Washington: President Joe Biden of the United States has signed a bill into law that gives him the ability to raise the federal government's debt limit by USD 2.5 trillion, averting a debt default. According to sources, the action happened on Thursday after the US Congress gave final approval to a measure raising the debt limit to about $31 trillion, which would cover the federal government's borrowing through 2023, on Wednesday morning.

"Instead of jeopardising the country's full faith and credit, politicians opted to raise the debt ceiling. But this was far too late and drove our economy dangerously close to collapse "In a statement released Thursday, Maya MacGuineas, President of the Committee for a Responsible Federal Budget, said.

"We have a couple of years before we have to increase the debt ceiling again in Washington. Before then, policymakers should focus on the difficult task of crafting a plan to begin dealing with our crippling debt. Both parties are to blame for our near-record levels of debt, and they must work together to address the problem "MacGuineas threw in his two cents.

If Congress fails to extend the debt limit, the federal government could be unable to pay its obligations as soon as December 21, according to the Bipartisan Policy Center, a Washington, D.C.-based think tank.

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