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Business News/ News / World/  'Compromise' debt bill will prevent ‘catastrophic default’: US President Biden

US President Joe Biden expressed his approval of a preliminary agreement reached on increasing the nation's $31.4 trillion debt ceiling, considering it "an important step forward." 

As reported by Reuters, Biden described the agreement as a compromise that successfully safeguarded the key priorities of the Democratic party.

"The agreement represents a compromise, which means not everyone gets what they want," he said in a statement. "That's the responsibility of governing."

Biden further added that over the next day, negotiating teams will finalize the legislative text, and the agreement will proceed to the U.S. House and Senate for further consideration.

Biden urged both chambers of Congress to pass the US debt agreement promptly.


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Updated: 28 May 2023, 08:34 AM IST
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