VIDEO: Economic Crisis Averted as Biden Signs U.S. Debt Ceiling Bill Into Law
As he prepared to sign the debt ceiling bill into law, President Joe Biden spoke Friday evening from the White House Oval Office, where he proudly declared 'Crisis Averted.'
Thanks to the Senate pulling an all-nighter Thursday evening to pass the bill, Biden signed the legislation on Saturday, officially pulling the U.S. back from the brink of economic catastrophe and a historic first-ever federal default.
The United States officially averted economic disaster this weekend with only two days to spare before the June 5, 2023, deadline, which would have seen the U.S. federal government run out of money and begin defaulting on its financial obligations.
After passing a vote in the House of Representatives 314 – 117 earlier in the week, the Fiscal Responsibility Act of 2023 moved on to the Senate. Led by Senate Majority Leader Chuck Schumer, who kept the Senate in session late Thursday evening until the bill was eventually passed in a 63 – 36 vote.
Following the successful Senate vote, the bill was sent directly to President Biden’s desk for his signature. Biden officially signed the bipartisan debt ceiling bill into law on Saturday, thus avoiding an economic catastrophe.
In his remarks following the Senate vote, Majority Leader Schumer commented:
“We may be a little tired, but we did it. So we’re very, very happy. Default was the giant sword hanging over America’s head, but because of the good work of President Biden, as well as Democrats in the House and Democrats in the Senate, we are not defaulting.”
On Friday evening, in his first formal address from the White House Oval Office, a room that has historically been reserved for important announcements, President Joe Biden stated:
“Essential to all the progress we’ve made in the last few years is keeping the full faith and credit of the United States of America and passing a budget that continues to grow our economy and reflects our values as a nation. That’s why I’m speaking to you tonight. To report on a crisis averted and what we are doing to protect America’s future. Passing this budget agreement was critical. The stakes could not have been higher.”
The Fiscal Responsibility Act of 2023 will see the debt ceiling suspended, beginning after the 2024 elections, until January 1, 2025, effectively removing any limits on U.S. debt until then. The legislation will cap certain non-defence government spending and also claw back unused pandemic money.
Video Source: Wall Street Journal YouTube
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