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The Guardian - US
The Guardian - US
World
Joan E Greve

Biden signs debt ceiling bill after months-long standoff, avoiding default

Joe Biden Kevin McCarthy Bernie Sanders United States Pentagon
Joe Biden standing with arms widespread
The newly enacted law will suspend the government’s borrowing limit until January 2025. Photograph: Win McNamee/Getty Images

Joe Biden signed a bill on Saturday to suspend the US debt ceiling, ending a months-long standoff with the Republican House speaker, Kevin McCarthy, and averting a federal default that could have upended the world economy.

Economists warned that a default could have caused the US unemployment rate to double while significantly damaging gross domestic product.

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