WASHINGTON: US President Joe Biden declared a “crisis averted” on Friday in his first address from the White House’s Oval Office, as he touted the passage of a bill to raise the US debt ceiling and curb spending.

Biden, a Democrat, said he would sign the bill into law on Saturday, concluding months of uncertainty and averting what would have been a first-ever US default as early as June 5.

“It was critical to reach an agreement, and it’s very good news for the American people. No one got everything they wanted. But the American people got what they needed,” Biden said while sitting at the historic “Resolute Desk” in the presidential office.

After nail-biting negotiations, both the Senate and the House of Representatives passed a bill this week that lifts the government’s $31.4 trillion debt ceiling.

Biden said to preserve US economic progress it was critical to keep the country’s full faith and credit in tact. The new law averted a crisis, he said.

“The stakes could not have been higher,” Biden said.

The president, who is running for re-election, noted other bipartisan bills he has signed and offered praise to Kevin McCarthy, the Republican speaker of the House of Representatives, who was his primary negotiating partner.

“The final vote in both chambers was overwhelming,” Biden said. The Senate voted 63 to 36 to approve the bill, and the House 314 to 117.