According to Biden, the United States is now avoiding “the worst imaginable crisis”. The president calls on the chambers to approve the settlement.
– The agreement also involves a compromise where no one got everything they wanted, but that’s the responsibility when you govern, says Biden in connection with a short announcement from the White House’s Roosevelt Room.
To a question from one of the journalists about how the president views criticism from his own party members that he has agreed to too many concessions, Biden answers:
– They will realize that I didn’t do it.
Big consequences
Without an agreement, the United States would either have to start suspending payments on its large national debt later this summer or implement sharp cuts in the state budget, especially on social spending. It could, according to Biden, lead to a recession with millions of lost jobs and be a severe blow to many retirees.
“Reducing the deficit”
Republican McCarthy, the speaker of the US House of Representatives, writes in a statement that “this responsible debt ceiling agreement reduces spending across the board, reduces non-defense spending and reduces the deficit – unlike any debt ceiling agreement in modern history.”
Republicans have a narrow majority in the House of Representatives. But Biden believes Kevin McCarthy will get enough members to approve the proposal.
– I think he negotiated in good faith, he kept his word and did what he said he would do. I have no idea if he has the votes (required), but I assume he does, or he wouldn’t have done the deal, Biden said.