Agreement will avoid a catastrophe in “the strongest economy in the world”, according to Biden.
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President Joe Biden promulgated this Saturday, June 3, the law that raises the debt ceiling of the United States, after several weeks of tense debate between Democrats and Republicans.
The day before, the president warned that if the initiative was not signed, his country was headed for bankruptcy —since they would not be able to pay their debts— and the “catastrophic” results would be perceived by all citizens ” of the largest economy in the world.
“I just signed into law a bipartisan budget deal that prevents a first-time default while reducing the deficit; safeguarding Social Security, Medicare, and Medicaid; and fulfilling our feared obligation to our veterans,” Biden said on Twitter.
It is worth noting that the law suspends the debt ceiling for the next two years until after the presidential elections in November 2024. In other words, it ends with the limit of US$31.4 trillion until January 1, 2025.
Source: Larepublica
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