Biden says debt ceiling bill avoids catastrophic economic default

President Joe Biden on Friday evening gave his first address from the Oval Office to discuss a bill to lift the debt ceiling while capping federal spending, calling it a “critical” agreement. He plans to sign the bill Saturday.

“No one got everything they wanted but the American people got what they needed. We averted an economic crisis and an economic collapse,” Biden said.

The compromise debt ceiling bill passed the Senate by a 63-36 margin Thursday evening, winning enough support from both parties to overcome the chamber’s 60-vote threshold to avoid a filibuster. On Wednesday, it moved through the House after about 72 hours, passing 314-117.