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Biden Signs Debt Ceiling Bill to Bring U.S. Back from Brink of Unprecedented Default

alone 2 days leftPresident Joe Biden signed legislation on Saturday to raise the nation’s debt ceiling, avoiding an unprecedented federal debt default.

The White House announced the signing, which took place behind closed doors at the White House, in an emailed statement in which Biden expressed his gratitude. parliamentary leader for their partnership.

The Treasury Department has warned that cash to pay all the bills will begin to run short on Monday, which would shock the U.S. and global economy.

Republicans’ refusal to raise the borrowing limit unless Democrats agreed to cut spending sparked a conflict that persisted until weeks of intense negotiations between the White House and House Speaker Kevin McCarthy.

The final agreement is wednesday house and the Senate Thursday, suspend debt limits and limit government spending until January 1, 2025 after the next presidential election. It gives lawmakers budget targets for the next two years in hopes of ensuring financial stability as the political season heats up.

Raising the national debt ceiling, which currently stands at $31.4 trillion, would allow governments to borrow to pay off debt already incurred.

“Passing this budget deal was extremely important,” Mr. Biden said Friday night in the Oval Office. “The stakes couldn’t be higher.” “There is nothing more tragic than a country defaulting on its debts,” he said.

cbsn-fusion-biden-addresses-nation-on-passage-of-debt-ceiling-bill-thumbnail-2019848-640x360.jpg
Biden in the Oval Office.

CBS news


“No one got everything they wanted, but the American people got what they needed,” Biden said, emphasizing “compromises and agreements” in the deal. “We avoided economic crisis and economic collapse.”

Biden used the opportunity to run for re-election, listing achievements from his first term, including support for high-tech manufacturing, infrastructure investment and financial incentives to fight climate change. He also stressed that the agenda had been pushed back, slowing Republican efforts to achieve deep cuts.

“We’re cutting spending and we’re cutting the deficit at the same time,” Biden said. “We are protecting critical priorities, from Social Security to Medicare, Medicaid, veterans, and transformative investments in infrastructure and clean energy.”

While Mr. Biden promised to continue working with Republicans, he drew contrasts with the opposition, especially when it comes to raising taxes on the wealthy, which the Democratic president is calling for.

He suggested that it might have to wait until the second season.

“I’ll be back,” he said. “With your help, I will win.”

Biden’s remarks were the most detailed comments by a Democratic president on the compromise negotiated by the president and his staff. He remained largely silent in public during high-stakes talks, and the decision irritated some party members, but both sides reached an agreement and gave lawmakers room to vote at his desk. It was meant to give.

Biden praised McCarthy and his negotiators for acting with integrity and all congressional leaders for ensuring the bill passed quickly. “They acted responsibly and put national interests ahead of politics,” he said.


Biden addresses nation on passing debt ceiling bill

18:00

Overall, the 99-page bill limits spending over the next two years, imposes new labor requirements on older Americans who receive food aid, and cuts the Appalachian natural gas pipes, which many Democrats oppose. Change some policies, like greenlighting the line. Some environmental rules have been amended to streamline the approval of infrastructure and energy projects, a move long sought by moderates in Congress.

The Congressional Budget Office estimates that removing the work requirement for veterans, homeless, and young people who leave foster care could actually expand the overall reach of federal food aid.

The bill also increases funding for the Defense Forces and veterans, cuts some of the new funding to the Internal Revenue Service, and cuts taxes on Trump-era corporations and the wealthy to help finance the nation’s budget deficit. It is a content that rejects Mr. Biden’s call to withdraw the measures. But the White House said the IRS plan to strengthen tax law enforcement for high-income earners and businesses will continue.

The agreement, which would automatically impose an overall 1% cut on spending programs if Congress did not approve an annual spending bill, called on lawmakers from both parties to reach agreement by the end of the fiscal year in September. It is a measure intended to exert pressure.

Democrats supported the bill more than Republicans in both houses of Congress, but both parties were critical of the bill’s passage. The Senate tally was 63 to 36, with 46 Democrats and independents, 17 Republicans, 31 Republicans and 4 Democrats, and 1 caucus independent with the opposing Democrats.

The vote in the House was 314 to 117.



