During a recent press conference on MAY 28, 2023, President Biden announced the bipartisan budget agreement reached between himself and Speaker McCarthy, highlighting its significance for the American people and the nation's economy. The President emphasized that this agreement eliminates the threat of catastrophic default, safeguarding the hard-earned gains of the historic economic recovery.

President Biden acknowledged that compromise was an essential part of the negotiation process, as no party obtained everything they wanted. Nonetheless, he expressed confidence that the agreement would benefit the American people by preventing a recession, protecting retirement accounts, and preserving millions of jobs.

The President emphasized the agreement's commitment to key priorities and values that Democrats and he have long fought for, including investments in job creation, the protection of Social Security, Medicare, and veterans, among other important initiatives.

President Biden made it clear that a bipartisan agreement was the only path forward. The agreement will now proceed to the United States House and Senate, and the President urged both chambers to pass it swiftly.

During the Q&A session, the President addressed questions regarding the debt ceiling and the compromise made. He clarified that the negotiations did not involve compromising on the debt ceiling itself, but rather on the budget and spending cuts. President Biden emphasized the importance of passing the debt ceiling and subsequently negotiating the budget separately.

In response to queries about concessions made and concerns from within his party, the President asserted that critics would discover that he had not made excessive concessions in the deal. He highlighted the challenges inherent in the process and emphasized the need to find alternatives.

When asked about the impact of the negotiation process on allies and adversaries of the United States, President Biden acknowledged that these situations have occurred in the past and may happen again. However, he expressed confidence that such scenarios would not arise for at least another two years and possibly longer.

Regarding the suggestion of abolishing the debt limit, the President noted that doing so would likely generate more controversy. However, he mentioned exploring the possibility of reconsidering the debt limit's impact in the future, specifically in relation to the 14th Amendment.

In response to inquiries about Speaker McCarthy's ability to secure the votes, President Biden expressed confidence in the Speaker's negotiation and stated that he believed McCarthy negotiated in good faith.

As the press conference concluded, the President responded to additional questions, including inquiries about the elections in Turkey, assertions that the policy may lead some to go hungry, and whether earlier negotiations would have yielded different outcomes. President Biden provided brief responses to each question, addressing the issues at hand.

President Biden's remarks highlight the importance of the bipartisan budget agreement and its positive impact on the nation's economy. The agreement represents a significant step forward in safeguarding the country's financial stability while fulfilling key priorities and values. The President's commitment to reaching a compromise and his emphasis on the best interests of the American people underscore the administration's dedication to effective governance.