![]() ![]() ![]() In negotiations with Biden, McCarthy secured concessions aimed at cutting government spending. The new law will suspend the borrowing limit until January 2025, ensuring the issue will not resurface before the next presidential election. Now, we continue the work of building the strongest… /42HIFBy8Y9- President Biden June 3, 2023 I just signed into law a bipartisan budget agreement that prevents a first-ever default while reducing the deficit, safeguarding Social Security, Medicare, and Medicaid, and fulfilling our scared obligation to our veterans. ![]() The bill signing followed the release on Friday of strong monthly jobs figures. Heralding the “safeguarding Social Security, Medicare and Medicaid, and fulfilling our scared obligation to our veterans”, Biden said: “Now, we continue the work of building the strongest economy in the world.” The White House also tweeted video of Biden signing the bill in the Oval Office. In a statement on Saturday, the White House thanked Democratic and Republican leaders in Congress “for their partnership”. But the American people got what they needed.” “It was critical to reach an agreement, and it’s very good news for the American people,” Biden said on Friday. A day earlier, the bill passed the Republican-controlled House by 314-117. The signing of the bill came one day after the Democratic-held Senate passed it in a bipartisan vote, 63-36, sending the proposal to Biden’s desk a few days before the 5 June deadline. Nothing, nothing would have been more irresponsible.” “If we had 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. In a televised address from the Oval Office on Friday evening, Biden said: “Passing this budget agreement was critical. Economists warned that a default could have caused the US unemployment rate to double while significantly damaging gross domestic product. ![]()
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