Biden says US dodged ‘economic collapse’ in first Oval Office speech since deal reached to raise debt ceiling
President Biden delivered his first Oval Office address to the nation on Friday evening, celebrating the recent passage of legislation to raise the federal debt ceiling until January 2025. Biden announced that he would sign the bill on Saturday ahead of a Monday deadline to avoid a possible federal default. During his address, the President expressed relief that the nation had narrowly avoided an “economic collapse.” He also commended Democrats and Republicans for working together to reach an agreement. Notably, Biden used the venue to tout many of his key legislative feats, including the 2021 bipartisan infrastructure law, an environmental spending package, and a bill that funds expanded veteran health care. He also expressed support for fiscal restraint, despite massive spending during his first two years in office that even Democratic economists blamed for unleashing the worst inflation since the early 1980s. Additionally, Biden discussed the need for additional “revenue,” including higher taxes on billionaires and corporations and tougher enforcement on what he called “wealthy tax cheats.”
Q: What is the debt ceiling?
A: The debt ceiling is a legal limit on the total amount of debt that the federal government can accumulate.
Q: Why did the debt ceiling need to be raised?
A: The debt ceiling needed to be raised because the government was approaching its borrowing limit and risked defaulting on its debt.
Q: What was the bipartisan compromise that led to raising the debt ceiling?
A: The bipartisan compromise was a bill that restrained the growth of future spending while tweaking rules to social-welfare programs and providing new revenue for IRS enforcement.
Q: What is the significance of an Oval Office address?
A: Oval Office addresses are typically reserved for important presidential moments and are seen as symbolic of the weight of the President’s message.
In first Oval Office speech since debt ceiling agreement, Biden claims US avoided ‘financial collapse’
President Biden celebrated the passage of legislation raising the federal debt ceiling until January 2025 in his first Oval Office address to the nation on Friday evening. He announced that he would sign the bill ahead of a Monday deadline to avoid a possible federal default, stating that the country had narrowly avoided “economic collapse.” The legislation was passed after the Senate voted 63-36 to approve the House-passed bipartisan compromise. Biden used the venue to tout the survival of many of his key legislative feats through the bargain, including the 2021 bipartisan infrastructure law, an environmental spending package and a bill that funds expanded veteran health care. The speech happened at an unusual time for viewership, but Biden emphasized his respect for the history of the presidency and the importance of the event.