U.S. President Biden Signs $2.5 Trillion Debt Ceiling Increase to Avert Potential First-Ever U.S. Default

Posted on 12/16/2021

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U.S. President Joe Biden signed a debt ceiling increase into law, preventing the first-ever U.S. default. The U.S. government inched toward economic peril. Biden signed the debt borrowing limit hike a day after the date that the U.S. Treasury Department estimated it would run out of options to keep paying the country’s growing pile of bills. The debt ceiling for the U.S. government was raised by $2.5 trillion.

Both chambers with Democrat party majorities voted to pass the massive US$ 2.5 trillion debt ceiling.

Reality Check
Debates over the U.S. federal debt ceiling are nothing new and are often contentious. U.S. congressional negotiations are often linked to a demand for political concessions from one political party or the other.