and house speaker kevin mccarthy had to reach a tentative agreement, and now a week later that is signed into law. president biden took a victory lap yesterday in an address to the nation, and he did so from the oval office, really signaling the gravity of the moment and what the president saw as an accomplishment. the white house had been fairly mum over the course of these negotiations, but over these remarks just yesterday, president biden outlining the consequences had there been a default on the economy, also saying how they protected their own priorities and their legislative achievements, as well as medicare and social security, but ultimately also stressing bipartisanship. this was something that could only be passed with republicans and democrats. take a listen to what president biden said about that. i know bipartisanship is hard and unity is hard. we can never stop trying. because in moments like this one, the ones we just faced,
how much debt the us government will allow itself to have that is $31.4 trillion, equivalent to 120% of its gdp. the treasury secretary janet yellen has warned of a potential catastrophe as early as the first day ofjune, and that s just 15 days from now, unless the country allows itself to borrow more to meet its spending commitments. on tuesday, us presidentjoe biden continued negotiations over the nation s debt with republican house speaker kevin mccarthy and other top congressional leaders. here s president biden outlining what he says would be the consequences of a default. our economy would fall into recession. it would devastate retirement, increased borrowing costs, 8 million americans would lose theirjobs and our national reputation would be damaged. it is disappointing that our discussions have not been willing to discuss raising
migrants arriving on its shores. charles watson is standing by with more on that, but first, lucas tomlinson live at the white house with a preview of the president s trip. reporter: jon, a short time ago the white house says president biden called new house speaker ken mccarthy to congratulate him on his victory, but the border a growing issue perhaps that s one of the reasons the president s making this trip tomorrow to the southern border. the most extreme republicans continue to demagogue this issue and reject solutions. i m left with only one choice, to act on my own, do as much as i can on my own to try to change the atmosphere. reporter: the president s in delaware today. he has never gone to the border as president or in the eight years he served as vice president, jon. and ahead of this trip to el paso tomorrow, president biden outlining new plans here at the white house late this week to crack down on migrants crossing the border illegally. this new parole plan will att
reject solutions. i m left with only one choice, to act on my own, do as much as i can on my own to try to change the atmosphere. reporter: ahead of his trip to el paso and the border tomorrow and mexico on monday, president biden outlining new plans at the white house to crack down the on migrants crossing the border illegally, expanding asylum restrictions which drew the ire from human rights groups and even from some in his own party. new parole program from the white house would block migrants from cuba, nicaragua, venezuela and haiti from crossing the border without proper authorization, something they will have the chance to apply for, up to 30,000, in fact, per month from those four countries i just mentioned. they ll be given the chance to come legally each month. texas governor greg abbott says not enough is being done and took this shot at biden s dhs chief. i gotta go back and clarify what mayorkas was saying, because he knows he s lying to americans. and americans know
dramatic development out of ukraine now, volnovakha has fallen, a fierce defense giving way to russian bombardment and a siege by russian aligned troops from the peoples republic, what vladimir putin calls it. volnovakha is a town halfway between and mariupol. ultimately they hope to reach odesa. we will keep an eye on the developments. back here in washington, president biden outlining new sanctions against russia. more punishment by the day for vladimir putin s invasion of ukraine. today s new actions include a ban on russian seafood and