WASHINGTON, June 3 (KUNA) -- US President Joe Biden stressed Friday evening that the passage of the budget agreement was "critical" and that "the stakes could not have been higher."
In his address to the nation from the Oval Office on the passage of a bill to suspend the debt ceiling and averting a first ever US default, Biden said "we averted an economic crisis and an economic collapse."
"No one got everything they wanted but the American people got what they needed," he reiterated. "Weآ’re cutting spending and bringing deficits down."
Biden affirmed that if "failed to reach an agreement on the budget, there were extreme voices threatening to take America, for the first time in our 247-year history, into default on our national debt."
"Nothing would have been more irresponsible. Nothing would have been more catastrophic," he remarked.
He continued "I know bipartisanship is hard and unity is hard, but we can never stop trying, because in moments like this one, the ones we just faced, where the American economy and the world economy is at risk of collapsing, there is no other way."
Biden thanked the members of Congress who voted to pass the agreement, saying he will sign the bill into law on Saturday.
On Thursday, the Senate passed a bill to suspending the nationآ’s USD 31.4 trillion debt limit through January 2025. (end)