President Biden raises debt ceiling, US escapes default scenario

December 17, 2021 08:49

"On Thursday, December 16, 2021, the President signed into law: SJ Res. 33, providing authority to increase the debt limit by $2.5 trillion," the White House said in a statement.

President Biden has signed a measure to increase the US debt ceiling

According to Sputniknews, on December 16, the White House announced that US President Joe Biden had signed a measure to increase the US debt ceiling by $2.5 trillion to prevent a default scenario until at least 2023.

The announcement reads: "On Thursday, December 16, 2021, the President signed into law: SJ Res. 33, which provides authority to increase the debt limit by $2.5 trillion."

The measure raises the debt ceiling enough to keep the government running until after the 2022 midterm elections.

Under the new law, the US debt ceiling could reach $31.4 trillion.

In mid-November, in a letter calling on members of both houses of Congress to raise the debt ceiling, US Treasury Secretary Janet Yellen warned that the US government was on the verge of default and could run out of funds by December 15.

Previously, in October, Ms. Yellen warned that if the US defaulted, the country's economy could fall into recession.

According to Vietnam+

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President Biden raises debt ceiling, US escapes default scenario