WASHINGTON (AP) — President Joe Biden celebrated a “crisis averted” in his first speech to the nation from the Oval Office Friday evening, ready to sign a budget agreement that eliminates the potential for an unprecedented government default that he said would have been catastrophic for the U.S. and global economies.

The bipartisan measure was approved by the Senate late Thursday night after passing the House in yet another late session the night before. Biden is set to sign it at the White House on Saturday with just two days to spare until the Treasury Department has warned the U.S. wouldn’t be able to meet its obligations.

“Passing this budget agreement was critical. The stakes could not have been higher,” Biden said. “Nothing would have been more catastrophic,” he said, than defaulting on the country’s debt.

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.

“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.”

Biden used the opportunity to itemize the achievements of his first term as he runs for reelection, including support for high-tech manufacturing, infrastructure investments and financial incentives for fighting climate change.

“We’re cutting spending and bringing deficits down at the same time,” Biden said. “We’re protecting important priorities from Social Security to Medicare to Medicaid to veterans to our transformational investments in infrastructure and clean energy.”

Biden also made a renewed pitch for his governing style, which he described as less shouting and lower temperatures after four years of President Donald Trump.

“I know bipartisanship is hard,” he said. “And unity is hard. But we can never stop trying.”

Even as he pledged to continue working with Republicans, Biden also drew contrasts with the opposing party, particularly when it comes to raising taxes on the wealthy, something the Democratic president has sought.

It’s something he suggested may need to wait until a second term.

“I’m going to be coming back,” he said. “With your help, I’m going to win.”

Biden’s remarks were the most detailed comments from the Democratic president on the compromise he and his staff negotiated. He largely remained quiet publicly during the high-stakes talks, a decision that frustrated some members of his party but was intended to give space for both sides to reach a deal and for lawmakers to vote it to his desk.

White House press secretary Karine Jean-Pierre said Friday that Biden was using the occasion to deliver his first address to the nation from behind the Resolute Desk in the Oval Office because “he just wanted to make sure that the American people understood how important it was to get this done, how important it was to do this in a bipartisan way.”

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.

Overall, the 99-page bill restricts spending for the next two years and changes some policies, including imposing new work requirements for older Americans receiving food aid and greenlighting an Appalachian natural gas pipeline that many Democrats oppose. Some environmental rules were modified to help streamline approvals for infrastructure and energy projects — a move long sought by moderates in Congress.

The Congressional Budget Office estimates it could actually expand total eligibility for federal food assistance, with the elimination of work requirements for veterans, homeless people and young people leaving foster care.

The legislation also bolsters funds for defense and veterans, cuts back some new money for Internal Revenue Service and rejects Biden’s call to roll back Trump-era tax breaks on corporations and the wealthy to help cover the nation’s deficits. But the White House said the IRS’ plans to step up enforcement of tax laws for high-income earners and corporations would continue.

The agreement also imposes an automatic overall 1% cut to spending programs if Congress fails approve its annual spending bills — a measure designed to pressure lawmakers of both parties to reach consensus before the end of the fiscal year in September.

In both chambers, more Democrats backed the legislation than Republicans, but both parties were critical to its passage. In the Senate the tally was 63-36 including 46 Democrats and independents and 17 Republicans in favor, 31 Republicans along with four Democrats and one independent who caucuses with the Democrats opposed.

The vote in the House was 314-117.

By Jeff Mason and Trevor Hunnicutt

WASHINGTON (Reuters) – U.S. President Joe Biden declared a “crisis averted” on Friday in his first address from the White House’s Oval Office, as he touted the passage of a bill to raise the U.S. debt ceiling and curb spending.

Biden, a Democrat, said he would sign the bill into law on Saturday, concluding months of uncertainty and averting what would have been a first-ever U.S. default as early as June 5.

“It was critical to reach an agreement, and it’s very good news for the American people. No one got everything they wanted. But the American people got what they needed,” Biden said while sitting at the historic “Resolute Desk” in the presidential office.

