This Saturday the president Joe Biden signed a bill to raise the debt ceiling until 2025 and thus avoid a payment default by the United States, as reported by CNN.
The executive’s signing comes after Treasury officials warned the department would run out of money to pay the nation’s bills as soon as June 5, triggering a domestic economic crisis.
The agreement, which was approved by a final vote of 63-36 in the Senate on Thursday night, according to experts in the field, it is a victory for the president because he achieved what he was looking for from the beginning.
After the agreement in Congress, Biden celebrated the bipartisan agreement “senators from both parties voted to protect economic progress we’ve worked so hard to achieve and avoid America’s first default.”
The legislation was the product of weeks of negotiations between Biden’s team and that of House Speaker Kevin McCarthy.
Biden, who for days insisted that there would be no negotiation, sat at the table and stressed that the final decision “protects the central pillars of my agenda Investing in America that is creating good jobs across the country, fueling a resurgence in manufacturing, rebuilding our infrastructure, and promoting clean energy, as well as programs like Social Security, Medicare, and Medicaid.”
Keep reading:
• What does the US debt ceiling agreement say?
• The House of Representatives approved the debt ceiling agreement
• The White House and Republicans are working against the clock to pass the debt ceiling law