Biden says 'compromise' debt bill will stop catastrophic default

Biden said the bill was a 'compromise', which means not everyone gets what they want

US President Joe Biden said Saturday's draft bill on raising the debt ceiling will stop a "catastrophic default."

The Democrat said the bill was a "compromise, which means not everyone gets what they want."

However, "it prevents what could have been a catastrophic default and would have led to an economic recession, retirement accounts devastated, and millions of jobs lost," he said in a statement.