Biden signs debt ceiling deal

The bill suspends the nation's $31 trillion debt ceiling until January 2025 and places new limits on spending, rescinds IRS funds, and expands work requirements for those on food assistance.
1:28 | 06/03/23

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Transcript for Biden signs debt ceiling deal
2024 FIELD GROWS EVEN LARGER. NO TO THAT BIPARTISAN DEAL ON NO TO THAT BIPARTISAN DEAL ON THE DEBT CEILING. THE DEBT CEILING. PRESIDENT BIDEN SIGNING INTO LAW THE DEBT CEILING. PRESIDENT BIDEN SIGNING INTO LA PRESIDENT BIDEN SIGNING INTO LA LATER TODAY -- EARLIER TODAY LATER TODAY -- EARLIER TODAY JUST THEM TWO DAYS BEFORE THE JUST THEM TWO DAYS BEFORE THE JUNE 5TH DEADLINE, A RIDICULOUS JUNE 5TH DEADLINE, A RIDICULOUS TRAFFIC AND HISTORIC DEFAULT. TRAFFIC AND HISTORIC DEFAULT. THE PRESIDENT TELLING THE DEAL THE PRESIDENT TELLING THE DEAL LATE FRIDAY NIGHT IN HIS FIRST LATE FRIDAY NIGHT IN HIS FIRST OVAL OFFICE ADDRESS TO THE OVAL OFFICE ADDRESS TO THE NATION PLEASE AND IT'S VERY GOOD OVAL OFFICE ADDRESS TO THE NATION PLEASE AND IT'S VERY GOO NATION PLEASE AND IT'S VERY GOO NEWS FOR THE AMERICAN PEOPLE: NEWS FOR THE AMERICAN PEOPLE: NO ONE GOT EVERYTHING THEY WANT NO ONE GOT EVERYTHING THEY WANT TO, BUT THE AMERICAN PEOPLE GOT TO, BUT THE AMERICAN PEOPLE GOT WHAT THEY NEEDED. WHAT THEY NEEDED. WE HAVE WRITTEN AN ECONOMIC WE HAVE WRITTEN AN ECONOMIC CRISIS, AN ECONOMIC COLLAPSE. CRISIS, AN ECONOMIC COLLAPSE. SO LET'S BRING IN ABC'S SO LET'S BRING IN ABC'S ELIZABETH WOOLSEY AT THE WHITE ELIZABETH WOOLSEY AT THE WHITE HOUSE. HOUSE. ELIZABETH GOING TO GET IT AND ELIZABETH GOING TO GET IT AND EVENTUALLY NOW WHAT CAN EVENTUALLY NOW WHAT CAN AMERICANS EXPECT FROM THIS DEAR? AMERICANS EXPECT FROM THIS DEAR? AMERICANS EXPECT FROM THIS DEAR? >> WOULD, THIS MEANS THAT THE US AMERICANS EXPECT FROM THIS DEAR? >> WOULD, THIS MEANS THAT THE U >> WOULD, THIS MEANS THAT THE U GOVERNMENT WILL BE ABLE TO PAY GOVERNMENT WILL BE ABLE TO PAY ITS BILLS IN TIME INCLUDING ITS BILLS IN TIME INCLUDING DEMANDS AMERICANS FOR SOCIAL DEMANDS AMERICANS FOR SOCIAL SECURITY OR MEDICARE. SECURITY OR MEDICARE. THE PRESIDENT TODAY SUNNY THE PRESIDENT TODAY SUNNY TALOTTA FISCAL RESPONSIBILITY TALOTTA FISCAL RESPONSIBILITY ACT AFTER IT PASSED CONGRESS ACT AFTER IT PASSED CONGRESS THIS WEEK WITH BIPARTISAN THIS WEEK WITH BIPARTISAN SUPPORT. SUPPORT. THIS LOSSES BEEN ZONATION'S THIS LOSSES BEEN ZONATION'S $31 TRILLION DEBT CEILING UNTIL $31 TRILLION DEBT CEILING UNTIL JANUARY 2025. JANUARY 2025. IT PLACES LIMITS ON FEDERAL IT PLACES LIMITS ON FEDERAL SPENDING, RESCINDS IRS FUNDS SPENDING, RESCINDS IRS FUNDS EXPERIENCE WORK REQUIREMENTS FOR SPENDING, RESCINDS IRS FUNDS EXPERIENCE WORK REQUIREMENTS FO EXPERIENCE WORK REQUIREMENTS FO SOME AMERICANS ON FOOD SOME AMERICANS ON FOOD ASSISTANCE, AND IN AUGUST IT ASSISTANCE, AND IN AUGUST IT FORMALLY ENDS THE PAUSE ON FORMALLY ENDS THE PAUSE ON FEDERAL STUDENT LOAN PAYMENTS. FEDERAL STUDENT LOAN PAYMENTS. AN 11TH HOUR CONCLUSION TO A AN 11TH HOUR CONCLUSION TO A TENSE DEAL THAT BIDEN BROKERED TENSE DEAL THAT BIDEN BROKERED WITH HOUSE SPEAKER KEVIN Mc WITH HOUSE SPEAKER KEVIN M McCARTHY. McCARTHY. STILL MARKED A MAJOR CREDIT STILL MARKED A MAJOR CREDIT RATING AGENCY WARRANTS THAT THE RATING AGENCY WARRANTS THAT THE BRINKMANSHIP ALONE COULD BRINKMANSHIP ALONE COULD THREATEN THE NATION'S TOP NOTCH THREATEN THE NATION'S TOP NOTCH CREDIT RATING.

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

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