‘Crisis Averted’: Biden Praises Debt Ceiling Deal in Oval Office Speech

President Joe Biden praised bipartisan efforts to reach a compromise and end the debt ceiling standoff Friday night in the first Oval Office address of his presidency.

Details: After Biden finalized a deal with Speaker Kevin McCarthy (R-CA) last weekend to avoid a debt default, party leaders spent the week selling the plan to lawmakers. While the far sides of both parties opposed the plan, the deal received broad support from moderate lawmakers, passing a Senate vote Thursday night. During his speech, Biden outlined the plan, which he stated would reduce the federal deficit by over $1 trillion over the next decade. Biden plans to sign the bill into law on Saturday, two days before the estimated default date.

Key Quotes: “When I ran for president, I was told the days of bipartisanship were over, that Democrats and Republicans can no longer work together, but I refuse to believe that,” Biden said, crediting McCarthy for negotiating in “good faith.” Speaking on the compromise, Biden said neither Democrats nor Republicans “got everything they wanted, but the American people got what they needed,” adding, “I have never been more optimistic about America's future. There is nothing, nothing, we can't do if we do it together.”

How The Media Covered It: The speech was covered most prominently by left-rated outlets. Outlets across the spectrum highlighted Biden’s messaging centered around cooperation and compromise, also noting how a debt default would have impacted both the domestic and global economy.