US Averts Economic Crisis with Budget Agreement: Biden Signs Bipartisan Measure
President Joe Biden has signed a bipartisan budget agreement aimed at averting an economic crisis for the US and world economy. The Senate approved the measure late on Thursday night, and it was subsequently passed in the House of Representatives. The key agreement details grant Republicans some federal spending cuts, but it maintains Democratic priorities. The deal raises the debt limit to 2025, giving lawmakers fiscal objectives for the next two years. Biden praised both sides’ efforts, specifically Republican negotiators and all congressional leaders, for ensuring the law passed quickly.
Keywords: Joe Biden, bipartisan, budget agreement, economy, debt, federal spending
Democrats Gain More Support for Budget Agreement Than Republicans
Although more Democrats supported the bill than Republicans in both chambers of Congress, both parties were critical of its passing. The Congressional Budget Office predicts that it will expand overall federal food assistance eligibility by removing work requirements for veterans, the homeless, and young people leaving foster care. Moreover, the deal will permit job requirements for older Americans who receive food aid whilst proposing new natural gas pipeline plans in Appalachia, which many Democrats oppose. Some environmental regulations are set to change, to optimize approvals for infrastructure and energy projects — a move that moderates in Congress have long sought. The bill increases funding for defense and veterans, rejects Biden’s suggestion of rolling back tax breaks for corporations and the wealthy to help cover the US’ deficits, and cuts new funding for the Internal Revenue Service.
Keywords: Democrats, Republicans, Congressional Budget Office, federal food assistance, job requirements, natural gas pipeline, environmental regulations, funding
Biden Praises Budget Agreement’s Bipartisanship and Consensus
Biden remained relatively silent in public during the high-risk negotiations. However, when the bipartisan measure was finalized, the President described the bill’s passing as “crisis averted.” Biden’s statement added that he saw it as crucial to pass the budget agreement; otherwise, the US would face an unprecedented national bankruptcy, which he viewed as catastrophic for the US and world economy. He went on to detail some of his presidency’s first-term achievements, including investing in infrastructure, combatting climate change, and supporting high-tech manufacturing. Biden then emphasized his style of governance, which he feels to be less heated and shouty than former President Donald Trump’s. He then pledged to work with Republicans continually to provide the necessary contrast between the two opposing parties.
Keywords: Biden, bipartisanship, crisis, economy, infrastructure, climate change, high-tech manufacturing, governance, Republicans, Donald Trump
Summary:
President Joe Biden has signed a bipartisan budget agreement that includes federal spending cuts while retaining Democratic priorities, prevented an unprecedented national bankruptcy, and avoided an economic crisis. As part of the deal, the debt limit will be set to 2025, giving lawmakers two years of fiscal objectives. The Congressional Budget Office has predicted the agreement will expand eligibility for federal food assistance by removing work requirements for certain people. The bill also introduces new job requirements for older Americans who receive food aid and permits a natural gas pipeline in Appalachia. Biden praised negotiators for granting compromise and consensus in the deal, emphasizing his style of governance, which he describes as less shouting and lower temperatures than former President Donald Trump. The President’s speech serves as a summation of his first term’s achievements and as part of his re-election plans.
Keywords: Biden, bipartisan, federal spending, Democratic, fiscal objectives, federal food assistance, job requirements, natural gas pipeline, governance
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President Joe Biden celebrated and was ready for a “crisis averted” in his first address to the nation Friday night in the Oval Office sign a budget agreement This eliminates the possibility of an unprecedented national bankruptcy, which he believed would have been catastrophic for the US and world economy.
The bipartisan measure was approved by the Senate late Thursday night after being passed in another late session of the House of Representatives the night before. Biden is expected to sign it at the White House on Saturday. There are only two days left before the Treasury Department warns that the US cannot meet its commitments.
“The passage of this budget agreement was crucial. The stakes couldn’t have been higher,” Biden said. “Nothing could have been more catastrophic,” he said, than being unable to service the country’s debt.
The agreement has been negotiated von Biden and Speaker of the House Kevin McCarthy, granting Republicans some of their requested federal spending cuts but sticking to the line on key Democratic priorities. It raises the debt limit to 2025 — after the 2024 presidential election — and gives lawmakers fiscal targets for the next two years in hopes of ensuring fiscal stability as the political season heats up.
“No one got everything they wanted, but the American people got what they needed,” Biden said, emphasizing the “compromise and consensus” in the deal. “We averted an economic crisis and collapse.”
Biden took the opportunity to list achievements from his first term as part of his re-election, including support for high-tech manufacturing, infrastructure investments and financial stimulus to combat climate change.
“We’re cutting spending while also cutting deficits,” Biden said. “We’re protecting key priorities from Social Security to Medicare and Medicaid to veterans and our transformative investments in infrastructure and clean energy.”
Biden also re-advertised his style of government, which he described as less shouting and lower temperatures after four years as President Donald Trump.
“I know that bipartisanship is difficult,” he said. “And unity is hard. But we can never stop trying.”
While pledging to continue working with Republicans, Biden also provided contrasts with the opposing party, particularly when it came to raising taxes on the wealthy, something the Democratic president had been striving for.
He suggested that that might have to wait until a second term.
“I’ll be back,” he said. “With your help, I will win.”
Biden’s remarks were the Democratic president’s most detailed comments on the compromise he and his staff negotiated. He largely remained silent in public during the high-risk negotiations, a decision that frustrated some members of his party but was intended to give both sides a chance to reach an agreement and give lawmakers a chance to agree with him.
White House press secretary Karine Jean-Pierre said Friday that Biden took the opportunity to deliver his first address to the nation behind the Resolute Desk in the Oval Office because “he just wanted to make sure the American people understood how important it is. To do that, it was important to do it in a bipartisan way.”
Biden commended McCarthy and his negotiators for acting in good faith and all congressional leaders for ensuring the law passed quickly. “They acted responsibly and put the country’s well-being ahead of politics,” he said.
Overall, the 99-page bill limits spending for the next two years and changes some policies, including introducing new job requirements for older Americans who receive food aid and approving a natural gas pipeline in Appalachia, which many Democrats oppose. Some environmental regulations have been changed to optimize approvals for infrastructure and energy projects — a move that moderates in Congress have long sought.
The Congressional Budget Office reckons it could actually expand overall eligibility for federal food assistance by removing work requirements for veterans, the homeless and young people leaving foster care.
The bill also increases funding for defense and veterans, cuts some new funding for the Internal Revenue Service, and rejects Biden’s call to roll back Trump-era tax breaks for corporations and the wealthy to help cover the country’s deficits. However, the White House said the IRS’s plans to increase enforcement of tax laws for high earners and businesses would continue.
The agreement also provides for an automatic 1% overall cut in spending programs if Congress fails to approve its annual spending bills — a measure aimed at pressuring lawmakers from both parties to reach a consensus before the fiscal year ends in September.
More Democrats supported the bill than Republicans in both chambers, but both parties were critical of its passage. In the Senate the balance was 63 to 36, with 46 Democrats and Independents and 17 Republicans in favor, 31 Republicans plus four Democrats and one Independent standing with opposing Democrats.
The vote in the House of Representatives was 314 to 117.
https://fortune.com/2023/06/02/joe-biden-debt-ceiling-deal-speech/
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