Joe Biden signs debt deal as US avoids default

After several weeks of political confrontation, Joe Biden signed, two days before the deadline of June 5, the law that avoids the risk of US default, announces the White House. The US Congress has passed legislation suspending the US government debt ceiling through January 2025 and also setting some budget targets. The president thanked congressional leaders, including Republican leader Kevin McCarthy, for their “cooperation” on the matter, the White House added. Without this law, approved by the Democratic-majority Senate and the Republican-majority House, the country would run the risk of defaulting on its debt as early as Monday, June 5th.

“Nothing would have been more irresponsible, nothing would have been more catastrophic”, declared the President of the United States in a solemn speech in the Oval Office. “Finding a consensus between the parties is difficult. Unity is difficult. But we must never stop trying”, he added, repeating the message of reconciliation that marked the beginning of his mandate and is now the slogan of his campaign for 2024.

Source: IL Tempo