President Joe Biden on Saturday signed a bill to increase the debt limit to protect the country from defaulting on liabilities. Only two days were left for the passage of this bill.
The US Department of Revenue had warned that the government would have difficulty dealing with the debt problem if this bill were not passed in time.
In an email, the White House announced this in which Biden thanked congressional leaders for their participation. The revenue department warned that the country was facing a deepening cash crunch and would find it difficult to pay bills from Monday. This will create a crisis in America, and the global economy will also be affected.
Republican and Democrat MPs were not completely satisfied with the compromise package between Biden and Speaker of the House of Representatives Kevin McCarthy. Still, it was discussed given the main preferences of the Democratic.
