Biden in his first speech from the Oval Office: ‘Avoiding Economic Collapse’ | Abroad

A majority in the US House of Representatives and Senate approved the debt deal last week. Biden said in his speech that “a crisis has been averted.” Without Congressional approval, the United States would have run out of money, causing major chaos in financial markets.

If the deal hadn’t happened, the US economy would have gone into recession and eight million Americans would have lost their jobs, the president said. “It was crucial to reach an agreement. We avoided an economic collapse. He went on to say, “Nobody got everything they wanted, but the American people got what they needed.”

According to Biden, the deal will reduce public debt and, at the same time, reduce public spending.

“The only way American democracy can work is through compromise and consensus,” Biden said. In his speech, he therefore also referred to the cooperation between the Republicans and the Democrats, which made it possible to conclude the agreement. “Both parties acted in good faith. Both parties have kept their word,” Biden said. He praised Republican Speaker of the House of Representatives Kevin McCarthy, among others. “Our teams got along well and got things done. We were completely honest and respectful with each other.

“Without unity there is no peace, only bitterness and anger,” the president said. “And we can never become such a country. I can honestly tell you that I have never been more optimistic about America’s future. We just have to remember who we are. We are the United States of America. There’s nothing we can’t do.

Typically, US presidents reserve a speech from the Oval Office for the most significant and dramatic events such as the September 11, 2001 attacks or the explosion of the space shuttle Challenger in 1986.