Biden announces bipartisan agreement on U.S. debt ceiling

President Joe Biden and U.S. House Speaker Kevin McCarthy reached a final agreement in a telephone conversation and are recommending that the House and Senate approve a bipartisan agreement to raise the national debt ceiling.

“I talked to Speaker McCarthy, and we’ve reached a bipartisan agreement on the budget that we’re ready to send to Congress. I think it’s a very important step forward that removes the threat of a catastrophic default and protects our hard-won economic recovery,” he said, adding that while neither side was able to achieve all of its goals, reaching an agreement “is good news for the American people.”

“This agreement will now go to the House and the Senate. I urge both chambers to pass this agreement,” the president added.

Biden stressed that during the negotiations he made compromises on the budget, but not on the issue of raising the national debt limit. “They said they would only raise the national debt ceiling if the agreement included all cuts in government spending. I said I wouldn’t do it. The Republican Party will raise the national debt ceiling, period. And I’ll discuss with you spending cuts and what the budget will look like,” he said.

Biden noted that McCarthy was a “conscientious” opponent. “I think he negotiated with me in good faith. He kept his word. He said what he would do, and he did what he promised,” the president noted.

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