Biden signs debt ceiling bill, pulling US back from unprecedented default ...Middle East

Business Standard - Economy
Biden signs debt ceiling bill, pulling US back from unprecedented default
source : Business Standard ( Middle East ) () 56
With just two days to spare, President Joe Biden signed legislation on Saturday that lifts the nation's debt ceiling, averting an unprecedented default on the federal government's debt. The White House announced the signing, done in private at the White House, in an emailed statement in which Biden thanked congressional leaders for their partnership. The Treasury Department had warned that the country would start running short of cash to pay all of its bills on Monday, which would have sent shockwaves through the U.S. and global economies. Republicans refused to raise the country's borrowing limit unless Democrats agreed to cut spending, leading to a standoff that was not resolved until week

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