Biden Signs Legislation to Raise U.S. Debt Ceiling

U.S. President Joe Biden signed a bill on Saturday to raise the government's debt ceiling to over $31.4 trillion, preventing what would have been the first-ever American default on debt payments. The House of Representatives and the Senate approved the legislation in recent days after Biden and House Speaker Kevin McCarthy reached an agreement following tense negotiations. The Treasury Department warned that it would not be able to meet all of its payments by June 5 if Congress did not act by that deadline. Earlier, Biden confirmed that he would sign the bill passed by Congress this week to raise the U.S. debt ceiling and limit spending into law.