WASHINGTON - President Joe Biden plans to discuss the contentious, just-passed budget deal in a speech to the nation Friday night, ready to sign the agreement averting the country's first-ever government default, which would have sent shock waves through the U.S.
and global economies.The measure was approved late Thursday night after passing the House in yet another late session the night before.
Biden was expected to sign it at the White House on Saturday.After days of default threats, the debt limit-budget agreement was worked out by Biden and House Speaker Kevin McCarthy, giving Republicans some of their spending-cut demands but holding the line on major Democratic priorities.The Senate passed a bill to raise the government's borrowing limit late Thursday night, sending it to President Biden’s desk with just days to spare before the government was set to run out of money to pay its obligations on June 5.
The bill, which implements the deal struck by House Speaker Kevin McCarthy and President Biden to raise the debt ceiling and cut spending, passed in a 63-36 vote.