WASHINGTON, June 3 (Reuters) – President Joe Biden signed a bill on Saturday suspending the US government’s $31.4 trillion debt ceiling, avoiding what would have been a first-time default. just two days in advance.
The House of Representatives and the Senate passed the law this week after Biden and House Speaker Kevin McCarthy reached an agreement after tense negotiations.
The Treasury Department had warned that it would not be able to pay all of its bills on Monday if Congress did not act by then.
Biden signed the bill into law at the White House one day after calling it a bipartisan win in his first address in the Oval Office to the nation as president.
The signing of the bill, which was closed to the press, marked a symbolic and low-key end to a crisis that has plagued Washington for months, forced Biden to to shorten an international trip in Asia and threatened to bring the United States to the brink of an unprecedented economic crisis.
“Thank you to Chairman McCarthy, Leader Jeffries, Leader Schumer, and Leader McConnell for their partnership,” the White House said in a statement announcing the signing of the bill, naming the Democratic and Republican House and Senate leaders. .
Officials later released a ten-second clip of Biden silently signing the document at the White House.
“It was essential to reach an agreement and it is very good news for the American people,” Biden said Friday. “Nobody got everything they wanted. But the American people got what they needed.”
The Republican-controlled House voted 314-117 to pass the bill, and the Democratic-controlled Senate voted 63-36.
Fitch Ratings said on Friday the “AAA” credit rating of the United States would remain on negative surveillancedespite the agreement that will allow the government to meet its obligations.
Reporting by Trevor Hunnicutt; Additional reporting by Eric Beech; Edited by Nick Zieminski
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