’re cutting spending and bringing deficits down at the same time,” Biden said. “We’re protecting important priorities from Social Security to Medicare to Medicaid to veterans to our transformational investments in infrastructure and clean energy.”
Biden praised McCarthy and his negotiators for operating in good faith, and all congressional leaders for ensuring swift passage of the legislation. “They acted responsibly, and put the good of the country ahead of politics,” he said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Analysis | How House Dems went from angry at to rallying around the Biden White HouseJust a week earlier House Democrats were fuming mad over what they saw as a one-sided negotiation tilting toward Republicans. Then Democrats embraced the final debt compromise and gave even more votes than Republicans, writes Paul Kane in Analysis.
Read more »
Biden trips and falls on stage at Air Force graduation; White House says he's 'fine'President Joe Biden fell on stage at the U.S. Air Force Academy graduation on Thursday
Read more »
Biden will sign debt-ceiling bill as soon as Saturday: White HousePresident Joe Biden will sign a bill that raises the U.S. debt ceiling and imposes some spending limits “as soon as tomorrow,” White House press secretary...
Read more »
White House previews Biden's debt ceiling remarks, says bill could be signed SaturdayThe president will tout bipartisanship during his Friday night address and could sign the debt ceiling deal into law as soon as Saturday. .PressSec previewed President Joe Biden's remarks during the afternoon news briefing.
Read more »
White House Report Card: Biden’s fall said it allWeekly White House Report Card ZogbyStrategies - said that the public should be cheering Biden’s success this week in getting a debt ceiling increase through Congress and recording a surge in jobs... jedbabbin - but instead, the focus is on the fall.
Read more »
Biden trips, falls at Air Force Academy graduation; ‘That’s not inspiring,’ Trump repliesPresident Joe Biden fell on stage at the U.S. Air Force Academy graduation Thursday and the White House said he was “fine” after tripping over a sandbag. “He’s fine,” tweeted White House communications director Ben LaBolt.
Read more »