US President Joe Biden has signed into law a bill temporarily suspending the US government debt ceiling. The White House in Washington made this known on Saturday. Congress had previously voted in favor of the project, avoiding imminent bankruptcy. Biden had to sign the bill now.
The law provides for the debt ceiling to be suspended until 2025. It was most recently about $31.4 trillion (about $29.1 trillion). At the same time, government spending will be limited for the next two years.
Only after a long nerve-wracking and bitter partisan political battle did Biden’s Democrats and Republicans reach a compromise. The government would run out of money on Monday, according to the Treasury Department. A bankruptcy of the world’s largest economy could have sparked a global financial crisis and economic downturn. (sda/dpa)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