After nail-biting negotiations, both the Senate and the House of Representatives passed a bill this week that lifts the government’s $31.4 trillion debt ceiling.

Biden said to preserve U.S. economic progress it was critical to keep the country’s full faith and credit in tact. The new law averted a crisis, he said.

“The stakes could not have been higher,” Biden said.

The president, who is running for re-election, noted other bipartisan bills he has signed and offered praise to Kevin McCarthy, the Republican speaker of the House of Representatives, who was his primary negotiating partner.

“The final vote in both chambers was overwhelming,” Biden said. The Senate voted 63 to 36 to approve the bill, and the House 314 to 117.

Fitch Ratings said on Friday the United States’ “AAA” credit rating would remain on negative watch, despite the agreement that will allow the government to meet its obligations.

U.S. presidents have generally reserved an address from the Oval Office for the most significant, and dramatic of events: the attacks of Sept. 11, 2001, for example, or the Challenger space shuttle explosion.

The White House said Biden was making his remarks there because of the gravity of the situation had the debt ceiling not been raised.

Former President Ronald Reagan spoke to the nation from the Oval Office after the explosion of the Challenger space shuttle in 1986; and former President George W. Bush used the venue to address the country after the Sept. 11, 2001 attacks. Former President Barack Obama made remarks from the Oval Office in the aftermath of the 2010 BP oil spill in the Gulf Coast.

Biden, who came into office in January 2021, has spoken before to the nation during ‘primetime’ hours, including his State of the Union addresses from the Capitol and a speech from the White House East Room during the COVID-19 pandemic.

But the Friday night address is his first from the Oval Office, a setting that highlights the power and authority of the presidency, as Biden seeks a second term against a growing field of Republican candidates.

(Reporting by Jeff Mason and Trevor Hunnicutt; Editing by Heather Timmons, Alistair Bell and Diane Craft)

By Jeff Mason and Trevor Hunnicutt

WASHINGTON (Reuters) – U.S. President Joe Biden declared a “crisis averted” on Friday in his first address from the White House’s Oval Office, as he touted the passage of a bill to raise the U.S. debt ceiling and curb spending.

Biden, a Democrat, said he would sign the bill into law on Saturday, concluding months of uncertainty and averting what would have been a first-ever U.S. default as early as June 5.

“It was critical to reach an agreement, and it’s very good news for the American people. No one got everything they wanted. But the American people got what they needed,” Biden said while sitting at the historic “Resolute Desk” in the presidential office.

After nail-biting negotiations, both the Senate and the House of Representatives passed a bill this week that lifts the government’s $31.4 trillion debt ceiling.

Biden said to preserve U.S. economic progress it was critical to keep the country’s full faith and credit in tact. The new law averted a crisis, he said.

“The stakes could not have been higher,” Biden said.

The president, who is running for re-election, noted other bipartisan bills he has signed and offered praise to Kevin McCarthy, the Republican speaker of the House of Representatives, who was his primary negotiating partner.

“The final vote in both chambers was overwhelming,” Biden said. The Senate voted 63 to 36 to approve the bill, and the House 314 to 117.

Fitch Ratings said on Friday the United States’ “AAA” credit rating would remain on negative watch, despite the agreement that will allow the government to meet its obligations.

U.S. presidents have generally reserved an address from the Oval Office for the most significant, and dramatic of events: the attacks of Sept. 11, 2001, for example, or the Challenger space shuttle explosion.

The White House said Biden was making his remarks there because of the gravity of the situation had the debt ceiling not been raised.

Former President Ronald Reagan spoke to the nation from the Oval Office after the explosion of the Challenger space shuttle in 1986; and former President George W. Bush used the venue to address the country after the Sept. 11, 2001 attacks. Former President Barack Obama made remarks from the Oval Office in the aftermath of the 2010 BP oil spill in the Gulf Coast.

