US President Joe Biden believes that the bipartisan agreement reached on the national debt ceiling helped to avoid the collapse of the country’s reputation as a reliable financial partner, Report informs referring to TASS.

“Default would have destroyed our nation’s credit rating, which would have made everything from mortgages to car loans to funding for the government much more expensive. And it would have taken years to climb out of that hole. And America’s standing as the most trusted, reliable financial partner in the world would have been shattered. So it was critical to reach an agreement. And it’s very good news for the American people,” he said.

Biden confirmed that he intends to sign the bill on June 3. “So, I want to thank the members of Congress who voted to pass this agreement, which I’m going to sign tomorrow and become the law,” he noted.