WASHINGTON (Reuters) – US President Joe Biden enacted a law on Thursday that temporarily raises the government’s borrowing limit to $28.9 trillion, pushing the deadline for a debt default only until December.
Without raising the debt ceiling, the US Treasury had estimated it would run out of money to pay the country’s bills on October 18th.
The $480 billion increase in the Biden-approved loan limit is expected to end by December 3rd.
After weeks of partisan dispute, the Senate last week approved the increase and the House did the same on Tuesday.
(Reporting by Eric Beech)
The Biden post promulgates a law that raises the US debt limit and prevents defaults first appeared in ISTOÉ MONEY.