Biden signs debt ceiling bill to avoid default.

President Joe Biden signed a bipartisan budget agreement that lifts the nation's debt ceiling, avoiding an unprecedented default on the federal government's debt. The final agreement suspends the debt limit until Jan. 1, 2025, and restricts government spending. Republicans refused to raise the country's borrowing limit unless Democrats agreed to cut spending, leading to a standoff that was not resolved until weeks of intense negotiations between the White House and House Speaker Kevin McCarthy.