Biden signs debt ceiling increase, preventing first-ever U.S. default
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Joe Biden (the U.S. President) speaks before signing an executive act to lower bureaucracy surrounding government services. This was in Washington’s Oval Office, U.S. House on December 13, 2021.
Evelyn Hockstein | Reuters
On Thursday, President Joe Biden signed an increase in the debt ceiling. It ensures the United States will not default on its debts.
This country was getting closer to financial ruin. Biden signed a borrowing limit increase a day following the date when the Treasury Department had estimated that there would not be enough tools to continue paying country’s debts.
The legislation that raises the debt ceiling to $2.5 trillion was sent by Congress to Biden on Wednesday. The legislation is expected to enable the government to meet its obligations through 2023.
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