President Biden signed into law a bill that suspends the debt ceiling, cuts federal spending and avoids a government default as part of a deal that ended months of partisan wrangling.
, Biden said that in addition to avoiding the dire financial consequences of a default, the measure would maintain gains from the wide-ranging agenda he had pushed through during his first two years in office.
“Passing this budget agreement was critical. The stakes could not have been higher,” Biden said. “No one got everything they wanted, but the American people got what they needed. We averted an economic crisis and an economic collapse.” The passage of the budget agreement had the additional benefit for Biden of postponing any additional debt limit standoffs until after the 2024 election.
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