The President of the United States of America, Joe Biden, this Saturday passed the law allowing for the suspension of the country’s debt ceiling until 2025, removing the risk of default, the White House announced.
The text, which is the result of an agreement between Republicans and Democrats, was approved in Congress this week and allows for the suspension of the maximum limit of the United States’ national debt until January 2025, in addition to setting some budgetary targets.
Biden thanked parliament officials, including House Republican leader Kevin McCarthy, for their cooperation on this dossier, the White House statement said.
If the agreement was not approved, the country risked default from June 5.
“Nothing could have been more irresponsible, nothing could have been more catastrophic,” the US president said in a speech from the Oval Office on Friday before signing the text.
The approval in the chambers of Congress (House of Representatives and Senate) was crucial for the country not to default on its debts after the maximum limit of money the United States can borrow to meet obligations passed last January reaches.
Source: DN
