US President Joe Biden used his first Oval Office speech of his presidency to declare victory after a bipartisan deal to raise the debt ceiling passed both houses of Congress, avoiding economic chaos.

The president praised Republican and Democratic negotiators and praised House Speaker Kevin McCarthy for working with him on the deal, which the two finalized just days before the Treasury Department ran out of money to pay the government's bills.

But even as he thanked his political opponents, Biden pointed to differences. He recalled previous calls by Republicans to cut Social Security and Medicare and sharply condemned their proposed cuts to Medicaid, clean energy investments and IRS funding.

"The Republicans might not like it, but I'm going to make sure the rich pay their fair share." I will come back and with your help I will win," he said.

The Oval Office address allowed him to speak directly to the American people, not in a time of immediate crisis, but to report, as he told the country, an averted crisis.

"Nobody got everything they wanted, but the American people got what they needed." We prevented an economic crisis, an economic collapse," he emphasized, adding that he plans to sign the compromise law on the debt ceiling.

The bill, which includes spending caps and some changes to energy permits and welfare programs, passed both houses of Congress by large majorities. The president could use a win. His popularity is measured at around 40 percent support and has fallen due to fear of the consequences of not reaching an agreement.