White House says Biden signed bill to raise US national debt ceiling
WASHINGTON, June 3 – RIA Novosti. The report states that US President Joe Biden signed a bill to raise the national debt ceiling to avoid default. White House.
“On Saturday, June 3, the President signed the Fiscal Accountability Act 2023, which suspends the public debt ceiling until January 1, 2025,” the statement said.
In addition, the American president thanked the leaders of Congress for their cooperation in the adoption of this document.
Last week, Biden reached an agreement in principle with lawmakers to avoid default in the country. At the same time, the White House chief did not go into details of the deal, saying it only includes spending cuts, but “protects critical programs for workers and drives economic growth for all.”
With information According to the CNN channel, the deal refers to a two-year increase in the national debt ceiling in 2024 in exchange for capping federal spending excluding defense at the current fiscal year level. In contrast, government spending is expected to increase by 1 percent in 2025.
Without congressional approval to expand borrowing limits, the US administration risked failing to meet its financial obligations in early June. Republicans, who control the House of Representatives, tied their agreement to raise the debt ceiling to the White House’s agreement to limit budget spending.
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