HomeTop U.S. NewsU.S. Debt Ceiling Bill Signed Into Law

U.S. Debt Ceiling Bill Signed Into Law

U.S. President Joe Biden on Saturday signed a bill suspending the government’s $31.4 trillion debt ceiling, thereby averting what would have been an unprecedented default.

The legislation passed votes in both the House of Representatives and the Senate this past week after Biden and House of Representatives Speaker Kevin McCarthy reached an agreement last Saturday night following weeks of negotiations. While several deadlocks in negotiations were encountered, both sides worked to reach a deal as the Treasury Department warned that the government would be unable to pay its bills and ultimately be forced to default by Monday.

Following the finalization of the legislation, the White House released a statement reading: “Thank you to Speaker McCarthy, Leader Jeffries, Leader Schumer, and Leader McConnell for their partnership.” The Republican-controlled House of Representatives voted 314 to 117 in approval of the bill, while the Senate voted 63 to 36 in support.

According to Fitch Ratings, the U.S. government’s “AAA” credit rating would remain on negative watch despite reaching an agreement that keeps the government in line with its obligations.

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