US President Joe Biden has signed the legislation to lift the country's debt ceiling, averting an unprecedented default on the federal government's debt.
The US Treasury Department had warned that the country would start running out of funds to cover obligations on Monday, if the bill was not passed.
Such a reality would have sent shockwaves through the US and global economies.
The final agreement, passed by the House on Wednesday and the Senate on Thursday, suspends the debt limit until January 1, 2025 — after the next presidential election.
It restricts government spending and gives lawmakers budget targets for the next two years in hopes of assuring fiscal stability.
comments powered by Disqus
All feeds
