Biden celebrates bipartisanship, ‘crisis averted’ in Oval Office address on debt ceiling deal

President Joe Biden celebrated a “crisis averted” in his inaugural speech to the nation from the Oval Office Friday evening, ready to sign a budget agreement that eliminates the potential for a first-ever government default that would have sent shock waves through the U.S. and global economies.

The bipartisan measure was approved by the Senate late Thursday night after passing the House in yet another late session the night before. Biden is set to sign it at the White House on Saturday with just two days to spare until the Treasury Department has warned the U.S. wouldn’t be able to meet its obligations.

The agreement was hashed out by Biden and House Speaker Kevin McCarthy, giving Republicans some of their demanded federal spending cuts but holding the line on major Democratic priorities. It raises the debt limit until 2025 — after the 2024 presidential election — and gives legislators budget targets for the next two years, in hopes of assuring fiscal stability as the political season heats up.