Biden Signs Bill to Increase Debt Limit by $2.5Trln Into Law

© REUTERS / KEVIN LAMARQUEU.S. President Joe Biden speaks about his administration's efforts to ease supply chain issues during the holiday season, at the White House in Washington, U.S., December 1, 2021.
U.S. President Joe Biden speaks about his administration's efforts to ease supply chain issues during the holiday season, at the White House in Washington, U.S., December 1, 2021. - Sputnik International, 1920, 16.12.2021
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WASHINGTON (Sputnik) - President Joe Biden signed into law a measure to increase the US debt limit by $2.5 trillion in order to prevent a default until at least 2023, the White House said on Thursday.
"On Thursday, December 16, 2021, the President signed into law: S.J. Res. 33, which provides for the authority to increase the debt limit by $2.5 trillion," the White House said in a press release.
The measure increases the debt ceiling enough to keep the government functioning until after the 2022 midterm elections.
The US federal debt will reach $31.4 trillion under the new legislation.
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