President Biden just delivered an oval office address to the nation after both chambers of Congress passed the bipartisan debt ceiling legislation the deal along with today's jobs numbers the 29th straight month of growth sent Wall Street on a buying spree all three major indexes were up with the Dow jumping more than 700 points or more than 2 percent cbs's Nancy Cordes is at the White House with the news tonight more evidence of a hiring boom U.S employers added 339 thousand more jobs in May nearly double what economists had been Expecting The Surge came in several major sectors including entertainment and restaurants still catching up from pre-pandemic Staffing levels you know we ask our employees do you know of anyone looking for a part-time full-time work some analysts say the robust report shows the economy is still overheated even after 10 straight interest rate hikes the FED is actually now in a tough position they may be forced to raise interest rates by another quarter of a percentage point because the labor market is still fairly strong unemployment did tick up last month but it's still been well below four percent for the longest stretch since the 1960s we are in a transition to more stable and steady growth that growth won't be interrupted by a U.S debt default the bill is passed a bipartisan deal passed the Senate last night the product of delicate negotiations no one got everything they wanted but the American people got what they needed we averted an economic crisis an economic collapse this compromise essentially freezes domestic spending for two years while hiking Pentagon spending by three percent not enough for some defense Hawks the people who negotiated this I wouldn't let them buy me a car President Biden is expected to sign the bill tomorrow and at that point will be just two days away from the treasury secretary's X date the day she said the government was going to run out of cash to pay its bills one ratings agency says it may still downgrade the U.S credit rating because Washington came so close to the brink Nora Nancy at the White House thank you
