https://sputnikglobe.com/20211216/biden-signs-bill-to-increase-debt-limit-by-25trln-into-law-1091579386.html

Biden Signs Bill to Increase Debt Limit by $2.5Trln Into Law

Sputnik International

President Joe Biden signed into law a measure to increase the US debt limit by $2.5 trillion in order to prevent a default until at least 2023, the White House said on Thursday.

2021-12-16T17:18+0000

2021-12-16T17:22+0000

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"On Thursday, December 16, 2021, the President signed into law: S.J. Res. 33, which provides for the authority to increase the debt limit by $2.5 trillion," the White House said in a press release.The measure increases the debt ceiling enough to keep the government functioning until after the 2022 midterm elections. The US federal debt will reach $31.4 trillion under the new legislation.

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Biden Signs Bill to Increase Debt Limit by $2.5Trln Into Law

17:18 GMT 16.12.2021 (Updated: 17:22 GMT 16.12.2021)

© REUTERS / KEVIN LAMARQUEU.S. President Joe Biden speaks about his administration's efforts to ease supply chain issues during the holiday season, at the White House in Washington, U.S., December 1, 2021.

U.S. President Joe Biden speaks about his administration's efforts to ease supply chain issues during the holiday season, at the White House in Washington, U.S., December 1, 2021. - Sputnik International, 1920, 16.12.2021

WASHINGTON (Sputnik) - President Joe Biden signed into law a measure to increase the US debt limit by $2.5 trillion in order to prevent a default until at least 2023, the White House said on Thursday.

"On Thursday, December 16, 2021, the President signed into law: S.J. Res. 33, which provides for the authority to increase the debt limit by $2.5 trillion," the White House said in a press release.

The measure increases the debt ceiling enough to keep the government functioning until after the 2022 midterm elections.

The US federal debt will reach $31.4 trillion under the new legislation.