Biden in his first speech from the Oval Office: 'Avoiding economic collapse' | outside

A majority in the US House of Representatives and Senate approved the debt deal last week. Biden said in his speech that “the crisis has been averted.” Without congressional approval, the United States would have run out of money, causing chaos in the financial markets.

The president said that if the agreement had not been reached, the US economy would have entered a recession, and eight million Americans would have lost their jobs. “It was important to reach an agreement. We prevented economic collapse,” he added. “No one got everything they wanted, but the American people got what they needed.”

According to Biden, the deal will reduce government debt while at the same time ensuring that the government spends less money.

“The only way American democracy can function is through compromise and compromise,” Biden said. So in his speech he also discussed cooperation between Republicans and Democrats, which made the deal possible. “Both sides acted in good faith. Both sides kept their word,” Biden said. He praised, among others, Republican House Speaker Kevin McCarthy. “Our teams handled it well and got things done. “We were completely honest and respectful of each other.”

“Without unity there is no peace, only bitterness and anger,” the president said. “And we can never be like this country. I can honestly tell you I've never been more optimistic about America's future. We just have to remember who we are. We are the United States of America. There's nothing we can't do.”

Typically, US presidents devote a speech from the Oval Office to the most important and dramatic events such as the attacks of September 11, 2001 or the explosion of the space shuttle Challenger in 1986.