After many weeks of political confrontation, US President Joe Biden signed the bankruptcy protection law into law today, the White House announced.
Biden signed into law legislation that would raise the U.S. debt limit, averting a default. Both houses of Congress approved the bill this week after Biden struck a deal with the Republican speaker of the House of Representatives, Rep. Kevin McCarthy, after tense, multi-day negotiations.
This law suspends the US debt ceiling for two years, until January 2025, and also sets certain fiscal targets.
Biden had previously announced that he would sign the law as soon as it arrived in his office, pointing out that “nothing would be more irresponsible, more destructive” than the US bankruptcy.
The Treasury Department had warned that it would not be able to pay all of its obligations after June 5, as long as there was no agreement in Congress by then.
Source: News Beast

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