President Biden is expected to address the nation after Congress passed a bipartisan bill to increase the government’s borrowing limit after weeks of tense negotiations between President Biden and Republican House leaders. there is
His speech came after the Senate passed a deal negotiated between President Biden and House Speaker Kevin McCarthy on Thursday.
of bipartisan agreement In addition to suspending the uncapped debt limit through January 1, 2025, reducing non-defense spending to near fiscal 2022 levels, and recapturing some of the unused COVID-19 pandemic: Withdraw new funds slated for the IRS. money of the times. The bill also limits spending increases to 1% in the following year.
Biden to address the nation from the White House at 7 p.m. Friday
Senate passes bipartisan debt ceiling bill, sent to Biden’s desk
President Joe Biden speaks at the Roosevelt Room of the White House in Washington, D.C., Sunday, May 28, 2023. (AP Photo/Manuel Barce Seneta)
After the bill passed the Senate on Thursday, Mr Biden said it meant a victory for the American people.
House Passes McCarthy-Biden Debt Ceiling Deal, Sends to Senate 5 Days Before Cash Crunch
House Speaker Kevin McCarthy (R-California) is seeking to force President Joe Biden into negotiations on federal spending, and just after House-majority Republicans passed a barely drastic debt ceiling hike, Washington told reporters at the Houses of Parliament in Wednesday, April 26, 2023. (AP Photo/J. Scott Applewhite)
“No one gets everything they want in negotiations, but don’t get me wrong, this bipartisan deal is a big win for our economy and the American people,” Biden said in a statement.
President Joe Biden gestures during a post-G7 summit press conference in Hiroshima on Sunday, May 21, 2023. (AP Photo/Susan Walsh)
Passage of the bill and expected signature by Mr. Biden would help the U.S. government avoid a debt default that the Treasury Department predicted could occur on June 5.
Fox News’ Elizabeth Elkind and Associated Press contributed to this report.
