Biden Signs Bill to Increase Debt Limit by $2.5Trln Into Law
17:18 GMT 16.12.2021 (Updated: 17:22 GMT 16.12.2021)
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.