© Reuters. FILE PHOTO: U.S. President Joe Biden speaks in his first Oval Office address to the nation at the White House in Washington, U.S., June 2, 2023 on bipartisan legislation to lift the federal government’s $31.4 trillion debt ceiling. REUTERS/
Trevor Heng NIKAT
WASHINGTON (Reuters) – President Joe Biden on Saturday signed a bill suspending the U.S. government’s $31.4 trillion debt ceiling, The first default with just two days left.
The House and Senate passed the bill this week after tense negotiations between Biden and House Speaker Kevin McCarthy reached an agreement.
The Treasury Department has warned it won’t be able to pay all of its bills on Monday if Congress fails to act by then.
Biden signed the bill at the White House a day after hailing it as a bipartisan victory in his first Oval Office address to the nation as president.
The media signaled the low-key, symbolic end to a crisis that has gripped Washington for months, forcing Biden to cut short an international trip in Asia and threaten to block the U.S. Pushed to the brink of an unprecedented economic crisis.
In a statement announcing the signing of the bill, the White House said, “Thanks to Speaker McCarthy, Leader Jeffries, Leader Schumer and Leader McConnell for their cooperation,” and Named Democratic and Republican leaders in the House and Senate.
Officials then released a ten-second clip of Biden silently signing documents at the White House.
“A deal is critical and it’s great news for the American people,” Biden said on Friday. “No one gets everything they want. But the American people get what they need.”
The Republican-controlled House passed the bill 314 to 117 , by a 63-36 vote in the Democrat-controlled Senate.
Fitch Ratings said on Friday that the United States’ “AAA” credit rating will remain on negative watch, although the agreement will allow the government to meet its obligations.