President Biden Addresses the Nation

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>> Good, welcome to special coverage of president Biden's speech to the nation from the oval office.

The president will tout the bipartisan agreement to suspend the debt ceiling regarding an economic disaster.

For those expecting the newshour, we will join the program following the speech.

Stations will return you to regular pbs programming at the conclusion of the president's remarks.

>> The agreement suspends the debt ceiling for two years in the president will expect to sign it tomorrow days before the U.S. Would have round of money to pay bills.

Let's go to Laura Baran Lopez.

What are we expecting to hear from president Biden?

>> He's going to take a victory lap, talk about his role in averting this crisis.

What was at stake.

He will talk about the fact he was able to bring people together.

The president likes to talk about how he has worked in bipartisan fashion with Republicans and in the face of a potential default he was able to work with him.

He's going to talk about making it in the bill, cuts to medicare and medicaid.

>> In just a moment, we will be joining president Biden addressing the nation live from the oval office.

Now to the president.

>> My fellow Americans.

When I ran for president, I was told the days of bipartisanship were over, and Democrats and Republicans will no longer work together.

I refused to believe that, because America can ever given to that way of thinking.

Only way American democracy can function is through compromising its interests.

That is what I work to do as your president.

To forge bipartisan agreement where possible and where needed.

I've signed more than 350 bipartisan laws thus far almost two point five years, including the historic law rebuilding America so we can rank number one in the world in infrastructure instead of number 13 in the world where we are now.

Rebuilding our manufacturing base so we will lead the world once again making semiconductor chips so much more sophisticated.

Now a bipartisan budget agreement.

This is vital.

It is essential to the progress we have made over the last few years.

Keeping full faith in credit of the United States of America and passing a budget that continues to grow our economy and reflect our values as a nation.

That is why I'm speaking tonight, to where board -- speak on the crisis averted and what we will do to protect America's future.

Passing this agreement was critical.

The stakes could not have been higher.

If we had failed to reach an agreement on the budget, if there were extreme voices threatening to take America for the first time in our history, and a default on our national debt, nothing would have been more irresponsible or catastrophic.

Our economy would have been thrown in recession, retirement accounts for millions would have been decimated.

8 million Americans would have lost their jobs.

Default would have destroyed our nations credit rating, which would have made everything from mortgages, car loans, funding from the government much more expensive.

It would take years to climb out of the hole.

And America is standing as the most trusted financial partner in the world, it would have been shattered.

It was critical to reach an agreement.

It is good news for the American people.

No one got everything they wanted, but the American people got what they needed.

We reverted an economic crisis, economic collapse.

We are cutting spending and bringing deficits down at the same time.

We are protecting important priorities from social security, medicare, medicaid, veterans, transformational investments in infrastructure and clean energy.

I want to commend speaker Mccarthy.

We were able to get along, get things done.

We were straightforward with one another, completely honest with one another, respectful with one another.

Both sides operated in good faith and capped their word.

I want to commend other congressional leaders.

House minority leader Jeffries, senate Schumer, senate majority leader Mcconnell.

They acted responsibility and put the good of the country ahead of the politics.

Far more bipartisan than anyone thought was possible.

I want to thank the members of congress who voted to pass this agreement, which I'm going to sign tomorrow to become law.

Here's what the deal does.

It cuts spending.

Over the next 10 years, the deficit will be cut by more than $1 trillion.

That will be on top of a record $1.7 trillion.

I already cut the deficit in my first two years in office.

It is clear we are all in a much more fiscally responsible course than the one I inherited four years ago.

When I came to office it -- office, the deficit increased every year.

Nearly $8 trillion were added to the national debt.

Now we are turning things around.

That is good for America.

My dad used to have an expression, he said don't on the what you value, show me your budget, I will tell you your value.

That is at the heart of this debate.

What do we value?

Protecting seniors.

During my state of the union address, there was an exchange between me and a few Republicans on the floor of the house of representatives.

I was pointing out somewhere putting forward proposals to cut social security and medicare.

