With just two days to spare, President Biden signed a bill to suspend the debt limit for two years into law, averting a first-ever U.S. default.
– suspends the debt limit through Jan. 1, 2025, in exchange for two years of spending caps and other provisions, including clawing back some COVID-19 funds and imposing new work requirements for older Americans receiving food aid. It also codifies an end to the freeze on student loan repayments.
"The only way American democracy can function is through compromise and consensus," he continued. "And that is what I work to do as your president, to forge bipartisan agreement where it is possible, and where it is needed." Biden warned that a default would have likely thrown the economy into a recession, resulting in millions of jobs lost and impacted the country's economic standing on the world stage.
But as the threat of a first-ever U.S. default grew closer, the two sides buckled down and came to a consensus on the bill, drawing the ire of some progressives and conservatives alike. "We're cutting spending and bringing the deficits down at the same time," the president continued. "We're protecting important priorities from Social Security to Medicare, to Medicaid, to veterans to our transformational investments and infrastructure in clean energy."
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