US President Joe Biden proclaimed a “crisis averted” on Friday after the passage of a debt ceiling bill to avoid the first-ever default in the world’s largest economy and a financial emergency spanning the globe.
“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,” he said in his first-ever address to the nation from the White House Oval Office.
“That’s why I’m speaking to you tonight, to report on a crisis averted and what we are doing to protect America’s future. Passing this budget agreement was critical. The stakes could not have been higher if we had failed to reach an agreement on the budget.”
Mr Biden’s remarks came after Congress approved a debt ceiling bill that would suspend the nation’s $31.4 trillion borrowing limit for two years, avoiding a historic default.
The Senate late on Thursday voted 63-36 to approve the bill, a day after it was passed by the House of Representatives.
Mr Biden said he will sign the budget deal into law on Saturday, ahead of the projected default date of June 5.
