(ABM FN-Dow Jones) The bipartisan deal that suspends the US debt ceiling of $31.4 trillion has narrowly rescued the US from an unprecedented default and safeguarded the country’s economic progress. That’s what President Joe Biden said late Friday night in a televised address from the Oval Office.
“Nobody got everything they wanted, but the American people got what they needed,” Biden said. “We have avoided an economic crisis and economic collapse,” he added.
If the country had defaulted, Biden said, the US economy would have “slipped into recession,” the retirement accounts of millions of Americans would have been “decimated,” and an estimated 8 million Americans would have lost their jobs.
The president praised McCarthy and the Republican leader’s team and advisors for being “straightforward with each other, completely honest with each other.”
“Both sides kept their word,” Biden added.
The speech came after the Senate passed legislation Thursday night that would suspend the debt ceiling while cutting federal spending. Biden will sign the bill into law Saturday at the White House, ahead of Monday’s deadline by which the government will run out of money to pay all the bills, according to the Treasury Department.
Source: ABM Financial News
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