>> announcer: this is an nbc news special report. here's tom llamas. >> good evening, we are coming on the air tonight because president biden is about to speak to the american people. this will be his first

address from the oval office, a venue usually reserved for speeches about wars or disasters. tonight he'll instead speak about a disaster averted. that disaster was the deadline just days away, of course, to raise our country's debt limit. if no deal was reached, the u.s. would have defaulted on its debts, likely leading to an economic catastrophe. tonight mr. biden will tout the deal he reached with republicans in congress to raise the debt limit. a deal that passed both houses of congress with bipartisan support, but also with fierce opposition from members of both sides of the aisle, progressive democrats are unhappy with the cut mrs. biden agreed to get the deal including cuts impacting social welfare programs, conservative republicans arguing the cost savings are not enough. and that the national debt is still ballooning. the deal passed the senate late last night and the house the night before it. it now heads to the desk, the president's desk where he plans to sign it this weekend. just ahead of that june 5th deadline,

this upcoming monday which is the date the treasury secretary warned would be when the u.s. would run out of money to pay its obligations. we're going to peel back the curtain. we're not allowed to actually see the president walk up to the oval office. here he is. >> my fellow americans, when i ran for president i was told the days of bipartisanship were over and that democrats and republicans could no longer work together. but i refused to believe that because america can never give in to that way of thinking. look, the only way american democracy can function is through compromising consensus and that's what i worked to do as your president. you know, to forge bipartisan agreement where it's possible and where it's needed. i've signed more than 350 bipartisan laws thus far in 2 1/2 years including an historic law that rebuilding america so woo we can rank number

one in the world in infrastructure instead of where we're ranked, number 13 in the world. rebuilding our manufacturing base so we'll lead the world once again in making semiconductor chips, so many more sophisticated ones and now a bipartisan budget agreement. this is vital, because -- it's because it's essential to the progress we made over the last few years as keeping full faith and credit of the united states of america and passing a budget that continues to grow our economy and reflects our values as a nation. that's why i'm speaking to you tonight. to report on the crisis averted and what we're doing to protect america's future. passing this budget agreement was critical. the stakes could not have been higher. if we had failed to reach an agreement on the budget, there were extreme voices threatening to take america for the first time in our 247-year history into default on our national debt. nothing, nothing would

have been more irresponsible. nothing would have been more catastrophic. our economy would have been thrown in a recession, retirement accounts for millions of americans would have been just decimated. 8 million americans would have lost their jobs. default would have been -- have destroyed our station's credit rating, which would have made everything from mortgages to car loans to funding for the government much more expensive. it would have taken years to climb out of that hole and america is standing as the most trusted, reliable financial partner in the world and would have been shattered, so it was critical to reach an agreement. and it's very good news for the american people. no one got everything they wanted but the american people got what they needed. we averted an economic crisis, an mick collapse. we're cutting spending and bringing the deficits down at the same time. we're protecting important priorities from social security to medicare to

medicaid to veterans to our transformational investments in infrastructure and clean energy. i want to commend speaker mccarthy, you know, he and i, we and our teams were able to get along, get things done, we were straight. forward with one another, completely honest of one another, respectful of one another. both sides operated in good faith. both sides kept their word. i also want to commend other congressional leaders, house minority leader jeffries, senate majority leader schumer. senate minority leader mcconnell. they acted responsibly and put the good of the country ahead of politics. a final vote in both chambers was overwhelming. far more bipartisan than anyone thought was possible. 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. so here's what the deal does. first, it cuts spending. over the next ten years the deficit will

be cut by more than $1 trillion. that will be on top of a record 1.7 trillion, $1.7 trillion i already cut the deficit in my first two years in office. and it's clear, we're all in a much more fiscally responsible course than the one i inherited when i took office four years ago. when i came to office, the deficit had increased every year the previous four years. and nearly $8 trillion was added to the national debt in the last administration and now we're turning things around and that's good for america. you know, my dad used to have an expression, he said, joey, don't tell me your value, show plea your budget and i'll tell you what you value. that's at the heart of this debate. what do we value? protecting seniors, you may remember during my state of the union address there were -- there was a spirited exchange between me and a few republicans spontaneously occurring on the floor of the house of representatives.

