President Biden Signs Bipartisan Debt Ceiling Bill

President Biden on Saturday signed legislation to raise the debt ceiling into 2025 and avert a default, marking a significant bipartisan accomplishment amid divided government in Washington, D.C.

The president signed the bill just days before Treasury officials warned the department would run out of money to pay the nation’s bills, potentially triggering a recession and harming the economy.

In addition to raising the debt ceiling, the bill includes agreements on spending caps, claws back unused COVID-19 relief funds, adds work requirements for certain individuals getting government assistance and rescinds some of the funding provided to the IRS in last year’s Inflation Reduction Act.

Read more at TheHill.com.