Biden to address nation after debt crisis averted

President Joe Biden will deliver an address after the Senate passed legislation late Thursday night to lift the nation's debt ceiling.
1:37 | 06/03/23

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Transcript for Biden to address nation after debt crisis averted
207 DEAD. MEANWHILE BACK HERE IN THE US TONIGHT AND PRESIDENT THE US TONIGHT AND PRESIDENT BIDEN BEFORE THE CAMERAS A SHORT BIDEN BEFORE THE CAMERAS A SHORT TIME AGO IN AN OVAL OFFICE TIME AGO IN AN OVAL OFFICE ADDRESS TO THE NATION HERALDING ADDRESS TO THE NATION HERALDING THE DEBT CEILING DEAL THAT THE DEBT CEILING DEAL THAT CLEARED CONGRESS WITH BYPASS CLEARED CONGRESS WITH BYPASS THAN SUPPORT, ARGUING NEITHER THAN SUPPORT, ARGUING NEITHER SIDE GOT EVERYTHING THEY WANTED SIDE GOT EVERYTHING THEY WANTED . HERE'S OUR CHIEF WHITE HOUSE . HERE'S OUR CHIEF WHITE HOUSE CORRESPONDENT, MARY BRUCE CORRESPONDENT, MARY BRUCE TONIGHT ON THIS VOTE TONIGHT TONIGHT ON THIS VOTE TONIGHT AFTER THE SENATE QUICKLY PUSHED AFTER THE SENATE QUICKLY PUSHED THROUGH THAT DEAL TO LIFT THE THROUGH THAT DEAL TO LIFT THE DEBT LIMIT AND PAY OFF THE DEBT LIMIT AND PAY OFF THE NATION'S BILLS, THE BILL IS NATION'S BILLS, THE BILL IS PASSED NARROWLY AVOIDING AN PASSED NARROWLY AVOIDING AN ECONOMIC DISASTER. THE PRESIDENT ECONOMIC DISASTER. THE PRESIDENT TONIGHT TOUTING THAT BYPASS AN TONIGHT TOUTING THAT BYPASS AN EFFORT IN HIS FIRST OVAL OFFICE EFFORT IN HIS FIRST OVAL OFFICE ADDRESS. IT WAS CRITICAL TO ADDRESS. IT WAS CRITICAL TO REACH AN AGREEMENT. AND IT'S REACH AN AGREEMENT. AND IT'S VERY GOOD NEWS FOR THE AMERICAN VERY GOOD NEWS FOR THE AMERICAN PEOPLE. NO ONE GOT EVERYTHING PEOPLE. NO ONE GOT EVERYTHING THEY WANTED, BUT THE AMERICAN THEY WANTED, BUT THE AMERICAN PEOPLE GOT WHAT THEY NEEDED. WE PEOPLE GOT WHAT THEY NEEDED. WE AVERTED AN ECONOMIC CRISIS, AN AVERTED AN ECONOMIC CRISIS, AN ECONOMIC COLLAPSE. BOTH SIDES ECONOMIC COLLAPSE. BOTH SIDES OPERATED IN GOOD FAITH AND BOTH OPERATED IN GOOD FAITH AND BOTH SIDES KEPT THEIR WORD. THE BILL SIDES KEPT THEIR WORD. THE BILL CUTS THE DEFICIT BY $1.5 CUTS THE DEFICIT BY $1.5 TRILLION OVER TEN YEARS, TRILLION OVER TEN YEARS, SUSPENDS THE DEBT LIMIT FOR THE SUSPENDS THE DEBT LIMIT FOR THE NEXT TWO YEARS, UNTIL AFTER THE NEXT TWO YEARS, UNTIL AFTER THE PRESIDENTIAL ELECTION. AND PRESIDENTIAL ELECTION. AND IMPOSES NEW WORK REQUIREMENTS IMPOSES NEW WORK REQUIREMENTS FOR SOME AMERICANS RELYING ON FOR SOME AMERICANS RELYING ON FOOD ASSISTANCE PROGRAMS. IT FOOD ASSISTANCE PROGRAMS. IT WILL ALSO END THE PAUSE ON WILL ALSO END THE PAUSE ON REPAYING STUDENT LOANS. BUT THE REPAYING STUDENT LOANS. BUT THE ECONOMY IS NOT OUT OF THE WOODS ECONOMY IS NOT OUT OF THE WOODS YET. TONIGHT ONE OF THE YET. TONIGHT ONE OF THE COUNTRY'S MAJOR CREDIT AGENCIES COUNTRY'S MAJOR CREDIT AGENCIES SAYS THE US IS STILL AT RISK OF SAYS THE US IS STILL AT RISK OF A CREDIT RATING DOWNGRADE, WHICH A CREDIT RATING DOWNGRADE, WHICH COULD MAKE BORROWING MORE COULD MAKE BORROWING MORE EXPENSIVE AND SEND THE STOCK EXPENSIVE AND SEND THE STOCK MARKET TUMBLING. THE AGENCY MARKET TUMBLING. THE AGENCY CITING THE REPEATED POLITICAL CITING THE REPEATED POLITICAL STANDOFFS AROUND THE DEBT LIMIT. STANDOFFS AROUND THE DEBT LIMIT. NOW THE BILL TONIGHT IS STILL NOW THE BILL TONIGHT IS STILL MAKING ITS WAY TO THE MAKING ITS WAY TO THE PRESIDENT'S DESK. BIDEN HAS SAID PRESIDENT'S DESK. BIDEN HAS SAID HE WILL SIGN IT AS SOON AS HE WILL SIGN IT AS SOON AS POSSIBLE, LIKELY TOMORROW. POSSIBLE, LIKELY TOMORROW. THAT'S TWO DAYS BEFORE THE THAT'S TWO DAYS BEFORE THE DEFAULT DEADLINE

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

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