Biden Signs Debt-Limit Deal Into Law, Averting a US Default
- Agreement marked political victory for both Biden, McCarthy
- Deal suspends debt limit until January 2025 and caps spending
President Joe Biden during a national address in the Oval Office of the White House in Washington, DC, on June 2.
Photographer: Bonnie Cash/UPIThis article is for subscribers only.
President Joe Biden signed legislation averting a US debt default, sidestepping a catastrophic blow to the economy with a bipartisan victory that defied Washington expectations.
The measure brokered with House Speaker Kevin McCarthy limits federal spending for two years and suspends the debt ceiling through the 2024 election. It cleared the House and Senate by wide margins, cementing Biden’s reputation as a pragmatic dealmaker as he prepares to intensify his reelection run.