US President Joe Biden praised the bipartisan spirit behind the debt ceiling agreement in his inaugural address to the country from the Oval Office on Friday, calling it "good for America."
US President Joe Biden and House Speaker Kevin McCarthy worked out an arrangement that gave Republicans some of their sought-after federal spending cutbacks while holding firm on major Democratic requirements.
Just days before the Treasury expected the US would run out of money, President Joe Biden talked about a deal to raise the debt ceiling on Friday, and expected to sign the debt ceiling compromise bill on Saturday.
The deal raises the debt limit until 2025, following the presidential election in 2024, and provides legislators with budget targets for the next two years, in the aim of ensuring fiscal stability while the electoral season heats up.
Biden also said that no one got everything they wanted but the American people got what they needed. We averted an economic crisis and an economic collapse.
The Senate passed the compromise debt ceiling agreement by a 63-36 vote Thursday evening, garnering enough support from both parties to exceed the chamber's 60-vote barrier and prevent a filibuster. After roughly 72 hours, it passed 314-117 in the House on Wednesday.
A day before that Biden was stumbled on a stage on Thursday at a graduation ceremony for the US Air Force Academy. Biden is in his 80s, who is the contry's oldest serving president.
Former US President Donald Trump, who has often poked fun at Biden's age, said Thats not inspiring and I hope he was not hurt.