US Debt-Crisis Deal To Move To Congress, Biden Urges Both Chambers To Pass Agreement

United States President Joe Biden has urged Congress to pass the Bipartisan Budget Agreement aimed to prevent a government default.

US Congress to decide on debt deal after President Joe Biden and Speaker Kevin McCarthy reached a Bipartisan Budget Agreement.

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United States President Joe Biden has urged both chambers to pass the Bipartisan Budget Agreement posed to address the ongoing US debt crisis. President Biden and Republican Speaker Kevin McCarthy reached an agreement to resolve the debt ceiling issue. The Budget Agreement is now ready to move to US Congress for further passage. While talking to the reporters, Biden said he has spoken to McCarthy, and they have reached a bipartisan budget agreement that is ready to move to the full Congress. 

"And I think it’s a really important step forward as it takes the threat of catastrophic default off the table; it protects our hard-earned and historic economic recovery," he added. 

He said: "And the agreement also represents a compromise, which means no one got everything they want. But that’s the responsibility of governing." 

The US President said, "The Speaker and I made clear from the start that the only way forward was a bipartisan agreement." 

He said that the agreement is aimed to prevent the "worst possible crisis: a default for the first time in US history — an economic recession, retirement accounts devastated, millions of jobs lost". 

Biden said that the agreement also protects key priorities and accomplishments and values "that congressional Democrats and I have fought long for — long and hard for". 

He further said: "Investing in America’s agenda — that’s creating goods jobs in communities throughout the country. It protects Social Security, Medicare, and veterans, and so much more." 

The agreement now goes to the United States House and to the Senate. And "I strongly urge both — both chambers to pass that agreement". 

Earlier, Biden said that the deal to raise the debt ceiling was an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone.

The Budget Agreement needs to pass through a narrowly divided Congress before June 5, when the US Treasury says it would run short of money to cover all of its obligations and it is just seven days away.