President Biden signs bill suspending US debt ceiling, averting default
President Joe Biden has signed legislation suspending the US debt ceiling, preventing a potentially catastrophic default on the nation's debt. The bill includes $136 billion in cuts to non-defense discretionary spending, imposes new work requirements on social assistance programs, fast-tracks the energy permitting process, and schedules an end to Biden's student loan payment moratorium. The deal, which remains in effect until 2025, was passed by the House and the Senate after weeks of negotiations between the White House and House Speaker Kevin McCarthy.