President Joe Biden signed into law Saturday a bill to suspend the nation’s debt limit through January 1, 2025, to avert a first-ever US default.
“I just signed into law a bipartisan budget agreement that prevents a first-ever default while reducing the deficit, safeguarding Social Security, Medicare, and Medicaid, and fulfilling our scared obligation to our veterans,” Biden said in a tweet, which was accompanied by a short video of him signing the bill.
Suspending the debt limit through early 2025 takes the threat of default off the table until after next year’s presidential election. In addition to addressing the debt limit, the law caps nondefense spending, expands work requirements for some food stamp recipients and claws back some Covid-19 relief funds, among other policy provisions.
The bipartisan deal to address the debt limit was struck between the White House and House Republicans – the culmination of long days and late nights of contentious negotiations that at times looked like they might break down and fall apart entirely.
Credit: cnn.com