Biden, who came into office in January 2021, has spoken before to the nation during ‘primetime’ hours, including his State of the Union addresses from the Capitol and a speech from the White House East Room during the COVID-19 pandemic.

But the Friday night address is his first from the Oval Office, a setting that highlights the power and authority of the presidency, as Biden seeks a second term against a growing field of Republican candidates.

(Reporting by Jeff Mason and Trevor Hunnicutt; Editing by Heather Timmons, Alistair Bell and Diane Craft)

By Jeff Mason and Trevor Hunnicutt

WASHINGTON (Reuters) – U.S. President Joe Biden declared a “crisis averted” on Friday in his first address from the White House’s Oval Office, as he touted the passage of a bill to raise the U.S. debt ceiling and curb spending.

Biden, a Democrat, said he would sign the bill into law on Saturday, concluding months of uncertainty and averting what would have been a first-ever U.S. default as early as June 5.

“It was critical to reach an agreement, and it’s very good news for the American people. No one got everything they wanted. But the American people got what they needed,” Biden said while sitting at the historic “Resolute Desk” in the presidential office.

After nail-biting negotiations, both the Senate and the House of Representatives passed a bill this week that lifts the government’s $31.4 trillion debt ceiling.

Biden said to preserve U.S. economic progress it was critical to keep the country’s full faith and credit in tact. The new law averted a crisis, he said.

“The stakes could not have been higher,” Biden said.

The president, who is running for re-election, noted other bipartisan bills he has signed and offered praise to Kevin McCarthy, the Republican speaker of the House of Representatives, who was his primary negotiating partner.

“The final vote in both chambers was overwhelming,” Biden said. The Senate voted 63 to 36 to approve the bill, and the House 314 to 117.

Fitch Ratings said on Friday the United States’ “AAA” credit rating would remain on negative watch, despite the agreement that will allow the government to meet its obligations.

U.S. presidents have generally reserved an address from the Oval Office for the most significant, and dramatic of events: the attacks of Sept. 11, 2001, for example, or the Challenger space shuttle explosion.

The White House said Biden was making his remarks there because of the gravity of the situation had the debt ceiling not been raised.

Former President Ronald Reagan spoke to the nation from the Oval Office after the explosion of the Challenger space shuttle in 1986; and former President George W. Bush used the venue to address the country after the Sept. 11, 2001 attacks. Former President Barack Obama made remarks from the Oval Office in the aftermath of the 2010 BP oil spill in the Gulf Coast.

Biden, who came into office in January 2021, has spoken before to the nation during ‘primetime’ hours, including his State of the Union addresses from the Capitol and a speech from the White House East Room during the COVID-19 pandemic.

But the Friday night address is his first from the Oval Office, a setting that highlights the power and authority of the presidency, as Biden seeks a second term against a growing field of Republican candidates.

(Reporting by Jeff Mason and Trevor Hunnicutt; Editing by Heather Timmons, Alistair Bell and Diane Craft)

WASHINGTON (Reuters) – President Joe Biden may sign the bill lifting the U.S. debt ceiling as soon as Saturday, according to the White House.

Spokesperson Karine Jean-Pierre said on Friday the signing would take place after Congress finishes its work to finalize the bill.

(Reporting by Jeff Mason; Writing by Trevor Hunnicutt; Editing by Chris Reese)

WASHINGTON (Reuters) – President Joe Biden may sign the bill lifting the U.S. debt ceiling as soon as Saturday, according to the White House.

Spokesperson Karine Jean-Pierre said on Friday the signing would take place after Congress finishes its work to finalize the bill.

(Reporting by Jeff Mason; Writing by Trevor Hunnicutt; Editing by Chris Reese)

By Jeff Mason

WASHINGTON (Reuters) -U.S. President Joe Biden will declare a “crisis averted” on Friday in his first address from the White House’s Oval Office to tout the passage of a bill to raise the U.S. debt ceiling and curb spending.

