Senate passes debt ceiling bill, sending the measure to Biden to avert default – President Joe Biden declared bipartisanship alive and well on Friday in his first-ever Oval Office speech. He cited a compromise measure that raised the federal borrowing limit and prevented a catastrophic default, proving that his sometimes mocked views of Washington aren’t over.
Senate passes debt ceiling bill, sending the measure to Biden to avert default
Biden used the vintage setting of the Resolute Desk to argue for a style of governance he argued was still relevant and essential to prevent disaster.
In an attempt to ‘treat people with dignity and respect’ and to “stop screaming,” he said the package he brokered with Republicans ensures economic progress from now on and amounts to a ‘crisis averted’ – though it infuriated some in his party.
An implicit reelection message included a promise to continue working on priorities that should have been included, including raising taxes on the wealthy. There was a critical need to pass this budget agreement. It could not have been more important,” he said.
It has been several years since Americans have had the opportunity to hear Biden deliver a direct-to-camera speech. It has been traditional for presidents to deliver statements from the Oval Office during times of crisis, such as after the 9/11 terror attacks or when the Challenger space shuttle exploded.
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On Thursday, the United States Senate approved a bipartisan measure to increase the debt ceiling. Under the Fiscal Responsibility Act, the bill now goes to President Joe Biden for signing.
Throughout the 2024 fiscal year, non-defense spending will remain almost flat. In the following fiscal year, spending will increase by 1%. The debt ceiling will be suspended until January 2025, beyond the 2024 presidential election.
According to the Congressional Budget Office, this bill also includes around $1.5 trillion in spending cuts and new work requirements for SNAP recipients.
It was passed 63-36, with 17 Republicans and 46 Democrats voting in favor to prevent a June 5 default. The bill was defeated by four Democratic senators, 31 Republican senators, and one independent senator, Senator Bernie Sanders of Vermont.
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Despite strong opposition to several compromises Kevin McCarthy, the House speaker, and President Biden had made in the final legislation, the House of Representatives approved the bill on Wednesday 314-117.
Many economists have predicted that the country may encounter a money crisis by June 5. If the deadline passes, the Fiscal Responsibility Act, which extends the government’s borrowing through 2024 while reducing spending, cannot be enacted.
The bill has become a law, despite being heavily criticized by Republican and Democratic senators. The McCarthy-Biden agreement, however, still needs improvement for many senators, including Mike Lee.
Senator Bernie Sanders outlined what prevented him from voting for the bill even when the nation was on the verge of default. In a Tweet, he stated, “Deficit reduction cannot mean cutting programs important to working families, children, the elderly, and the sick.
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