Biden's Debt Ceiling Bill Signed, Averting Default.

President Joe Biden has signed legislation that lifts the nation’s debt ceiling, averting an economically disastrous default on the federal government’s debt. The final agreement, passed by the House on Wednesday and the Senate on Thursday, suspends the debt limit until 2025 – after the next presidential election – and restricts government spending. The legislation also bolsters funds for defence and veterans, cut back some new money for the Internal Revenue Service (IRS) and rejected Biden’s call to roll back Trump-era tax breaks on corporations and the wealthy to help cover the nation’s deficits.