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Wednesday, September 27, 2023

“Crisis Averted”: Biden Address From Oval Office by Suspending Debt Ceiling

The bill will be signed into law on Saturday, putting an end to months of uncertainty

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UNITED STATES: Joe Biden hailed the passage of a debt ceiling suspension as a “crisis averted” and urged Americans to mend their differences.

Biden used the occasion to implore Americans to unite, claiming that his deal with top Congress Republican Kevin McCarthy demonstrated what could be done.

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He stated that no matter how difficult politics become, we (Democrats and Republicans) must consider each other as fellow Americans rather than adversaries.

The bill will be signed into law on Saturday, putting an end to months of uncertainty and preventing the US from experiencing its first-ever default as early as June 5.

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Biden stated that reaching an agreement was vital, and this is very excellent news for the American people. He went on to say that while no one got all they wanted, the American people received what they needed.

The White House demanded a debt ceiling agreement before beginning negotiations. Biden and McCarthy signed a last-minute deal that suspends the debt ceiling until January 2025 and sets spending limits. 

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The law was approved by Democrats’ senate vote of 63 to 36 and Republicans’ senate vote of 314 to 117, respectively. Fitch Ratings stated that the United States “AAA” credit rating would remain on negative watch.

The Oval Office has traditionally been used by US presidents to address major and dramatic incidents, such as the attacks of September 11, 2001, and the Challenger space shuttle explosion. 

Biden chose to speak there due to the seriousness of the situation if the debt ceiling had not been raised. Former Presidents Ronald Reagan, George W. Bush, and Barack Obama have all addressed the nation from the Oval Office.

Biden, who took office in January 2021, has previously spoken from the Capitol and the East Room of the White House. Friday night’s speech marks his first from the Oval Office, a location that emphasises the might and authority of the presidency as he runs for re-election against a burgeoning field of Republican contenders.

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