US President Joe Biden emphasized the urgent need of increasing the US borrowing ceiling during his inaugural Oval Office address, saying that doing so was essential to preventing a catastrophic economic collapse.

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Biden expressed his appreciation for his Republican colleagues’ sincere efforts and readiness to work together on this important issue in a rare show of gratitude. The bill is anticipated to be signed into law by the Democratic president after receiving backing from both parties in Congress. He stressed the severity of the situation, warning that the country would have suffered greatly if the $31.4 trillion debt had been defaulted on by the deadline on Monday.

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Though, Biden’s motive with this deal was to ensure the security and stability of the US economy by addressing the requirement to increase the borrowing ceiling. The fact that this initiative has gotten bipartisan support shows that both parties are committed to putting the country’s financial security first and that they are aware of the potential repercussions of delaying action.

President Biden while praising Republican Speaker of the House Kevin McCarthy and Rep. Senate Mitch McConnell said, “They acted responsibly, and put the good of the country ahead of politics.”

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In the past weeks, the White House and Republicans have had multiple discussions regarding the Debt Ceiling Policy, which had the uncertainty of the package’s finalization before the US government drained their funds on June 5. The bill was passed in the Senate by 63-36 on Thursday, after clearance in the House of Representatives.

The Debt Ceiling deal suspends the debt limit till January 1, 2025, and imposes a cap on non-defense spending. It focuses on food and healthcare assistance along with other provisions.

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The ruling will also increase funding for military veterans’ medical care which Biden stresses on. It will also result in $1.5 trillion in saving over a decade. However, the deal was severely criticized by several Republican and Democrat leaders.