Biden Says Budget Ceiling Deal Prevented 'Economic Collapse' in Oval Office Address.

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President Biden delivers live address from the Oval Office to praise bipartisan budget deal.

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Urges importance of averting economically devastating default on the nation's debt.

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Primetime address emphasizes the significance of the passage of the debt ceiling measure.

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Legislation negotiated with House Republican leaders sets spending limits and extends the debt limit issue.

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Senate and House show bipartisan support for the budget deal, with some opposition.

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Democrats criticize new work requirements for food stamps, while some Republicans complain about military funding.

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Bipartisan support reflects compromises made by both sides during negotiations.

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Address highlights the cooperation between the Biden administration and House Republican leaders.

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