Connect with us

Hi, what are you looking for?

World News

Biden signs debt limit bill, pulls US back from brink of default

WASHINGTON — President Joseph R. Biden on Saturday signed a bill that suspends the US government’s $31.4-trillion debt ceiling, averting what would have been a first-ever default with just two days to spare.

The House of Representatives and the Senate passed the legislation this week after Mr. Biden and House of Representatives Speaker Kevin McCarthy reached an agreement following tense negotiations.

The Treasury Department had warned it would be unable to pay all its bills on Monday if Congress had failed to act by then.

Mr. Biden signed the bill at the White House a day after hailing it as a bipartisan triumph in his first-ever Oval Office address to the nation as president.

The bill signing, which was closed to the press, marked a low-key, symbolic end to a crisis that vexed Washington for months, forced Mr. Biden to cut short an international trip in Asia and threatened to push the United States to the brink of an unprecedented economic crisis.

“Thank you to Speaker McCarthy, Leader Jeffries, Leader Schumer, and Leader McConnell for their partnership,” the White House said in a statement announcing the bill’s signing, naming the Democratic and Republican leaders of the House and Senate.

Officials later released a ten-second clip of Mr. Biden silently signing the document at the White House.

“It was critical to reach an agreement, and it’s very good news for the American people,” Mr. Biden said on Friday. “No one got everything they wanted. But the American people got what they needed.”

The Republican-controlled House voted 314 to 117 to approve the bill, and the Democrat-controlled Senate voted 63 to 36. 

Fitch Ratings said on Friday the United States’ “AAA” credit rating would remain on negative watch, despite the agreement that will allow the government to meet its obligations. — Reuters

    You May Also Like


    The head of the International Monetary Fund has warned of increased risks to the stability of the financial system after weeks of banking sector...


    1.22 billion people use Instagram every month. That’s a huge number of Instagrammers trying to hit it big on the platform all at the...


    Since the rise of online casinos, cybersecurity has become a major concern for both casino operators and players alike. The transactions that go around...


    The Home Office has made next to no progress in tackling criminal fraud during the past five years, despite it having become Britain’s most...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2023 | All Rights Reserved