Biden, a Democrat, will speak at 7 p.m. ET (2300 GMT) about the issue, which has dominated Washington and roiled investors in recent weeks but had little impact to date on most American voters.

After nail-biting negotiations, both the Senate and the House of Representatives passed a bill that lifts the government’s $31.4 trillion debt ceiling, averting what would have been a first-ever default as early as June 5.

“Essential to all the progress we’ve made in the last few years is keeping the full faith and credit of the United States and passing a budget that continues to grow our economy and reflects our values as a nation,” Biden will say, according to excerpts released ahead of time by the White House.

“And that’s why I’m speaking to you tonight. To report on a crisis averted and what we are doing to protect America’s future. Passing this budget agreement was critical. The stakes could not have been higher.”

Fitch Ratings said on Friday the United States’ “AAA” credit rating would remain on negative watch, despite the agreement that will allow the government to meet its obligations.

U.S. presidents have generally reserved an address from the Oval Office for the most significant, and dramatic of events: the attacks of Sept. 11, 2001, for example, or the Challenger space shuttle explosion.

The White House said Biden was making his remarks there because of the gravity of the situation had the debt ceiling not been raised.

Former President Ronald Reagan spoke to the nation from the Oval Office after the explosion of the Challenger space shuttle in 1986; and former President George W. Bush used the venue to address the country after the Sept. 11, 2001 attacks. Former President Barack Obama made remarks from the Oval Office in the aftermath of the 2010 BP oil spill in the Gulf Coast.

Biden, who came into office in January 2021, has spoken before to the nation during ‘primetime’ hours, including his State of the Union addresses from the Capitol and a speech from the White House East Room during the COVID-19 pandemic.

But the Friday night address is his first from the Oval Office, a setting that highlights the power and authority of the presidency, as Biden seeks a second term against a growing field of Republican candidates.

(Reporting by Jeff Mason; Editing by Heather Timmons, Alistair Bell and Diane Craft)

(Reuters) – Churchill Downs on Friday said it would suspend racing as it conducts a “top-to-bottom” safety review following the death of 12 horses at the famed Kentucky track in the past month.

Racing will be halted from June 7 through the remainder of the Spring Meet, which concludes on July 3. This weekend’s races will go ahead as scheduled and the remainder of the meet will be relocated to Ellis Park in Henderson, Kentucky.

Investigations by the Horseracing Integrity and Safety Authority (HISA), Churchill Downs and the Kentucky Horse Racing Commission have yet to identify a reason for the spike in equine fatalities, which overshadowed last month’s Kentucky Derby.

HISA’s track surface expert submitted his review of the racing surface at Churchill Downs earlier on Friday and found there were “no primary areas for concern” and that it was consistent with previous years.

Given that the surface does not appear to be the issue, animal rights activists questioned the logic of moving the races to Ellis Park.

“If the track surface was the singular cause of the rash of horse deaths at Churchill Downs, changing the racing venue might make sense,” said Wayne Pacelle, president of Animal Wellness Action.

“But it’s apparent that there’s more at work here than track surface threats.

“We renew our request that Churchill Downs suspend its racing schedule until there is a proper forensic analysis of the horse deaths and a comprehensive plan to remediate future deaths.

“This is a response, but it feels like a shell-game response.”

(Reporting by Rory Carroll in Los Angeles; Editing by Ken Ferris)

By Jeff Mason

WASHINGTON (Reuters) -U.S. President Joe Biden will declare a “crisis averted” on Friday in his first address from the White House’s Oval Office to tout the passage of a bill to raise the U.S. debt ceiling and curb spending.

Biden, a Democrat, will speak at 7 p.m. ET (2300 GMT) about the issue, which has dominated Washington and roiled investors in recent weeks but had little impact to date on most American voters.

