Biden takes victory lap in debt ceiling speech: 'The American people got what they needed'

On Friday evening, President Joe Biden gave an Oval Office address triumphantly announcing the bipartisan deal to lift the debt ceiling — and touting the latest reports showing the strength of the economy.

"This is vital," said Biden. "Because it is essential to the progress we have made over the last few years. Keeping full faith and credit of the United States of America. Passing a budget that continues to grow our economy and reflects our values as a nation. That is why I am speaking to you tonight. To report on the crisis averted and what we are doing to protect America's future. Passing this budget agreement was critical."

The consequences of a default, said Biden, would have been disastrous, from 8 million people losing their jobs, to interest rates skyrocketing and America's credit rating being devalued, which "would have made everything from mortgages to car loans to funding for the government much more expensive. It would have taken years to climb out of the hole."

"Nobody got everything they wanted, but the American people got what they needed," said Biden. "We averted an economic crisis and economic collapse. We are cutting spending and bringing the deficits down at the same time. We are protecting important priorities from Social Security to Medicare to Medicaid to veterans to the transformational investments in infrastructure and clean energy."

Biden went on to thank House Speaker Kevin McCarthy (R-CA), as well as all other congressional leaders, for allowing the deal to come together.

"Over the next 10 years the deficit will be cut by more than $1 trillion," said Biden. "That will be on top of a record $1.7 trillion I already cut the deficit in my first two years in office. It is clear we are all in a much more fiscally responsible course than the one I inherited when I took office four years ago."

But Biden also went out of his way to jab Republicans, noting that their opening proposal would have cut vital programs including veterans' health care, and "would have cut healthcare for up to 21 million Americans on Medicaid."

"We are investing in America and our people and our future," said Biden. "We have created over 13 million new jobs. More than 800,000 manufacturing jobs. Where is it written that America cannot lead the world in manufacturing? Unemployment is at 3.7 percent. More Americans are working today than ever in the history of this country. Inflation has dropped 10 straight months in a row. In this debate, I refused to put what was responsible for all of this economic progress on the chopping block."

"I've never been more optimistic about the future," Biden concluded. "We just need to remember who we are. We are the United States of America. And there's nothing — nothing we can't do, when we do it together."

Watch the speech below or at the link: