'Crisis averted': Biden touts economic bonafides in first Oval Office address
“The stakes could not have been higher,” the president will tell Americans on debt limit deal struck this week.
“Essential to all the progress we’ve made in the last few years is keeping the full faith and credit of the United States and passing a budget that continues to grow our economy and reflects our values as a nation,” Biden will say from the White House room historically reserved for major presidential remarks, according to excerpts of his speech from the White House.
The president’s decision to deliver a primetime address from the Oval speaks to just how close the country was to an economic meltdown, averted just days before Treasury Secretary Janet Yellen said the U.S. would run out of cash to pay its bills for the first time in the nation’s history. and top Republicans. The nail-biting back and forth left the country, and the world, on the edge as the so-called X date — on which economists predicted globe turmoil would occur if an agreement wasn’t met — rapidly approached.
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