President Joe Biden signed the debt ceiling bill into law on Saturday, capping months of negotiations that pushed the United States to the brink of default.
Biden signed HR 3746, the “Fiscal Responsibility Act of 2023,” two days before Monday’s default deadline by which the United States would run out of money to pay its bills, according to a White House statement. .
In the statement, Biden thanked House Speaker Kevin McCarthy, Senate Majority Leader Chuck Schumer and Minority Leader Mitch McConnell “for their partnership.”
Shortly after the signing, Biden tweeted, “I just signed into law a bipartisan budget deal that prevents a first-ever default while reducing the deficit, protecting Social Security, Medicare and Medicaid, and fulfilling our dire obligation. to our veterans. Now we continue the work of building the strongest economy in the world.”
In his first official speech in the Oval Office Friday night, Biden declared a “crisis averted.”