President Biden signed into law Saturday a bill to suspend the nation’s debt limit through January 1, 2025, to avert a first-ever US default.Suspending the debt limit through early 2025 takes the threat of default off the table until after next year’s presidential election.

In addition to addressing the debt limit, the law caps non-defense spending, expands work requirements for some food stamp recipients and claws back some Covid-19 relief funds, among other policy provisions.

The time frame to pass the bill through Congress was extremely tight with little room for error, putting enormous pressure on leadership in both parties. The House passed the bill on Wednesday and the Senate passed it on Thursday.

Once agreed to, the deal faced backlash from both the far left and the far right, but ultimately won support from a wide array of lawmakers on both sides of the aisle, many of them moderates.

Last edited by Spunky (6/03/2023 2:50 pm)