Washington: Mr. President, only two days are left Joe Biden signed legislation on Saturday to raise the nation’s debt ceiling, averting an unprecedented default on the federal government’s debt.
White Home announced the signing in a privately emailed statement at the White House, in which Biden Thanked Congress leaders for their partnership.
The Treasury Department warned the country would start running short of cash to pay all its bills on Monday, which would have jolted the US and global economies.
Republicans refused to raise the nation’s borrowing limit unless Democrats agreed to cut spending, leading to an impasse that could not be resolved by weeks of intense talks between the White House and the House speaker. it was done. Kevin McCarthyR-California.
The final compromise, passed by the House on Wednesday and the Senate on Thursday, suspends the debt ceiling until 2025 – after the next presidential election – and restricts government spending. It gives lawmakers budget targets in the hope of ensuring political stability for the next two years as the political season heats up.
Raising the country’s debt ceiling, which now stands at $31.4 trillion, will ensure that the government can borrow to pay off debts that have already been repaid.
“Passing this budget compromise was critical. The stakes could not be higher,” Biden said from the Oval Office on Friday evening. Nothing is more disastrous than defaulting on the nation’s debt.”
Biden highlighted the “compromise and agreement” in the deal, saying, “No one got everything they wanted, but the American people got what they needed.” “We averted an economic crisis and an economic collapse.”
Biden used the opportunity to list the achievements of his first term as he runs for re-election, including high-tech manufacturing, infrastructure investment and financial incentives to fight climate change. He also highlighted ways to thwart Republican efforts to roll back their agenda and achieve deep cuts.
“We’re cutting spending and reducing the deficit at the same time,” Biden said. “We are protecting important priorities, from Social Security to Medicare to Medicaid to veterans, to our transformative investments in infrastructure and clean energy.”
Even as he vows to continue working with Republicans, Biden has also contrasted the opposing party, especially when it comes to raising taxes on the wealthy, something the Democratic president has sought .
This is something he suggested may need to wait until the second term.
“I’m going to come back,” he said. “With your help, I’m going to win.”
Biden’s remarks were the Democratic president’s most detailed comment on the deal reached between him and his staff. He remained largely silent in public during the high-stakes talks, a decision that disappointed some members of his party but aimed to get both sides to reach a deal and get lawmakers to vote it on their desks. had to make room for
Biden praised McCarthy and his interlocutors for acting in good faith, and all congressional leaders for making sure the legislation passed swiftly. “He acted responsibly, and put the good of the country above politics,” he said.
Overall, the 99-page bill restricts spending for the next two years and makes some policy changes, including implementing new work requirements for older Americans receiving food assistance and greenlighting the Appalachian natural gas pipeline. which many Democrats oppose. Some environmental regulations were revised to help streamline approvals for infrastructure and energy projects – a move long sought by moderates in Congress.
The Congressional Budget Office estimates it could actually expand total eligibility for federal food assistance, eliminating work requirements for veterans, homeless people and youth leaving foster care.
The legislation also increases funding for defense and veterans, returns some new money to the Internal Revenue Service and rejects calls from Biden to roll back Trump-era tax breaks and help cover the nation’s deficit. helps. But the White House said the IRS plan to enforce tax laws for high-income individuals and corporations would continue.
This compromise automatically cuts spending programs by 1% if Congress fails to approve its annual spending bills – lawmakers from both parties to reach a consensus before the end of the fiscal year in September. A measure designed to put pressure on.
In both chambers, more Democrats than Republicans supported the legislation, but both sides were critical of its passage. In the Senate, the tally was 63-36 – 46 Democrats and independents and 17 Republicans were in favor, 31 Republicans with four Democrats and one independent who sided with Democrats.
The vote in the House was 314–117.
White Home announced the signing in a privately emailed statement at the White House, in which Biden Thanked Congress leaders for their partnership.
The Treasury Department warned the country would start running short of cash to pay all its bills on Monday, which would have jolted the US and global economies.
Republicans refused to raise the nation’s borrowing limit unless Democrats agreed to cut spending, leading to an impasse that could not be resolved by weeks of intense talks between the White House and the House speaker. it was done. Kevin McCarthyR-California.
The final compromise, passed by the House on Wednesday and the Senate on Thursday, suspends the debt ceiling until 2025 – after the next presidential election – and restricts government spending. It gives lawmakers budget targets in the hope of ensuring political stability for the next two years as the political season heats up.
Raising the country’s debt ceiling, which now stands at $31.4 trillion, will ensure that the government can borrow to pay off debts that have already been repaid.
“Passing this budget compromise was critical. The stakes could not be higher,” Biden said from the Oval Office on Friday evening. Nothing is more disastrous than defaulting on the nation’s debt.”
Biden highlighted the “compromise and agreement” in the deal, saying, “No one got everything they wanted, but the American people got what they needed.” “We averted an economic crisis and an economic collapse.”
Biden used the opportunity to list the achievements of his first term as he runs for re-election, including high-tech manufacturing, infrastructure investment and financial incentives to fight climate change. He also highlighted ways to thwart Republican efforts to roll back their agenda and achieve deep cuts.
“We’re cutting spending and reducing the deficit at the same time,” Biden said. “We are protecting important priorities, from Social Security to Medicare to Medicaid to veterans, to our transformative investments in infrastructure and clean energy.”
Even as he vows to continue working with Republicans, Biden has also contrasted the opposing party, especially when it comes to raising taxes on the wealthy, something the Democratic president has sought .
This is something he suggested may need to wait until the second term.
“I’m going to come back,” he said. “With your help, I’m going to win.”
Biden’s remarks were the Democratic president’s most detailed comment on the deal reached between him and his staff. He remained largely silent in public during the high-stakes talks, a decision that disappointed some members of his party but aimed to get both sides to reach a deal and get lawmakers to vote it on their desks. had to make room for
Biden praised McCarthy and his interlocutors for acting in good faith, and all congressional leaders for making sure the legislation passed swiftly. “He acted responsibly, and put the good of the country above politics,” he said.
Overall, the 99-page bill restricts spending for the next two years and makes some policy changes, including implementing new work requirements for older Americans receiving food assistance and greenlighting the Appalachian natural gas pipeline. which many Democrats oppose. Some environmental regulations were revised to help streamline approvals for infrastructure and energy projects – a move long sought by moderates in Congress.
The Congressional Budget Office estimates it could actually expand total eligibility for federal food assistance, eliminating work requirements for veterans, homeless people and youth leaving foster care.
The legislation also increases funding for defense and veterans, returns some new money to the Internal Revenue Service and rejects calls from Biden to roll back Trump-era tax breaks and help cover the nation’s deficit. helps. But the White House said the IRS plan to enforce tax laws for high-income individuals and corporations would continue.
This compromise automatically cuts spending programs by 1% if Congress fails to approve its annual spending bills – lawmakers from both parties to reach a consensus before the end of the fiscal year in September. A measure designed to put pressure on.
In both chambers, more Democrats than Republicans supported the legislation, but both sides were critical of its passage. In the Senate, the tally was 63-36 – 46 Democrats and independents and 17 Republicans were in favor, 31 Republicans with four Democrats and one independent who sided with Democrats.
The vote in the House was 314–117.