Biden set to sign bipartisan bill to avoid default into law

"No one got everything they wanted but the American people got what they needed," Biden said in his first Oval Office address of his presidency.
2:49 | 06/03/23

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Transcript for Biden set to sign bipartisan bill to avoid default into law
- Now to the bipartisan debt deal. President Biden expected to sign it into law today. Overnight he addressed the nation from the Oval Office for the first time in his presidency. ABC'S Elizabeth Schulze is there at the White House with more this morning. Good morning, Elizabeth. - Good morning, Janai. This was a rare primetime address from President Biden, speaking directly to the American public for the first time from the Oval Office. It's a setting that's historically been used by presidents to speak about wars or domestic crises, a testament to the gravity of the debt ceiling threat that was just narrowly avoided. This morning, just two days before the government runs out of cash, President Biden is set to sign into law a bipartisan bill to prevent a US debt default. In the first Oval Office address of his presidency, Biden arguing the stakes couldn't have been higher for the American economy. [BEGIN VIDEO PLAYBACK] - That's why I'm speaking to you tonight, to report on the crisis averted and what we're doing to protect America's future. Passing this budget agreement was critical. [END PLAYBACK] ELIZABETH SCHULZE (VOICEOVER): The agreement that passed both the House and the Senate this week with bipartisan support will suspend the debt ceiling for two years, past the 2024 presidential election, while limiting federal spending. It puts new work requirements on some Americans receiving food assistance, and in August formally ends the pause on federal student loan payments. Not included? Tax increases on the wealthiest Americans or big corporations, a key demand from the White House. [BEGIN VIDEO PLAYBACK] - No one got everything they wanted, but the American people got what they needed. We averted an economic crisis, an economic collapse. We're cutting spending and bringing the deficits down at the same time. [END PLAYBACK] ELIZABETH SCHULZE (VOICEOVER): For months Biden insisted he would not negotiate on the debt ceiling. But with payments to millions of Americans for Social Security, Medicare, or veterans benefits on the line, Biden and House Speaker Kevin McCarthy hammered out a last minute deal. The President now taking a victory lap, trying to get in the last word while insisting bipartisanship is possible, even in divided government. [BEGIN VIDEO PLAYBACK] - I know bipartisanship is hard and unity is hard, but we can never stop trying, because the moments like this one, the ones we just faced, where the American economy and the world economy is at risk of collapsing, there's no other way. [END PLAYBACK] - Now, even with the President set to sign this bill today, ratings agency Fitch is threatening to downgrade the US credit rating, citing brinksmanship over the nation's finances. A similar downgrade happened back in 2011, even after a debt ceiling bill was signed. The White House tells me that this agreement is fiscally responsible and that the American treasury market is still the safest in the world. Whit. - Yeah, as you noted there, that concern definitely remains. Elizabeth, thank you.

This transcript has been automatically generated and may not be 100% accurate.

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