Biden signs bill to avoid U.S. default.

President Biden Signs Bill Suspending U.S. Debt Ceiling

“It was critical to reach an agreement, and it’s very good news for the American people. No one got everything they wanted. But the American people got what they needed.” – President Joe Biden

President Joe Biden has signed a bill that suspends the U.S. government’s $31.4 trillion debt ceiling, averting what would have been a first-ever default. The House of Representatives and the Senate passed the legislation this week after Biden and House of Representatives Speaker Kevin McCarthy reached an agreement following tense negotiations.

The Treasury Department had warned it would be unable to pay all its bills on June 5 if Congress had failed to act by then. The Republican-controlled House voted 314 to 117 to approve the bill, and the Democrat-controlled Senate voted 63 to 36.

Fitch Ratings said on Friday the United States’ “AAA” credit rating would remain on negative watch, despite the agreement that will allow the government to meet its obligations.

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