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President Joe Biden addressed the nation after the Congress passed the debt ceiling deal, and said “we averted an economic crisis.”

RELATED: What happens if the US hits the debt ceiling? Here’s what we know

Democracy only functions through compromise, President Joe Biden said Friday as he praised House Speaker Kevin McCarthy, R-Calif., for their joint agreement to suspend the debt limit and reduce deficits by $1.5 trillion over the decade.

“Both sides operated in good faith. Both sides kept their word,” Biden said in a 12-minute address from the Oval Office.

Speaking a day after Congress passed the debt limit deal, Biden said he would sign it into law Saturday − just two days before the nation could have run out of maneuvers to pay its bills.

No one got everything they wanted in the deal, Biden said, but “the American people got what they needed.”

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