POTUS Biden signs debt increase bill into law

US president Joe Biden signed a deal boosting the country’s borrowing ability into law on Thursday, averting the country’s first-ever debt default — but only for a few weeks.

The Democratic-controlled House of Representatives voted along party lines on Tuesday to approve the $480 billion stop-gap spending plan, which passed the Senate last Thursday after weeks of acrimonious debate.

  Learn about the COVID-19 pandemic from News Hour  

The Treasury cautioned that without this rise in the debt limit, the federal government will be unable to secure and service loans after October 18. This would have caused an economic disaster all around the planet.

The White House said in a one-sentence statement announcing Biden’s signature on the bill that the raise in the debt ceiling “is believed to be adequate to allow the Federal Government to continue to pay its full commitments until early December.”

The new deal only kicks the can down the road, potentially complicating another big-budget deadline — a government shutdown that would begin on December 3 if the government’s funds run dry.

Follow News Hour

This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
No Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Contact News Hour
Join the mailing list of News Hour now

Translate this News

Join the Facebook Group

Click here to join the Facebook group of News Hour

Popular Posts

vivo V21 launched with dual spotlight
Netflix, UNESCO team up for Africa talent hunt
'Lupin' star Omar Sy signs multi-year Netflix deal
World Food Day to be observed today
Russia says it chased out US navy ship from its waters
NASA to launch Lucy probe to investigate Jupiter asteroids


Contribute to News Hour

News of the Month

October 2021
%d bloggers like this: