BREAKING: Biden signs law increasing debt limit days before default deadline.
Biden signed the bipartisan measure, marking the end of a monthslong battle between the White House and Speaker Kevin McCarthy to increase the debt limit in order to avoid defaulting on the country’s loans. The measure includes a number of government spending cuts that were made in exchange for the debt ceiling hike that was agreed upon after weeks of grueling negotiations between the two parties.
The bipartisan talks were then followed by an intense whip effort in the House earlier this week by McCarthy to get enough members of his caucus on board to advance the legislation. The Senate was quick to pick up the bill the next day, allowing senators to vote on a series of amendments in an effort to force a vote on the legislation.
The bill proposes suspending the nation’s debt ceiling until Jan. 1, 2025, in effect putting off another debt ceiling showdown until after the 2024 presidential election and freeing Biden from the problem for the rest of his term. Conservatives opposed setting a date rather than a dollar amount for the borrowing limit, arguing it gives Washington a blank check.
As expected, no one emerged from negotiations with everything they wanted. But each side claimed victory as Democratic and Republican leadership sought to sell the deal to their membership and the public.
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