America

US President Biden signs debt ceiling deal into law, averting historic default

“I 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,” Biden said in a tweet, which was accompanied by a short video of him signing the bill.

“Now, we continue the work of building the strongest economy in the world,” the president added.

Suspending the debt limit through early 2025 takes the threat of default off the table until after next year’s presidential election. In addition to addressing the debt limit, the law caps non-defense spending, expands work requirements for some food stamp recipients and claws back some COVID-19 relief funds, among other policy provisions.

The bipartisan deal to address the debt limit was struck between the White House and House Republicans – the culmination of long days and late nights of contentious negotiations that at times looked like they might break down and fall apart entirely.

To get the bill over the finish line, lawmakers raced the clock ahead of June 5, the date the Treasury Department had warned it would no longer be able to pay all of the nation’s obligations in full and on time – a scenario that could have triggered global economic catastrophe.

The time frame to pass the bill through Congress was extremely tight with little room for error, putting enormous pressure on leadership in both parties. The House passed the bill on Wednesday and the Senate passed it on Thursday.

Once agreed to, the deal faced backlash from both the far left and the far right, but ultimately won support from a wide array of lawmakers on both sides of the aisle, many of them moderates.

 

Source: edition.cnn.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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