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Biden signs debt ceiling increase, preventing first-ever U.S. default

U.S. President Joe Biden speaks prior to signing an executive order intended to reduce bureaucracy around government services for the public, in the Oval Office at the White House in Washington, U.S., December 13, 2021.

Evelyn Hockstein | Reuters

President Joe Biden signed a debt ceiling increase into law Thursday, ensuring the U.S. will not default on its debt for the first time ever.

The country inched close to economic peril. Biden signed the borrowing limit hike a day after the date that the Treasury Department estimated it would run out of tools to keep paying the country’s bills.

Congress sent the legislation, which raises the debt ceiling by $2.5 trillion, to Biden early Wednesday. It is expected to allow the government to cover its obligations into 2023.

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