US President Joe Biden has signed a law raising the government's debt ceiling to more than $31.4 trillion, avoiding defaulting on the country's debt.
"Nothing would be more irresponsible and more catastrophic than a U.S. default," Biden said, praising the role of House Speaker McCarthy, noting, "You know, he and I, we and our teams, were able to get things done. We were honest with each other, completely honest, and respectful with each other. Both sides acted in good faith. In addition, both sides fulfilled their promise. I want to thank the members of Congress who voted to pass this agreement, which I will sign on Saturday, into law".
According to the agreement, US government spending will be cut and the curtain will be brought down on the debt-ceiling crisis, even after the US presidential election at the end of next year.
Source (Al-Arabiya.net Website, Edited)