Summarize this content to 100 words

alone 2 days leftPresident Joe Biden signed legislation on Saturday to raise the nation’s debt ceiling, avoiding an unprecedented federal debt default. The White House announced the signing, which took place behind closed doors at the White House, in an emailed statement in which Biden expressed his gratitude. parliamentary leader for their partnership.The Treasury Department has warned that cash to pay all the bills will begin to run short on Monday, which would shock the U.S. and global economy.
I just signed a bipartisan budget pact that cuts the budget deficit, protects Social Security, Medicare, Medicaid, and fulfills a formidable obligation to veterans, while preventing the first debt default in history. Now we continue to work on building the strongest… pic.twitter.com/42HIFBy8Y9— President Biden (@POTUS) June 3, 2023

Republicans’ refusal to raise the borrowing limit unless Democrats agreed to cut spending sparked a conflict that persisted until weeks of intense negotiations between the White House and House Speaker Kevin McCarthy.

The final agreement is wednesday house and the Senate Thursday, suspend debt limits and limit government spending until January 1, 2025 after the next presidential election. It gives lawmakers budget targets for the next two years in hopes of ensuring financial stability as the political season heats up.Raising the national debt ceiling, which currently stands at $31.4 trillion, would allow governments to borrow to pay off debt already incurred.

“Passing this budget deal was extremely important,” Mr. Biden said Friday night in the Oval Office. “The stakes couldn’t be higher.” “There is nothing more tragic than a country defaulting on its debts,” he said.

Biden in the Oval Office.

CBS news

“No one got everything they wanted, but the American people got what they needed,” Biden said, emphasizing “compromises and agreements” in the deal. “We avoided economic crisis and economic collapse.”Biden used the opportunity to run for re-election, listing achievements from his first term, including support for high-tech manufacturing, infrastructure investment and financial incentives to fight climate change. He also stressed that the agenda had been pushed back, slowing Republican efforts to achieve deep cuts. “We’re cutting spending and we’re cutting the deficit at the same time,” Biden said. “We are protecting critical priorities, from Social Security to Medicare, Medicaid, veterans, and transformative investments in infrastructure and clean energy.”

While Mr. Biden promised to continue working with Republicans, he drew contrasts with the opposition, especially when it comes to raising taxes on the wealthy, which the Democratic president is calling for.He suggested that it might have to wait until the second season.”I’ll be back,” he said. “With your help, I will win.”Biden’s remarks were the most detailed comments by a Democratic president on the compromise negotiated by the president and his staff. He remained largely silent in public during high-stakes talks, and the decision irritated some party members, but both sides reached an agreement and gave lawmakers room to vote at his desk. It was meant to give.Biden praised McCarthy and his negotiators for acting with integrity and all congressional leaders for ensuring the bill passed quickly. “They acted responsibly and put national interests ahead of politics,” he said.

Biden addresses nation on passing debt ceiling bill

18:00

Overall, the 99-page bill limits spending over the next two years, imposes new labor requirements on older Americans who receive food aid, and cuts the Appalachian natural gas pipes, which many Democrats oppose. Change some policies, like greenlighting the line. Some environmental rules have been amended to streamline the approval of infrastructure and energy projects, a move long sought by moderates in Congress.The Congressional Budget Office estimates that removing the work requirement for veterans, homeless, and young people who leave foster care could actually expand the overall reach of federal food aid.

The bill also increases funding for the Defense Forces and veterans, cuts some of the new funding to the Internal Revenue Service, and cuts taxes on Trump-era corporations and the wealthy to help finance the nation’s budget deficit. It is a content that rejects Mr. Biden’s call to withdraw the measures. But the White House said the IRS plan to strengthen tax law enforcement for high-income earners and businesses will continue. The agreement, which would automatically impose an overall 1% cut on spending programs if Congress did not approve an annual spending bill, called on lawmakers from both parties to reach agreement by the end of the fiscal year in September. It is a measure intended to exert pressure.Democrats supported the bill more than Republicans in both houses of Congress, but both parties were critical of the bill’s passage. The Senate tally was 63 to 36, with 46 Democrats and independents, 17 Republicans, 31 Republicans and 4 Democrats, and 1 caucus independent with the opposing Democrats.The vote in the House was 314 to 117.

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