Biden in an national address told the US public that not passing the debt ceiling agreement would have put the US at risk of falling into default and on track for a recession, the “decimation” of millions of retirement accounts, the loss of “8 million jobs,” and the destruction of the nation’s credit rating, among other setbacks.
US President Joe Biden addressed the nation on Friday, congratulating both sides of the political aisle for “putting the good of the country ahead of politics” and clearing the debt ceiling deal. Biden will sign the bill into law on Saturday.
During his address, the president lauded the passage of the bill as proof that the US’ deeply divided political parties, the Democratic Party and the GOP, are able to work together effectively enough, at least, to prevent an economic disaster.
But the hostility between the two warring parties has only grown since 2016.