WASHINGTON – President Biden will speak to the nation on Friday from the Oval Office after Congress passed a bill that would cut spending and raise the debt ceiling by two years.
Biden will speak at 7 pm. ET.
The Senate passed the Bipartisan Budget agreement by a vote of 63 to 36 on Thursday evening, sending it to the President’s desk.
Biden stated in a statement issued overnight that “Senators of both parties voted for the protection of the hard-earned progress we’ve made on the economic front and to prevent the United States from defaulting for the first time ever.” He will sign the bill.
The Fiscal Responsibility Act was passed the day before by the Republican-led House with a final vote 314-117.
In a statement, Biden stated that the bill “protects the core pillars” of his Investing in America Agenda, which is to create good jobs in America, fuel a resurgence in Manufacturing, rebuild our infrastructure, advance clean energy, as well as Social Security, Medicare and Medicaid. It protects the hardworking borrowers who rely on my student loan relief plan. It honors America’s sacred duty to its veterans by funding their medical care in full.
He said, “I am looking forward to signing into law this bill as soon as I can.”
Biden mediated the deal between House Speaker Kevin McCarthy and himself after he promised that he wouldn’t negotiate the debt ceiling. He maintained this position even as they hammered out a plan for a budget cut. Both parties were angry about the cuts. Some Republicans said they weren’t severe enough while Democrats claimed they went too far.
The government’s warning that it will soon be unable to pay its bills loomed over the discussions. Biden cut his overseas trip short to return to Washington at the end of the clock.
Biden considered using his authority to increase the borrowing limit of the government unilaterally, by invoking 14th Amendment. This would have relied upon an untested legal concept, but some Democrats have encouraged the president to seriously investigate it.