Biden signed the law that increases the US debt ceiling until December

Biden signed the law that raises the nation's debt limit.

Biden signed the law that raises the nation’s debt limit.


WASHINGTON – The President Joe biden signed on Thursday the law promoted by the Congress to raise by $ 480,000 million dollars the debt ceiling of the country, an amount that will allow to assume the payment commitments of the public debt until December.

The signature of Joe biden the law also avoids an imminent default on the debt that was scheduled for next October 18 at the earliest.

According to the White House, the legislative project “is expected to be sufficient to allow the federal government to continue fulfilling its full commitments until early December.”

The subject of indebtedness had in recent weeks been turned into a suspense novel in Washington, where disagreements between Democrats and Republicans had placed the country on the brink of suspending its payments. public debt for the first time in its history.

Last Friday however, the two parties reached a minimum agreement to raise the debt ceiling which was approved first in the Senate and this Tuesday in the House of Representatives.

It is a solution that fails to satisfy the Democrats or the Democrats themselves. Biden, who wanted to suspend the debt ceiling until the end of 2022 so as not to have to deal with this matter while they try to approve their programmatic agenda.

Republicans, for their part, have warned that in December they will not collaborate to raise debt again.

USA you have never had to declare the suspension of payments of your national debt, but it was very close in 2011, when the possibility of that happening unleashed chaos in the financial markets and caused the risk rating agency Standard & Poor’s to downgrade the country’s solvency note.

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