President Joe Biden will reiterate that neither party got "everything" they wanted in the debt ceiling negotiations but argue that it was "critical" to reach an agreement to avoid a national default.

Biden is slated to deliver a prime-time address at 7 p.m. from the Oval Office detailing the "crisis averted," according to prepared remarks.

DEBT LIMIT: THE GOVERNMENT SPENDING STANDOFF THAT COULD COME NEXT

"Essential to all the progress we’ve made in the last few years is keeping the full faith and credit of the United States and passing a budget that continues to grow our economy and reflects our values as a nation," his comments read. "And that’s why I’m speaking to you tonight: to report on a crisis averted and what we are doing to protect America’s future. Passing this budget agreement was critical. The stakes could not have been higher."

"No one got everything they wanted, but the American people got what they needed. We averted an economic crisis and an economic collapse," Biden's speech continues. "We’re cutting spending and bringing deficits down. And, we protected important priorities from Social Security to Medicare to Medicaid to veterans to our transformational investments in infrastructure and clean energy."

White House press secretary Karine Jean-Pierre told reporters that Biden will not sign the bill into law Friday evening but plans to sign it this weekend ahead of the June 5 "X-date."

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You can watch Biden's 7 p.m. address in full below.

This is a developing story and will be updated with more information as it becomes available.