Biden to laud ‘crisis averted’ from debt ceiling deal in first Oval Office address

Biden Declares “Crisis Averted” in First Oval Office Address

By Jeff Mason

In his first address from the White House’s Oval Office, U.S. President Joe Biden declared a “crisis averted” and touted the passage of a bill to raise the U.S. debt ceiling and curb spending. The issue has dominated Washington and roiled investors in recent weeks, but had little impact on most American voters.

After nail-biting negotiations, both the Senate and the House of Representatives passed a bill that lifts the government’s $31.4 trillion debt ceiling, averting what would have been a first-ever default as early as June 5.

“Essential to all the progress we’ve made in the last few years is keeping the full faith and credit of the United States and passing a budget that continues to grow our economy and reflects our values as a nation,”

Biden will say, according to excerpts released ahead of time by the White House.

“And that’s why I’m speaking to you tonight. To report on a crisis averted and what we are doing to protect America’s future. Passing this budget agreement was critical. The stakes could not have been higher.”

The White House said Biden was making his remarks from the Oval Office because of the gravity of the situation had the debt ceiling not been raised. U.S. presidents have generally reserved an address from the Oval Office for the most significant and dramatic of events, such as the attacks of Sept. 11, 2001, or the Challenger space shuttle explosion.

Biden’s First Address from the Oval Office

Biden, who came into office in January 2021, has spoken before to the nation during “primetime” hours, including his State of the Union addresses from the Capitol and a speech from the White House East Room during the COVID-19 pandemic. But the Friday night address is his first from the Oval Office, a setting that highlights the power and authority of the presidency, as Biden seeks a second term against a growing field of Republican candidates.

Fitch Ratings said on Friday the United States’ “AAA” credit rating would remain on negative watch, despite the agreement that will allow the government to meet its obligations.

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