US: Biden signs bill raising debt limit, averting default
Government's borrowing limit increased to $28.9tr
Image Credit: AP
Washington: US President Joe Biden on Thursday signed legislation temporarily raising the government’s borrowing limit to $28.9 trillion (Dh106.1 trillion), pushing off the deadline for debt default only until December.
Without the increase in the debt ceiling, the US Treasury had estimated it would run out of money to pay the nation’s bills on October 18.