Biden signs debt limit increase, averting potential economic disaster
By Sam Fossum
President Joe Biden on Thursday signed the bill raising the debt limit ceiling that passed Congress earlier this week, according to a press release from the White House.
Congress voted to raise the national debt limit by $2.5 trillion and extend it into 2023 after lawmakers raced to avert a catastrophic default ahead of a critical midweek deadline. The Senate moved on Tuesday to pass legislation to increase the limit in a vote that fell along party lines with a final tally of 50 to 49. The House voted 221-209 in the early hours of Wednesday morning to approve the bill. GOP Rep. Adam Kinzinger was the lone member to break ranks and voted with Democrats.
Treasury Secretary Janet Yellen had warned that the debt limit could be reached on Thursday, leaving Congress little time left to resolve the issue. A first-ever default could have sparked economic disaster and party leaders on both sides of the aisle had made clear it must be prevented.
This is a breaking story and will be updated.
The-CNN-Wire
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