President Biden Oval Office Address on Debt Limit Deal

my fellow Americans when I ran for president I was told the days of bipartisanship were over and the Democrats and Republicans no longer work together but I refuse to believe that because America can never give in to that way of thinking the only way American democracy can function is through compromising consensus and that's what I work to do as your president you know to forge bipartisan agreement where it's possible and where it's needed I've signed more than 350 bipartisan laws thus far almost two and a half years including the historic law that rebuilding America so that we can rank number one in the world in infrastructure instead of where we're ranked now number 13 in the world another historic law rebuilding our manufacturing base so that will lead the world once again in making semiconductor chips so much more and so many more and so many more sophisticated ones and now a bipartisan budget agreement this is vital because it's because it's essential to the progress we made over the last few years is keeping full faith and credit of the United States of America and passing a budget that continues to grow our economy and reflects our values as a nation that's why I'm speaking tonight to report on the crisis averted and what we're doing to protect America's future passing this budget agreement was critical the stakes could not have been higher if we had failed to reach an agreement on the budget there were extreme voices threatening to take America for the first time in our 247-year history into default on our national debt nothing nothing would have been more irresponsible nothing would have been more catastrophic our economy would have been thrown into recession retirement accounts for millions of Americans would have been decimated eight million Americans would have lost their jobs the fault would have been have destroyed our nation's credit rating which would have made everything from mortgages to car loans to funding for the government much more expensive and we're taking years to climb out of that hole and America's standing as the most trusted reliable Financial partner in the world would have been shattered so 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 we averted an economic crisis an economic collapse we're cutting spending and bringing the deficits down at the same time we're protected important priorities from Social Security to Medicare to Medicaid to Veterans to our transformational investments in infrastructure and clean energy I want to commend Senator speaker McCarthy you know he and I we and our teams were able to get along get things done we were straightforward to one another completely honest with one another and respectful with one another both sides operated in good faith both sides kept their word I also want to commend other Congressional leaders House minority leader Jeffries Senate majority leader of Schumer Senate minority leader McConnell they acted responsibly and put the good of the country ahead of politics a final vote in both Chambers was overwhelming far more bipartisan than anyone thought was possible so I want to thank the members of Congress who voted to pass this agreement which I'm going to sign tomorrow and become the law so here's what the deal does first it cuts spending and over the next 10 years the deficit will be cut by more than one trillion dollars and that'll be on top of the record 1.7 trillion 1.7 trillion dollars I already cut the deficit in my first two years in office and it's clear we're all in a much more fiscally responsible course than the one I inherited when I took office four years ago when I came to office the deficit had increased every year the previous four years and nearly eight trillion dollars would add to the national debt in the last Administration and now we're turning things around and that's good for America you know my dad used to have an expression he said Joey don't tell me what your value show me your budget I'll tell you what you value that's at the heart of this debate what do we value protecting seniors you may remember during my State of the Union Address there were Spirit there was a spirit exchange between me and a few Republicans spontaneously occurring on the floor of the House of Representatives I was pointing out there for years some of them were putting forward proposals to cut Social Security Medicare and some of them that night took exception and they said very loudly that that wasn't true so I asked them on the floor that night I said ask them a simple question will you agree not to cut Social Security not to cut Medicare would they agree to protect these essential programs they're a Lifeline for millions of Americans programs that these Americans have been paying and do every single paycheck they've earned since they started working and it provides so much peace of mind with the bright lights and cameras on those few Republicans who were protesting they agreed they said they wouldn't cut it that's how we protected Social Security Medicare from the beginning and from a being cut period Health Care was another priority for me a top priority I made it clear from the outset I would not agree to any Cuts in Medicaid another essential Lifeline for millions of Americans including children in poverty the elderly and nursing homes and Americans living with disabilities Original House Republican proposal would have cut health care for up to 21 million Americans on Medicaid and I said no Medicare is protected and so were millions of people most in need look I've long believed that the only one truly sacred obligation that the government has is to prepare those we send into Harm's Way and care for them and their families when they come home and when they don't come home that's why my