US President Joe Biden signed into law a bill to suspend the national debt ceiling until January 1, 2025, avoiding the first-ever debt default with just two days left.
US President Joe Biden signed into law a bill to suspend the national debt ceiling until January 1, 2025, avoiding the first-ever debt default with just two days left.
Raising the national debt ceiling, which currently stands at $31.4 trillion, would allow governments to borrow to pay off debt already incurred.
Raising the national debt ceiling, which currently stands at $31.4 trillion, would allow governments to borrow to pay off debt already incurred.
“We have just signed a bipartisan budget deal that will reduce the deficit, protect Social Security, Medicare and Medicaid, fulfill our sacred obligations to veterans, and prevent the first debt default in history,” Biden tweeted. said.
“We have just signed a bipartisan budget deal that will reduce the deficit, protect Social Security, Medicare and Medicaid, fulfill our sacred obligations to veterans, and prevent the first debt default in history,” Biden tweeted. said.
“It was very important to reach a deal. It’s very good news for the American people,” Mr. Biden said. “No one got everything they wanted. I got my stuff,” he added.
“It was very important to reach a deal. It’s very good news for the American people,” Mr. Biden said. “No one got everything they wanted. I got my stuff,” he added.
Signing the U.S. Debt Limitation Bill through 2025 would remove the threat of default until next year’s presidential polls are over.
Signing the U.S. Debt Limitation Bill through 2025 would remove the threat of default until next year’s presidential polls are over.
Biden has touted the achievements of his first term in his bid for re-election, including support for high-tech manufacturing, infrastructure investment and financial incentives to combat climate change. He also stressed that the agenda had been pushed back, slowing Republican efforts to achieve deep cuts.
Biden has touted the achievements of his first term in his bid for re-election, including support for high-tech manufacturing, infrastructure investment and financial incentives to combat climate change. He also stressed that the agenda had been pushed back, slowing Republican efforts to achieve deep cuts.
Biden praised McCarthy and his negotiators for acting with integrity and all congressional leaders for ensuring the bill passed quickly. “They acted responsibly and put national interests ahead of politics,” he said.
Biden praised McCarthy and his negotiators for acting with integrity and all congressional leaders for ensuring the bill passed quickly. “They acted responsibly and put national interests ahead of politics,” he said.
In addition to spending limits, the 99-page bill imposes new working conditions on older Americans who receive food aid and greenlights the Appalachian natural gas pipeline, which many Democrats oppose. and change some policies. Some environmental rules have been amended to streamline the approval of infrastructure and energy projects, a move long sought by moderates in Congress.
In addition to spending limits, the 99-page bill imposes new working conditions on older Americans who receive food aid and greenlights the Appalachian natural gas pipeline, which many Democrats oppose. and change some policies. Some environmental rules have been amended to streamline the approval of infrastructure and energy projects, a move long sought by moderates in Congress.
It was a month-long drama that rocked financial markets at home and abroad and prompted anxious retirees and social services groups to make contingency plans in case the state could not pay all its bills. It was a decidedly understated denouement.
It was a month-long drama that rocked financial markets at home and abroad and prompted anxious retirees and social services groups to make contingency plans in case the state could not pay all its bills. It was a decidedly understated denouement.
