Two days before the Treasury Department estimated it would run out of money to pay the nation’s debts, President Biden signed into law today a bill that suspends the debt ceiling, cuts federal spending and avoids a government default as part of a deal that ended months of partisan wrangling.

In an Oval Office address on Friday night, Biden said that in addition to avoiding the dire financial consequences of a default, the measure would maintain gains from the wide-ranging agenda he had pushed through during his first two years in office.

And it bolstered the argument that is expected to be at the heart of his pitch for a second term: that he is a seasoned, competent leader who is able to deliver results in a polarized nation.

“Passing this budget agreement was critical. The stakes could not have been higher,” Biden said. “No one got everything they wanted, but the American people got what they needed. We averted an economic crisis and an economic collapse.”... Read More: Washington Post