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Pres. Biden Signs Debt Limit Hike

WHITE HOUSE

President Joe Biden has signed the bill allowing for a USD2.5trn hike to the US federal debt ceiling, avoiding the US gov't defaulting on its debt for the first time ever.

  • The deal was reached last week and passed by the Senate on a party-line vote on Tuesday, and then in the House yesterday.
  • Senate majority leader Chuck Schumer (D-NY) stated that the deal would raise the debt ceiling “to a level commensurate with funding necessary to get into 2023.”

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