President Biden has signed a compromise debt ceiling bill into law US President Joe Biden signed a bill on Saturday that suspends Washington’s $31.4 trillion debt limit, averting what would have been a first-ever default, just two days before the deadline. The new law lifts the debt ceiling through January 1, 2025, and caps non-military spending, among other measures. “I just signed into law a bipartisan budget agreement that prevents a first-ever default while reducing the deficit, safeguarding Social Security, Medicare, and Medicaid, and fulfilling our scared obligation to our veterans,” Biden wrote in a tweet.
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