Biden puffs out his chest for the US debt agreement and announces that he will ratify it on Saturday

The president of the United States, Joe Biden, celebrated this Friday the agreement with the Republicans to raise the debt ceiling and announced that will ratify it on Saturdayafter the two chambers of Congress have given the go-ahead this past week.

“this is vital. It is essential for the progress that we have had in recent years,” said the president during a speech broadcast from the White House, according to him. efe.

With Biden’s ratification, the country will avoid suspension of payments that would have occurred as soon as Monday had Congress not reached an agreement to raise the debt ceiling, which sets the limit on how much money the US can borrow and can only be raised or suspended through legislative action.

Despite the fact that the measure contemplates some caps on public spending in areas such as health, education, justice or environmental protection, Biden assured that the suspension of payments “it would have been catastrophic”and would have sent the country into “a recession.”

Furthermore, the democrat was pleased to have reached a bipartisan agreement when many in Washington doubted that it was possible due to the division between the blocks, and assured that the social pillars of his Administration, such as Social Security or medical benefits for the elderly, would remain intact.

“No one got everything they wanted, but the american people got what they needed“said the Democrat.

The agreement to raise the debt ceiling in exchange for some ceilings on public spending was reached last weekend, in a negotiation against time between the White House and the Republicans in the Lower House, led by Kevin McCarthy.

Despite the fact that it was finally able to be quickly approved by both chambers, some Republican senators threatened yesterday to delay the process on the grounds that the agreement did not do everything possible to ensure a sufficient budget for Defense.

Finally, the leader of the Democratic majority in the Senate, Chuck Schumer, promised to allow the Defense budget to be be increased more than what is contemplated in the agreement itself in exchange for proceeding with the vote.

The measure suspends the debt ceiling for the next two yearsuntil after the presidential elections of November 2024. Specifically, it suspends the current debt limit of 31.4 trillion dollars until January 1, 2025.