Biden: I didn’t give the GOP too much ground.
With the comment that “no one got everything they wanted,” President Joe Biden announces that Republicans and Democrats have negotiated a bipartisan budget agreement.
The bipartisan budget agreement agreed with House Speaker Kevin McCarthy, according to President Biden, has removed the “threat of catastrophic default from the table.”
There are only a few days left before a probable first-ever government default thanks to the final agreement, which was agreed earlier on Sunday.
“Since the deal is a compromise, no one got everything they desired. However, according to Biden, it is the government’s responsibility. “The agreement averts the worst possible crisis and the first default in our country’s history.”
When asked what he had to say to Republicans in his own party who said he needed to make compromises in the deal, Biden replied, “They’ll find, I didn’t.”
On May 28, 2023, in Washington, President Joe Biden delivers a speech in the Roosevelt Room of the White House. (Image Credit: Manuel Balce Ceneta / AP Photo)
The coming days will determine if Washington can narrowly avert a U.S. debt default once more, as it has done numerous times before, or whether the world economy could face a crisis.
A default in the US might result in the financial markets freezing up and trigger a global financial crisis. According to analysts, there would be a massive loss of jobs, a rise in borrowing costs and unemployment, and a stock market crash could wipe out trillions of dollars in household wealth. The $24 trillion market for Treasury debt would all but collapse.
Before the anticipated June 5 government default on US debt, consent from Congress will be required, and support from both parties will be necessary. McCarthy has assured lawmakers he will uphold the requirement to post any bill for 72 hours prior to voting. Lawmakers are not anticipated to return to work following the Memorial Day holiday until at least Tuesday.
