(ABM FN-Dow Jones) A bilateral agreement that suspended the US debt ceiling of $31.4 trillion saved the US from an unprecedented default and safeguarded the nation’s economic growth. President Joe Biden made the announcement in a televised address from the Oval Office on Friday evening.
“Nobody got everything they wanted, but the American people got what they needed,” Biden said. “We’ve avoided an economic crisis, an economic collapse.”
Biden said that if the country had failed, the US economy would have “plunged into recession”, the retirement accounts of millions of Americans would have been “devastated”, and 8 million Americans would have lost their jobs.
President McCarthy praised the Republican president’s team and his own advisers for being “straight with each other, absolutely honest with each other.”
“Both sides kept their word,” Biden added.
The talk came after the Senate passed legislation Thursday night that would suspend the debt ceiling while cutting federal spending. According to the Treasury Department, ahead of Monday’s deadline, Biden will sign into law Saturday at the White House that the government will run out of money to pay all its bills.
Source: ABM Financial News
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