President Joe Biden is set to sign legislation suspending the debt ceiling and limiting federal spending as early as Saturday, preventing a U.S. government default.
Biden will deliver remarks from the Oval Office at 7 p.m. Eastern time Friday, according to The Washington Post. White House Press Secretary Karine Jean-Pierre said the bill would be signed as soon as Saturday.
Biden touted the agreement as a protector of “our historic and hard-earned economic recovery, and all the progress that American workers have made in the last two years,” tying the Senate passing the bill to the U.S. job report issued Friday that showed employers added 339,000 jobs in May, far exceeding expectations of 190,000.
After the House cleared the deal 314-117 on Wednesday, the Senate passed the debt measure 63-36 on Thursday evening.
The bill suspends the debt ceiling until January 2025, and according to the Congressional Budget Office, will reduce the deficit by $1.5 trillion over the next decade.
The debt ceiling, now at $31.4 trillion, limits the amount the U.S. government can borrow.
Biden has indicated that he may eventually argue the nation’s borrowing limit contradicts the 14th Amendment of the Constitution, according to The Washington Post, which mandates the federal government’s debts be honored.
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President Joe Biden meets with Senate Majority Leader Chuck Schumer (D-NY) and House Speaker Kevin McCarthy (R-CA) May 9 in the Oval Office. White House photo by Adam Schultz.
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