Biden says US dodged ‘economic collapse’ in first Oval Office speech since deal reached to raise debt ceiling

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  • Source: NY Post
  • 06/03/2023

President Biden used his first Oval Office address to the nation Friday evening to celebrate the passage of legislation raising the federal debt ceiling until January 2025 — telling Americans the country had narrowly avoided “economic collapse.”

“It was critical to reach an agreement and it’s very good news for the American people,” said Biden, announcing that he would sign the bill Saturday ahead of a Monday deadline to avoid a possible federal default.

“No one got everything they wanted. But the American people got what they needed,” the president added during his 13-minute-long remarks from behind the Resolute Desk.

“We averted an economic crisis, an economic collapse. We’re cutting spending and bringing the deficits down at the same time.”

Biden, 80, used the rare venue after the Senate on Thursday night voted 63-36 to approve the House-passed bipartisan compromise that restrained the growth of future spending while tweaking rules to social-welfare programs and new revenue for IRS enforcement.

 

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