U.S. President Biden signed a bill on the federal government debt ceiling and budget at the White House on June 3 to avoid a U.S. government debt default. The 3rd was Saturday, Eastern Time, and there was only one day left before U.S. Treasury Secretary Yellen warned that the United States was "very likely" to default on its debt.
The Fiscal Responsibility Act of 2023 stipulates that the debt ceiling will be suspended until early 2025, and limits federal government spending in fiscal years 2024 and 2025. The bill also stipulates the recovery of some unused budget appropriations and the imposition of stricter restrictions on certain federal welfare programs.
The implementation of the bill means that the US government debt default "crisis" that lasted nearly half a year has been temporarily resolved. (China News Network)