US avoids default with debt ceiling deal, but crisis looms in the future.

President Biden addressed the nation after Congress passed an agreement to suspend the debt ceiling and limit federal spending. The bill, known as the Fiscal Responsibility Act, will be signed by the president on Saturday. The agreement suspends the debt limit until the first quarter of 2025, leaving the next fight over the debt limit until after the 2024 presidential election. The deal keeps non-defense discretionary spending roughly flat, with current 2023 levels for 2024. The agreement codifies an end to student loan payment suspensions, meaning loan holders will need to begin making payments again in September.