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Biden Signs Debt Ceiling Bill, Ending Monthslong Political Battle

• https://www.zerohedge.com by Lawrence Wilson

The compromise legislation negotiated by Biden and House Speaker Kevin McCarthy (R-Calif.) passed both houses of Congress with bipartisan support this 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 Friday 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, "We've saved the country from the scourge of default," after the bill passed the Senate on June 1.

House Minority Leader Hakeem Jeffries (D-N.Y.) and Senate Minority Leader Mitch McConnell (R-Ky.) both supported the bill.

1 Comments in Response to

Comment by PureTrust
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The debt ceiling will never NOT be extended. Why not? It is the way that government people can borrow more money. Why do they want to borrow more money? Because they find ways to enrich themselves through the borrowed money. Besides, a duplicate amount of borrowed money goes immediately to the Fed, which sends it on to the owner(s) of the banking cabal. Then the money is repaid by IRS taxes, which also determines the amount that can be borrowed. Biden's beefing up of the IRS is his promise to the Fed that government will collect more private property from the people, at gunpoint, if necessary. This promise is part of the reason why the Fed is allowing the US to borrow more money, which is why the debt ceiling was allowed to be raised. It's a Ponzi that will fail when the IRS can't collect enough taxes to keep the loan repayments going.