By CHRIS MEGERIAN (Associated Press) WASHINGTON (AP) — With just two days to spare, President Joe Biden signed legislation on Saturday that lifts the nation’s debt ceiling, averting an …
WASHINGTON — With just two days to spare, President Joe Biden signed legislation on Saturday that lifts the nation’s debt ceiling, averting an unprecedented default on the federal government’s debt.
Republicans refused to raise the country’s borrowing limit unless Democrats agreed to cut spending, leading to a standoff that was not resolved until weeks of intense negotiations between the White House and House Speaker Kevin McCarthy, R-Calif. “Passing this budget agreement was critical. The stakes could not have been higher,” Biden said from the Oval Office on Friday evening. “Nothing would have been more catastrophic,” he said, than defaulting on the country’s debt.
“We’re cutting spending and bringing deficits down at the same time,” Biden said. “We’re protecting important priorities from Social Security to Medicare to Medicaid to veterans to our transformational investments in infrastructure and clean energy.” Biden praised McCarthy and his negotiators for operating in good faith, and all congressional leaders for ensuring swift passage of the legislation. “They acted responsibly, and put the good of the country ahead of politics,” he said.
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Biden Signs Debt Ceiling Bill That Pulls US Back From Brink of Unprecedented DefaultWith just two days to spare, President Joe Biden has signed legislation that lifts the nation’s debt ceiling. That averts an unprecedented default on the federal government’s debt. The Treasury Department had warned that the country would start running short of cash to pay all of its bills on Monday, a development that would have sent shockwaves through the U.S. and global economies. Republicans refused to raise the country’s borrowing limit unless Democrats agreed to cut spending, leading to a standoff that wasn’t resolved until weeks of intense negotiations between the White House and House Speaker Kevin McCarthy. The final agreement suspends the debt limit until 2025 — after the next presidential election — and restricts government spending.
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Biden signs debt ceiling bill that pulls US back from brink of unprecedented defaultPresident Joe Biden signed legislation that lifts the nation's debt ceiling, averting an unprecedented default on the federal government's debt.
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Biden signs debt ceiling bill that pulls US back from brink of unprecedented defaultPresident Joe Biden signed legislation that lifts the nation's debt ceiling, averting an unprecedented default on the federal government's debt.
Read more »
Biden signs debt ceiling bill that pulls US back from brink of unprecedented defaultBreaking: With just two days to spare, President Joe Biden signed legislation on Saturday that lifts the nation’s debt ceiling, averting an unprecedented default on the federal government’s debt.
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