President Joe Biden signed the bill to suspend the government's debt ceiling on Saturday. The legislation becomes law just two days before June 5, the deadline warned by the Treasury Department for a feared default.
Biden and House Speaker Kevin McCarthy pushed through the deal that gave Republicans some of the federal spending cuts they demanded. The lawsuspends the current $31.4 trillion debt limit until Jan. 1, 2025, after the 2024 presidential election, and gives lawmakers budget limits for the next two years.