i was pointing out that for years some of them were putting forward proposals to cut social security and medicare. and some of them that night took exception and they said very loudly that that wasn't true. so i asked them, on the floor that night, i said asked them a simple question. will you agree not to cut social security and not to cut medicare? would they agree to protect these essential programs, they're a lifeline for millions of american, programs that these americans have been paying into every single paycheck they've earned since they started working. and that provides so much peace of mind. but the bright lights and cameras on those few republicans who were protesting, they agreed. they said they wouldn't cut it. that's how we protected social security and medicare from the beginning and from it being cut, period. health care was another priority for me. a top priority. i made it clear from the outset i would not agree to any cuts in medicaid, another

essential lifeline for millions of americans including children in poverty, the elderly in nursing homes and america's living with disabilities. the original house republican proposal would have cut health care for up to 21 million americans on medicaid and i said, no. and medicare was protected and so are millions of people most in need. look, i've long believed that the only one truly sacred obligation that the government has is to pair those we send into harm's way and care for them and their families when they come home and when they don't come home, that's why my last budget provided v.a. hospitals with additional funding for more doctors, nurses and equipment to accommodate the needs of veterans and more appointments. house republican plan would have meant 30 fewer million v.a. health care visits for our veterans. we didn't let that happen. in addition, this bill

fully funds the bipartisan pact act for veterans exposed to toxic burn pits and for their families. it expands access to those veterans and families to health care and disability benefits. look, we're investing in america and our people and in our future. we've created over 13 million new jobs, nearly 800,000 manufacturing jobs. where is it written that america can't lead the world again in manufacturing? unemployment is at 3.7%. more americans are working today than ever in the history of this country. and inflation has dropped 10 straight months in a row. in this debate, i refuse to put what was responsible for all the this economic progress on the chopping block. this bipartisan agreement protects the law that will help us build the best infrastructure in the world. fully protects the c.h.i.p.s. and science

act which is going to bring key parts of our supply chain to america so we don't have to rely on others. like semiconductors, those tiny computer chips smaller than the tip of your finger that affect nearly everything we rely on from cell phones to building automobiles to the most sophisticated weapon systems and so much more. we protected another law that finally big beat pharma which i've been trying to do for over 30 years and gives medicare the power to negotiate lower drug prices, just like the v.a. has been able to do for veterans. this law is already dramatically cut the cost of insulin for seniors. from as much as $400 a month to just $35 a month for insulin. negotiating lower drug prices not only saves seniors a lot of money, it saves the country a lot of money. $160 billion not having to be paid out because our drug

prices are more rational. we pay the highest drug prices in any industrial nation in the world and it's just the beginning. you know, we also protected most significant breakthrough ever, ever in dealing with existential threats of climate change. today new wind and solar power is cheaper than fossil fuel. since i have been in office clean energy and advanced manufacturing have brought in $470 billion in private investments. that's going to create thousands of job, good paying jobs, all across this country. and help the environment at the same time. remember at the beginning of this debate some of my republican colleagues were determined to gut the clean energy investments. i said, no. we kept them all. and there's so much more to do. we're going to do even more to reduce the deficit. we need to control spending. if we're going to do that, but we also have to raise revenue and

go after tax cheats and make sure everybody is paying their fair share. no one, i promise, no one making less than $400,000 a year will pay a penny more in federal taxes. but like most of you at home, i know the federal tax system isn't fair. that's why i kept my commitment again that no one earning less than $400,000 a year will pay a penny more in federal taxes. that's why last year i secured more funding to go more irs funding to go after wealthy tax cheats. the nonpartisan congressional budget office and it is nonpartisan says that this bill will bring in $150 billion and other outside experts it would save as much as $400 billion because it's forcing people to pay their fair share. republicans may not like it, but i'm going to make sure the wealthy pay their fair share. i'm also proposed closing over a dozen tax loopholes for big