After nail-biting negotiations, both the Senate and the House of Representatives passed a bill that lifts the government’s $31.4 trillion debt ceiling, averting what would have been a first-ever default as early as June 5.

“Essential to all the progress we’ve made in the last few years is keeping the full faith and credit of the United States and passing a budget that continues to grow our economy and reflects our values as a nation,” Biden will say, according to excerpts released ahead of time by the White House.

“And that’s why I’m speaking to you tonight. To report on a crisis averted and what we are doing to protect America’s future. Passing this budget agreement was critical. The stakes could not have been higher.”

Fitch Ratings said on Friday the United States’ “AAA” credit rating would remain on negative watch, despite the agreement that will allow the government to meet its obligations.

U.S. presidents have generally reserved an address from the Oval Office for the most significant, and dramatic of events: the attacks of Sept. 11, 2001, for example, or the Challenger space shuttle explosion.

The White House said Biden was making his remarks there because of the gravity of the situation had the debt ceiling not been raised.

Former President Ronald Reagan spoke to the nation from the Oval Office after the explosion of the Challenger space shuttle in 1986; and former President George W. Bush used the venue to address the country after the Sept. 11, 2001 attacks. Former President Barack Obama made remarks from the Oval Office in the aftermath of the 2010 BP oil spill in the Gulf Coast.

Biden, who came into office in January 2021, has spoken before to the nation during ‘primetime’ hours, including his State of the Union addresses from the Capitol and a speech from the White House East Room during the COVID-19 pandemic.

But the Friday night address is his first from the Oval Office, a setting that highlights the power and authority of the presidency, as Biden seeks a second term against a growing field of Republican candidates.

(Reporting by Jeff Mason; Editing by Heather Timmons, Alistair Bell and Diane Craft)

By Jeff Mason

WASHINGTON (Reuters) -U.S. President Joe Biden will declare a “crisis averted” on Friday in his first address from the White House’s Oval Office to tout the passage of a bill to raise the U.S. debt ceiling and curb spending.

Biden, a Democrat, will speak at 7 p.m. ET (2300 GMT) about the issue, which has dominated Washington and roiled investors in recent weeks but had little impact to date on most American voters.

After nail-biting negotiations, both the Senate and the House of Representatives passed a bill that lifts the government’s $31.4 trillion debt ceiling, averting what would have been a first-ever default as early as June 5.

“Essential to all the progress we’ve made in the last few years is keeping the full faith and credit of the United States and passing a budget that continues to grow our economy and reflects our values as a nation,” Biden will say, according to excerpts released ahead of time by the White House.

“And that’s why I’m speaking to you tonight. To report on a crisis averted and what we are doing to protect America’s future. Passing this budget agreement was critical. The stakes could not have been higher.”

Fitch Ratings said on Friday the United States’ “AAA” credit rating would remain on negative watch, despite the agreement that will allow the government to meet its obligations.

U.S. presidents have generally reserved an address from the Oval Office for the most significant, and dramatic of events: the attacks of Sept. 11, 2001, for example, or the Challenger space shuttle explosion.

The White House said Biden was making his remarks there because of the gravity of the situation had the debt ceiling not been raised.

Former President Ronald Reagan spoke to the nation from the Oval Office after the explosion of the Challenger space shuttle in 1986; and former President George W. Bush used the venue to address the country after the Sept. 11, 2001 attacks. Former President Barack Obama made remarks from the Oval Office in the aftermath of the 2010 BP oil spill in the Gulf Coast.

Biden, who came into office in January 2021, has spoken before to the nation during ‘primetime’ hours, including his State of the Union addresses from the Capitol and a speech from the White House East Room during the COVID-19 pandemic.

But the Friday night address is his first from the Oval Office, a setting that highlights the power and authority of the presidency, as Biden seeks a second term against a growing field of Republican candidates.

(Reporting by Jeff Mason; Editing by Heather Timmons, Alistair Bell and Diane Craft)