WASHINGTON (OSV News) — President Joe Biden signed a bipartisan bill approved by Congress to suspend the debt ceiling June 3, just days before a June 5 deadline to address that limit or risk a U.S. government default.
In an Oval Office address June 2, Biden said, “Passing this budget agreement was critical, the stakes could not have been higher.”
“We averted an economic crisis and an economic collapse,” Biden said.
The White House said Biden signed the bill June 3.
The U.S. Senate June 1 passed its version of a compromise bill brokered by Biden and House Speaker Kevin McCarthy, a Republican who leads the House GOP majority.
The Senate approved the bill in a 63-36 vote, sending it to Biden’s desk.
The House of Representatives approved the bill, The Fiscal Responsibility Act, the previous day, following a contentious negotiation process between the House GOP leadership and the White House before Biden and McCarthy arrived at a deal within days of what could have been the first default in the nation’s history.
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