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President Biden hailed a congressional bill to resolve the U.S. debt crisis and avert a disastrous economic default as evidence of his ability to compromise and proof that bipartisan solutions can still be found in an increasingly divided Washington.
In his first-ever Oval Office address, the president on Friday night stressed the deal’s bipartisan nature. The votes in the House and Senate showed broad support from Democrats and Republicans.
“No one got everything they wanted, but the American people got what they needed. We averted an economic crisis and an economic collapse,” Mr. Biden said.
But even as he praised the bipartisan agreement, the president said he has “much more to do,” including raising taxes by closing loopholes, moves opposed by the GOP.
“Republicans may not like it, but I’m going to make sure that the wealthy pay their fair share.” Mr. Biden told Americans. “I’m going to be coming back, and with your help, I’m going to win.”
The legislation, which suspends the debt ceiling for two years and cuts back slightly on spending, cleared the Senate on Thursday after it was overwhelmingly passed in the House earlier this week.
Mr. Biden is expected to sign the bill on Saturday, narrowly averting the economic chaos caused by the first-ever default on the nation’s debt. Monday is the so-called X-date, the day when Treasury Secretary Janet Yellen predicted the government would run out of cash to pay some of its bills.
