Washington D.C. – President Joe Biden made an Oval Office address yesterday after signing a debt limit deal to avoid a catastrophic default in the United States. The deal was reached with slow and quiet work from both parties, according to MSNBC’s Ali Velshi, who praised Biden for the compromise.

Biden and House Minority Leader Kevin McCarthy both came out as winners in the bipartisan debt ceiling deal. Bloomberg reported that the compromise could help bridge the political divide and lead to further cooperation in Congress.

However, the Senate surprised many by overturning Biden’s student loan program in the midst of the debt ceiling debate. The Hill reported that this move could be seen as a way for Republicans to make up for their lack of support for the debt limit increase.

The debt limit deal comes after weeks of negotiations and the threat of a potential economic disaster. USA Today reported that the Treasury Department warned that failure to raise the $28.4 trillion debt ceiling could result in a recession “even worse” than the 2008 financial crisis.

As part of the deal, both Democrats and Republicans have agreed to suspend the debt ceiling until December 2022. This means that the government can continue to borrow funds to pay its bills and avoid a default.

In his address, Biden called the agreement a “sensible and necessary step” to ensure the country’s financial stability. He also urged Congress to work on long-term solutions to address the country’s debt.

Now that the debt limit issue has been resolved, lawmakers can focus on other pressing matters such as the infrastructure bill and voting rights legislation.