Biden announces ‘historic’ deal reached on spending plan

On Thursday, President Biden announced he had reached a “historic economic framework” with Democrats in Congress on the $1.75 trillion social safety net package.

Video Transcript

JOE BIDEN: Today I'm pleased to announce that after months of tough and thoughtful negotiations, I think we have an historic-- I know we have an historic economic framework. It's a framework that will create millions of jobs, grow the economy, invest in our nation and our people, turn the climate crisis into an opportunity, and put us on a path not only to compete but to win the economic competition for the 21st century against China and every other major country in the world.

It's fiscally responsible. It's fully paid for. 17 Nobel Prize winners in economics have said it will lower the inflationary pressures on the economy. And over the next 10 years, it will not add to the deficit at all. It will actually reduce the deficit, according to the economists.

I want to thank my colleagues in the Congress for their leadership. We spent hours and hours and hours over months and months working on this.

No one got everything they wanted, including me. But that's what compromise is. That's consensus. And that's what I ran on. I've long said compromise and consensus are the only way to get big things done in a democracy, important things done for the country.

I know it's hard. I know how deeply people feel about the things that they fight for. But this framework includes historic investments in our nation and in our people.

Any single element of this framework would fundamentally be viewed as a fundamental change in America. Taken together, they're truly consequential. I'll have more to say after I return from critical meetings in Europe this week.