On Thursday, President Biden signed a bill to raise the debt ceiling by $2.5 trillion, avoiding defaulting on the country’s debt.
The Hill reports:
The measure passed the Senate Tuesday afternoon in a 50-49 vote that was strictly along party lines after Democrats and Republicans reached a deal to sidestep the filibuster.
The House moved to pass the bill late Tuesday in a 221-209 vote with one Republican member voting in favor, sending it to Biden’s desk for his signature.
Treasury Secretary Janet Yellen had warned Congress that the federal government could default on its debt soon after Wednesday without action to raise the debt limit. As the Senate passed the measure Tuesday, the White House urged “quick action” on the bill and commended Senate leaders for “fulfilling this fundamental legislative and constitutional responsibility.”
The action means that the U.S. will avoid default until at least 2023.