LIVE Pres. Biden delivers address on debt ceiling deal as U.S. averts default. Watch here:
President Joe Biden will address the nation in a prime-time speech Friday after Congress averted an economically disastrous default by just days by passing legislation to raise the nation's $31.4 trillion debt ceiling.
"Our work is far from finished, but this agreement is a critical step forward, and a reminder of what's possible when we act in the best interests of our country," Biden said after Senate passage of the measure late Thursday, something of an echo of his 2024 announcement asking voters to give him more time to "finish this job."
The Fiscal Responsibility Act is the result of months of back-and-forth between Biden and McCarthy. It lifts the debt ceiling through Jan. 1, 2025, in exchange for some cuts to federal spending. "I have been clear that the only path forward is a bipartisan compromise that can earn the support of both parties," he said earlier this week. "This agreement meets that test."
Moderates from both parties gave the bill its necessary stamp of approval in the House and Senate, but in the end more congressional Democrats voted for the bill than Republicans.
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