Senate approves extending debt ceiling 2:51
(CNN) ––
The president of the United States, Joe Biden, signed this Thursday the bill that increases the maximum limit of the country's debt, according to a statement from the White House.
The measure was approved by Congress earlier this week.
Congress voted to raise the national debt limit by $ 2.5 trillion and extend it through 2023. Thus, lawmakers rushed to avoid a catastrophic default before a critical deadline set in the middle of the week.
The US Congress votes to increase the debt ceiling by US $ 2.5 trillion until 2023
On Tuesday, the Senate moved to pass legislation to increase the debt ceiling, in a partisan vote that had a final tally of 50 to 49. The House voted 221-209 early Wednesday to authorize the bill.
Republican Rep. Adam Kinzinger was the only member who broke ranks and voted with the Democrats.
What is the US debt ceiling?
We explain 1:47
Treasury Secretary Janet Yellen has warned that the debt ceiling could be reached on December 15.
Which left Congress little time to resolve the problem.
An unprecedented default would cause economic disaster and the leaders of both parties had made it clear that it must be avoided.
debt ceiling