The law prevents the first default in U.S. history.
The signing of the bill happened with just a couple of days to spare for the June 5 default date in which the Treasury Department had warned that the county would be unable to pay some of its obligations and run out of cash which could have led to a “global economic catastrophe,” according to“Passing this budget agreement was critical. The stakes could not have been higher,” Biden said from the Oval Office on Friday evening, according to.
The U.S. debt limit is currently at $31.4 trillion. Raising the debt ceiling ensures that the government can borrow to pay debts that have already been incurred,
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