Someone that night took exception.

And said very loudly that it wasn't true.

I asked them on the floor that night, a simple question, will you agree not to cut social security, not to come medicare?

Wouldhey agree to protect these essential programs and a lifeline for millions of Americans?

Programs these Americans have been paying into every paycheck he earned since they started working.

And provide so much peace of mind.

The bright lights of cameras on come up the few Republicans protesting, they agreed.

They said they would not cut it.

That is how the cup medicare from the beginning.

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 in nursing homes, Americans living with disabilities.

The house Republican proposal would have cut health care for up to 21 million Americans on medicaid.

I said no.

Medicare is protected.

So are millions of people most in need.

I long believed the only one truly sacred obligation the government has is to prepare those we sent into harm's way and care for them and their families when they come home and when they don't come home.

That is why my last budget provided V.A.

Hospitals with additional funding for more doctors, nurses, and equipment to accommodate the needs of veterans and more appointments, the house Republican plan would have met 30 fewer million V.A.

Health care visits for our veterans.

We did not let that happen.

In addition, the bill fully funds the bipartisan packed act, the most significant law indicates for those exposed to docs -- toxic burn pits and their families.

Spans access to those veterans and families for health care, disability benefits.

We are investing in America, our people, and the future.

We create over 13 million new jobs.

Nearly 800,000 manufacturing jobs.

Where is it written America can't beat the world again in manufacturing?

Unemployment is 3.7%.

More Americans working today than ever in the history of this country.

Inflation has dropped 10 straight months in a row.

This debate, I refused to put what was responsible for all of this economic process on the chopping block.

This bipartisan agreement protects the law that would help us build the best infrastructure in the world.

It fully protects the chips and science act, which will keep parts of our supply chain to America.

Like semiconductors, those tiny computer chips smaller than the tip of your finger that affect nearly everything we rely on from cell phones, building out on bills for the most sophisticated weapon system and so much more.

Protecting another law that I passed, finally beating big pharma, which I have been trying to do over 30 years.

It finally gives medicare the power to negotiate lower drug races, like the V.A.

Has been able to do for veterans.

It has already cut the cost of insulin for seniors.

For as much as $400 a month to $3500, negotiating lower drug prices, normally saving seniors a lot of money, it saves the country a lot of money.

$160 billion.

Not having to be paid out because drug prices are more rational.

We paid the highest drug prices of any industrial nation in the world.

It is the beginning.

We also protected the most significant breakthrough ever.

Dealing with the existential threat of climate change.

Today, no wind and solar power, cheaper and fossil fuel.

Since I have been in office, clean energy and advanced manufacturing have brought in $470 billion of private investments.

It will create thousands of jobs, good paying jobs, all across the country.

And help the environment of the same time.

At the beginning of the debate, some Republican colleagues are determined to cut the clean energy investments.

I said no, we kept them all.

There is so much more to do.

We will do more to reduce the deficit.

We need to control spending.

We also have to raise revenue and go after tax shakes to make sure everyone is paying their fair share.

No one making less then $400,000 a year will pay a penny more in federal taxes.

Like most of your home, I know the federal tax system is not fair.

That is why I kept my commitment again.

That is why last year, I secured more funding to good more irs funding for wealthy tax chains.

A nonpartisan -- a nonpartisan presidential office says this bill will bring in $150 billion and other outside experts expect it will save as much as $400 billion.

Is it forcing people to pay their fair share?

Republicans may not like it.

I will make sure the wealthy pay their fair share.

I am also proposed to closing over one dozen special interest tax loopholes from big oil, crypto traders, hedge fund billionaires.

Saving taxpayers billions of dollars.

Republicans defended every single one of these special interest loopholes.

Every single one.

But I'm going to be coming back.

With your help I'm going to win.

Right now, the average billionaire in America pays 8% federal taxes.

Teachers and firefighters pay more than that.

That is why they proposed a minimum tax for billionaires.

Republicans are against it.

I'm going to keep fighting for it.

No billionaire should pay less in federal taxes than a teacher or firefighter.

