Debt limit hike averted ‘economic disaster’: Biden

US President Joe Biden talks about the debt ceiling bill in the Oval Office.  Photo: Getty Images

US President Joe Biden addressed the First Nations from the Oval Office of the White House. He said that an ‘economic catastrophe’ has been avoided in this journey due to the increase in the debt limit for public expenditure. News: BBC.

President Biden is expected to sign the bill on Saturday local time. After passing the House and Senate, it awaits the President’s signature. It will become a law after the signature of the President.

US presidents usually address the nation from the Oval Office during times of war or major national disasters. The oval speech featured rare praise from many Republicans for the Democratic president. Regarding the process of passing the bill in the two chambers of the US Congress, Biden said, “The work has been completed with good confidence.”

The United States is likely to reach its debt ceiling next Monday (June 5). The limit of 31 thousand 4 trillion dollars is supposed to be crossed. As a result, if the debt limit is not increased, the possibility of the Biden administration falling into disrepair appears. That’s why Biden said, ‘Monday’s deadline for the debt limit could have been terrible.’

If the bill becomes law after the President’s signature, there will be no government debt ceiling for non-defense sector spending until January 1, 2025.

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