US President Joe Biden yesterday signed into law a debt ceiling bill passed by Congress after weeks of wrangling, moving to avert a catastrophic, self-induced default in the world’s biggest economy.
The Fiscal Responsibility Act of 2023 authorises the government to extend the so-called debt ceiling to renew borrowing, keeping the bills paid. The Treasury had warned that if the debt ceiling was blocked beyond Monday, the country would default on its US$31 (RM142) trillion debt.