President Joe Biden signed legislation Saturday to allow the U.S. government to continue accruing debt while imposing caps on federal spending—closing out a chaotic and politically divisive chapter of the 118th Congress that ultimately ended in a bipartisan compromise.
Biden signed the bill into law after the GOP-controlled House passed the legislation Wednesday and the Democratic-led Senate approved it Thursday, votes that came mostly from Democrats in both chambers, as many Republicans voiced disappointment in the deal. Biden, who said for months he would not agree to a debt ceiling deal with any other conditions attached, was forced to the negotiating table by House Republicans’ refusal to lift the debt ceiling without other spending cuts and policy priorities.Biden and House Speaker Kevin McCarthy announced the deal Sunday after a marathon negotiating session that came as Treasury Secretary Janet Yellen warned the federal government could reach its $31.