Biden signs bill hiking US borrowing limit by $2.5 trillion

Avoids default and resolving issue until after 2022 midterm elections

WASHINGTON (AP) – President Joe Biden has signed a bill raising the nation’s borrowing limit by $2.5 trillion, avoiding a potentially catastrophic default and resolving the turbulent issue until after the 2022 midterm elections.

The House voted early Wednesday to raise the debt limit, amid urgent warnings from Treasury Secretary Janet Yellen that further delay would jeopardize the full faith and credit of the United States. The Senate also voted to approve the debt increase under a deal struck between party leaders to diffuse the issue until after next year’s midterm elections.

Republicans used the debt limit to attack Democrats’ big-spending social and environmental agenda while pledging to staunchly oppose the effort to increase the threshold.

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