Biden signs bill extending debt ceiling, postpones it until 2024

President Joe Biden signed a bill that extends the debt ceiling for two years to prevent an economically damaging debt default before the pending Monday deadline.

The Fiscal Responsibility Act of 2023, negotiated by House Speaker Kevin McCarthy, sets a two-year spending limit until January 1, 2025 and postpones the debt ceiling until after the 2024 election, Bloomberg reports.

This achievement bolsters Biden's stand as a practical negotiator as he gears up to ramp up his reelection campaign.

Last week, the Senate voted 63-36 to approve the budget deal. A day before, the House approved the bill with a 314 to 117 vote, with 149 Republicans and 165 Democrats united in support of the deal negotiated by Biden and McCarthy.

Biden signed the bill behind closed doors without a ceremony, according to Bloomberg.

In a statement published on Saturday, the White House acknowledged the signing and expressed gratitude to the leaders of Congress, including McCarthy and Senate Republican Leader Mitch McConnell.

The proposed bill also includes conservative measures to recover approximately $28 billion in unused COVID-19 relief funds.

The bill eliminated $1.4 billion in IRS funding and reallocates around $20 billion of the $80 billion that the IRS received through the Inflation Reduction Act to non-defense funding.

Biden said he wanted to compliment Speaker McCarthy during his remarks at the Oval Office on Friday. You know, he and I and our teams, we were able to get along and get things done. We were completely honest with each other, completely honest with one another, and respectful of one another. Both sides were operating in good faith, and both sides kept their word.

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