President Biden addresses nation after passage of debt ceiling bill

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120th STREET. FOUR PEOPLE SUFFERING MINOR INJURIES. CAUSE OF THE FIRE UNDER INVESTIGATION. >>> PRESIDENT BIDEN ADDRESSED THE NATION FOLLOWING THE PASSAGE OF A BIPARTISAN DEBT CEILING BILL. >> THIS IS THE FIRST OVAL OFFICE ADDRESS THE PRESIDENT HAS EVER GIVEN AND IT COMES AT AN UNUSUAL TIME. FRIDAY NIGHT HEADING INTO SUMMER MONTHS. CRITICS SUGGEST HE IS TRYING TO CHANGE THE SUBJECT FROM A TRIP AND FALL HE TOOK THIS WEEK, BUT MR. BIDEN SAYS HE WANTS TO EMPHASIZE UNITY. >> I KNOW BIPARTISANSHIP IS HARD AND UNITY IS HARD, BUT WE CAN NEVER STOP TRYING. >> Reporter: PRESIDENT BIDEN TOOK A VICTORY LAP WITH HIS DEBT CEILING AGREEMENT HE BROKERED WITH HOUSE SPEAKER KEVIN McCARTHY. >> THE AMERICAN PEOPLE GOT WHAT THEY NEEDED. REVERTED AN ECONOMIC CRISIS. ECONOMIC COLLAPSE. >> Reporter: INDEED, THOSE WHO DID NOT GET WHAT THEY WANTED INCLUDED SOME DEMOCRATS. >> THIS IS ABOUT PAYING THE RANSOM TO A BUNCH OF HOSTAGE TAKERS. AND THAT IS NOT HOW WE SHOULD RUN THIS GOVERNMENT. >> Reporter: THE BILL ESSENTIALLY FREEZES DOMESTIC SPENDING FOR TWO YEARS AND HIKES PENTAGON SPENDING BY 3%, BUT THAT WAS NOT ENOUGH FOR SOME GOP HARDLINERS. >> THE PEOPLE WHO NEGOTIATED THIS -- I WOULDN'T LET THEM BUY ME A CAR. >> THE HARD RIGHT MAGA REPUBLICANS WANTED TO CUT CRITICAL INVESTMENTS BY AS MUCH AS 30%. AS WE SAY IN BROOKLYN, N FW. THAT AIN'T HAPPENING. >> Reporter: U.S. EMPLOYERS ADDED 339,000 MORE JOBS IN MAY, NEARLY DOUBLE WHAT ECONOMISTS HAD BEEN PREDICTING. BUT SOME BUSINESSES STILL CANNOT FILL JOBS. >> WE ASK OUR EMPLOYEES, DO YOU KNOW OF ANYONE LOOKING FOR PART- TIME, FULL-TIME WORK? REMAKE SOME ANALYSTS SAY THE ECONOMY IS STILL OVERHEATED EVEN AFTER 10 STRAIGHT INTEREST RATE HIKES. >> THE FED IS ACTUALLY NOW IN A TOUGH POSITION. THEY MAY BE FORCED TO RAISE INTEREST RATES BY ANOTHER QUARTER OF A PERCENTAGE POINT BECAUSE THE LABOR MARKET IS STILL FAIRLY STRONG. >> Reporter: MR. BIDEN SAYS HE WILL SIGN THE AGREEMENT TOMORROW AHEAD OF MONDAY'S DEADLINE.
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Channel: CBS New York
Views: 571,315
Rating: undefined out of 5
Keywords: CBS2 News At 11, Joe Biden
Id: Feu6L-M1iVE
Channel Id: undefined
Length: 2min 15sec (135 seconds)
Published: Sat Jun 03 2023
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