Administration of Joseph R. Biden, Jr., 2023

May 28, 2023

The President. Happy Sunday.

Q. Thank you.

The President. I'm sorry to keep you waiting, but we've got good news. We've got aâI just spoke with Speaker McCarthy, and we've reached a bipartisan budget agreement that we're ready to move to the full Congress.

And I think it's a really important step forwardâexcuse me. [*At this point, the President cleared his throat.*]

And it takes the threat of catastrophic default off the table; it protects our hard-earned and historic economic recovery. And the agreement also represents a compromise, which means no one got everything they want. But that's the responsibility of governing.

And theâthis is a deal that's good news for, I believe you'll see, for the American people.

The agreement prevents the worst possible crisis: a default for the first time in our Nation's history, an economic recession, retirement accounts devastated, millions of jobs lost.

It also protects key priorities and accomplishments and values that congressional Democrats and I have fought long forâlong and hard for. Investing in America's agendaâthat's creating goods jobs in communities throughout the country. It protects Social Security, Medicare, and veterans, and so much more.

The Speaker and I made clear from the start that the only way forward was a bipartisan agreement. That agreement now goes to the United States House and to the Senate. And I strongly urge bothâbothâChambers to pass that agreement.

Let's keep moving forward on meeting our obligations and building the strongest economy in the history of the world.

I'll take a few questions.

Public Debt Limit and Federal Budget Negotiations

Q. Mr. President, you said at the beginning that the debt ceiling was not negotiable. Isn't that what you've just done here? And isn't that what you'veâ[inaudible]?

The President. You guysâlook, we're not negotiating the debt ceiling. Here's the deal: They passedâthey said they're going toâif they pass the debt ceiling, and they said they'd only do it on condition that it have all these cuts in it. I said: "I'm not going to do that. You pass the debt ceiling, period. I'll negotiate with you on the cutsâwhat you say what's going to happen, what the budget is going to look like."

That's what we are negotiating in order to get to them deciding that they're going to go along with a new debt ceiling, meaning that it's not attached. Something totally different attached than was attached before.

But if you want to try to make it look like I made some compromise on the debt ceiling, I didn't. I made a compromise on the budget.

Q. But that's what they wanted, is you to make a compromise on the budget, and that's what you've done, even though you haven't gone as far as they wanted. Isn't that right?

The President. Sure. Yes. Wellâ[laughter]âcan you think of an alternative? [Laughter]

Federal Budget Negotiations

Q. Mr. President, what do you say to members of your own party who say you've made too many concessions in this deal?

The President. They'll find I didn't.

International Perceptions of U.S. Budgeting Process

Q. Mr. President, on your allies and adversaries to America, would you be willing to say about what you think this process said to those adversaries and allies? You have a deal now, but what does the process say? What does the struggle say to them?

The President. Well, it says we've been through this more than once, and it's just the nature of the way we handle the deficit and handle whether we're going to, each year, going to pay our debts. And it's happened more than once. It will probably happen again. But it's not going to happen at least for another 2 years here. And I don't think beyondâI think beyond that, it won't either.

Public Debt Limit

Q. Mr. President, do you think it's time for the U.S. to get rid of the debt limit? That this isâ you know, for thatâthe reason you just laid out?

The President. No, I think it would cause more controversy getting rid of the debt limit, although I doâI am exploring the idea that we would at a later date, a year or two from now, decide whether or not the 14th Amendmentâhow that actually would impact on whether or not you need to reduce the debt limit every year. But that's another day.

Thank you all.

Speaker of the House of Representatives Kevin O. McCarthy

Q. Mr. President, do you believe Speaker McCarthy has the votes? And did he negotiate in good faith?

The President. I think he negotiated with me in good faith. He kept his word. He said what he would do. He did what he said he'd do. And I have no idea whether he has the votes. I expect he does, or I don't think he would have made the agreement.

Turkey

Q. Mr. President, do you have a comment on the elections in Turkey? Have you spoken with President Erdogan?

The President. I have not spoken to him yet.

Q. Do you have a comment?

Federal Budget Negotiations

Q. Some of your Democratic colleagues are saying that this policy will lead some people to go hungry. What is your response to that?

The President. It's a ridiculous assertion.

Timing of the President's Federal Budget Negotiations

Q. Do you wish you had started these negotiations sooner?

The President. No, it wouldn't have made any difference.

Q. Mr. President, is financial aid for Ukraine secured in your new budget?

NOTE: The President spoke at 6:27 p.m. in the Roosevelt Room at the White House.

Categories: Addresses and Remarks : Federal budget negotiations and public debt limit; Interviews With the News Media : Exchanges with reporters, White House.

Locations: Washington, DC.

Names: Erdogan, Recep Tayyip; McCarthy, Kevin O.

Subjects: Congressional spending, reduction efforts; Job creation and growth; Medicare and Medicaid programs; Public debt limit; Social Security program; Speaker of the House of Representatives; Turkey, President; Veterans benefits.

DCPD Number: DCPD202300475.