Joe Biden signs into law the law ruling out a default in the country

The United States escapes the threat of bankruptcy. After several weeks of political confrontation, Joe Biden promulgated a law on Saturday June 3 which eliminates the risk of a default in payment of the country, announced the White House. The US Congress adopted this week this text which allows the public debt ceiling of the United States to be suspended until January 2025, and which also sets certain budgetary objectives.

The US President thanked House officials, including Republican Leader Kevin McCarthy, for their “collaboration” in this file. Without this law, approved Thursday in the Senate with a Democratic majority and Wednesday by the House with a Republican majority, the country risked being in default of payment as of Monday, June 5.

“Nothing would have been more irresponsible, nothing would have been more catastrophic”, the US president said on Friday in a solemn address from his Oval Office. The stakes of this financial confrontation were also very political. Candidate for re-election in 2024, Joe Biden hopes that this soap opera on the debt reinforces an image of a competent and reasonable leader. The Head of State held on Friday at “greet” his most visible opponent in this debt file, the Republican boss of the House of Representatives, Kevin McCarthy.