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VIDEO: Biden says ‘crisis averted’ in Oval Office speech on debt ceiling deal

President Joe Biden celebrated a “crisis averted" in his inaugural speech to the nation from the Oval Office Friday evening, ready to sign a budget agreement that eliminates the potential for a first-ever government default that would have sent shock waves through the U.S. and global economies.

“No one got everything they wanted but the American people got what they needed,” Biden said, highlighting the “compromise and consensus” in the deal. “We averted an economic crisis and an economic collapse.”

The agreement was hashed out by Biden and House Speaker Kevin McCarthy, giving Republicans some of their demanded federal spending cuts but holding the line on major Democratic priorities. It raises the debt limit until 2025 — after the 2024 presidential election — and gives legislators budget targets for the next two years, in hopes of assuring fiscal stability as the political season heats up.

Biden praised McCarthy and his negotiators for operating in good faith, and all congressional leaders for ensuring swift passage of the legislation.

“They acted responsibly, and put the good of the country ahead of politics,” he said.

Read more from NPR: President Biden hails bipartisan deal to avert catastrophic debt default

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