Joe Biden gives first Oval Office address ahead of signing debt ceiling deal – as it happened

We averted an economic crisis and economic collapse,' says president in address to the nation about deal, but will not sign bill before Saturday

Here's more on how the debt ceiling crisis will impact the US's credit rating, from the Guardian's Joan E Greve.

The US is not yet out of the woods on a potential credit downgrade, even though Joe Biden is scheduled to sign the debt ceiling bill tonight to avert a federal default.