Pres. Biden my fellow americans, when i ran for president , i was told the days of bipartisanship were over. That democrats and republicans no longer worked together. But i refused to believe that. Because america can never give into that way of thinking. American democracy can function through compromise and consensus. And that is what i work to do as your president. You know, to use bipartisan ship where it is useful and needed. Including historic law rebuilding america so we can rank number one in the world in infrastructure instead of where we are ranked now, number 13 in the world. Rebuilding our manufacturing base, so that when we the world once again and [indiscernible] so many sophisticated ones. Now i bipartisan budget agreement. This is vital. Because it is essential to the progress we have made over the last few years. Keeping full faith and credit of the United States of america. Passing a budget that continues to grow our economy and reflects our values as a nation. That is why i am speaking to you tonight. To report on the crisis averted and what we are doing to protect americas future. Passing this budget agreement was critical. Mistakes could not the stakes could not have been higher. If we had failed to reach an agreement, there were voices threatening america and default on our National Debt. Nothing would have been more irresponsible. Nothing wouldve been more catastrophic. Our economy wouldve been thrown into a recession. Retirement accounts for millions of americans would have been decimated. 8 million americans wouldve lost their jobs. Default wouldve been would have destroyed our nations credit rating. Which would have made everything from mortgages to car loans to funding for the government much more expensive. It wouldve taken years to climb out of that hole. And america is standing as the most trusted Financial Partner in the world wouldve been shattered. It is very good. News for the American People. No one got everything they wanted but the American People got what they needed. We averted an economic crisis. An economic collapse. We are cutting spending and bringing the deficits down at the same time. We are protecting important priorities from Social Security to medicare, medicaid, veterans, tar transformational investment in infrastructure and clean energy. I want to commend speaker mccarthy. He and i and our teams were able to get along and get things done. Straightforward and completely honest, and respectful with one another. Both sides cooperated in good faith. Both sides kept their word. I also want to commend other congressional leaders, House Minority leader, jeffries, the Senate Majority leader, schumer, Senate Minority leader mcconnell, the acted responsibly and put the good of the country had of politics. A final vote on both chambers was overwhelming. Far more bipartisan than anyone felt it was possible. I want to thank the members of congress who voted to pass this agreement, which im going to sign tomorrow to become law. Heres what the deal does. First, it cuts spending. Over the next 10 years, the deficit will be cut by more than 1 trillion. Now we have a record 1. 7 trillion. I already cut the deficit in my first two years in office. It is clear that we are all on a much more fiscally responsible course than the one i inherited when i took office four years ago. When i came into office, the deficit had increased every year the previous four years. And nearly a trillion dollars was added to the National Debt and the loss administration 8 trillion was added to the National Debt in the last and ministration. My dad used to have an expression. Dont tell me what you value. Show me your budget. I will tell you what you value. That is the heart of this debate. What do we value . Protecting seniors. You may remember during my state of the union address, there was a spirited exchange between me and if you republicans spontaneously occurring on the floor of the house of representatives. I was pointing out that for years, some of them were putting forward proposals to put Social Security and medicare. Some took exception and said very loudly that was not true. So i asked them, on the floor that night, i asked them a simple question, would you agree not to cut Social Security and medicare . What they agree to protect these essential programs would they agree to protect these essential programs . That americans have been paying into every single paycheck they have earned since they started working, that provides so much peace of mind . Those few republicans who were protesting agreed. They said they wouldnt cut it. That is how we protected Social Security and medicare from the beginning. From it being cut period. Health care was another priority for me. A top priority. I made it clear from the onset that i would not agree to any cuts in medicaid, and essential lifeline for millions of americans. Including children in poverty, the elderly in nursing homes, and americans living with disabilities. The original House Republican proposal wouldve cut health care for up to 21 million americans on medicaid. I said, no, and medicare was protected. And so were millions of people most in need. Look, i would love to believe that the one truly sacred obligation that the government has is to care for those we sent into harms way when they come home and when they dont come home. Thats on my last budget provided be hospitals with additional funding for more doctors and nurses and equipment. To accommodate the needsof veterans and more appointments. The House Republican plan wouldve meant 30 million fewer dollars for our veterans. This is the most significant line tickets for veterans exposed to toxic burn pets and their families. It expands access to those families for health care and disability benefits. We are investing in our people and our future. We have created over 13 million new jobs. Nearly 800,000 many fracturing jobs. Where is it written that america cant lead the world again and manufacturing . Unemployment is at 3. 