President Biden is expected to address the nation after Congress passed a bill to raise the government's borrowing limit in bipartisan fashion after weeks of tense negotiations between President Biden and Republican House leaders.
His speech comes after the Senate passed a deal on Thursday negotiated between President Biden and House Speaker Kevin McCarthy.
The bipartisan deal would suspend the debt limit with no cap until Jan. 1, 2025 and slashes non-defense spending to near fiscal year 2022 levels, pulls back on new funding set to go towards the IRS in addition to clawing back some unspent COVID-19 pandemic-era funds. The bill also caps spending increases at 1% for the following year.
Biden will speak to the nation from the White House on Friday at 7 p.m.
SENATE PASSES BIPARTISAN DEBT CEILING BILL, SENDS TO BIDEN’S DESK
President Joe Biden speaks in the Roosevelt Room of the White House, Sunday, May 28, 2023, in Washington. (AP Photo/Manuel Balce Ceneta)
After the bill's passage by the Senate on Thursday, Biden said it represents a win for Americans.
HOUSE PASSES MCCARTHY-BIDEN DEBT CEILING DEAL, SENDS TO SENATE FIVE DAYS BEFORE FUNDING CRUNCH
Speaker of the House Kevin McCarthy, R-Calif., talks to reporters just after the Republican majority in the House narrowly passed a sweeping debt ceiling package as they try to push President Joe Biden into negotiations on federal spending, at the Capitol in Washington, Wednesday, April 26, 2023. (AP Photo/J. Scott Applewhite)
"No one gets everything they want in a negotiation, but make no mistake: This bipartisan agreement is a big win for our economy and the American people," Biden said in a statement.
President Joe Biden gestures during a news conference in Hiroshima, Japan, Sunday, May 21, 2023, following the G-7 Summit. (AP Photo/Susan Walsh)
With the bill's passage and Biden's expected signature, Washington will avoid a default on government debt, which the Treasury Department was predicting could happen on June 5.
Fox News' Elizabeth Elkind and the Associated Press contributed to this report.