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As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by Fox News:
President Biden has signed a debt ceiling increase, raising the government’s borrowing limit and averting a potential default on the national debt.
The White House announced the bill signing in an emailed statement in which Biden thanked congressional leaders for their efforts.
The Treasury Department had warned that failing to increase the government’s borrowing limit would leave the country without cash to pay its bills and more than likely cause an economic catastrophe.
“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 tweeted Saturday.
“Now, we continue the work of building the strongest economy in the world.”
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.
Now, we continue the work of building the strongest… pic.twitter.com/42HIFBy8Y9
— President Biden (@POTUS) June 3, 2023
Republicans had held out on raising the country’s borrowing limit as they wanted Democrats to agree to cut spending. The standoff ended after weeks of negotiation after the White House and House Speaker Kevin McCarthy, R-Calif agreed to suspend the debt limit until 2025 and restrict government spending.
It gives lawmakers budget targets for the next two years in hopes of assuring fiscal stability as the political season heats up.
Raising the nation’s debt limit, now at $31.4 trillion, will ensure that the government can borrow to pay debts already incurred.
“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.
“No one got everything they wanted but the American people got what they needed,” Biden said, highlighting the “compromise and consensus” in the deal. “We averted an economic crisis and an economic collapse.”
Joe Biden has signed the debt ceiling bill into law. It extends the debt limit to 2025, ensuring Biden doesn’t have to campaign against the threat of default.
This is the first major bill with Republicans having control of the House, and it had more democrat votes… pic.twitter.com/imRo6vwgtp
— 🇺🇸Travis🇺🇸 (@Travis_in_Flint) June 3, 2023
— Reuters (@Reuters) June 3, 2023
To get more information about this article, please visit Fox News.
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