Biden signs bill lifting US debt ceiling By Reuters

2023-06-03 20:05:55

© Reuters. US President Joe Biden speaks at the White House 6/2/2023 REUTERS/Kevin Lamarque

WASHINGTON (Reuters) – U.S. President Joe Biden signed into law on Saturday lifting the $31.4 trillion ceiling on U.S. government debt, averting what would have been the first default in U.S. history. USA.

The House of Representatives and Senate passed the legislation this week after Biden and House Speaker Kevin McCarthy reached an agreement after tense negotiations.

The Treasury Department warned that it would not be able to pay all its bills by June 5 if Congress did not act by that date.

(Reporting by Eric Beech)