Photo: JIM WATSON / POOL/AFPSource: AFPUS President Joe Biden on Saturday signed into law a debt ceiling bill passed by Congress after weeks of wrangling, moving to avert a catastrophic, self-induced default in the world's biggest economy. The Fiscal Responsibility Act of 2023 authorizes the government to extend the so-called debt ceiling to renew borrowing, keeping the bills paid. The Treasury had warned that if the debt ceiling was blocked beyond Monday, the country would default on its $31 trillion debt. In a rare Oval Office address late Friday, Biden said that the debt ceiling bill saved the country from "economic collapse." Reaching out to opponentsThe debt ceiling is usually an uncontroversial accounting maneuver approved yearly by Congress.

Source: Daily Nation June 03, 2023 18:19 UTC