President Biden praised a bipartisan agreement that raised the debt ceiling and averted a calamitous debt default in a rare Oval Office speech Friday.
He outlined how close the economy was to being thrown into a recession. He said millions of Americans would have lost their jobs.
“There were extreme voices threatening to take America, for the first time in our 247 year history, into default on our national debt,” the president said. “Nothing. Nothing would have been more irresponsible. Nothing would have been more catastrophic.”
The nearly 15-minute address served as a victory lap for the president after the Senate passed the legislation he negotiated with House Speaker Kevin McCarthy to raise the debt ceiling for two years and cut federal spending.
“No one got everything they wanted, but the American people got what they needed,” he said.
Read more at NPR.org
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