Folks --

You may have seen the news last night that Speaker McCarthy and I have reached a budget agreement. I wanted to share some details of that agreement directly with you.

This agreement is good news for the American people, because 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.

The agreement protects Congressional Democrats’ and my key priorities and legislative accomplishments, including the Bipartisan Infrastructure Law, the CHIPS and Science Act, the PACT Act, and the Inflation Reduction Act -- the most aggressive action in our history to tackle the climate crisis, invest in environmental justice, and create millions of clean energy manufacturing jobs.

This agreement also protects the economic gains we’ve made together: 12.7 million jobs created and the lowest unemployment rate in more than 50 years.

And, this agreement keeps my commitment to the American people. No one will lose their health care, no one will be pushed into poverty, and we will continue to invest in programs that working families rely on.

Now, this agreement represents a compromise, which means not everyone gets what they want.

That’s the responsibility of governing.

Soon, the agreement will go to the House and Senate. I strongly urge both chambers to pass the agreement right away.

Thank you for standing with Kamala and me throughout this process. It means the world.

More soon,

Joe

Joe Biden