Biden: America escapes disaster thanks to debt ceiling deal

President Biden declared that the US avoided disaster and the risk of economic collapse thanks to the Democratic and Republican parties accepting a compromise on public debt.

"The only way American democracy can function properly is through compromise and consensus," US President Joe Biden said on June 2, in his first recorded speech in the Oval Office of the White House to the American people.

He stressed that neither the Democrats nor the Republicans had achieved everything they wanted in the debt ceiling deal. However, by accepting the compromise, the parties helped the US "avoid disaster and economic collapse." He said that if the debt ceiling negotiations between the two sides failed, the US would face many serious consequences.

US President Joe Biden in a recorded speech in the Oval Office of the White House on June 2. Screenshot

Biden said he would sign the Fiscal Responsibility Act, which details the debt ceiling deal, into law today, ending months of wrangling between Democrats and Republicans.

President Biden also emphasized his personal role in promoting bipartisan compromise. He reiterated that his consistent message since his 2020 campaign has been that bipartisan consensus is still possible and that Democrats and Republicans can work together.

Previously, many Democrats urged Mr. Biden to invoke the 14th Amendment to the Constitution to bypass Congress and help the US avoid default. However, President Biden refused to do so and continued to negotiate with Republicans to reach an agreement.

This is the first time in his tenure that Mr. Biden has recorded a message to the nation from his desk in the Oval Office. The White House said Mr. Biden decided to use this format for his speech on June 2 because the debt ceiling agreement is so important to the United States.

US presidents have often reserved the Oval Office address for events that are significant to the country's history and their own presidency. President Ronald Reagan did so when he informed the nation about the explosion of the space shuttle Challenger in 1986. President George W. Bush spoke from the Oval Office after the September 11, 2001, terrorist attacks. President Barack Obama delivered a similar address after the 2010 Gulf of Mexico oil spill.

The Fiscal Responsibility Act passed the US Senate on the evening of June 1 with 63 votes in favor, just one day after being passed in the House of Representatives.

The Congressional Budget Office said on May 30 that the deal would save $1.5 trillion over a decade, less than the $4.8 trillion Republicans targeted in a bill they passed in the House in April but opposed by the White House and Senate.

House Speaker Kevin McCarthy and President Biden reached a tentative debt ceiling deal late on May 27 after weeks of negotiations. The deal includes suspending the debt ceiling for two years, limiting spending during that time, recovering unused Covid-19 relief funds, speeding up permitting for some energy projects and adding more conditions to welfare programs for the poor.

Thanh Danh (According to CNN, Reuters )

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