Joe Biden: With the debt deal, we prevented the economy from collapsing

Thanks to the agreement on suspending the debt limit, we managed to prevent an economic crisis and the collapse of the economy, said US President Joe Biden on Friday. He said he would sign the bill passed by Congress on Saturday.

“I am speaking to you today to let you know that the crisis has been averted and what we are doing to protect America’s future. The adoption of this budget agreement was critical. The stakes couldn’t be higher. If we failed to reach an agreement on the budget, there were extreme voices that threatened to take America into its first ever bankruptcy. Nothing could be more irresponsible,” Biden said in a White House address Friday night.

The president stated that such a scenario would mean an economic crisis and collapse of the economy, the loss of 8 million people’s jobs and the destruction of the U.S. credibility in the international arena.

“Nobody got everything they wanted, but Americans got what they needed. We have prevented an economic crisis and an economic collapse,” Biden summed up the bill passed by Congress on Thursday. It was the result of negotiations between the president and the Speaker of the House of Representatives Kevin McCarthy. According to the president, thanks to the agreement, it was possible to cut spending and reduce the budget deficit by more than $ 1 trillion, while avoiding cuts to social security and health insurance. The agreement will also not affect the largest expenditure program in history for the green transformation and the fight against climate change, adopted last year on Biden’s initiative.

In his address, the president appealed to voters to support his initiative to reform the tax system, including the minimum tax for billionaires and closing loopholes in the code that benefited the richest.

“Listen to this: Right now, the average billionaire in America pays only 8% of his salary. federal tax. eight percent. Teachers and firefighters pay more,” Biden said.

He also called on Americans to “lower the temperature” of political disputes and “stop screaming.”

“Cross-party cooperation is difficult. Unity is difficult. But we can’t stop trying. Because moments like this, when not only the US economy, but also the world economy are at risk of collapse, show that there is no other way,” concluded the leader.

From Washington Oskar Górzyński (PAP)

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