(MENAFN- Kuwait News Agency (KUNA)) WASHINGTON, June 3 (KUNA) -- US President Joe Biden signed into law on Saturday "the "Fiscal Responsibility Act of 2023," which suspends the public debt limit through January 1, 2025, averting a first ever US default.
The law increases the limit on January 2, 2025, "to accommodate the obligations issued during the suspension period," the White House said in a statement.
For his part, Biden tweeted that he just signed into law "a bipartisan budget agreement that prevents a first-ever default while reducing the deficit, safeguarding Social Security, Medicare, and Medicaid, and fulfilling our scared obligation to our veterans."
"Now, we continue the work of building the strongest economy in the world," he added.
On Thursday, the Senate passed a bill to suspending the nation's USD 31.4 trillion debt limit through January 2025. (end)
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