Biden Signs Debt Ceiling Bill, Ending Months of Political Battle

President Joe Biden signed the Fiscal Responsibility Act on June 3, suspending the debt ceiling for 19 months and bringing a months-long political battle to a close.
The legislation negotiated by Biden and House Speaker Kevin McCarthy (R-Calif.) was approved by both houses of Congress with bipartisan support last week, averting a potential default on the nation’s financial obligations.
“Passing this budget agreement was critical. The stakes could not have been higher,” Biden said in a June 2 evening address to the nation from the Oval Office.
Congressional leaders in both parties, eager to avoid financial disaster, endorsed the bill.
McCarthy referred to the legislation in historic terms, calling it the biggest spending cut ever enacted by Congress. Senate Majority Leader Chuck Schumer (D-N.Y.) said after the bill passed the Senate on June 1, “We’ve saved the country from the scourge of default.”…}