Metropolis Desk –
In his first speech from the Oval Office of the White House, U.S. President Joe Biden hailed the approval of a bill to suspend the country’s debt ceiling as averting an impending financial disaster.
Biden used the occasion to implore Americans to mend their differences, claiming that his deal with leading Congress Republican Kevin McCarthy demonstrated what was possible.
He urged Americans to “stop shouting, lower the temperature, and work together to pursue progress,” saying that “no matter how tough our politics gets, we need to see each other not as adversaries but as fellow Americans.”
Averting what would have been a historic first-ever U.S. default as early as June 5, Democratic Vice President Joe Biden indicated he would sign the legislation into law on Saturday.
In addition to being excellent news for the American people, it was crucial to establish an agreement. Everyone did not get what they wanted. But the American people received what they need,” Biden said, seated at the venerable “Resolute Desk” in the Oval Office.
We stopped a financial crisis or a financial collapse, he said.
The Senate and the House of Representatives agreed to a bill this week following heated debates that suspends the $31.4 trillion debt ceiling for the federal government.
The president, who is seeking reelection, praised McCarthy, speaker of the House of Representatives, who served as his main negotiator, and mentioned other bipartisan laws he had signed.
McCarthy, a supporter of the previous president Donald Trump, was one of 147 Republicans who attempted to have the 2020 election result overturned but were unsuccessful.
Biden stated, “We were able to get along and get things done. “Both sides conducted themselves honestly.”
Republicans resisted raising the debt ceiling for months, and in exchange demanded that Biden and the Democrats reduce spending in the 2024 budget. Prior to beginning talks, the White House requested a clear debt ceiling agreement.
Finally, Biden and McCarthy threw together a last-minute agreement that suspends the debt ceiling until January 2025 and places budget restrictions.
The law was passed by a vote of 314 to 117 in favor in the Republican-controlled House and 63 to 36 in favor in the Democratic-controlled Senate.
Biden remarked that the final vote in both chambers was massive.
Despite the arrangement that will allow the country to pay its obligations, Fitch Ratings stated on Friday that the United States “AAA” credit rating would remain on negative watch.
Source- Al Jazeera
