The bipartisan measure, passed by the House on Wednesday and the Senate on Thursday, averts the potential of an unprecedented government default that would have rocked the U.S. and global economies.
deadline when the Treasury warned that the United States would start running short of cash to pay all its bills.
The agreement was hashed out by Biden and House Speaker Kevin McCarthy, giving Republicans some of their demanded federal spending cuts but holding the line on major Democratic priorities. It raises the debt limit until 2025 — after the 2024 presidential election — and gives legislators budget targets for the next two years in hopes of assuring fiscal stability as the political season heats up.
"We're cutting spending and bringing deficits down at the same time," Biden said. "We're protecting important priorities from Social Security to Medicare to Medicaid to veterans to our transformational investments in infrastructure and clean energy." Biden praised McCarthy and his negotiators for operating in good faith, and all congressional leaders for ensuring swift passage of the legislation. "They acted responsibly, and put the good of the country ahead of politics," he said.
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