President Joe Biden on Saturday signed into law a bill extending the debt ceiling for two years, averting an economically disastrous debt default ahead of Monday’s deadline.
The Fiscal Responsibility Act of 2023 suspends the public debt limit through January 1, 2025, after the 2024 presidential elections.
“If we had failed to reach an agreement on the budget, there were extreme voices threatening to take America, for the first time in our 247 year history, into default on our national debt,” Biden said of the deal Friday night in his first televised address from the Oval Office.
