Joe Biden was happy to avoid a “disastrous” default
President Joe Biden is expected to sign it on Saturday, allowing the US to avoid payments until January 2025.
Joe Biden took the stage to address the nation: Sitting behind his work desk in the iconic Oval Office, the 80-year-old Democrat spoke in a very calm tone.
AFP
Reviving a message of unity and peace since taking office, Joe Biden congratulated himself on Friday for avoiding a “disastrous” US default and extolled the virtues of political compromise.
“Nothing would have been more irresponsible and nothing more catastrophic” than the bankruptcy of the first world power, the US president said, announcing on Saturday that he would sign legislation that would allow him to push back the dangerous prospect until January 2025.
The US Congress adopted the text this week, which makes it possible to suspend the US public debt ceiling for almost two years, and it also sets some budget targets. Without this text, you may miss payment next Monday, June 5.
Joe Biden took care of the stage to address the nation: In the famous Oval Office, the 80-year-old Democrat, a candidate for re-election in 2024, sat behind his desk and spoke very calmly, reassuringly. “Finding consensus across partisan divides is difficult. Unity is difficult. But we must never stop trying,” he said.
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After weeks of very difficult negotiations with the Republican opposition, the US president wanted to reconnect with the message of reconciliation at his inauguration in January 2021. “Without unity, there is no peace,” said the soon-to-be Democrat. Supporters of his predecessor Donald Trump stormed the Capitol.
In a speech aimed at certainly cementing his differences with the Republican billionaire in the 2024 race, Joe Biden felt it necessary to “stop yelling at each other” and “turn down the heat.” In this loan file he wanted to “salute” his most important opponent, the Republican Speaker of the House of Representatives, Kevin McCarthy.
“Both sides negotiated in good faith. Both parties have kept their word,” said Joe Biden, who never misses an opportunity to brag about his sense of political compromise. Although the Democratic leader wanted to take all the political credit possible from the issue, he did not openly claim victory at the end of the budget negotiations with the opposition: “Nobody got everything they wanted. But the Americans got what they wanted.
AAA
Joe Biden has tried to project himself into a future that many Americans consider too old to stay in the White House, saying he has avoided drastic cuts to social benefits and his major investment programs.
Noting his desire to tax the very rich, he told his fellow citizens: “I will be back in charge, and with your help I will win”. There is little to suggest that this political and technical fight over the debt, which has already taken place during Barack Obama’s presidency, will actually have an impact on voters.
But it left some clues: Ratings agency Fitch on Friday kept America’s precious AAA rating under watch, citing “political polarization” and “a steady decline in governance over the past 15 years.”
AFP
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