The deal suspends the nation's debt limit until 2025, after the next presidential election, and ensures the government can continue borrowing to pay already incurred debts.
After days of default threats, the debt limit-budget agreement was worked out by
"No one gets everything they want in a negotiation, but make no mistake: This bipartisan agreement is a big win for our economy and the American people," Biden said in a statement on Thursday. Fast action was vital if Washington hoped to meet next Monday’s deadline, when Treasury has said the U.S. will start running short of cash to pay its bills.
The deal suspends the nation's debt limit until 2025, after the next presidential election, and ensures that the government can continue borrowing to pay already incurred U.S. debts.
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