The 99-page bill reins in spending for the next two years and suspends the debt limit until January 2025.
President Joe Biden has signed the legislation that lifts the nation’s debt ceiling just two days before the deadline, thereby preventing a default on the federal government's debt.
“Passing this budget agreement was critical. The stakes could not have been higher," President Biden said of the deal Friday night in a televised address from the Oval Office. “Nothing would have been more catastrophic,” he said, than defaulting on the country's debt.By raising the nation's debt limit, currently set at $31.4 trillion, the government secures the ability to borrow funds necessary for fulfilling its existing financial obligations.
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