{"id":244645,"date":"2023-06-04T20:10:24","date_gmt":"2023-06-04T20:10:24","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=244645"},"modified":"2023-06-04T16:13:56","modified_gmt":"2023-06-04T16:13:56","slug":"biden-signs-debt-cap-bill-averts-default","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/biden-signs-debt-cap-bill-averts-default\/","title":{"rendered":"Biden Signs Debt Cap Bill, Averts Default"},"content":{"rendered":"<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bnreport.com\/en\/\"><strong>BNR<\/strong><\/a> &#8211; President Joe Biden signed legislation suspending the federal government&#8217;s $31.4 trillion debt cap on Saturday. By doing so, the United States avoids\u00a0the first-ever default with only two days remaining.<\/p>\n<p style=\"text-align: justify;\">This week, both the House of Representatives and the Senate enacted the law. It happened after Biden and House Speaker Kevin McCarthy struck a deal after tough exchanges. The Treasury Department had warned that if Congress did not act, it would fail\u00a0to pay all of its dues\u00a0on Monday.<\/p>\n<h3 style=\"text-align: left;\"><strong>Biden: Bipartisan Agreement Reached<\/strong><\/h3>\n<p style=\"text-align: justify;\">Biden inked the legislation at the White House a day after touting it as a bipartisan achievement in his inaugural Oval Office address to the country. The legislative signing, which was closed to the press, represented a discrete, symbolic conclusion to a problem that had plagued Washington for months. Furthermore, the signing led Biden to cancel\u00a0a trip to Asia. Furthermore, it threatened to force the United States into an unparalleled economic disaster.<\/p>\n<p style=\"text-align: justify;\">&#8220;Thank you to Speaker McCarthy, Leader Jeffries, Leader Schumer, and Leader McConnell for their partnership,&#8221; the White House said. The White House listed the Democratic and Republican leaders of the House and Senate in a statement announcing the bill&#8217;s signing.<\/p>\n<h3 style=\"text-align: left;\"><strong>Critical Agreement<\/strong><\/h3>\n<p style=\"text-align: justify;\">Later, The White House published a ten-second video of Biden calmly signing the paper. &#8220;It was critical to reach an agreement,&#8221; stated Biden on Friday. &#8220;It&#8217;s very good news for the American people.&#8221;<\/p>\n<p style=\"text-align: justify;\">&#8220;No one got everything they wanted. But the American people got what they needed,\u201d the US President added.<\/p>\n<p style=\"text-align: justify;\">The law was approved by a vote of 314 to 117 in the Republican-controlled House and 63 to 36 in the Democratic-controlled Senate. According to Fitch Ratings, the United States &#8220;AAA&#8221; credit rating will stay under review. This occurs despite a deal that will allow the government to fulfil its responsibilities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BNR &#8211; President Joe Biden signed legislation suspending the federal government&#8217;s $31.4 trillion debt cap on Saturday. By doing so, the United States avoids\u00a0the first-ever default with only two days remaining. This week, both the House of Representatives and the Senate enacted the law. It happened after Biden and House Speaker Kevin McCarthy struck a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":244646,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43,2081],"tags":[888,11534,11406,11536,278,11533,415,11407,11535],"class_list":["post-244645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-2081","tag-biden","tag-debt-cap","tag-debt-ceiling","tag-default","tag-featured","tag-joe-biden","tag-united-states","tag-us-debt-ceiling","tag-white-house"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Biden Signs Debt Cap Bill, Averts Default - Business News Report<\/title>\n<meta name=\"description\" content=\"BNR - President Joe Biden signed legislation suspending the federal government&#039;s $31.4 trillion debt cap on Saturday. 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