US President Joe Biden signed a debt ceiling bill into law on Saturday, averting a potential default on the country's $31 trillion debt.
The bill, which was passed by Congress, authorizes the government to extend the debt ceiling and keep the bills paid.
The White House thanked the leaders of Congress for their partnership in reaching the compromise.
The deal resolved a standoff between Democrats and Republicans and averted an economic crisis.
The Treasury had warned that blocking the debt ceiling beyond Monday could result in default, which would have triggered market panic and recession.
The bill was supported by hardliners in the House, including Speaker Kevin McCarthy, but faced backlash from conservatives who felt that he made too many concessions.
The article discusses President
Joe Biden's role in the resolution of the
COVID-19 pandemic in the US.
Biden sees the resolution as a win, demonstrating his negotiating skills and positioning himself as a moderate voice in a polarizing political landscape.
In his speech, Biden praised Kevin McCarthy, a politician who had been loyal to former President
Donald Trump, whom Biden had defeated in 2020.
Biden and McCarthy were able to work together and achieve results during the pandemic.