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

Kevin McCarthy, the House speaker, secured a number of cuts on federal spending, with the borrowing limit suspended until 2025

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.