Pres. Biden Signs Debt Ceiling Bill

Potentially catastrophic economic crisis has officially been averted.

On Saturday, President Biden signed into law legislation that suspends the nation’s debt limit through January 1st of 2025. He signed it just days before today’s deadline, which is when the Treasury Department had warned it would no longer have money to pay the nation’s bills. That would have prompted the nation’s first ever default. The legislation also caps non-defense spending and expands work requirements for some food stamp recipients. The bipartisan deal was quickly rushed through congress with the House passing it on Wednesday and the Senate passing the bill on Thursday.