President Biden signed legislation raising the debt ceiling Saturday, averting a first-ever default on the national debt.

President Joe Biden: “No one got everything they wanted, but the American people got what they needed. We averted an economic crisis, an economic collapse.”

The deal comes after drawn-out negotiations between Biden and Republican leaders, whom Democrats blasted for taking the economy hostage to force spending cuts. The agreement cuts food assistance for hungry people and fast-tracks the fracked gas Mountain Valley Pipeline, while protecting tax cuts for the rich and enriching defense contractors. We’ll have more on this story after headlines.