Biden prevents historic default with debt ceiling deal.

President Joe Biden signed a bipartisan budget agreement into law that suspends the US debt limit through January 1, 2025, averting a first-ever US default. The law also caps nondefense spending, expands work requirements for some food stamp recipients, and claws back some Covid-19 relief funds. The deal was struck between the White House and House Republicans after contentious negotiations and faced backlash from both the far left and the far right but ultimately won support from a wide array of lawmakers on both sides of the aisle.