US President Joe Biden signs debt ceiling bill passed by Congress into law, taking decisive action to prevent a potentially disastrous default in the world's largest economy
After Congress passed the legislation, Biden used the occasion to deliver his first speech from the Oval Office as president. / Photo: AFP
The Fiscal Responsibility Act of 2023 signed on Saturday authorises the government to extend the so-called debt ceiling to renew borrowing, keeping the bills paid. The Treasury Department had warned that if the debt ceiling was blocked beyond Monday, the country would default on its $31 trillion debt.
In a statement on Saturday, the White House thanked the Republican and Democratic leaders in Congress"for their partnership." Speaking from behind the historic Resolute Desk on live primetime television, Biden said the deal resolving the standoff between Democrats and Republicans was a compromise where"no one got everything they wanted."Oval Office addresses have always been reserved by presidents for moments of unique national danger or importance.
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