oil, crypto traders, hedge fund billionaires, saving taxpayers billions of dollars. republicans defended every single one of these special interest loopholes, every single one. but i'm going to be coming back and with your help i'm going to win. right now, catch this, right now the average billionaire in america pays just 8% in federal taxes. 8%. teachers and firefighters pay more than that. that's why i proposed a minimum tax for billionaires. republicans are against it. but i'm going to keep fighting for it. no billionaire should pay less in federal taxes than a teacher or firefighter. look, let me close with this, i know bipartisanship is hard. and unity is hard. but we can never stop trying. because in moments like this one, the ones we just faced where the american economy and the world economy is at risk of

collapsing, there's no other way, no matter how tough our politics gets, we need to see each other not as adversaries but as fellow americans, treat each other with dignity and respect. to join forces in america and stop shouting, lower the temperature and work together to pursue progress, secure prosperity and keep the promise of america for everybody. as i have said in my inaugural address, without unity, there is no peace, only bitterness and fury. and we can never become that country. i can honestly say, i can honestly say to you tonight that i've never been more optimistic about america's future. we just need to remember who we are. we are the united states of america. and there's nothing, nothing we can't do when we do it together. thank you all for listening. taking the time tonight to listen to

me. may god bless you all and may god protect our troops. thank you. >> and we have just been listening to president biden in his first oval office address saying he will sign tomorrow that debt limit bill which will, of course, avert the first ever default on the nation's debt. i want to go right to our chief white house correspondent peter alexander. he walked through several parts and did say this, no one got everything they wanted but the american got what they needed. give us the top lines. >> reporter: i got to tell you this felt like a campaign speech. this is the message we're going to hear repeatedly by president biden heading into 2024. the president focusing on some of key buzzwords like bipartisanship and compromise, the point you just made about how nobody got everything they wanted but americans got exactly what they needed here. the president repeatedly touted his accomplishments over the course of the last couple of years and how many of them happen with republicans on board

including the infrastructure law and also the c.h.i.p.s. act that helps produce more semiconductors in the country but the bottom line it is striking to hear from the president speaking for the first time behind the resolute desk in the oval office on this issue but the white house in conversations itch's had with aides here indicate they recognize the urgency of this moment and how important it was to avoid what would have been the first ever default for the united states. the president also touting economic news with another 330 plus thousand jobs tonight. the president tried to make sure he can speak to the political middle in this country, not the extremes on either side but the americans including those independents who could sway the election ahead in 2024. >> peter, we thank you for that. peter did mention the politics of all this. i want to bring in hallie jackson. you know, president biden campaigned on this and he was attacked by progressives. he said he'd work with republicans. but compromise is a word we haven't heard a lot in washington recently. and at the top of his remarks he even commended speaker mccarthy.

>> he nodded to the house speaker as he has done a couple times in the process so far saying that he believes that both sides negotiated in good faith here. what is so interesting is the policy context to this which is so critical. it would have been a global economic catastrophe if the u.s. had defaulted but there is obviously a political stage setting for the 2024 campaign and i will tell you that in my conversations with those close to the white house they point to this moment as perhaps evidence that the president can point to down the road that he can be a force for stability and for bipartisanship rather getting this deal done. you mentioned that hat tip to kevin mccarthy. keep in mind kevin mccarthy can come out of this with something to point to as well. he youraled his republican conference to get this across the finish line. it was only a few months ago we were talking about whether kevin mccarthy could even become the house speaker at all with those 15 votes and now here he is, a feather in his cap as well. you make the point it's not often we can talk about compromise in washington. it's also not often that we can talk about something being kind of a win/win for both side, and, by the way, for the rest of the

country too. >> both sides are saying they got a little from each of them. both touting this as a victory and it's different because we front seen that in a while. >> strategically important because both sides have bases that are not necessarily thrilled with what they've done. you mentioned the progressive left for president biden, kevin mccarthy on the republican side is going to have to deal with these conservative hard-liners not thrilled with how it went down. it's not all singing kumbaya down the road but a moment where we've avoided economic issues and the president can move forward. >> all of this as we, of course, look ahead towards 2024, president biden, of course, going to be campaigning at some point very, very soon and the republicans at it as well out on the campaign trail, hallie jackson, peter alexander, we thank you so much for joining us. that concludes this nbc news special report. we'll have much more coverage on our streaming network, nbc news now and for some of you coming up on "nightly news" tonight. i'm tom llamas in new york. we thank you so much for watching this special report.