7 . More americans are working today than ever in the history of this country. Inflation has dropped 10 straight months in a row. In this debate, i refuse to put what was responsible for all this economic progress on the chopping block. This bipartisan agreement protects the law, that will help with the best for structure in the world. It fully protects the chips and science act which is going to bring key parts of our supply chain to america. So we dont have to rely on others. Like semiconductors. Those tiny computer chips smaller than the tip of your finger. It can affect nearly everything we rely on from cell phones to automobiles, and the most sophisticated Weapons Systems and so much more. It protects another law signed last year that finally beat big pharma, which have been trying to do for over 30 years. It finally gives medicare the power to negotiate lower drug prices, just like the v. A. Has been able to do for veterans. This law is already has already dramatically cut the cost from as much as 400 a month or just 35 a month for insulin. Negotiating that were negotiating lower drug prices saves the country a lot of money. 160 billion dollars not having been paid out because drug prices are more rational. We pay the highest drug prices than any nation in the world. This is just the beginning. We also protect the most significant breakthrough ever. Dealing with the existential credit existential threats of climate change. Wind and solar power is cheaper than fossil fuels. Clean energy and advanced manufacturing have brought in 470 billion in private investment. Its going to create thousands of jobs. Good paying jobs. All across this country. And help the environment at the same time. Remember at the beginning of this debate, some of our republican colleagues wanted to cut the clean energy investments. I said no. We kept them all. And there is so much more to do. We are going to do even more to reduce the deficit. When he took control spending, if we are going to do that. We also have to raise revenue and go after tax cheats and making sure everybody is paying their fair share. No one, i promise, no one making less than 400,000 a year will pay a penny more in federal taxes. Like most of you at home, i know the federal tax system is not fair. That is why i kept my commitment again, no one earning 400,000 or less will pay a penny more in taxes. That is why i secured more irs funding to go after wealthy tax cheats. This bill will bring in 150 billion and other outside experts expect it will save as much as 400 billion because it is forcing people to pay their fair share. Republicans may not like it. But im going to make sure the wealthy pay their fair share. Im also proposing closing over a dozen special interest tax loopholes from big oil, crypto traders, hedge fund billionaires. Saving taxpayers buildings of dollars. Republicans defended every single one of these special interests loopholes. Every single one. With your help, im going to be coming back and im going to win. Right now the average billionaire in america pays 8 in federal taxes. Teachers and firefighters pay more than that. Thats why propose a minimum tax for millionaires. Republicans are against it. But im going to keep fighting for it. No billionaire should pay less in federal taxes any teacher or firefighter. Let me close with this. I know bipartisanship is hard. And unity is hard. But we can never stop trying because in moments like this one, the ones we just faced, where the American Economy in the World Economy is at risk of collapsing, there is no other way, no matter how tough our politics get, we may see each other not as adversaries but as fellow americans, treat each other with dignity and respect, to join forces with americans and stop shouting, lower the temperature, and Work Together to pursue progress, secure prosperity, and keep the promise of america for everybody. I sent as i said in my inaugural address, without unity, there is no peace, only bitterness and fury. We can never become that country. I can honestly say to you tonight that ive never been more optimistic about americas future. We just need to remember who we are. We are the United States of america. And theres nothing nothing we can do, when we do it together. I thank you all for listening, taking the time tonight to listen to me. May god bless you all and may god protect our announcer satrepublican president ial candidates nikki haley, mike pence, ron desantis, tim scott and larry elder speak at the 2023 rose and arrived fundraiser hosted by sups of iowas senator joni ernst. Ve coverage begins at 1 p. M. Eastern, cspan now, or online at cspan. Org. Announcer cspanshop. Org is cspans online store. Browse through our greatest collection of products, apparel, books, on the core, and accessories. There is something for every cspan fan and every purchase help support our nonprofit operation. Shop now or any time at cspanshop. Org. Announcer a healthy democracy does not just look like this. It looks like this where americans can see democracy at work