President Joe Biden has said raising the US borrowing limit averted "economic collapse", in his first Oval Office address to the nation. The White House said Mr Biden's decision to make his remarks there underscored the gravity of the situation if the debt ceiling had not been raised at the last minute. The president praised congressional leaders, including Republican Speaker of the House Kevin McCarthy and Republican Senate leader Mitch McConnell. The deal suspends the debt limit until 1 January 2025 and caps non-defence spending, while expanding work requirements for food and healthcare assistance, amongst other provisions. Full funding for the medical care of military veterans would also increase, in line with what President Biden had sought.

Source: Daily Nation June 03, 2023 06:36 UTC