This Saturday, Biden approves a deal to suspend the U.S. debt ceiling that “avoided an economic collapse.”

President of the United States, Joe BidenThe deal was celebrated with Republicans this Friday Raise the debt ceiling After both houses of Congress approved it this week, they announced their confirmation on Saturday.

At an unusual address The Oval Office And behind his history desk, Biden He assured that in the live broadcast A bipartisan agreement is a compromise in which “nobody gets what they want.”.

“It is difficult to find consensus across partisan differences. Unity is hard, but we must never stop trying”, the 80-year-old Democrat said in his message to the nation.

“It is essential. This is necessary for the progress we have made in recent years”, said the US President.

BidenRunning for re-election in 2024, he sees a dramatic resolution to this political crisis as a victory that showcases his negotiating skills.

The President used the occasion to project a tone of hope and peace. In a speech filled with laughter and smiles, he praised his opponents for negotiating in good faith and assured the American people that he had never felt more confident.

Congress, the president continued, now had the “full confidence and credit of the United States” secured.

With Biden’s approval, the country will avoid stopping payments due on Monday, June 5, unless an agreement is reached with Congress. Raise the debt ceilingIt sets a limit on how much money the United States can borrow and can only be raised or stopped by legislative action.

Although the measurement takes some thinking Limits on public expenditure In areas such as health, education, justice or environmental protectionBiden promised Stopping payments “would have been catastrophic”and would have sent the country “into a recession”.

Democrats celebrated the bipartisan deal when many in Washington doubted it would be possible because of divisions between constituencies, and social pillars of his administration. Social Security or Medicare benefits for the elderly will remain the same.

“Nobody got what they wanted, but the American people got what they needed”, Biden assured.

A tentative deal to raise the debt ceiling in exchange for some limits on public spending was reached late last week in overtime talks between the White House and Republicans in the Lower House. Kevin McCarthy.

Although it was finally able to move quickly through both chambers, some Republican senators threatened to delay the process on Thursday, saying the deal did not go far enough to ensure an adequate budget for defense.

Finally, the leader of the Democratic majority in the Senate, Chuck SchumerHe promised to allow an increase in the defense budget beyond what was envisaged in the agreement in exchange for holding a referendum.

The measure suspends the debt ceiling for the next two years, after the November 2024 presidential elections. Specifically, the current debt ceiling of $31.4 trillion is suspended until January 1, 2025.

(With information from EFE and AFP)

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