Debt ceiling news – live: Biden signs debt limit bill after hailing deal in Oval Office address
Bill passed after senators rejected 11 proposed amendments
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Your support makes all the difference.President Joe Biden has signed a bill to raise the national debt limit two days before the default deadline.
The White House announced the signing in a statement on Saturday afternoon, hours after Mr Biden spoke to the nation on Friday evening from the Oval Office and welcomed the bill’s bipartisan passage.
The Senate on Thursday passed a bipartisan agreement forged by Mr Biden and House Speaker Kevin McCarthy to raise the $31.4 trillion US debt ceiling after the deal survived a Republican rebellion in the House of Representatives.
The narrowness of the Fiscal Responsibility Act’s passage through the House was made possible through the support of Democrats, who stepped in to thwart a conservative revolt that badly undermined Speaker McCarthy’s claims to control his increasingly divided party.
Full congressional approval was required before Monday 5 June, when the Treasury Department was expected to run out of funds to pay its debts for the first time in American history, triggering likely economic chaos.
Biden signs debt limit bill
President Joe Biden has now signed the debt ceiling bill, averting a potentially catastrophic default.
The White House announced the signing, which was done in private at the White House, in an emailed statement in which Biden thanked congressional leaders for their partnership.
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