last budget provided VA hospitals with additional funding for more doctors nurses and equipment to accommodate the needs of veterans and more appointments house Republican plan would have met 30 fewer million VA Health Care visits for our veterans we didn't let that happen in addition this bill fully funds the bipartisan pact act the most significant law in decades for veterans exposed to toxic burn pits and for their families expands access to those veterans and their families to health care and to disability benefits look we're investing in America and our people and in our future we've created over 13 million new jobs nearly 800 000 manufacturing jobs where is it written in America can't lead the world again in manufacturing unemployment is at 3.7 percent more Americans are working today than ever in the history of this country and inflation has dropped 10 straight months in a row in this debate I refused to put what was responsible for all this economic progress on The Chopping Block this bipartisan agreement protects the law that will help us build the best infrastructure in the world fully protects the chips and science act which is going to bring key parts of our supply chain to America so not to rely on others like semiconductors those tiny computer chips smaller than the tip of your finger that affect nearly everything we rely on from cell phones to having billion automobiles to the most sophisticated weapon systems and so much more we protected another law that I passed in sign last year that finally beat big Pharma which I've been trying to do for over 30 years it finally gives Medicare the power to negotiate lower drug prices just like the VA has been able to do for veterans this law is already dramatically cut the cost of insulin for seniors from as much as four hundred dollars a month to just 35 dollars a month for insulin negotiating lower drug prices not only saves seniors a lot of money it saves the country a lot of money a hundred and sixty billion dollars it's not having to be paid out because we're drug prices are more rational we pay the highest drug prices of any industrial nation in the world and it's just the beginning you know we also protected the most significant breakthrough ever ever in dealing with the existential threat of climate change today new wind and solar power is cheaper than fossil fuel since I've been in office clean energy and advanced manufacturing have brought in 470 billion dollars in private Investments it's going to create thousands of jobs good paying jobs all across this country and help the environment at the same time remember at the beginning of this debate some of our Republican colleagues are determined and got the clean energy Investments I said no we kept them all and there's one and there's so much more to do we're going to do even more to reduce the deficit we need to control spending if we're going to do that but we also have to raise revenue and go after tax cheats and make sure everybody's paying their fair share no one I promise no one making less than four hundred thousand dollars a year will pay a penny more in federal taxes but like most of you at home I know the federal tax system isn't fair that's why I kept my commitment again that no one earning less than four hundred thousand dollars a year will pay a penny more in federal taxes that's why last year I secured more funding to go more IRS funding to go after wealthy tax cheats the nonpartisan Congressional budget office and it is nonpartisan says that this bill will bring in 150 billion dollars and other outside experts expect that it would save as much as 400 billion dollars because it's forcing people to pay their fair share Republicans may not like it but I'm going to make sure the wealthy pay their fair share I'm also proposed closing over a dozen special interest tax loopholes for Big Oil crypto Traders hedge fund billionaires saving taxpayers billions of dollars Republic Republicans defended every single one of these special interest loopholes every single one but I'm going to be coming back and with your help I'm going to win right now catch this right now the average billionaire in America pays just eight percent in federal taxes eight percent teachers and firefighters pay more than that that's why I proposed the minimum tax for billionaires Republicans are against it but I'm going to keep fighting for it no billionaire should pay less in federal taxes than the teacher or firefighter look let me close with this I know bipartisanship is hard and unity is hard but we can never stop trying because I'm almost like this one the ones we just faced where the American economy and the world economy is at risk of collapsing there's no other way no matter how tough our politics gets we need to see each other it's not as adversaries but as fellow Americans treat each other with dignity and respect to join forces As Americans the sub shouting lower the temperature and work together to pursue progress secure prosperity and keep the promise of America for everybody as I've said my inaugural address without Unity there is no peace only bitterness and shooting and fury and we can never become that country I can honestly say I can honestly say to you tonight that I've never been more optimistic about America's future we just need to remember who we are we are the United States of America and there's nothing nothing we can't do when we do it together thank you all for listening taking the time tonight to listen to me may God bless you all and may God protect our troops thank you

Channel: C-SPAN

Views: 294,242

Keywords: President of the United States, Oval Office, White House, Compromise, Democrats, Republicans, Joe Biden, C-SPAN, CSPAN, Debt Limit

Id: EhL0Z51OiBY

Length: 12min 50sec (770 seconds)

Published: Fri Jun 02 2023