U.S. President Joe Biden on Thursday signed into law legislation that provides for the authority to increase the federal government's debt limit by 2.5 trillion U.S. dollars, averting a looming debt default, Trend reports citing Xinhua.
The move came after U.S. Congress on Wednesday morning gave a final approval to the measure that would raise the debt limit to roughly 31 trillion dollars, which would cover the federal government's borrowing through 2023.
"We're relieved policymakers agreed to raise the debt ceiling rather than putting the country's full faith and credit at risk. But this was way too last minute and brought our economy too close to the brink," Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said Thursday in a statement.