WASHINGTON, United States- US President Joe Biden told Americans on Friday in a rare Oval Office address that the debt ceiling bill passed by Congress after weeks of wrangling saved the country from "economic collapse."
Biden said he will sign the bill, which authorizes the government to extend the so-called debt ceiling and renew borrowing, into law on Saturday. Ratings agency Fitch said Friday that it is keeping the United States' "AAA" credit rating on negative watch, despite the deal.The debt ceiling is usually an uncontroversial accounting maneuver approved yearly by Congress. It allows the government to keep borrowing money to pay for bills already incurred.
Kevin McCarthy, the speaker of the Republican-led House, had touted the compromise bill as a big victory for conservatives, although he faced a backlash from hardliners on the right who said he made too many concessions.
Source: Loan Digest (loandigest.net)
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