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Biden Defends Debt Deal as Needed to Avoid ‘Economic Collapse’
Posted
June 3, 2023
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0:55Now PlayingPresident Joe Biden defended a debt limit deal he struck with Republicans as necessary to prevent an “economic collapse” and said he would sign it on Saturday amid frustration from many lawmakers in both parties who backed the agreement reluctantly.
“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 Friday in a national address from the Oval Office, touting it as a bipartisan accomplishment.
The deal Biden crafted with House Speaker Kevin McCarthy avoided the country’s first-ever debt default, which would have had disastrous consequences for the US and global economies. The two agreed to suspend the debt limit until Jan. 1, 2025, in exchange for curbs on government spending.
“The stakes could not have been higher. If we had failed to reach an agreement on the budget, there were extreme voices threatening to take America for the first time in our 247-year history into default on our national debt,” Biden said. “Nothing would have been more irresponsible. Nothing would have been more catastrophic. Our economy would have been thrown into recession.”
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