Let me close with this.

I know bipartisanship is hard.

And unity is hard.

We can never stop trying.

Because moments like this one, once we just faced, where the American economy and world economies are at risk of collapsing, there is no other way.

No matter how tough our politics gets, when you see each other not as adversaries, but fellow Americans, treat each other with dignity and respect.

To join forces to stop shouting, lower the temperature, work together to pursue progress, secure prosperity, to keep the promise of America for everybody.

As I said in my inaugural address, without unity, there is no peace, only bitterness and fury.

We can never become that country.

I can honestly say to you I've never been more optimistic of America's future.

We just need to remember who we are.

We are the United States of America.

There is nothing we can't do if we do it together.

Thank you all for listening, taking the time to listen to me.

May god bless you all and may god protect our troops.

Thank you.

>> That was president Biden addressing the nation from the oval office with a report on the crisis averted, meaning a national default.

He also explained what was in the debt ceiling bill.

He also thought to explain how provisions in the bill are aligned with his vision and agenda for the country.

Let's go back to Laura Perrone Lopez.

This was the first oval office address of the Biden presidency.

Why did he and the white house see fit to use this as the occasion?

>> The oval office is -- it really symbolizes the center of the presidency.

He talked about the crisis averted.

The white house press secretary said earlier that the reason he was doing this at the oval office was to convey the grad of eight -- gravity of how close the country came, but how they were able to avert the catastrophic default.

You heard him outline and go through what could have happened if the country had defaulted.

Social security benefits being cut, veterans being impacted, a potential recession.

He's trying to lay out the stakes of the oval office.

>> We heard the president hailing the leadership in the house and the senate and in particular, hailing the efforts of speaker Kevin Mccarthy calling him a straightforward negotiator while he was there in good faith, they could get along and honest which -- with each other.

That can strike a lot of people based on what he knew about the relationship going into those negotiations.

Some of those meetings did not end with very nice endings.

Can you tell us about the relationship between these two men and why president Biden felt it was important to mention him specifically?

>> Heading into this entire saga, the president did not have much of a relationship with speaker Kevin Mccarthy.

He had a relationship with Mitch Mcconnell.

We know that in the last 2011 fiscal cliff crisis that they hashed out the details, to divert a default that time.

Going into this, there was much of a relationship.

He does strike bipartisan agreements at the infrastructure bill, the semiconductor one he mentioned.

If there are key Republican allies working with him across the finish line, he will give them credit.

He often jokes it might hurt them come campaign time.

But he likes to really emphasize his bipartisan nature.

It really struck me that the very first sentence out of the president's mouth talked about - - the bipartisanship was over, bipartisanship was dead when I ran for presidency, but he used this moment to explain to the American people that he's good at striking compromises.

>> Looking at this speech through the lens of the 2024 presidential race, president Biden is president, also a presidential candidate.

It has allowed the campaign to press the fact that he's a seasoned competent leader and at ultra partisan times, he's someone who's able to notch this major bipartisan achievement.

Does the campaign see it that way?

>> The speech reminded me of the 2020 campaign stump speeches where he talked about his ability to work with Republicans.

He noted he says he signed more than 350 bipartisan bills.

Another line that stood out to me was when he said the only way American democracy can function is if through compromise.

Hitting on this other no part of his 2020 campaign, and likely will be part of his reelection campaign, which is he's trying to show democracy can function, good governance is potentially good politics.

That is the way to win reelection.

>> In the few seconds we have left, a primetime address, 7:00 eastern from the oval office, not just about the debt ceiling bill, but also many other accomplishments.

What do you think they wanted to speak to by giving this address at this moment?

>> We heard the president talk about the economy.

They are clearly trying to reach a number of those voters that are still feeling unsteady about the president.

His approval rating has not really bounce back.

And they are trying to talk to him about the fact he's doing what is necessary.

>> Laura Perrone Lopez at the white house.

For the viewers watching this special coverage, we return you to your regular pbs station program.

For those watching the newshour,