we are back with a terrifying scene in florida after a car was stolen with a toddler inside of it. and the good samaritan came to the rescue. miguel almaguer has the story. >> reporter: when amber realized her car was stolen out of her driveway with her

2-year-old inside, she was overcome with fear. >> my baby is in there. my baby. >> reporter: clark and taylor hetznecker tell our orlando station they had briefly run into a home to check on a relative when a thief jumped in their car as little knox slept inside. >> i didn't think he was coming back. >> chased him on foot for about a hundred yards and knew i wasn't going to catch him then called 911. >> reporter: police say cameras captured their suspect who a half mile away pulled the 2-year-old out of the car and left him alone in the middle of an industrial area. >> i didn't see any parents around, so i thought i better stop and check on him. >> reporter: darryl kept knox safe and called police. >> thank you. >> reporter: when officers arrived -- >> come here. it's okay, bud. want to see your mommy? >> reporter: -- the team knew exactly how to keep the child calm. >> you want elmo? >> yeah. >> what? oh, look at that. >> reporter: the

reunion with mom and dad came a short time later. >> thank you. >> thank you. >> reporter: and while the suspect is still missing, what's important has been found. miguel almaguer, nbc news. >> and we have another story about a great hero. a milwaukee school bus driver is being called a hero tonight for saving dozens of students. check this out. the bus engulfed in flames. the driver, who is eight months pregnant, rushed to get the kids out as soon as she started toto smell smoke, andnd she was back o on the job b the vevery next daday. > all right,t, when we come back,k, our annuaual tradadition herere at "n"nightly," w words of wisdom f for the graduatiting class o of 202323. - no..... i don't t see the differenence, do youou? - wellll, that onene's purpl. - - exactly! t that's our r pr. - what d does that m mean? - i ththink it meaeans it c costs more.e. - for r the same c coverage? - that's's what makekes it pre! - ththat doesn't't make sense, doeoes it? - nono... but itit is premiu! - i'i'd just go o with coconsumer celellular. - ththank you!

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we are back now with a time honored tradition at "nightly news." our annual salute to the class of 2023, graduation ceremonies are filled with wisdom and a whole lot of jojoy. ♪♪ >> your undergraduate studies are complete, but you are by no means finished. [ cheers and applausese ] it is now your time to live your lives boldly, courageously,

and unapolologeticallyly. ♪ i ain't worried abouout it rightht now ♪♪ >> and whatever fear that may accompany that initial foray into the wilderness, replace it with curiosity, and it becomes infinitely less daunting. ♪ i ain't worried about it ♪ ♪♪ >> whether we choose to acknowlwledge it oror not, we e are all responsible for each other and the world. [ cheers and applause ] >> all o of our tomorrowows and the e tomorrrrows of ourur chchildren andnd grandchildren depends on each of our todays. on each of our todays. >> a few classes, once in every several generations enters at a point t in our hisistory where e it actualllly has a chance t to change the trajectory of the cocountry. you face that inflection point today.

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them a rising, and your job is to come on up to the rising, to meet the rising of your life. ♪♪♪ >> everything extraordinary in my life came from the wandering. don't work hard to acquire things. work hard so that you can buy yourself the time to wander easy. use whatever skills you have to carve out days of randomness and adventure. ♪ in words unspoken live your life with armsms wide open ♪ ♪ today is where your book begins ♪ ♪ the rest is still unwritten ♪ >> make your life something that what you run after that what you chasese, that whwhen you get there, it is worth it. [ applause ] >> turn your tassels. ♪ good times ♪ ♪ whoa ♪ >> some of you are

graduating summa cum laude, magna cum laude, a and a wholele lot of you are graduating, thank you, lordy, and that is all right because you made it, and that's what matters. ♪ it's always a good time, whoa ♪ ♪ it's always a good time ♪ ♪ whoa ♪ and congrats to the class of 2023 and a big thanks to producer jason and editor barry who put that together. that's "nightly news" for this friday. thank you so much for watching. have a great weeke nd

there's a name and face to go with the crime spree that put the south bay on edge. a deadly stabbing, a admit and run, and a carjacking. the new details about the man accused of it all.