The Blubber

Per The White House

Recently, a bipartisan budget agreement has been reached, and US President Joe Biden explained the situation, clarifying that the debt ceiling wasn't compromised, only the budget.

In a recent briefing, Biden was asked to clarify what had happened since previously; the US President said that the debt ceiling wasn't negotiable. Biden was then asked if what had just happened was exactly what he said wouldn't happen.

Biden then explained that initially, to pass the debt ceiling, the Republicans wanted certain cuts. The US President then reiterated what he said, detailing what he wanted to happen.

Biden: "I’m not going to do that. You pass the debt ceiling, period. I’ll negotiate with you on the cuts — what you say what’s going to happen, what the budget is going to look like.”

He then clarified that he didn't make a compromise regarding the debt ceiling, only the budget.

In a follow-up question, the US President was asked if he did exactly what was requested, for them to make a compromise on the budget.

Biden: "Sure. Yeah. Well — (laughs) — can you think of an alternative?"

The question came after Biden's speech which shared how the bipartisan budget agreement was good news for "the American people" as the X-date was approaching. The US President also shared how the agreement included a compromise with nobody getting everything they wanted.

He then shared how if the agreement didn't happen and the US would first-ever default on its debt, the country would experience an economic recession, devastation of retirement accounts, and the loss of millions of jobs.

Joe Biden and Kevin McCarthy, the Republican House speaker, have tentatively agreed to raise the US federal government debt ceiling of $31.4 trillion just a few days before the deadline. This agreement resulted from a 90-minute Saturday evening call between the two.

See flow at unusualwhales.com/flow.

Other News:

• Biden says the bipartisan budget agreement is good news for 'the American people'
• BIDEN, MCCARTHY HAVE REACHED A DEBT-LIMIT DEAL IN PRINCIPLE

Resources:

The White House