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Biden signaled to raise the debt ceiling, prevent the first US debt default

U.S. President Joe Biden speaks before signing an executive order to reduce bureaucracy around government services to the public, in the Oval Office at the White House in Washington, U.S., December 13 year 2021.

Evelyn Hockstein | Reuters

President Joe Biden signed into law raising the ceiling on Thursday, ensuring the US won’t default on its debt for the first time.

The country is approaching economic danger. Biden signed the loan limit increase a day after the Treasury Department estimated it would run out of tools to continue paying the country’s bills.

Congress submitted legislation to raise the debt ceiling to $2.5 trillion to Biden early Wednesday. It is expected to allow the government to fulfill its obligations by 2023.

CNBC Politics

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https://www.cnbc.com/2021/12/16/biden-signs-debt-ceiling-increase-preventing-first-ever-us-default.html Biden signaled to raise the debt ceiling, prevent the first US debt default

Emma James

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