President Biden to sign bipartisan debt deal into law after Senate approval

President Joe Biden says he will sign the Fiscal Responsibility Act into law on Saturday after the Senate voted in favor of the budget agreement. The president hailed bipartisan cooperation as key to achieving the deal. He commended House Speaker Kevin McCarthy and other Republican leaders for negotiating in good faith.

President Biden said neither Republicans nor Democrats got everything they wanted, but that the American people got what they needed. He said by agreeing to compromise, an economic crisis was averted.

Senate Majority Leader Chuck Schumer says some Republicans were willing to allow the country to default on its debt. He said “MAGA Republicans” should know that their position on debt won’t work. Senate Minority Leader Mitch McConnell says the Fiscal Responsibility Act is an “important step towards fiscal sanity.” He says Republicans have and will continue to rein in “Democrats’ reckless spending.”

Meanwhile, Sen. Ted Cruz says he is disappointed that the Senate voted in favor of the debt ceiling agreement. He is “upset this agreement did not cut more, and I’m frustrated this agreement adds a lot to the debt in exchange for relatively few spending cuts.” Sen. Cruz says there is no reason for the U.S. to maintain COVID-emergency spending levels.

Sen. Tim Kaine said while he voted in favor of the bill to avert a default, he was disappointed he was unable to strip the bill of its Mountain Valley Pipeline provision. He had introduced an amendment on Thursday to stop fast-tracking the pipeline, which allegedly “takes away Virginians’ land.” He said the corporation behind the pipeline shouldn’t be allowed to bypass due process by going to Congress.