The White House announced the signing, done in private at the White House, in an emailed statement in which Biden thanked congressional leaders for their partnership.
The final agreement, passed by the House on Wednesday and the Senate on Thursday, suspends the debt limit until 2025 -- after the next presidential election -- and restricts government spending. It gives lawmakers budget targets for the next two years in hopes of assuring fiscal stability as the political season heats up.
"No one got everything they wanted but the American people got what they needed," Biden said, highlighting the "compromise and consensus" in the deal. "We averted an economic crisis and an economic collapse." Even as he pledged to continue working with Republicans, Biden also drew contrasts with the opposing party, particularly when it comes to raising taxes on the wealthy, something the Democratic president has sought."I'm going to be coming back," he said. "With your help, I'm going to win."
Overall, the 99-page bill restricts spending for the next two years and changes some policies, including imposing new work requirements for older Americans receiving food aid and greenlighting an Appalachian natural gas pipeline that many Democrats oppose. Some environmental rules were modified to help streamline approvals for infrastructure and energy projects -- a move long sought by moderates in Congress.